IonQ (IONQ) Q1 2025 earnings summary

Executive summary

• Achieved $7.6 million in Q1 2025 revenue, exceeding the midpoint of guidance, with a strong cash position of $697.1 million after significant equity raises and global expansion through acquisitions and partnerships, including ID Quantique, Lightsynq, and Capella.

• Announced a $22 million deal with EPB for the first commercial quantum computing and networking hub, and demonstrated technical progress through partnerships with Ansys and AstraZeneca, and selection by DARPA for quantum benchmarking.

• Expanded global presence with new offices and partnerships in South Korea, Switzerland, Japan, and the US, and signed MoUs in Japan and Korea for quantum collaborations.

• Continued investment in R&D and quantum networking, advancing the technology roadmap and supporting energy grid optimization and entrepreneurship.

• IonQ supports all major quantum programming languages and is the only quantum hardware provider available on all major cloud platforms.

Financial highlights

• Q1 2025 revenue was $7.6 million, nearly flat year-over-year, with a net loss of $32.3 million, improved from $39.6 million in Q1 2024.

• Adjusted EBITDA loss was $35.8 million, compared to $27.0 million loss in Q1 2024; excludes a $38.5 million non-cash gain from warrant liabilities.

• Operating expenses rose 38% to $83.2 million, mainly due to increased R&D, G&A, and stock-based compensation.

• Cash, cash equivalents, and investments totaled $697.1 million as of March 31, 2025, up from $378.8 million at year-end.

• Gross margin for Q1 2025 was approximately 43% ($7.6M revenue, $4.3M cost of revenue).

Outlook and guidance

• Full-year 2025 revenue guidance is $75 million to $95 million, with Q2 revenue expected between $16 million and $18 million.

• Adjusted EBITDA loss for the year projected to increase by approximately 35% from previous $120 million estimate due to ongoing investments and acquisitions.

• Management expects continued significant losses as IonQ prioritizes R&D and technical milestones to achieve quantum advantage.

• Cash position is expected to be sufficient for at least the next 12 months, with future funding needs dependent on growth and acquisition activity.