IONQ earnings analysis
What we found in IONQ's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
IonQ delivered $80.05 million of second-quarter revenue, up approximately 23% sequentially from $65 million and approximately 281% year over year from $21 million. Diluted EPS was negative $0.33, better than negative $0.70 a year earlier, although the extracted filing does not provide current-quarter gross margin, operating margin, cash flow or balance-sheet figures. The principal change versus the prior risk disclosure is the addition of substantial SkyWater-related integration, foundry, demand, capacity and semiconductor-cycle risks; no quantitative guidance was provided.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue accelerated sharply
- Second-quarter revenue was $80.05 million, up from $65 million in 2026 Q1 and $21 million in 2025 Q2, representing sequential growth of approximately 23% and year-over-year growth of approximately 281%.
- EPS loss improved year over year
- Reported diluted EPS was negative $0.33, improving from negative $0.70 in 2025 Q2 and negative $0.95 in 2024 Q4.
- Disclosure controls remain effective
- Management concluded that disclosure controls were effective at a reasonable assurance level as of June 30, 2026.
- Nexus acquisition completed
- The company completed the Nexus acquisition on June 30, 2026, issuing 1,843,025 shares of common stock to Nexus stockholders.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- SkyWater integration execution risk
- The newly disclosed SkyWater integration risk includes potential management distraction, employee and customer retention issues, system integration challenges, unknown liabilities and unforeseen expenses; the filing states there is no assurance that expected benefits will be realized.
- Foundry concentration and disruption risk
- SkyWater’s foundry operations are located in Bloomington, Minnesota, Kissimmee, Florida and Austin, Texas, and the filing states that damage or inoperability at any facility could prevent timely wafer production and materially harm results.
- Subsidy and competitive pressure risk
- SkyWater had a preliminary memorandum of terms for up to $16 million of CHIPS Act funding plus $19 million of Minnesota incentives, but the filing states funding is not guaranteed; it also notes that competitors were included in May 2026 announcements covering more than $2 billion of federal incentives.
- Demand and inventory volatility
- SkyWater generally lacks firm long-term purchase commitments, and purchase orders may be cancellable shortly before production; the filing warns that inaccurate forecasts could create excess or obsolete inventory, while lower demand could reduce revenue and cash flow.
- Limited manufacturing redundancy
- The filing states that SkyWater has limited or no redundancy in certain manufacturing tooling and infrastructure, so a failure could leave the business without an alternative production method until capacity is restored or another facility is developed.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.33
What they said about what is next.
No explicit quantitative revenue or EPS guidance was provided in the extracted 10-Q. The filing discusses SkyWater-related execution, capacity, demand and cost risks, but does not provide a numeric outlook.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 7, 2026
- IonQ's Q1 2026 results reflect strong revenue growth and a substantial improvement in EPS, driven largely by the commercialization of quantum computing hardware and increased sales. The company has raised its full-year…
- 10-K · February 25, 2026
- IonQ positions itself as "the world’s first and only quantum platform company" and is pursuing a platform strategy that combines QCaaS, hardware, networking, sensing, security and satellite data services while…
- 10-K · February 26, 2025
- IonQ positions itself as a leader in trapped-ion quantum computing with a dual go-to-market of QCaaS (via AWS Amazon Braket, Microsoft Azure Quantum and Google Cloud Marketplace) and sales of specialized hardware and…
- 10-Q · November 6, 2024
- IonQ reported Q3 revenue of $12.4M, up materially YoY (from $6.136M) while reporting a GAAP net loss of $52.5M (loss per share $0.24). Gross margin remained healthy at ~47.5% but operating loss widened to $53.1M. The…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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