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IonQ (IONQ) investor relations material

IonQ Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary5 Nov, 2025

Executive summary

  • Q3 2025 revenue reached $39.9 million, up 222% year-over-year and exceeding guidance by 37%, driven by hardware contracts, acquisitions, and global customer traction.

  • Major milestones included the early launch of the AQ64 Tempo system, world-record 99.99% two-qubit gate fidelity, and the acquisition of Oxford Ionics and Vector Atomic.

  • Leadership team expanded with high-profile appointments and significant management turnover to support the next growth phase.

  • IonQ Federal was established to target government and defense opportunities, with new global partnerships and collaborations.

  • Pro-forma cash and investments totaled $3.5 billion after major equity raises, supporting aggressive R&D and global expansion.

Financial highlights

  • Q3 2025 revenue: $39.9 million, up 222% year-over-year; net loss: $1.05 billion, mainly due to an $881.8 million warrant liability loss.

  • Adjusted EBITDA loss: $48.9 million; GAAP EPS loss: $3.58; Adjusted EPS loss: $0.17.

  • Cash, cash equivalents, and investments: $1.5 billion as of September 30, 2025; $3.5 billion pro-forma post equity offering.

  • Stock-based compensation for Q3 2025: $72.95 million.

  • Gross margin for Q3 2025: approximately 47%.

Outlook and guidance

  • Full-year 2025 revenue guidance raised to $106–$110 million, projecting triple-digit revenue for the first time among public quantum companies.

  • Full-year 2025 Adjusted EBITDA loss expected between ($206) million and ($216) million.

  • Company expects continued global expansion, growth in recurring and solutions-based revenue, and ongoing investment in R&D and infrastructure.

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Frequently asked questions

IonQ Inc develops and sells quantum computing systems and offers quantum computing services through cloud platforms. It focuses on building trapped-ion quantum computers for applications across industries such as finance, healthcare, and logistics. The company is headquartered in College Park, Maryland, and its shares are listed on the NYSE.

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