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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.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.
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