IonQ (NYSE: IONQ) revenue jumps 287% and lifts 2026 guidance
Rhea-AI Filing Summary
IonQ reported record second‑quarter 2026 revenue of $80.1 million, a 287% year‑on‑year increase driven by deployments across its quantum platform. Management described this as the fifth consecutive record quarter and raised full‑year 2026 revenue guidance to a range of $280 million to $290 million, while reiterating expectations for 100% organic growth.
Despite the revenue surge, IonQ recorded a GAAP net loss attributable to the company of $1,867.7 million, or $5.08 per share, reflecting a $1,576.2 million loss on changes in the fair value of warrant liabilities and continued high operating expenses. Adjusted EBITDA loss was $120.3 million and Adjusted EPS was $0.33 negative for the quarter.
Liquidity is sizable, with cash, cash equivalents and investments totaling about $3.0 billion as of June 30, 2026, or $2.0 billion pro forma for the SkyWater Technology acquisition that closed on July 31, 2026. Remaining performance obligations grew 297% year‑on‑year, and IonQ highlighted new commercial, government and security partnerships as it expands its full‑stack quantum platform.
Positive
- Q2 2026 revenue rose 287% year‑on‑year to $80.1 million, marking the fifth consecutive quarter of record results, with approximately 50% international, 60% commercial and 25% multi‑product revenue.
- Full‑year 2026 revenue guidance was raised to $280–$290 million, and remaining performance obligations were reported to have grown 297% year‑on‑year.
- Cash, cash equivalents and investments totaled about $3.0 billion as of June 30, 2026, or $2.0 billion pro forma for the SkyWater acquisition, providing a large cash and investment base.
Negative
- GAAP net loss attributable to IonQ, Inc. was $1,867.7 million in Q2 2026, or $5.08 per share, driven in part by a $1,576.2 million loss on changes in fair value of warrant liabilities.
- Adjusted EBITDA loss was $120.3 million in Q2 2026, and net cash used in operating activities was $254.8 million for the first six months of 2026.
Filing Explained
IonQ’s Q2 results and guidance exclude SkyWater because the acquisition closed after the quarter ended.
This Form 8-K furnishes IonQ’s second-quarter results under Item 2.02. The SkyWater acquisition closed on
The release is furnished rather than filed for Section 18 purposes, so it is not subject to that section’s liability provisions and is not incorporated into other filings unless specifically referenced.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $80.1 million
Q2 2026 GAAP net loss attributable to IonQ, Inc.: $1,867.7 million
Q2 2026 Adjusted EBITDA: $(120.3) million
+5 more
8 metrics
Q2 2026 Revenue
$80.1 million
Three months ended June 30, 2026; 287% year-on-year growth from $20.7 million
Q2 2026 GAAP net loss attributable to IonQ, Inc.
$1,867.7 million
Three months ended June 30, 2026; includes $1,576.2 million loss on warrant liabilities
Q2 2026 Adjusted EBITDA
$(120.3) million
Three months ended June 30, 2026; Adjusted EBITDA loss for the quarter
Cash, cash equivalents and investments
$3.0 billion
As of June 30, 2026; approximately $2.0 billion pro forma for SkyWater acquisition
Full-year 2026 revenue guidance
$280–$290 million
Raised outlook for 2026 revenue; management expects 100% organic growth
Remaining performance obligations growth
297%
Year-on-year growth in remaining performance obligations referenced with updated guidance
Net cash used in operating activities H1 2026
$254.8 million
Net cash provided by (used in) operating activities for six months ended June 30, 2026
Weighted average shares outstanding Q2 2026
367,660,636 shares
Weighted average basic and diluted shares for three months ended June 30, 2026
Key Terms
Adjusted EBITDA, Adjusted EPS, Remaining performance obligations, warrant liabilities, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA loss was ($120.3) million and Adjusted EPS was ($0.33)"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted EPS financial
"Adjusted EBITDA loss was ($120.3) million and Adjusted EPS was ($0.33)"
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
Remaining performance obligations financial
"Remaining performance obligations grow 297% Year-on-Year"
Remaining performance obligations are the work a company still needs to complete for its customers, like finishing a service or delivering a product. It’s important because it shows how much future income the company has coming in from current agreements, giving a clearer picture of its ongoing business.
warrant liabilities financial
"Gain (loss) on change in fair value of warrant liabilities"
Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.
noncontrolling interests financial
"Net income (loss) attributable to noncontrolling interests"
The portion of a subsidiary’s equity and profits that belongs to outside owners rather than the parent company; when a parent reports consolidated results it includes the whole subsidiary but shows the noncontrolling slice separately. Think of a company’s subsidiary as a pie where the parent owns most slices but some are held by other investors — noncontrolling interests tell you how much of the pie and its future earnings don’t belong to the parent, which affects how much profit and net assets are truly attributable to the parent’s shareholders.
two-qubit gate fidelity technical
"In 2025, the Company achieved 99.99% two-qubit gate fidelity"
Two-qubit gate fidelity measures how accurately a quantum computer performs a basic operation that links two quantum bits (qubits). Think of it like the success rate of a two-person handshake that must be precise for a larger task; higher fidelity means fewer errors, better chances of running useful algorithms, and lower cost to correct mistakes. Investors watch it because higher fidelity signals more reliable hardware and faster progress toward commercially valuable quantum computing.
Earnings Snapshot
Revenue: $80.1 million · Guidance included
Quarter ended June 30, 2026
Revenue
$80.1 million
287% year-on-year increase, up from $20.7 million in Q2 2025
GAAP net loss attributable to IonQ, Inc.
$1,867.7 million
Net loss attributable to IonQ, Inc. was $176.8 million in Q2 2025
GAAP EPS
$(5.08)
Compared with $(0.70) per share in Q2 2025
Adjusted EBITDA
$(120.3) million
Compared with $(36.5) million in Q2 2025
Adjusted EPS
$(0.33)
Compared with $(0.08) in Q2 2025
Cash, cash equivalents and investments
$3.0 billion
Approximately $2.0 billion pro forma after cash used for the SkyWater acquisition
2026 revenue guidance
$280–$290 million
Updated full-year 2026 outlook; excludes any contribution from the SkyWater acquisition and assumes 100% organic growth
Guidance
For full year 2026, revenue is expected to be between $280 million and $290 million, with management continuing to expect strong organic growth of 100% year-on-year; this outlook does not reflect any contribution from the SkyWater acquisition.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
How did IonQ (IONQ) perform financially in the second quarter of 2026?
IonQ reported Q2 2026 revenue of $80.1 million, a 287% year‑on‑year increase, but also a GAAP net loss of $1,867.7 million, or $5.08 per share. Adjusted EBITDA loss was $120.3 million and Adjusted EPS was $0.33 negative for the quarter.
What guidance did IonQ (IONQ) provide for full‑year 2026 revenue?
IonQ raised its full‑year 2026 revenue outlook to $280 million to $290 million. Management also stated it continues to expect 100% organic revenue growth year‑on‑year, and noted that this outlook does not include any contribution from the SkyWater acquisition.
What drove the large GAAP net loss for IonQ (IONQ) in Q2 2026?
IonQ’s Q2 2026 GAAP net loss of $1,867.7 million was heavily influenced by a $1,576.2 million loss on changes in the fair value of warrant liabilities, alongside substantial operating expenses in research and development, sales and marketing, and general and administrative functions.
What is IonQ’s (IONQ) cash and investment position after Q2 2026?
As of June 30, 2026, IonQ held about $3.0 billion in cash, cash equivalents and investments. The company stated that, pro forma for the SkyWater Technology acquisition, this would be approximately $2.0 billion, reflecting the cash used to consummate that transaction.
How fast are IonQ’s (IONQ) remaining performance obligations growing?
IonQ reported that its remaining performance obligations grew 297% year‑on‑year. These obligations represent contracted revenue not yet recognized from signed agreements, including both funded and unfunded portions, but excluding unexercised contract options until such options are exercised.
What strategic acquisitions and partnerships did IonQ (IONQ) highlight around Q2 2026?
IonQ closed its acquisition of SkyWater Technology on July 31, 2026 and earlier acquired Nexus Photonics. It also signed memoranda of understanding with Anduril and Sandia National Laboratories and launched new quantum communications and security offerings across its full‑stack platform.