IonQ (NYSE: IONQ) triples 2025 revenue to $130M, guides to $225M–$245M
IonQ reported a breakout 2025, with GAAP revenue of $130.0 million, up 202% year over year and 20% above its guidance midpoint. Fourth-quarter revenue reached $61.9 million, 55% above the implied guidance midpoint and 429% higher than the prior-year quarter.
The company became the first public quantum firm to surpass $100 million in annual GAAP revenue and ended 2025 with $3.3 billion in cash, cash equivalents, and investments. Despite a full-year net loss of $510.4 million and Adjusted EBITDA loss of $186.8 million, IonQ posted fourth-quarter net income of $753.7 million, largely driven by a non-cash gain from warrant revaluation.
IonQ highlighted major commercial wins, including an agreement with QuantumBasel totaling over $60 million and a fifth-generation 100‑qubit system sale to KISTI. It also announced an agreement to acquire SkyWater Technology and issued 2026 revenue guidance of $225 million to $245 million, with an expected Adjusted EBITDA loss between $330 million and $310 million.
Positive
- None.
Negative
- None.
Insights
IonQ delivered exceptional 2025 growth and strong backlog signals, but remains deeply loss-making with larger 2026 cash burn expected.
IonQ posted $130.0 million of 2025 revenue, a stated 202% year‑over‑year increase and 20% above its guidance midpoint. Q4 revenue of $61.9 million grew 429%, making IonQ the first public quantum company to exceed $100 million in annual GAAP revenue.
Profitability remains challenging. Full‑year net loss was $510.4 million, with Adjusted EBITDA loss of $(186.8) million. For 2026, guidance implies revenue of $225–$245 million but a wider Adjusted EBITDA loss of $(330)–$(310) million, suggesting significant ongoing investment.
The balance sheet is strong, with $3.3 billion in cash, cash equivalents, and investments as of December 31 2025. Multi‑year agreements such as the QuantumBasel deal over $60 million and the KISTI system sale indicate growing commercial adoption, while the planned SkyWater acquisition could reshape its quantum supply position once closed.
8-K Event Classification
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): |
(Exact name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
||
|
|
|
|
|
|
||||
|
||||
(Address of Principal Executive Offices) |
|
(Zip Code) |
||
Registrant’s Telephone Number, Including Area Code: |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
|
|
Trading |
|
|
|
|
|||
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 25, 2026, IonQ, Inc. (the “Company”) issued a press release announcing its financial results for the fourth quarter ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information provided in this Form 8-K, including Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit |
|
Description |
|
99.1 |
|
Press Release, dated February 25, 2026 |
|
|
|
|
|
104 |
|
Cover Page Interactive Data File (embedded within the Inline XBRL document) |
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
|
IonQ, Inc. |
|
|
|
|
Date: |
February 25, 2026 |
By: |
/s/ Paul T. Dacier |
|
|
|
Paul T. Dacier |
Exhibit 99.1
IonQ Announces Fourth Quarter and Full Year 2025 Financial Results
Achieves $130.0 Million of GAAP Revenues, Beating Guidance by 20%
COLLEGE PARK, MD – February 25, 2026 – IonQ (NYSE: IONQ), the world’s leading quantum platform company, today announced financial results for the quarter and full year ending December 31, 2025.
“I am pleased to share that IonQ has once again significantly outperformed our revenue guidance range, exceeding the midpoint by 55% for the fourth quarter and 20% for the full year by delivering $61.9 million and $130.0 million respectively,” said Niccolo de Masi, Chairman and CEO. “Our strategic evolution into the world’s only full-stack quantum platform company, and strong organic growth, positions us with continued momentum to achieve $235 million in revenue for 2026, at our current guidance midpoint.”
“2025 was a year of tremendous accomplishments and both a strategic and financial inflection point for IonQ. We became the first public quantum company in history with more than $100 million in GAAP revenue. We tripled our annual revenue and accelerated to a semiconductor-based roadmap for our industry-leading quantum computers. We expanded and deepened our platform into quantum networking, quantum sensing, and quantum security. We have now integrated our capabilities to create powerful operating momentum into 2026.”
De Masi continued, “We announced an agreement to acquire SkyWater Technology, the world’s leading quantum chip foundry, to create the best capitalized and largest quantum merchant supplier in the world. SkyWater helps us build an IonQ platform that customers—especially government and other mission-driven buyers—can trust and plan around irrespective of geopolitics. Together, we intend to ensure the entire U.S. quantum industry will deliver and scale, and do so onshore with trusted processes for the good of the nation. We now offer the world’s only complete quantum platform in all domains and continents.”
Inder Singh, CFO and COO, added that “2025 represented historic growth for the company, and our results exceeded our own expectations for both top line and bottom line, as well as consensus estimates. In our 2025 revenues of $130.0 million, more than 60% came from commercial customers, demonstrating that quantum is resonating with the commercial sector. In addition, international sales comprised more than 30% of revenue, demonstrating that our quantum platform is more global. Importantly, our 2025 results included nearly 80% year-over-year organic growth, and in our 2026 guidance, we expect organic growth to be even higher. We continue our focus on building strong backlog and having a targeted view of the pipeline in order to ensure visibility in our financial planning.”
Fourth Quarter and Full Year 2025 Financial Highlights
*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.
Fourth Quarter and Recent Business Highlights
2026 Financial Outlook
*Adjusted EBITDA is a non-GAAP financial measure defined under “Non-GAAP Financial Measures,” below. The Company is unable to provide a reconciliation of forward-looking Adjusted EBITDA without unreasonable effort because of the uncertainty and potential variability in amount and timing of certain charges, including the change in the fair value of warrant liabilities, which are reconciling items between GAAP net income (loss) and Adjusted EBITDA and could significantly impact GAAP results.
Fourth Quarter and Full Year 2025 Conference Call
IonQ will host a conference call at 4:30 p.m. Eastern time today to discuss its results for the fourth quarter ended December 31, 2025 and to provide a business update. The call will be accessible by telephone at 1-888-349-0106 (domestic) or 1-412-902-0131 (international). The call will also be available live via webcast on the company’s website here, or directly here. A telephone 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 3269425 and will be available until 11:59 PM Eastern time, March 11, 2026. An archive of the webcast will also be available here shortly after the call and will remain available for one year.
Upcoming Q1 2026 Conference Participation
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 loss attributable to IonQ, Inc. before net loss attributable to noncontrolling interests, interest income, interest expense, income tax (benefit) expense, depreciation and amortization, stock-based compensation, executive cash-based severance, change in fair value of warrant liabilities, offering costs associated with warrants and acquisition transaction and integration costs. Adjusted EPS is defined as earnings per share, or EPS, excluding the impact of stock-based compensation, executive cash-based severance, change in fair value of warrant liabilities, offering costs associated with warrants and acquisition transaction and integration 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.
About IonQ
IonQ, Inc. [NYSE: IONQ] is the world’s leading quantum platform and merchant supplier - delivering integrated quantum solutions across computing, networking, sensing, and security. IonQ’s newest generation of quantum computers, the forthcoming IonQ Tempo, will be the latest in a line of cutting-edge systems that have been helping customers and partners including Amazon Web Services, AstraZeneca, and NVIDIA 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 has operations in California, Colorado, Massachusetts, Tennessee, Washington, Italy, South Korea, Sweden, Switzerland, Toronto, 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.
Note to Investors Regarding Forward-Looking Statements
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 financial and operational results, and the expected timing of the closing of our planned acquisition of SkyWater Technology, Inc., or SkyWater. 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” 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. 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.
Notes on SkyWater Technology, Inc.
The financial results and outlook disclosed in this press release do not reflect the impact of the pending acquisition of SkyWater, which was announced on January 26, 2026. The transaction is expected to close in the second or third quarter of 2026, subject to approval by SkyWater shareholders, receipt of required regulatory approvals and satisfaction of other customary closing conditions.
Important Information and Where to Find It
In connection with the pending acquisition (the “Merger”) of SkyWater by IonQ, Inc. (the “Company”), the Company intends to file with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, which will include a prospectus with respect to the shares of Company common stock to be issued in the Merger and a proxy statement for SkyWater’s stockholders (the “Proxy Statement/Prospectus”), and SkyWater intends to file with the SEC the proxy statement. The definitive proxy statement (if and when available following the effectiveness of the Registration Statement) will be mailed to stockholders of SkyWater. Each of the Company and SkyWater may also file with or furnish to the SEC other relevant documents regarding the Merger. This communication is not a substitute for the Registration Statement, the Proxy Statement/Prospectus or any other document that the Company or SkyWater may file with the SEC or mail to SkyWater’s stockholders in connection with the Merger. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND SKYWATER ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE COMPANY, SKYWATER, THE MERGER AND RELATED MATTERS. The documents filed by the Company with the SEC also may be obtained free of charge at the Company’s website at investors.ionq.com. The documents filed by SkyWater with the SEC also may be obtained free of charge at SkyWater’s website at ir.skywatertechnology.com.
Participants in the Solicitation
The Company, SkyWater and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of SkyWater in connection with the Merger under the rules of the SEC. Information about the interests of the directors and executive officers of the Company and SkyWater and other persons who may be deemed to be participants in the solicitation of stockholders of SkyWater in connection with the Merger and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus, which will be filed with the SEC. Information about SkyWater’s directors and executive officers is set forth in SkyWater’s proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 8, 2025, SkyWater’s Annual Report on Form 10-K for the year ended December 29, 2024 and any subsequent filings with the SEC. Information about certain of the Company’s directors and executive officers is set forth in the Company’s proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 28, 2025 and any subsequent filings with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the Merger may be obtained by reading the Proxy Statement/Prospectus regarding the Merger when it becomes available. Free copies of these documents may be obtained as described above.
No Offer or Solicitation
This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
IonQ, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share data)
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Revenue |
|
$ |
61,890 |
|
|
$ |
11,710 |
|
|
$ |
130,016 |
|
|
$ |
43,073 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cost of revenue (excluding depreciation and amortization) |
|
|
43,593 |
|
|
|
5,045 |
|
|
|
77,488 |
|
|
|
20,597 |
|
Research and development |
|
|
96,095 |
|
|
|
40,077 |
|
|
|
305,705 |
|
|
|
136,827 |
|
Sales and marketing |
|
|
19,519 |
|
|
|
8,927 |
|
|
|
53,447 |
|
|
|
28,395 |
|
General and administrative |
|
|
90,669 |
|
|
|
29,660 |
|
|
|
245,087 |
|
|
|
71,055 |
|
Depreciation and amortization |
|
|
40,645 |
|
|
|
5,504 |
|
|
|
82,004 |
|
|
|
18,654 |
|
Total operating costs and expenses |
|
|
290,521 |
|
|
|
89,213 |
|
|
|
763,731 |
|
|
|
275,528 |
|
Loss from operations |
|
|
(228,631 |
) |
|
|
(77,503 |
) |
|
|
(633,715 |
) |
|
|
(232,455 |
) |
Gain (loss) on change in fair value of warrant liabilities |
|
|
949,640 |
|
|
|
(128,505 |
) |
|
|
66,710 |
|
|
|
(117,107 |
) |
Interest income, net |
|
|
29,528 |
|
|
|
4,141 |
|
|
|
55,997 |
|
|
|
18,249 |
|
Offering costs associated with warrants |
|
|
(22,867 |
) |
|
|
— |
|
|
|
(45,714 |
) |
|
|
— |
|
Other income (expense), net |
|
|
726 |
|
|
|
(111 |
) |
|
|
29 |
|
|
|
(275 |
) |
Income (loss) before income tax expense |
|
|
728,396 |
|
|
|
(201,978 |
) |
|
|
(556,693 |
) |
|
|
(331,588 |
) |
Income tax benefit (expense) |
|
|
24,877 |
|
|
|
(20 |
) |
|
|
44,572 |
|
|
|
(59 |
) |
Net income (loss) |
|
$ |
753,273 |
|
|
$ |
(201,998 |
) |
|
$ |
(512,121 |
) |
|
$ |
(331,647 |
) |
Net income (loss) attributable to noncontrolling interests |
|
|
(394 |
) |
|
|
— |
|
|
|
(1,743 |
) |
|
|
— |
|
Net income (loss) attributable to IonQ, Inc. |
|
$ |
753,667 |
|
|
$ |
(201,998 |
) |
|
$ |
(510,378 |
) |
|
$ |
(331,647 |
) |
Net income (loss) per share attributable to IonQ, Inc. common |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
2.13 |
|
|
$ |
(0.93 |
) |
|
$ |
(1.82 |
) |
|
$ |
(1.56 |
) |
Diluted |
|
$ |
1.93 |
|
|
$ |
(0.93 |
) |
|
$ |
(1.82 |
) |
|
$ |
(1.56 |
) |
Weighted average shares used in computing net income (loss) |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
345,739,278 |
|
|
|
217,947,427 |
|
|
|
280,345,046 |
|
|
|
213,029,365 |
|
Diluted |
|
|
368,982,917 |
|
|
|
217,947,427 |
|
|
|
280,345,046 |
|
|
|
213,029,365 |
|
IonQ, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
(in thousands)
|
|
December 31, |
|
|
December 31, |
|
||
|
|
2025 |
|
|
2024 |
|
||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
1,030,865 |
|
|
$ |
54,393 |
|
Short-term investments |
|
|
1,361,291 |
|
|
|
285,896 |
|
Accounts receivable, net |
|
|
66,532 |
|
|
|
10,188 |
|
Prepaid expenses and other current assets |
|
|
127,751 |
|
|
|
28,325 |
|
Total current assets |
|
|
2,586,439 |
|
|
|
378,802 |
|
Long-term investments |
|
|
944,643 |
|
|
|
23,545 |
|
Property and equipment, net |
|
|
120,145 |
|
|
|
52,761 |
|
Operating lease right-of-use assets |
|
|
22,724 |
|
|
|
9,470 |
|
Intangible assets, net |
|
|
767,432 |
|
|
|
29,469 |
|
Goodwill |
|
|
1,963,584 |
|
|
|
9,904 |
|
Other noncurrent assets |
|
|
165,391 |
|
|
|
4,437 |
|
Total Assets |
|
$ |
6,570,358 |
|
|
$ |
508,388 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
26,138 |
|
|
$ |
5,230 |
|
Accrued expenses and other current liabilities |
|
|
89,721 |
|
|
|
16,811 |
|
Current portion of operating lease liabilities |
|
|
8,850 |
|
|
|
3,366 |
|
Unearned revenue |
|
|
42,116 |
|
|
|
10,678 |
|
Total current liabilities |
|
|
166,825 |
|
|
|
36,085 |
|
Operating lease liabilities, net of current portion |
|
|
21,171 |
|
|
|
14,359 |
|
Unearned revenue, net of current portion |
|
|
1,921 |
|
|
|
— |
|
Warrant liabilities |
|
|
2,471,577 |
|
|
|
70,688 |
|
Other noncurrent liabilities |
|
|
95,172 |
|
|
|
3,394 |
|
Total liabilities |
|
$ |
2,756,666 |
|
|
$ |
124,526 |
|
Stockholders’ Equity: |
|
|
|
|
|
|
||
Common stock |
|
$ |
36 |
|
|
$ |
22 |
|
Additional paid-in capital |
|
|
5,006,250 |
|
|
|
1,067,403 |
|
Accumulated deficit |
|
|
(1,194,098 |
) |
|
|
(683,720 |
) |
Accumulated other comprehensive income (loss) |
|
|
(12,671 |
) |
|
|
157 |
|
Total IonQ, Inc. stockholders' equity |
|
|
3,799,517 |
|
|
|
383,862 |
|
Noncontrolling interests |
|
|
14,175 |
|
|
|
— |
|
Total stockholders’ equity |
|
|
3,813,692 |
|
|
|
383,862 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
6,570,358 |
|
|
$ |
508,388 |
|
IonQ, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
|
|
Year Ended |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net loss |
|
$ |
(512,121 |
) |
|
$ |
(331,647 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
82,004 |
|
|
|
18,654 |
|
Stock-based compensation |
|
|
312,032 |
|
|
|
106,878 |
|
(Gain) loss on change in fair value of warrant liabilities |
|
|
(66,710 |
) |
|
|
117,107 |
|
Offering costs associated with warrants |
|
|
45,714 |
|
|
|
— |
|
Deferred income taxes |
|
|
(44,868 |
) |
|
|
— |
|
Amortization of premiums and accretion of discounts on |
|
|
(8,323 |
) |
|
|
(8,804 |
) |
Other, net |
|
|
18,366 |
|
|
|
5,323 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
|
(37,667 |
) |
|
|
1,609 |
|
Prepaid expenses and other current assets |
|
|
(72,171 |
) |
|
|
(15,200 |
) |
Accounts payable |
|
|
(7,636 |
) |
|
|
(601 |
) |
Accrued expenses and other current liabilities |
|
|
7,382 |
|
|
|
(411 |
) |
Unearned revenue |
|
|
9,285 |
|
|
|
(1,752 |
) |
Other assets and liabilities |
|
|
(8,474 |
) |
|
|
3,161 |
|
Net cash provided by (used in) operating activities |
|
$ |
(283,187 |
) |
|
$ |
(105,683 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchases of property and equipment |
|
|
(16,417 |
) |
|
|
(17,992 |
) |
Purchases of available-for-sale securities |
|
|
(2,669,300 |
) |
|
|
(296,329 |
) |
Maturities of available-for-sale securities |
|
|
682,830 |
|
|
|
418,082 |
|
Purchases of privately-held securities |
|
|
(88,500 |
) |
|
|
— |
|
Businesses acquired, net of cash paid and acquired |
|
|
523 |
|
|
|
(15,454 |
) |
Other investing, net |
|
|
(4,224 |
) |
|
|
(5,577 |
) |
Net cash provided by (used in) investing activities |
|
$ |
(2,095,088 |
) |
|
$ |
82,730 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
Proceeds from common stock and warrant issuance, net of issuance costs |
|
|
3,312,541 |
|
|
|
— |
|
Proceeds from stock options exercised |
|
|
26,744 |
|
|
|
8,012 |
|
Proceeds from warrants exercised |
|
|
11,436 |
|
|
|
33,437 |
|
Other financing, net |
|
|
7,881 |
|
|
|
238 |
|
Net cash provided by (used in) financing activities |
|
$ |
3,358,602 |
|
|
$ |
41,687 |
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
|
|
581 |
|
|
|
25 |
|
Net change in cash, cash equivalents and restricted cash |
|
|
980,908 |
|
|
|
18,759 |
|
Cash, cash equivalents and restricted cash at the beginning of the period |
|
|
56,840 |
|
|
|
38,081 |
|
Cash, cash equivalents and restricted cash at the end of the period |
|
$ |
1,037,748 |
|
|
$ |
56,840 |
|
IonQ, Inc.
Reconciliation of Non-GAAP Financial Measures
(unaudited)
(in thousands, except per share data)
Net Loss to Adjusted EBITDA
|
|
Three Months Ended |
|
|
Year Ended |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net income (loss) attributable to IonQ, Inc. |
|
$ |
753,667 |
|
|
$ |
(201,998 |
) |
|
$ |
(510,378 |
) |
|
$ |
(331,647 |
) |
Net income (loss) attributable to noncontrolling interests |
|
|
(394 |
) |
|
|
— |
|
|
|
(1,743 |
) |
|
|
— |
|
Interest income, net |
|
|
(29,528 |
) |
|
|
(4,141 |
) |
|
|
(55,997 |
) |
|
|
(18,249 |
) |
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Income tax (benefit) expense |
|
|
(24,877 |
) |
|
|
20 |
|
|
|
(44,572 |
) |
|
|
59 |
|
Depreciation and amortization |
|
|
40,645 |
|
|
|
5,504 |
|
|
|
82,004 |
|
|
|
18,654 |
|
Stock-based compensation |
|
|
106,666 |
|
|
|
39,271 |
|
|
|
312,032 |
|
|
|
106,878 |
|
Executive cash based-severance |
|
|
2,026 |
|
|
|
— |
|
|
|
9,418 |
|
|
|
— |
|
(Gain) loss on change in fair value of warrant liabilities |
|
|
(949,640 |
) |
|
|
128,505 |
|
|
|
(66,710 |
) |
|
|
117,107 |
|
Offering costs associated with warrants |
|
|
22,867 |
|
|
|
— |
|
|
|
45,714 |
|
|
|
— |
|
Acquisition transaction and integration costs |
|
|
11,175 |
|
|
|
1,526 |
|
|
|
43,479 |
|
|
|
1,526 |
|
Adjusted EBITDA |
|
$ |
(67,393 |
) |
|
$ |
(31,313 |
) |
|
$ |
(186,753 |
) |
|
$ |
(105,672 |
) |
Net Loss per Share to Adjusted EPS
|
|
Three Months Ended |
|
|||||||||||||
|
|
2025 |
|
|
2024 |
|
||||||||||
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
||||
Net income (loss) per share attributable to IonQ, Inc. common |
|
|
|
|
$ |
2.13 |
|
|
|
|
|
$ |
(0.93 |
) |
||
Stock-based compensation |
|
$ |
106,666 |
|
|
|
0.31 |
|
|
$ |
39,271 |
|
|
|
0.18 |
|
Executive cash-based severance |
|
|
2,026 |
|
|
|
0.01 |
|
|
|
— |
|
|
|
— |
|
(Gain) loss on change in fair value of warrant liabilities |
|
|
(949,640 |
) |
|
|
(2.75 |
) |
|
|
128,505 |
|
|
|
0.59 |
|
Offering costs associated with warrants |
|
|
22,867 |
|
|
|
0.07 |
|
|
|
— |
|
|
|
— |
|
Acquisition transaction and integration costs |
|
|
11,175 |
|
|
|
0.03 |
|
|
|
1,526 |
|
|
|
0.01 |
|
Adjusted EPS |
|
|
|
|
$ |
(0.20 |
) |
|
|
|
|
$ |
(0.15 |
) |
||
|
|
Year Ended |
|
|||||||||||||
|
|
2025 |
|
|
2024 |
|
||||||||||
|
|
Amount |
|
|
Per Share |
|
|
Amount |
|
|
Per Share |
|
||||
Net income (loss) per share attributable to IonQ, Inc. common |
|
|
|
|
$ |
(1.82 |
) |
|
|
|
|
$ |
(1.56 |
) |
||
Stock-based compensation |
|
$ |
312,032 |
|
|
|
1.11 |
|
|
$ |
106,878 |
|
|
|
0.50 |
|
Executive cash-based severance |
|
|
9,418 |
|
|
|
0.03 |
|
|
|
— |
|
|
|
— |
|
(Gain) loss on change in fair value of warrant liabilities |
|
|
(66,710 |
) |
|
|
(0.24 |
) |
|
|
117,107 |
|
|
|
0.55 |
|
Offering costs associated with warrants |
|
|
45,714 |
|
|
|
0.16 |
|
|
|
— |
|
|
|
— |
|
Acquisition transaction and integration costs |
|
|
43,479 |
|
|
|
0.16 |
|
|
|
1,526 |
|
|
|
0.01 |
|
Adjusted EPS |
|
|
|
|
$ |
(0.60 |
) |
|
|
|
|
$ |
(0.50 |
) |
||
Contacts
IonQ Media Contact:
Cheryl Krauss
cheryl.krauss@ionq.co
Tor Constantino
tor.constantino@ionq.co
IonQ Investor Contact:
investors@ionq.co