IonQ (IONQ) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $80.1 million, up 287% year-over-year, marking the fifth consecutive quarter of record results and driven by global deployments, commercial momentum, and specialized quantum hardware contracts.

• Closed the $1.8 billion acquisition of SkyWater Technology, creating a vertically integrated, full-stack quantum platform and expanding domestic manufacturing and merchant supplier capabilities.

• International, commercial, and multi-product revenues comprised 50%, 60%, and 25% of total revenue, respectively, with deployments in over 50 countries.

• Raised full-year 2026 revenue guidance to $280–$290 million, reflecting strong Q2 performance and confidence in continued organic growth.

• Maintained a strong liquidity position with $2.0–$3.0 billion in cash and investments post-acquisition, supporting ongoing R&D and expansion.

Financial highlights

• Q2 2026 GAAP revenue reached $80.1 million, a 287% increase year-over-year and 20% above prior guidance midpoint.

• Net loss for Q2 2026 was $1.87 billion, primarily due to a $1.65 billion non-cash warrant liability revaluation.

• Adjusted EBITDA loss for Q2 was ($120.3) million; excluding SkyWater R&D spend, loss would have been ($95.6) million.

• Cash, cash equivalents, and investments totaled $3.0 billion as of June 30, 2026; $2.0 billion pro-forma for SkyWater acquisition.

• Remaining performance obligations (RPOs) grew 297% year-over-year, ending at $485 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $280–$290 million, with expectations for 100% organic growth year-over-year.

• Guidance does not include any contribution from the SkyWater acquisition; combined company guidance to be provided after integration.

• Cash position expected to cover working capital and capital expenditures for at least the next 12 months.