Key Takeaways:
IonQ reported second-quarter revenue of $80.1 million, up 287 percent from a year earlier and topping the high end of its own guidance, as the trapped-ion quantum computing company delivered its fifth straight record quarter on global deployments of its Tempo systems.
"Second quarter revenue of $80.1 million again exceeded our guidance, reflecting continued customer demand across our expanding quantum platform," Niccolo de Masi, chairman and chief executive officer at IonQ, said.
Revenue beat the $65.4 million consensus estimate by $14.65 million, or 22.4 percent. Adjusted earnings per share came in at a loss of $0.33, narrower than the $0.54 loss analysts expected. Organic revenue grew 132 percent year over year, above the company's full-year target of 100 percent.
The College Park, Maryland-based company posted a GAAP net loss of $1.87 billion, or $5.08 a share, weighed down by a $1.65 billion non-cash charge from the mark-to-market revaluation of warrant liabilities tied to the rise in its stock price. Adjusted EBITDA loss widened to $120.3 million from $36.5 million a year earlier, including $24.7 million in research and development costs tied to its commercial relationship with SkyWater Technology before that deal closed.
IonQ raised its full-year 2026 revenue guidance to between $280 million and $290 million, up from a prior range, while reaffirming 100 percent organic growth. Remaining performance obligations, a measure of contracted future revenue, climbed to $485 million from $470 million in the first quarter and $122 million a year earlier, a 297 percent jump.
The company closed its $1.8 billion acquisition of SkyWater on July 31, creating what it calls the first vertically integrated, full-stack quantum platform and foundry. IonQ said it received its first fully featured, fully integrated quantum processing units back from SkyWater during the quarter, now undergoing testing at its College Park facility, and expects to begin commissioning 256-qubit systems in the first half of 2027.
Revenue diversification strengthened, with international customers accounting for about 50 percent of the quarter's total, commercial enterprise clients about 60 percent, and multi-product offerings about 25 percent. IonQ also signed memoranda of understanding with Anduril and Sandia National Laboratories for defense and national security applications, and launched a new quantum key distribution product, ClavisXG Multiplex.
Shares fell 4.29 percent to $39.93 in the regular session before edging up 0.9 percent to $40.29 after hours, leaving the stock well below its 52-week high of $84.64 but above the low of $25.89. The company holds about $3.0 billion in cash and investments as of June 30, or $2.0 billion pro forma for the SkyWater deal.
The guidance raise signals management expects demand for its fifth-generation systems to keep accelerating, with semiconductor-based computers set to become the main revenue driver next year. Investors will watch the company's analyst day on Sept. 8 at the New York Stock Exchange for combined-company guidance that includes SkyWater, which management has not yet provided.
This article is for informational purposes only and does not constitute investment advice.
