IonQ Inc (NYSE:IONQ) reported first-quarter financial results Wednesday after the bell. Here's a look at what you need to know.

Q1 Earnings: IonQ said first-quarter revenue increased 77% year-over-year to $7.582 million, which beat the consensus estimate of $7.075 million, according to Benzinga Pro. The quantum computing company reported a quarterly loss of 19 cents per share, which beat analyst estimates for a loss of 24 cents per share.

IonQ said it achieved $300,000 worth of new bookings in the first quarter. The company ended the quarter with $434.4 million in cash, equivalents and investments.

"We kicked the year off with strong revenue results, once again outperforming the high end of our guidance range," said Peter Chapman, president and CEO of IonQ. "I am also pleased to announce that our sales pipeline is expanding significantly in deal size and volume and increasing in timing visibility, allowing us to raise our full year bookings guidance."

Outlook: IonQ expects second-quarter revenue to be in the range of $7.6 million to $9.2 million. The company expects full-year 2024 revenue to be in the range of $37 million to $41 million. IonQ also increased its full-year 2024 bookings guidance to a new range of $75 million to $95 million.

"The first quarter also saw several institutions, both public and private, use the power of our quantum computers to explore new projects. The start of the year also saw Oak Ridge National Labs, a returning client, begin research on a use case around energy schedule optimization for the United States national power grid. We believe we will continue to see new use cases unfold as our technology approaches commercial advantage," Chapman added.

Management is currently discussing the company's quarterly results on a conference call that kicked off at 4:30 p.m. ET.

IONQ Price Action: IonQ shares were up 3.2% after hours at $9.04 at the time of publication Wednesday, according to Benzinga Pro.

Photo: courtesy of IonQ.