IonQ Announces Fourth Quarter and Full Year 2025 Financial Results
● Reported $130.0 Million of Annual Revenue, Representing 202%Year-Over-Year Growth, Fueled by Organic Growth and Commercial Traction
● Beats Guidance for BothTop and Bottom Line
● First Quantum Company withMore Than $100 Million of Annual GAAP Revenue
● Announced Agreement to Acquire SkyWater Technology, Creating WellCapitalized Merchant Supplier for Entire U.S. Quantum Industry
● Expanded Agreement withQuantumBasel to Over $60 Million, Spanning Four Years and Four Generations ofIonQ Systems
● Sold Fifth-Generation,100-Qubit System to the KISTI, Anchoring the Country’s LargestQuantum-Classical Compute Platform and Positioning Hybrid AI, HPC, and NVIDIAAcceleration at the Core of Korea’s Next-Generation Compute Strategy
● Scaled to Become theWorld’s First Full-Stack Quantum Platform Company – Leading in QuantumComputing, Quantum Networking, Quantum Sensing, Quantum Security, and QuantumMerchant Supply
● Cash, Cash Equivalents, and Investments as of December 31, 2025 of$3.3 Billion
COLLEGE PARK, MD –February 25, 2026 – IonQ (NYSE: IONQ), the world’sleading quantum platform company, today announced financial results for thequarter and full year ending December 31, 2025.
“I am pleased to share that IonQhas once again significantly outperformed our revenue guidance range, exceedingthe midpoint by 55% for the fourth quarter and 20% for the full year bydelivering $61.9 million and $130.0 million respectively,” said Niccolo deMasi, Chairman and CEO. “Our strategic evolution into the world’s onlyfull-stack quantum platform company, and strong organic growth, positions uswith continued momentum to achieve $235 million in revenue for 2026, at ourcurrent guidance midpoint.”
“2025 was a year of tremendousaccomplishments and both a strategic and financial inflection point for IonQ.We became the first public quantum company in history with more than $100million in GAAP revenue. We tripled our annual revenue and accelerated to asemiconductor-based roadmap for our industry-leading quantum computers. Weexpanded and deepened our platform into quantum networking, quantum sensing,and quantum security. We have now integrated our capabilities to createpowerful operating momentum into 2026.”
De Masi continued, “We announcedan agreement to acquire SkyWater Technology, the world’s leading quantum chipfoundry, to create the best capitalized and largest quantum merchant supplierin the world. SkyWater helps usbuild an IonQ platform that customers—especially government and othermission-driven buyers—can trust and plan around irrespective of geopolitics.Together, we intend to ensure the entire U.S. quantum industry will deliver andscale, and do so onshore with trusted processes for the good of the nation. We now offer the world’sonly complete quantum platform in all domains and continents.”
Inder Singh, CFO and COO, addedthat “2025 represented historic growth for the company, and our resultsexceeded our own expectations for both top line and bottom line, as well asconsensus estimates. In our 2025 revenues of $130.0 million, more than 60% camefrom commercial customers, demonstrating that quantum is resonating with thecommercial sector. In addition, international sales comprised more than 30% ofrevenue, demonstrating that our quantum platform is more global. Importantly,our 2025 results included nearly 80% year-over-year organic growth, and in our2026 guidance, we expect organic growth to be even higher. We continue ourfocus on building strong backlog and having a targeted view of the pipeline inorder to ensure visibility in our financial planning.”
Fourth Quarter and Full Year 2025Financial Highlights
● Recognized revenue of $61.9 million for the fourth quarter, whichis 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 is20% 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 ofDecember 31, 2025
● Net income was $753.7 million and GAAP EPS was $2.13 for the fourthquarter. 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 EPSare non-GAAP financial measures defined under “Non-GAAP Financial Measures,”below, and are reconciled to net loss and GAAP EPS, the closest comparable GAAPmeasures, respectively, at the end of this release.
Fourth Quarter and Recent BusinessHighlights
● Expanded Agreement with QuantumBasel to Over $60 Million, SpanningFour Years and Four Generations of IonQ Systems
● Sold Fifth-Generation, 100-Qubit System to the KISTI, Anchoring theCountry’s Largest Quantum-Classical Compute Platform and Positioning Hybrid AI,HPC, and NVIDIA Acceleration at the Core of Korea’s Next-Generation ComputeStrategy
● Continued Innovation in Quantum-Enabled Life Sciences via StrategicCollaboration with CCRM to Accelerate Development of Advanced Therapeutics
● Deployed Large-Scale, Operational, National Quantum Networks inSwitzerland, Slovakia and Romania
● Selected by DARPA forPhase B of the Quantum Benchmarking Initiative, Reflecting IonQ’s DemonstratedQuantum Capabilities
2026 Financial Outlook
● For the full year 2026, IonQ expects revenue to be between $225million and $245 million, with between $48 million and $51 million for thefirst 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-GAAPFinancial Measures,” below. The Company is unable to provide a reconciliationof forward-looking Adjusted EBITDA without unreasonable effort because of theuncertainty and potential variability in amount and timing of certain charges,including the change in the fair value of warrant liabilities, which arereconciling items between GAAP net income (loss) and Adjusted EBITDA and couldsignificantly impact GAAP results.
Fourth Quarter and Full Year 2025Conference Call
IonQ will host a conference call at 4:30 p.m.Eastern time today to discuss its results for the fourth quarter ended December31, 2025 and to provide a business update. The call will be accessible bytelephone at 1-888-349-0106 (domestic) or 1-412-902-0131 (international). Thecall will also be available live via webcast on the company’s website here, or directly here. A telephone replay of theconference call will be available approximately three hours after itsconclusion at 1-855-669-9658 (domestic) or +1-412-317-0088 (international) withaccess code 3269425 and will be available until 11:59 PM Eastern time, March 11,2026. An archive of the webcast will also be available here shortly after thecall and will remain available for one year.
Upcoming Q1 2026 Conference Participation
● IonQ to participate in the Morgan Stanley Technology, Media &Telecom Conference taking place on Wednesday March 4, 2026. A webcast link tothe fireside chat will be available on our investor relations website.
● IonQ to participate in theCantor Global Technology & Industrial Growth Conference, taking place onWednesday March 11, 2026. A webcast link will be available on our investorrelations website.
Non-GAAPFinancial Measures
To supplement IonQ’s condensed consolidatedfinancial statements presented in accordance with GAAP, IonQ uses non-GAAPmeasures of certain components of financial performance. Adjusted EBITDA andAdjusted EPS are financial measures that are not required by or presented inaccordance with GAAP. Management believes that these measures provide investorsadditional meaningful methods to evaluate certain aspects of the Company’sresults period over period.
Adjusted EBITDA is defined as net lossattributable to IonQ, Inc. before net loss attributable to noncontrollinginterests, interest income, interest expense, income tax (benefit) expense,depreciation and amortization, stock-based compensation, executive cash-basedseverance, change in fair value of warrant liabilities, offering costsassociated with warrants and acquisition transaction and integration costs.Adjusted EPS is defined as earnings per share, or EPS, excluding the impact ofstock-based compensation, executive cash-based severance, change in fair valueof warrant liabilities, offering costs associated with warrants and acquisitiontransaction and integration costs. IonQ uses Adjusted EBITDA and Adjusted EPSto measure the operating performance of its business, excluding specificallyidentified items that it does not believe directly reflect its core operationsand that may not be indicative of recurring operations.
The presentation of these non-GAAP financialmeasures is not meant to be considered in isolation or as a substitute for thefinancial results prepared in accordance with GAAP, and IonQ’s non-GAAPmeasures may be different from non-GAAP measures used by other companies. IonQshows a reconciliation of its non-GAAP measures to the most directly comparableGAAP measures at the end of this release.
AboutIonQ
IonQ, Inc. [NYSE: IONQ] is the world’s leadingquantum platform and merchant supplier - delivering integrated quantumsolutions across computing, networking, sensing, and security. IonQ’s newestgeneration of quantum computers, the forthcoming IonQ Tempo, will be the latestin a line of cutting-edge systems that have been helping customers and partnersincluding Amazon Web Services, AstraZeneca, and NVIDIAachieve 20x performance results and accelerate innovation in drug discovery,materials science, financial modeling, logistics, cybersecurity, and defense.In 2025, the company achieved 99.99% two-qubit gate fidelity, setting a world record in quantum computing performance.
Headquartered in College Park, Maryland,IonQ has operations in California, Colorado, Massachusetts, Tennessee,Washington, Italy, South Korea, Sweden, Switzerland, Toronto, and the UnitedKingdom. Our quantum computing services are available through all major cloudproviders, while we also meet the needs of networking and sensing customersacross land, sea, air, and space. IonQ is making quantum platforms moreaccessible and impactful than ever before. Learn more at IonQ.com.
Note to Investors Regarding Forward-LookingStatements
This press releasecontains forward-looking statements. All statements contained in this pressrelease other than statements of historical fact are forward-lookingstatements, including statements regarding our guidance as to future financialand operational results, and the expected timing of the closing of our plannedacquisition of SkyWater Technology, Inc., or SkyWater. In some cases, you canidentify these statements by forward-looking words such as “pending,” “lookforward,” “accelerate,” “anticipate,” “expect,” “suggest,” “plan,” “believe,”“intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,”“will,” “forecast,” “confident,” “position” and other similar expressions.These statements are only predictions based on our expectations and projectionsabout future events as of the date of this press release and are subject to anumber of risks, uncertainties and assumptions that may prove incorrect, any ofwhich could cause actual results to differ materially from those expressed orimplied by such statements, including, among others, those described under theheading “Risk Factors” in our Annual Report on Form 10-K for the year endedDecember 31, 2025 filed with the Securities and Exchange Commission. New risksemerge from time to time, and it is not possible for our management to predictall risks, nor can management assess the impact of all factors on our businessor the extent to which any factor, or combination of factors, may cause actualresults to differ materially from those contained in any forward-lookingstatement we make. Investors are cautioned not to place undue reliance on anysuch forward-looking statements, which speak only as of the date they are made.Except as otherwise required by law, we undertake no obligation to update anyforward-looking statement, whether as a result of new information, futureevents or otherwise.
Notes on SkyWater Technology, Inc.
The financial results and outlookdisclosed in this press release do not reflect the impact of the pendingacquisition of SkyWater, which was announced on January 26, 2026. Thetransaction is expected to close in the second or third quarter of 2026, subjectto approval by SkyWater shareholders, receipt of required regulatory approvalsand satisfaction of other customary closing conditions.
ImportantInformation and Where to Find It
In connection withthe pending acquisition (the “Merger”) of SkyWater by IonQ, Inc. (the “Company”),the Company intends to file with the Securities and Exchange Commission (the “SEC”)a Registration Statement on Form S-4, which will include a prospectus withrespect to the shares of Company common stock to be issued in the Merger and aproxy statement for SkyWater’s stockholders (the “Proxy Statement/Prospectus”),and SkyWater intends to file with the SEC the proxy statement. The definitiveproxy statement (if and when available following the effectiveness of theRegistration Statement) will be mailed to stockholders of SkyWater. Each of theCompany and SkyWater may also file with or furnish to the SEC other relevantdocuments regarding the Merger. This communication is not a substitute for theRegistration Statement, the Proxy Statement/Prospectus or any other documentthat the Company or SkyWater may file with the SEC or mail to SkyWater’sstockholders in connection with the Merger. INVESTORS AND SECURITY HOLDERS OFTHE COMPANY AND SKYWATER ARE URGED TO READ THE REGISTRATION STATEMENT AND THEPROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT WHEN THEYBECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC INCONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE INTO THE REGISTRATIONSTATEMENT AND THE PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS ORSUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDINGTHE COMPANY, SKYWATER, THE MERGER AND RELATED MATTERS. The documents filed bythe Company with the SEC also may be obtained free of charge at the Company’swebsite at investors.ionq.com. The documents filed by SkyWater with the SECalso may be obtained free of charge at SkyWater’s website atir.skywatertechnology.com.
Participants inthe Solicitation
The Company, SkyWaterand certain of their respective directors and executive officers may be deemedto be participants in the solicitation of proxies from the stockholders ofSkyWater in connection with the Merger under the rules of the SEC. Informationabout the interests of the directors and executive officers of the Company andSkyWater and other persons who may be deemed to be participants in thesolicitation of stockholders of SkyWater in connection with the Merger and adescription of their direct and indirect interests, by security holdings orotherwise, will be included in the Proxy Statement/Prospectus, which will befiled with the SEC. Information about SkyWater’s directors and executiveofficers is set forth in SkyWater’s proxy statement for its 2025 Annual Meetingof Stockholders on Schedule 14A filed with the SEC on April 8, 2025, SkyWater’sAnnual Report on Form 10-K for the year ended December 29, 2024 and anysubsequent filings with the SEC. Information about certain of the Company’sdirectors and executive officers is set forth in the Company’s proxy statementfor its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SECon April 28, 2025 and any subsequent filings with the SEC. Additionalinformation regarding the direct and indirect interests of those persons andother persons who may be deemed participants in the Merger may be obtained byreading the Proxy Statement/Prospectus regarding the Merger when it becomesavailable. Free copies of these documents may be obtained as described above.
No Offer or Solicitation
This communication is forinformational purposes only and does not constitute, or form a part of, anoffer to sell or the solicitation of an offer to buy any securities or asolicitation of any vote or approval, nor shall there be any sale of securitiesin any jurisdiction in which such offer, solicitation or sale would be unlawfulprior to registration or qualification under the securities laws of any suchjurisdiction. No offer of securities shall be made except by means of aprospectus meeting the requirements of Section 10 of the Securities Act of1933, as amended, and otherwise in accordance with applicable law.
IonQ Media Contacts:
Cheryl Krauss
Tor Constantino
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