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IonQ (IONQ) investor relations material

IonQ Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary25 Feb, 2026

Executive summary

  • Achieved $130.0 million in annual GAAP revenue for 2025, up 202% year-over-year, surpassing $100 million for the first time and exceeding guidance by 20%.

  • Q4 2025 revenue was $61.9 million, up 429% year-over-year and 55% above guidance midpoint.

  • Transformed into a full-stack quantum platform and merchant supplier, expanding into quantum networking, sensing, and security globally.

  • Announced the largest quantum acquisition in history with SkyWater Technology, aiming to secure supply chain and manufacturing.

  • Expanded international presence, with over 30% of revenue from international sales and more than 60% from commercial customers.

Financial highlights

  • Full-year 2025 revenue was $130 million, up 202% year-over-year; Q4 revenue reached $61.9 million, up 429% year-over-year.

  • Adjusted EBITDA for 2025 was -$186.8 million; Q4 Adjusted EBITDA was -$67.4 million.

  • Q4 GAAP net income was $753.7 million, mainly due to a $950 million non-cash warrant valuation; full-year GAAP net income was -$510 million.

  • Cash, cash equivalents, and investments totaled $3.3 billion at year-end 2025.

  • Remaining performance obligations (RPO) rose to $370 million at year-end, up from $77 million a year prior.

Outlook and guidance

  • 2026 revenue guidance is $225–$245 million, with Q1 2026 expected at $48–$51 million.

  • Adjusted EBITDA for 2026 projected between -$310 million and -$330 million, reflecting continued R&D investment.

  • Targeting demonstration of a 256-qubit system by Q4 2026 and continued expansion of commercial and government customer base.

  • Organic growth expected to accelerate in 2026.

  • Management expects to maintain high growth as revenue scale increases.

SkyWater acquisition's expected financial impact
Drivers for increased 2026 Adjusted EBITDA loss
How do multi-year deals impact 2026 revenue recognition?
SkyWater's role in merchant supplier strategy?
Quantify time-to-solution advantage.
R&D investment focus beyond computing?
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Morgan Stanley Technology, Media & Telecom Conference 20265 Mar, 2026
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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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