IonQ (NYSE: IONQ) today announced financial results for the quarter and full year ending December 31, 2025.
“I am pleased to share that IonQ has once again significantly outperformed our revenue guidance range, exceeding the midpoint by 55% for the fourth quarter and 20% for the full year by delivering $61.9 million and $130.0 million respectively,” said Niccolo de Masi, Chairman and CEO. “Our strategic evolution into the world’s only full-stack quantum platform company, and strong organic growth, positions us with continued momentum to achieve $235 million in revenue for 2026, at our current guidance midpoint.”
“2025 was a year of tremendous accomplishments and both a strategic and financial inflection point for IonQ. We became the first public quantum company in history with more than $100 million in GAAP revenue. We tripled our annual revenue and accelerated to a semiconductor-based roadmap for our industry-leading quantum computers. We expanded and deepened our platform into quantum networking, quantum sensing, and quantum security. We have now integrated our capabilities to create powerful operating momentum into 2026.”
De Masi continued, “We announced an agreement to acquire SkyWater Technology, the world’s leading quantum chip foundry, to create the best capitalized and largest quantum merchant supplier in the world. SkyWater helps us build an IonQ platform that customers—especially government and other mission-driven buyers—can trust and plan around irrespective of geopolitics. Together, we intend to ensure the entire U.S. quantum industry will deliver and scale, and do so onshore with trusted processes for the good of the nation. We now offer the world’s only complete quantum platform in all domains and continents.”
Inder Singh, CFO and COO, added that “2025 represented historic growth for the company, and our results exceeded our own expectations for both top line and bottom line, as well as consensus estimates. In our 2025 revenues of $130.0 million, more than 60% came from commercial customers, demonstrating that quantum is resonating with the commercial sector. In addition, international sales comprised more than 30% of revenue, demonstrating that our quantum platform is more global. Importantly, our 2025 results included nearly 80% year-over-year organic growth, and in our 2026 guidance, we expect organic growth to be even higher. We continue our focus on building strong backlog and having a targeted view of the pipeline in order to ensure visibility in our financial planning.”
Fourth Quarter and Full Year 2025 Financial Highlights
- Recognized revenue of $61.9 million for the fourth quarter, which is 55% above the midpoint of the implied range and represents 429% year-over-year growth
- Recognized revenue of $130.0 million for the full year, which is 20% above the midpoint of the previously provided range and represents 202% year-over-year growth
- Cash, cash equivalents, and investments were $3.3 billion as of December 31, 2025
- Net income was $753.7 million and GAAP EPS was $2.13 for the fourth quarter. For the full year 2025, net loss was ($510.4) million and GAAP EPS was ($1.82)
- Adjusted EBITDA loss was ($67.4) million for the fourth quarter, and ($186.8) million for the full year*
- Adjusted EPS was ($0.20) for the fourth quarter and ($0.60) for the full year*
*Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures defined under “Non-GAAP Financial Measures,” below, and are reconciled to net loss and GAAP EPS, the closest comparable GAAP measures, respectively, at the end of this release.
Fourth Quarter and Recent Business Highlights
- Expanded Agreement with QuantumBasel to Over $60 Million, Spanning Four Years and Four Generations of IonQ Systems
- Sold Fifth-Generation, 100-Qubit System to South Korea’s KISTI
- Signed Strategic Collaboration with CCRM to Accelerate Development of Advanced Therapeutics
- Deployed National Quantum Networks in Switzerland, Slovakia and Romania
- Selected by DARPA for Phase B of the Quantum Benchmarking Initiative
2026 Financial Outlook
- For the full year 2026, IonQ expects revenue to be between $225 million and $245 million, with between $48 million and $51 million for the first quarter
- For the full year 2026, IonQ anticipates an Adjusted EBITDA loss of between ($330) million and ($310) million*
*Adjusted EBITDA is a non-GAAP financial measure defined under “Non-GAAP Financial Measures,” below. The Company is unable to provide a reconciliation of forward-looking Adjusted EBITDA without unreasonable effort because of the uncertainty and potential variability in amount and timing of certain charges, including the change in the fair value of warrant liabilities, which are reconciling items between GAAP net income (loss) and Adjusted EBITDA and could significantly impact GAAP results.
