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IONQ

IonQ, Inc.

IONQ

IonQ, Inc. • NYSE
$49.53 ▲ 5.61% (+2.63)
Market Cap $14.70 B
52w High $84.64
52w Low $17.88
Dividend Yield 0%
P/E -8.48
Volume 9.88M
Outstanding Shares 296.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $39.866M ▲ $187.946M ▲ $-1.055B ▼ -2.646K% ▼ $-3.58 ▼ $-1.041B ▼
Q2-2025 $20.694M ▲ $148.243M ▲ $-176.838M ▼ -854.538% ▼ $-0.7 ▼ $-182.183M ▼
Q1-2025 $7.566M ▼ $72.369M ▼ $-32.252M ▲ -426.275% ▲ $-0.14 ▲ $-25.679M ▲
Q4-2024 $11.71M ▼ $77.164M ▲ $-201.998M ▼ -1.725K% ▼ $-0.93 ▼ $-196.474M ▼
Q3-2024 $12.4M $59.02M $-52.496M -423.355% $-0.24 $-48.245M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.082B ▲ $4.319B ▲ $2.032B ▲ $2.273B ▲
Q2-2025 $543.384M ▼ $1.347B ▲ $168.162M ▲ $1.162B ▲
Q1-2025 $588.286M ▲ $850.074M ▲ $85.026M ▼ $765.048M ▲
Q4-2024 $340.289M ▲ $508.388M ▲ $124.526M ▲ $383.862M ▼
Q3-2024 $301.78M $497.911M $62.228M $435.683M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.031B ▼ $-123.078M ▼ $-672.655M ▼ $1.005B ▲ $205.965M ▲ $-127.205M ▼
Q2-2025 $-177.53M ▼ $-52.574M ▼ $29.199M ▲ $4.123M ▼ $-18.848M ▼ $-54.858M ▼
Q1-2025 $-32.252M ▲ $-33.025M ▲ $-230.176M ▼ $368.734M ▲ $105.52M ▲ $-36.435M ▲
Q4-2024 $-201.998M ▼ $-39.428M ▼ $24.364M ▲ $39.273M ▲ $24.23M ▲ $-44.333M ▼
Q3-2024 $-52.496M $-19.211M $6.542M $1.088M $-11.581M $-24.225M

Five-Year Company Overview

Income Statement

Income Statement IonQ’s income statement looks like a classic early‑stage deep‑tech company: tiny but growing revenue, matched against very large and rising expenses. Sales have increased over the last few years, but they are still very small compared with what the company spends on research, talent, and infrastructure. Operating losses and net losses have widened steadily as management has chosen to invest aggressively in building the technology and ecosystem rather than focusing on near‑term profitability. In simple terms, the business today is much more of a long‑term R&D and platform build‑out than a mature, revenue‑driven operation. Profitability is not yet in sight and will likely depend on both much higher usage of IonQ’s systems and the broader commercialization of quantum computing.

Balance Sheet

Balance Sheet The balance sheet shows a company funded mainly by equity, with limited reliance on debt. Assets and shareholder equity remain meaningful, but both have drifted down from earlier peaks, reflecting ongoing cash burn and investment. Cash on the historical statements is modest relative to the pace of losses, which means IonQ has depended on capital raises and strategic deals to extend its runway. The later commentary about a large pro forma cash balance suggests the company has strengthened its finances after the reported period, but that still has to be managed carefully against its ambitious spending plans. Overall, leverage is low, which reduces financial risk from creditors, but the business remains very dependent on continued access to capital markets or partners while it scales up revenue.

Cash Flow

Cash Flow IonQ’s cash flow profile is firmly negative. The company consistently spends more cash running the business than it brings in from customers, and that cash outflow has grown over time. Most of the cash burn comes from operating activities — paying engineers, scientists, and support teams, plus building out software and go‑to‑market capabilities. Capital spending on hardware and lab infrastructure is smaller but also persistent, keeping free cash flow clearly in the red. In practical terms, IonQ is still funding itself from its cash reserves and past financings, not from its own operations. The key question over time will be whether revenue growth can accelerate enough to narrow these outflows before the company needs more external capital.

Competitive Edge

Competitive Edge IonQ has carved out a differentiated position in quantum computing by focusing on trapped‑ion technology, which offers strong qubit quality, long coherence times, and all‑to‑all connectivity. Operating at room temperature is a major practical edge versus rival approaches that require extremely cold environments. Beyond the core physics, IonQ’s moat rests on several layers: a large and growing patent portfolio, strategic acquisitions that enhance density and networking, and integrations with major cloud platforms. These cloud partnerships give IonQ distribution and credibility that can be hard for smaller players to match. At the same time, the competitive field is intense and includes large technology companies with deep pockets and alternative architectures. The market itself is still early, with uncertain timing for broad commercial adoption. IonQ’s current position can be described as a focused, technologically advanced specialist in an industry that is still defining its eventual winners.

Innovation and R&D

Innovation and R&D Innovation and R&D are the heart of IonQ’s story. The company is pushing the trapped‑ion approach forward with improvements like switching to barium ions, which have already delivered better accuracy and speed, and setting record levels of two‑qubit gate fidelity. These technical gains matter because they directly reduce errors and make real‑world applications more viable. IonQ also emphasizes practical performance metrics, such as its “algorithmic qubit” measure, which focuses on how well the system can run meaningful algorithms, not just raw qubit counts. On top of that, the roadmap is very ambitious: dramatic scaling of qubits, modular systems connected by photonics, and even the long‑term goal of a cryptographically relevant quantum computer. This level of ambition requires heavy and sustained R&D spending, which shows up in the company’s losses. It also carries execution risk: hitting these milestones on time and at scale is far from guaranteed. But in terms of sheer innovation intensity and clarity of technical vision, IonQ ranks as one of the more aggressive and forward‑leaning players in the space.

Summary

IonQ today looks much more like a high‑risk, high‑potential research platform than a traditional hardware company. Its financials show small but growing revenue and sizable, deliberate losses driven by heavy investment in people, technology, and infrastructure. The balance sheet and cash flow statements underline this: the company is equity‑funded, burning cash, and relying on prior or future capital raises to support an ambitious roadmap. There is little balance‑sheet leverage, which limits lender pressure but places more importance on equity market sentiment and strategic partners. On the strategic side, IonQ’s competitive strength rests on its trapped‑ion approach, strong IP base, cloud integrations, and targeted acquisitions that support scaling and networking. The R&D roadmap is bold and technically sophisticated, but also carries significant uncertainty about timing, cost, and ultimate market demand. Overall, IonQ is an early‑stage quantum computing leader with meaningful technological differentiation, but with financials that reflect a long runway to commercial maturity and a high degree of uncertainty in how and when that potential will translate into a sustainable, self‑funding business model.

NEWS

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November 24, 2025 · 3:00 AM UTC

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November 20, 2025 · 7:05 AM UTC

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IonQ Only Quantum Company in 2025 Deloitte Technology Fast 500™; Grows Revenue Nearly 2000% in 3 years

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November 19, 2025 · 7:05 AM UTC

Scott Millard Named IonQ's New Chief Business Officer

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