Open the filing on EDGARIonQ Announces Record Second Quarter 2026 Revenues, Growing 287% YoY International, Commercial and Multi-Product Revenues All Up YoY
Reported Record GAAP Revenues of $80.1 Million, Representing a 287% Year-on-Year Increase, Fueled by Deployments Across Entire Quantum Platform
Generated Strong Organic Revenue Growth Driven by Record Quantum Computer Deployments, Reinforcing Confidence in Achieving 100% Organic Growth for Full Year 2026
International, Commercial and Multi-Product Segments Comprised Approximately 50%, 60% and 25% of the Quarter’s Total Revenue, Respectively, Demonstrating the Breadth of IonQ’s Business
Closed Acquisition of SkyWater Technology, Creating the First Vertically Integrated, Full-Stack, Quantum Platform
Raises Full Year Guidance to between $280 and $290 Million as Remaining Performance Obligations Grow 297% Year-on-Year
COLLEGE PARK, Md. - August 5, 2026 - IonQ (NYSE: IONQ), the world’s leading full-stack quantum platform and foundry, today announced financial results for the quarter ending June 30, 2026.
“I am pleased to report that IonQ delivered its fifth consecutive quarter of record results and the strongest quarter in our company's history,” said Niccolo de Masi, Chairman and CEO. “Second quarter revenue of $80.1 million again exceeded our guidance, reflecting continued customer demand across our expanding quantum platform.”
de Masi continued, “The successful close of our SkyWater and Nexus acquisitions extends IonQ’s full-stack quantum platform and merchant supplier leadership to the U.S. and allied ecosystem. We have also made powerful strides towards demonstrating our 256-qubit quantum computer and publishing results for our quantum error correction technology on our hardware. We enter the second half of the year confident in IonQ’s ability to execute our quantum platform roadmap, translate our technology leadership into durable commercial growth, and create long-term value for shareholders.”
“We also welcome the recent White House quantum executive orders which reinforce the strategic importance of quantum technologies for both the U.S. economy and national security. These executive orders send a strong signal that quantum sensing, quantum networking, quantum cybersecurity and quantum computing leadership are all now national priorities for the United States. We are more confident than ever that IonQ, with our unique quantum platform, is well positioned to support that effort.”
Second Quarter and Recent Commercial Highlights
Signed Memorandum of Understanding with Anduril to Advance Quantum Technologies for Defense and National Security Applications and Develop Joint Proposals for Mission Critical Government and Commercial Bids
Signed Memorandum of Understanding with Sandia National Laboratories to Accelerate Quantum Co-Design for National Security Applications
Announced the Tennessee Quantum Communications Research Center in Collaboration with EPB, Housing the World’s First Commercial Quantum Memory Unit Installed in a Live Fiber Optic Network
Expanded Foundational Integrated Photonics Capabilities Through Acquisition of Nexus Photonics to Advance Miniaturization and Mass Manufacturing for Quantum Systems
Introduced New Addition to IonQ’s Quantum Security Product Portfolio, ClavisXG Multiplex, Enabling High-Performance, Physics-Based Key Distribution on Existing Network Infrastructure
Launched Commercial Interferometric Synthetic Aperture Radar (InSAR) Capability Through Space-Missions Line, Enabling Millimeter-Scale Earth Monitoring
Expanded the Number of On-Orbit Optical Communications Terminals to a Record High of 84, Supporting a U.S. Government Initiative
“Our second quarter 2026 revenue grew 287% year-on-year, driven by global deployments of our IonQ Tempo quantum computers, strong cloud utilization, and broad-based commercial momentum across our quantum platform,” said Inder Singh, COO and CFO. “Our revenue base is broadening in ways that reinforce its durability, with approximately 50% international, 60% commercial, and 25% multi-product revenue for the quarter. We are pleased to raise our revenue guidance to a new record level of $290 million at the high end and continue to be confident in delivering organic growth of 100% year-on-year for the full year 2026.”
Second Quarter Financial Highlights
Recognized revenue of $80.1 million for the second quarter, which is 20% above the midpoint of the previously provided range and represents 287% year-on-year growth
Cash, cash equivalents, and investments were $3.0 billion as of June 30, 2026. Pro-forma for the SkyWater acquisition (i.e., after subtracting from this number the cash consumed in consummating the acquisition), cash, cash equivalents and investments are $2.0 billion
Net loss was ($1,867.7) million and GAAP EPS was ($5.08) for the second quarter
Adjusted EBITDA loss was ($120.3) million and Adjusted EPS was ($0.33) for the second quarter. Adjusted EBITDA includes the costs of our commercial relationship with SkyWater during the second quarter. Excluding the SkyWater spend, Adjusted EBITDA loss would have been ($95.6) million *
*Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures defined under “Non-GAAP Financial Measures,” below, and are reconciled to net loss and GAAP EPS, the closest comparable GAAP measures, respectively, at the end of this release.
2026 Financial Outlook
For the full year 2026, IonQ is raising its revenue expectations to between $280 million and $290 million. For the full year, IonQ continues to expect strong organic growth of 100% year-on-year
This financial outlook does not reflect any contribution from the SkyWater acquisition
Second Quarter 2026 Conference Call
IonQ will host a conference call at 4:30 PM Eastern time today to discuss its results for the second quarter ended June 30, 2026 and to provide a business update. The call will be accessible by telephone at 1-855-669-9658 (domestic) or +1-412-317-0088 (international) with access code 9031135. The call will also be available live via webcast on the Company’s website here, or directly here. A replay of the conference call will be available approximately three hours after its conclusion at 1-855-669-9658 (domestic) or +1-412-317-0088 (international) with access code 9031135 and will be available until 11:59 PM Eastern time, August 19, 2026. An archive of the webcast will also be available here shortly after the call and will remain available for one year.
Upcoming Q3 2026 Conference Participation
Needham 2026 Semiconductor & SemiCap Conference taking place virtually on Wednesday, August 19, 2026
Quantum World Congress 2026 taking place September 23-25, 2026 in College Park
Non-GAAP Financial Measures
To supplement IonQ’s condensed consolidated financial statements presented in accordance with GAAP, IonQ uses non-GAAP measures of certain components of financial performance. Adjusted EBITDA and Adjusted EPS are financial measures that are not required by or presented in accordance with GAAP. Management believes that these measures provide investors additional meaningful methods to evaluate certain aspects of the Company’s results period over period.
Adjusted EBITDA is defined as net income (loss) attributable to IonQ, Inc. before net income (loss) attributable to noncontrolling interests, interest income, interest expense, income tax (benefit) expense, depreciation and amortization, stock-based compensation, executive cash-based severance, changes in fair value from recurring fair value measurements (such as warrant liabilities, contingent consideration, and investments), offering costs associated with warrants, acquisition transaction and integration costs, and non-cash legal settlements and related costs. Adjusted EPS is defined as net income (loss) per share, or EPS, excluding the impact of stock-based compensation, executive cash-based severance, changes in fair value from recurring fair value measurements (such as of warrant liabilities, contingent consideration, and investments), offering costs associated with warrants, acquisition transaction and integration costs, and non-cash legal settlements and related costs. IonQ uses Adjusted EBITDA and Adjusted EPS to measure the operating performance of its business, excluding specifically identified items that it does not believe directly reflect its core operations and that may not be indicative of recurring operations.
The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and IonQ’s non-GAAP measures may be different from non-GAAP measures used by other companies. IonQ shows a reconciliation of its non-GAAP measures to the most directly comparable GAAP measures at the end of this release.
Commercial and Organic Revenue
Commercial revenue includes all enterprise agreements with non-U.S. government customers, and agreements with leading universities. Organic revenue is a supplemental measure representing revenue derived from IonQ’s quantum computing products, and any acquisitions prior to December 31, 2024.
Remaining Performance Obligations
Remaining performance obligations (RPOs) represent the total transaction price from signed contracts that has been allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. This includes both funded (firm orders for which funding has been authorized and appropriated) and unfunded (firm orders for which funding has not yet been appropriated) portions of the contract. Unexercised contract options are not included in remaining performance obligations until the time the option is exercised.
About IonQ
IonQ, Inc. [NYSE: IONQ] is the world’s leading full-stack quantum platform and foundry - delivering integrated quantum solutions across computing, networking, sensing, and security. IonQ’s newest generation of quantum computers, the IonQ Tempo, is the latest in a line of cutting-edge systems that have been helping customers and partners including Amazon Web Services and AstraZeneca achieve 20x performance results and accelerate innovation in drug discovery, materials science, financial modeling, logistics, cybersecurity, and defense. In 2025, the Company achieved 99.99% two-qubit gate fidelity, setting a world record in quantum computing performance.
Headquartered in College Park, Maryland, IonQ also has operations, among other places, in California, Colorado, Massachusetts, Tennessee, Washington, Italy, South Korea, Sweden, Switzerland, Canada, and the United Kingdom. Our quantum computing services are available through all major cloud providers, while we also meet the needs of networking and sensing customers across land, sea, air, and space. IonQ is making quantum platforms more accessible and impactful than ever before. Learn more at IonQ.com.
Notes to Investors Regarding Acquisition of SkyWater Technology, Inc.
IonQ closed its acquisition of SkyWater on Friday July 31, 2026, after the quarter ended June 30, 2026. The financial results and outlook disclosed in this press release do not reflect the addition of SkyWater to IonQ.
Note to Investors Regarding Forward-Looking Statements
Forward-looking statements notice
This press release contains forward-looking statements. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding our guidance as to future results, our roadmap, our future investments, our competitive position and our ability to grow and create shareholder value. In some cases, you can identify these statements by forward-looking words such as “pending,” “look forward,” “accelerate,” “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “confident,” “position,” “become,” “on track,” “ensure,” “ongoing” and other similar expressions. These statements are only predictions based on our expectations and projections about future events as of the date of this press release and are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause actual results to differ materially from those expressed or implied by such statements, including, among others, those described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission, or SEC, and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 to be filed with the SEC. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement we make. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as otherwise required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.
Condensed Consolidated Statements of Operations
(in thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Revenue | $80,050 | $20,694 | $144,718 | $28,260 |
| Costs and expenses: | | | | |
| Cost of revenue (excluding depreciation and amortization) | 60,110 | 8,327 | 109,364 | 12,642 |
| Research and development | 160,627 | 103,359 | 286,367 | 143,312 |
| Sales and marketing | 32,895 | 10,877 | 62,331 | 19,487 |
| General and administrative | 117,574 | 48,107 | 206,190 | 71,913 |
| Depreciation and amortization | 46,087 | 10,616 | 89,216 | 17,177 |
| Total operating costs and expenses | 417,293 | 181,286 | 753,468 | 264,531 |
| Loss from operations | (337,243) | (160,592) | (608,750) | (236,271) |
| Gain (loss) on change in fair value of warrant liabilities | (1,649,115) | (39,577) | (591,487) | (1,083) |
| Interest income, net | 31,979 | 7,138 | 60,213 | 12,032 |
| Other income (expense), net | 79,712 | 232 | 63,585 | 283 |
| Income (loss) before income tax expense | (1,874,667) | (192,799) | (1,076,439) | (225,039) |
| Income tax benefit (expense) | 6,067 | 15,269 | 12,449 | 15,257 |
| Net income (loss) | $(1,868,600) | $(177,530) | $(1,063,990) | $(209,782) |
| Net income (loss) attributable to noncontrolling interests | (858) | (692) | (1,608) | (692) |
| Net income (loss) attributable to IonQ, Inc. | $(1,867,742) | $(176,838) | $(1,062,382) | $(209,090) |
| Net income (loss) per share attributable to IonQ, Inc. Common stockholders - basic and diluted | $(5.08) | $(0.70) | $(2.92) | $(0.87) |
| Weighted average shares used in computing net income (loss) per share attributable to IonQ, Inc. common stockholders - basic and diluted | 367,660,636 | 250,967,455 | 363,265,843 | 239,924,680 |
Condensed Consolidated Balance Sheets
(in thousands)
| June 30, | December 31, |
|---|
| 2026 | 2025 |
|---|
| Assets | | |
| Current assets: | | |
| Cash and cash equivalents | $1,235,729 | $1,030,865 |
| Short-term investments | 883,240 | 1,361,291 |
| Accounts receivable, net | 105,909 | 66,532 |
| Prepaid expenses and other current assets | 184,911 | 127,751 |
| Total current assets | 2,409,789 | 2,586,439 |
| Long-term investments | 840,365 | 944,643 |
| Property and equipment, net | 144,245 | 120,145 |
| Operating lease right-of-use assets | 46,667 | 22,724 |
| Intangible assets, net | 778,874 | 767,432 |
| Goodwill | 2,185,971 | 1,963,584 |
| Other noncurrent assets | 372,680 | 165,391 |
| Total Assets | $6,778,591 | $6,570,358 |
| Liabilities and Stockholders’ Equity | | |
| Current liabilities: | | |
| Accounts payable | $44,575 | $26,138 |
| Accrued expenses and other current liabilities | 97,005 | 89,721 |
| Current portion of operating lease liabilities | 11,656 | 8,850 |
| Unearned revenue | 72,827 | 42,116 |
| Total current liabilities | 226,063 | 166,825 |
| Operating lease liabilities, net of current portion | 42,842 | 21,171 |
| Unearned revenue, net of current portion | 14,180 | 1,921 |
| Warrant liabilities | 3,052,398 | 2,471,577 |
| Other noncurrent liabilities | 103,529 | 95,172 |
| Total liabilities | $3,439,012 | $2,756,666 |
| Stockholders’ Equity: | | |
| Common stock | $38 | $36 |
| Additional paid-in capital | 5,637,913 | 5,006,250 |
| Accumulated deficit | (2,256,480) | (1,194,098) |
| Accumulated other comprehensive income (loss) | (54,263) | (12,671) |
| Total IonQ, Inc. stockholders’ equity | $3,327,208 | $3,799,517 |
| Noncontrolling interests | 12,371 | 14,175 |
| Total stockholders’ equity | 3,339,579 | 3,813,692 |
| Total Liabilities and Stockholders’ Equity | $6,778,591 | $6,570,358 |
Condensed Consolidated Statements of Cash Flows
(in thousands)
| Six Months Ended June 30, |
|---|
| 2026 | 2025 |
|---|
| Cash flows from operating activities: | | |
| Net income (loss) | $(1,063,990) | $(209,782) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | | |
| Depreciation and amortization | 89,216 | 17,177 |
| Stock-based compensation | 270,362 | 132,421 |
| (Gain) loss on change in fair value of warrant liabilities | 591,487 | 1,083 |
| Deferred income taxes | (12,879) | (15,300) |
| (Gain) loss on change in fair value of strategic investments | (63,991) | - |
| Other, net | 1,098 | (2,038) |
| Changes in operating assets and liabilities: | | |
| Accounts receivable | (28,525) | (3,595) |
| Prepaid expenses and other current assets | (66,685) | (25,142) |
| Accounts payable | 14,641 | 1,094 |
| Accrued expenses and other current liabilities | (13,894) | 20,741 |
| Unearned revenue | 31,895 | (4) |
| Other assets and liabilities | (3,516) | (2,254) |
| Net cash provided by (used in) operating activities | $(254,781) | $(85,599) |
| Cash flows from investing activities: | | |
| Purchases of property and equipment | (18,583) | (3,501) |
| Purchases of available-for-sale securities | (588,328) | (435,130) |
| Maturities of available-for-sale securities | 845,900 | 211,180 |
| Sales of available-for-sale securities | 317,972 | - |
| Purchases of strategic investments | (80,500) | - |
| Businesses acquired, net of cash paid and acquired | (31,789) | 28,667 |
| Other investing, net | (2,552) | (2,193) |
| Net cash provided by (used in) investing activities | $442,120 | $(200,977) |
| Cash flows from financing activities: | | |
| Proceeds from common stock and warrant issuance, net of issuance costs | - | 358,254 |
| Proceeds from stock options exercised | 11,535 | 7,564 |
| Proceeds from public warrants exercised | 3,005 | 5,592 |
| Tax withholding receipts (payments) related to equity awards, net | 7,836 | 1,447 |
| Other financing, net | (3,459) | - |
| Net cash provided by (used in) financing activities | $18,917 | $372,857 |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | (714) | 391 |
| Net change in cash, cash equivalents and restricted cash | 205,542 | 86,672 |
| Cash, cash equivalents and restricted cash at the beginning of the period | 1,037,748 | 56,840 |
| Cash, cash equivalents and restricted cash at the end of the period | $1,243,290 | $143,512 |
Reconciliation of Non-GAAP Financial Measures
(in thousands, except per share data)
Net Income (Loss) to Adjusted EBITDA
| Three Months Ended June 30, | Six Months Ended June 30, |
|---|
| 2026 | 2025 | 2026 | 2025 |
|---|
| Net income (loss) attributable to IonQ, Inc. | $(1,867,742) | $(176,838) | $(1,062,382) | $(209,090) |
| Net income (loss) attributable to noncontrolling interests | (858) | (692) | (1,608) | (692) |
| Interest income, net | (31,979) | (7,138) | (60,213) | (12,032) |
| Interest expense | - | - | - | - |
| Income tax (benefit) expense | (6,067) | (15,269) | (12,449) | (15,257) |
| Depreciation and amortization | 46,087 | 10,616 | 89,216 | 17,177 |
| Stock-based compensation | 141,845 | 99,168 | 270,362 | 132,421 |
| Executive cash-based severance | 2,058 | - | 2,606 | - |
| (Gain) loss on changes in fair value measurements | 1,576,198 | 39,577 | 523,635 | 1,083 |
| Offering costs associated with warrants | - | - | - | - |
| Acquisition transaction and integration costs | 14,483 | 14,060 | 28,105 | 15,841 |
| Non-cash legal settlements and related costs | 5,700 | - | 5,700 | - |
| Adjusted EBITDA | $(120,275) | $(36,516) | $(217,028) | $(70,549) |
(1) During the three and six months ended June 30, 2026, Adjusted EBITDA includes $24.7 million and $36.5 million, respectively, in research and development costs related to our commercial relationship with SkyWater. We closed our acquisition of SkyWater on July 31, 2026.
Net Income (Loss) per Share to Adjusted EPS
| Three Months Ended June 30, |
|---|
| 2026 | 2025 |
|---|
| Amount | Per Share | Amount | Per Share |
|---|
| Net income (loss) per share attributable to IonQ, Inc. Common stockholders - basic and diluted | | $(5.08) | | $(0.70) |
| Stock-based compensation | $141,845 | 0.39 | $99,168 | 0.40 |
| Executive cash-based severance | 2,058 | 0.01 | - | - |
| (Gain) loss on changes in fair value measurements | 1,576,198 | 4.29 | 39,577 | 0.16 |
| Offering costs associated with warrants | - | - | - | - |
| Acquisition transaction and integration costs | 14,483 | 0.04 | 14,060 | 0.06 |
| Non-cash legal settlements and related costs | 5,700 | 0.02 | - | - |
| Adjusted EPS | | $(0.33) | | $(0.08) |
| Six Months Ended June 30, |
|---|
| 2026 | 2025 |
|---|
| Amount | Per Share | Amount | Per Share |
|---|
| Net income (loss) per share attributable to IonQ, Inc. Common stockholders - basic and diluted | | $(2.92) | | $(0.87) |
| Stock-based compensation | $270,362 | 0.74 | $132,421 | 0.55 |
| Executive cash-based severance | 2,606 | 0.01 | - | - |
| (Gain) loss on changes in fair value measurements | 523,635 | 1.44 | 1,083 | - |
| Offering costs associated with warrants | - | - | - | - |
| Acquisition transaction and integration costs | 28,105 | 0.08 | 15,841 | 0.07 |
| Non-cash legal settlements and related costs | 5,700 | 0.02 | - | - |
| Adjusted EPS | | $(0.63) | | $(0.25) |
Contacts
Cheryl Krauss cheryl.krauss@ionq.co
Tor Constantino tor.constantino@ionq.co
IonQ Investor Contact:
investors@ionq.co