What happened

Shares of quantum-computing company IonQ (IONQ 4.78%) skyrocketed on Friday after the company released financial results for the fourth quarter of 2022. As of 11:40 a.m. ET, IonQ stock was up a whopping 31% for the day and has now nearly doubled in value year to date.

So what

In Q4, IonQ generated revenue of $3.8 million, bringing its full-year revenue to $11.1 million. That's meager revenue for a company with a market capitalization of nearly $1.5 billion.

However, quantum computing is still a very young space. And while IonQ's revenue is still small, growth is fantastic, with 2022 revenue more than quintupling from its revenue in 2021.

IonQ is still so new in its business journey that looking at the numbers isn't perhaps the best way to assess this company's progress. It's not going to generate much revenue now, and it's going to lose money -- in 2022, it had an operating loss of $85.7 million, compared to an operating loss of $38.7 million in 2021. That just comes with the territory here.

Can IonQ continue making progress in scaling its quantum computers? And will it have enough money to get where it needs to go? Those are perhaps more important things for IonQ shareholders to watch. And regarding its financial situation, it has $537.8 million in cash, cash equivalents, and short-term investments.

IonQ's press release said that this financial position provides "sufficient reserves to get to profitability without needing to raise additional funds, based on the current roadmap."

Now what

Regarding its roadmap, IonQ hit its goal of having a system using 25 algorithmic qubits in 2022. For 2023, it will turn its attention to its next goal of 29 algorithmic qubits -- marching toward 64 in 2026 and 1,024 in 2028.

And it's worth pointing out that these are big goals. In quantum computing, adding even one qubit is a huge computational leap compared to adding a single bit in regular computing.

If IonQ can keep progressing in its goals, the ceiling for its products could be extraordinarily high -- management puts its market opportunity at $65 billion by 2030. 

IonQ made good progress in 2022 and is well capitalized, which are reasons for optimism. But this is a nascent industry, and the company is trying to do things that have never been done before, so this isn't guaranteed to be a bump-free ride.