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…
Earnings analysis · 10-Q
IONQ earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
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…
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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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.33
What stood out
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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%.
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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.
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Disclosure controls remain effective
Management concluded that disclosure controls were effective at a reasonable assurance level as of June 30, 2026.
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Nexus acquisition completed
The company completed the Nexus acquisition on June 30, 2026, issuing 1,843,025 shares of common stock to Nexus stockholders.
What to watch
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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.
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.