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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.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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