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Dec 31, 2025
Ionq Q4 2025 Earnings Report
Ionq Q4 2025 Earnings Report
Key Takeaways
IonQ delivered a record-breaking fourth quarter, significantly exceeding revenue guidance and achieving a historic milestone as the first public quantum company to surpass $100 million in annual GAAP revenue. The company reported massive year-over-year growth of 429% for the quarter, driven by strong commercial traction and international expansion, while maintaining a robust cash position of $3.3 billion.
Achieved $130.0 million in annual revenue, representing 202% year-over-year growth and beating guidance by 20%.
Reported Q4 revenue of $61.9 million, a 429% increase compared to the same period last year.
Announced a strategic agreement to acquire SkyWater Technology to become a leading quantum merchant supplier.
Maintained a strong balance sheet with $3.3 billion in cash, cash equivalents, and investments as of year-end.
Revenue by Geographic Location
Forward Guidance
IonQ expects continued strong organic growth in 2026, forecasting a significant increase in annual revenue and providing a positive outlook for the first quarter.
Positive Outlook
- Full year 2026 revenue guidance of $225 million to $245 million.
- Q1 2026 revenue expected to be between $48 million and $51 million.
- Anticipated organic growth in 2026 expected to be higher than in 2025.
- Strategic acquisition of SkyWater Technology expected to close in Q2 or Q3 2026.
- Strong momentum from commercial customers, which accounted for over 60% of 2025 revenue.
Challenges Ahead
- Anticipated Adjusted EBITDA loss for FY 2026 between $310 million and $330 million.
- Ongoing uncertainty regarding the timing and impact of warrant liability fair value changes.
- Increased operating costs expected as the company scales its full-stack platform.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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