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Sep 30, 2025
Ionq Q3 2025 Earnings Report
IonQ reported a strong third quarter with revenue surpassing guidance and technical milestones achieved ahead of schedule.
Key Takeaways
IonQ posted $39.9 million in revenue for Q3 2025, beating guidance by 37%. The company reported a GAAP net loss of $1.05 billion primarily due to non-cash warrant liability adjustments. Adjusted EPS was -$0.17. IonQ achieved a world-record 99.99% two-qubit gate fidelity and reached its AQ 64 milestone ahead of schedule.
Revenue reached $39.9 million, exceeding the high end of guidance by 37%.
Net loss was $1.05 billion, largely driven by non-cash warrant liability revaluation.
Adjusted EPS was -$0.17, while GAAP EPS was -$3.58.
IonQ achieved AQ 64 three months ahead of plan and hit a 99.99% two-qubit gate fidelity record.
Revenue by Geographic Location
Forward Guidance
IonQ raised full-year revenue expectations to between $106M and $110M and reaffirmed its Adjusted EBITDA loss midpoint guidance.
Positive Outlook
- Raised full-year revenue guidance to up to $110M.
- Achieved AQ 64 milestone three months ahead of plan.
- Set world record with 99.99% two-qubit gate performance.
- Completed acquisitions of Oxford Ionics and Vector Atomic.
- Pro forma cash balance reached $3.5B after $2B equity raise.
Challenges Ahead
- Reported significant net loss driven by warrant liabilities.
- Adjusted EBITDA remained negative at -$48.9M.
- High R&D and G&A expenses pressured operating margin.
- No revenue breakdown by business segment provided.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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