IonQ — Q3 2026 Earnings Summary

Financial Performance:

• Reported GAAP revenue of $173.8 million for the quarter ended September 30, 2026, representing a 336% year-over-year increase compared to $39.9 million in the prior year period.
• GAAP net income attributable to IonQ was $564.0 million, with GAAP EPS of $1.42, driven by a non-cash mark-to-market gain on warrant liabilities of $896.2 million.
• Adjusted EBITDA loss was $133.6 million, and Adjusted EPS was $(0.29) for the quarter.
• Cash, cash equivalents, and investments totaled $1.7 billion as of September 30, 2026, rising to $3.7 billion pro-forma following a $2.0 billion equity offering closed on October 16, 2026.
• Total operating costs and expenses were $606.9 million for the quarter, including $141.7 million in research and development and $153.3 million in general and administrative expenses.
• Remaining Performance Obligations (RPOs) more than doubled to $1.2 billion.

Guidance and Future Outlook:

• Raised full-year 2026 revenue guidance to a range of $505 million to $515 million.
• Expects 110% year-over-year growth in quantum computing revenue for the full year 2026.
• Management anticipates continued strong growth driven by global deployments of IonQ Tempo quantum computers and the integration of SkyWater manufacturing capabilities.

Business Segments and Product Lines:

• IonQ Platform segment revenue increased 127% year-over-year to $90.3 million, fueled by global Tempo quantum computer deployments.
• SkyWater Foundry Services segment revenue reached $83.5 million, with non-IonQ quantum customer revenue growing more than 30% year-over-year.
• Launched the OnRamp Foundry Initiative to accelerate quantum startups from laboratory prototype to commercial manufacturing.
• Introduced industry-first quantum manufacturing platforms SC250 and SP90.
• Secured a $33 million multi-product contract with SDT to deploy the Superion 256 Quantum Computer and Quantum Memory Platform.
• Signed a $28 million contract through the DARPA It's About Time Program to deliver 25 optical atomic clocks, with a $30 million option for 100 additional units.
• Awarded a $25 million contract with Florida International University to deploy the Superion 256 Quantum Computer.
• Received an $8.2 million contract with Congruity360 for PQC and QKD solutions.
• Secured $7.5 million in follow-on funding from the Air Force Research Laboratory for full-stack quantum networking.
• Extended a multi-year collaboration with D-Wave to support its dual-platform superconducting roadmap.
• Won a multi-year commercial foundry contract with Qolab for the newly launched SC250 Superconducting Platform.

Market and Competitive Landscape:

• IonQ is the only trapped-ion company to advance to Stage C of the Defense Advanced Research Projects Agency's (DARPA) Quantum Benchmarking Initiative, with a potential program value of up to $300 million.
• NVIDIA will deploy a Superion 256 system as the first on-premise quantum computer at its Accelerated Quantum Research Center, connected directly to its AI supercomputing infrastructure.
• Welcomed Qolab, founded by Nobel Prize winner John Martinis, as a new quantum customer at SkyWater.
• Signed a strategic partnership with Carahsoft to advance quantum adoption among federal agencies.
• Signed a Memorandum of Understanding with Northrop Grumman to collaborate on supply chain optimization, materials science, quantum computing, networking, and chemistry.

Risks and Challenges:

• The press release notes forward-looking statements are subject to risks and uncertainties, including those described in the company's Annual Report on Form 10-K for the year ended December 31, 2025, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026.
• Specific risks mentioned include the potential for actual results to differ materially from expectations regarding guidance, market consensus, future product deliveries, contract performance, and the ability to scale the business.

Management Commentary and Tone:

• Chairman and CEO Niccolo de Masi described the quarter as the "strongest in our company's history" and noted the sixth consecutive record quarter.
• de Masi highlighted that recent developments validate the company's technology and commercial strategy, specifically citing the DARPA Stage C advancement and the NVIDIA deployment.
• COO and CFO Inder Singh stated that Remaining Performance Obligations more than doubled to $1.2 billion despite converting backlog into record revenues.
• Singh emphasized the company's "incredible financial firepower" with $3.7 billion in cash pro-forma to invest in technology, manufacturing infrastructure, and commercial capabilities.
• Management expressed confidence in building a vertically integrated quantum ecosystem spanning computing, networking, sensing, and security.

Other Key Points:

• Acquired Elisity to extend the quantum security platform, adding Zero Trust technology to complement PQC and QKD solutions.
• The company is positioned as the "best-capitalized pure-play quantum company."
• IonQ achieved 99.99% two-qubit gate fidelity in 2025, setting a world record in quantum computing performance.
• The company has operations across North America, Latin America, EMEA, and APAC.
• Upcoming conference participation includes the Cantor 2026 Crypto, FinTech, AI & Energy Infrastructure Conference, Reagan National Defense Forum, and Northland 2026 Growth Conference.