IonQ (NYSE: IONQ) just posted its newest quarterly earnings, and the headline numbers are hard to ignore: fourth-quarter revenue jumped to $61.9 million, while full-year 2025 revenue reached $130.0 million. For a company still early in the commercialization curve of quantum computing, that’s a meaningful step-change—one that management framed as both a strategic and financial inflection point.

At the same time, the report underscores a familiar reality for emerging deep-tech platforms: losses remain substantial on an operating basis, and IonQ is clearly choosing to invest aggressively in roadmap acceleration, acquisitions, and expansion beyond core quantum computing into networking, sensing, and security.

Below is a clear breakdown of IonQ’s latest quarterly results, what drove the quarter, and what investors should watch next.

IonQ’s latest quarterly results: Key numbers from the earnings report

IonQ reported results for the quarter and year ended December 31, 2025. The most important takeaways:

• Q4 2025 revenue: $61.9 million
• FY 2025 revenue: $130.0 million
• Cash, cash equivalents, and investments (year-end): $3.3 billion
• Q4 GAAP net income: $753.7 million (GAAP EPS $2.13)
• FY 2025 GAAP net loss: $(510.4) million (GAAP EPS $(1.82))
• Q4 Adjusted EBITDA: $(67.4) million
• FY 2025 Adjusted EBITDA: $(186.8) million
• Q4 Adjusted EPS: $(0.20)
• FY 2025 Adjusted EPS: $(0.60)

That mix—very strong revenue growth alongside meaningful operating losses—reflects IonQ’s positioning as a company building a long-cycle platform with near-term commercialization wins, but still far from mature profitability.

Why IonQ showed GAAP profit in Q4 despite operating losses

A point that may confuse casual readers: IonQ posted GAAP net income in Q4 while also reporting a large Adjusted EBITDA loss.

The difference comes from items excluded from IonQ’s non-GAAP measures—most notably changes in the fair value of warrant liabilities, plus other adjustments such as stock-based compensation and transaction-related costs. In other words, the quarter’s GAAP profitability does not necessarily imply that the underlying core business turned profitable; it reflects accounting impacts that can swing materially quarter to quarter.

For investors focused on business fundamentals, revenue trajectory, customer mix, and operating loss trends often matter more than one-quarter GAAP net income in cases like this.

What fueled the revenue surge

IonQ’s earnings narrative emphasizes that growth is coming from a combination of commercial traction and broader platform ambitions.

Management highlighted that more than 60% of 2025 revenue came from commercial customers, with international sales exceeding 30%. That matters because quantum computing has often been perceived as government- and research-led; a higher commercial share supports the long-term thesis that quantum becomes a real enterprise spend category.

Operationally, IonQ also pointed to several business milestones:

• Expansion of an agreement with QuantumBasel to over $60 million, spanning multiple generations of IonQ systems.
• Sale of a fifth-generation, 100-qubit system to KISTI (Korea Institute of Science and Technology Information), positioning quantum-classical compute and hybrid workflows at the center of next-gen compute strategies.
• Expansion into quantum networking, including deployments of national quantum networks in parts of Europe.

This matters for valuation: IonQ is increasingly pitching itself less as a single-product quantum hardware vendor and more as a full-stack quantum platform company with multiple growth lanes.

2026 guidance: the next big benchmark

IonQ issued forward guidance that will likely become the next major catalyst for sentiment:

• FY 2026 revenue guidance: $225 million to $245 million
• Q1 2026 revenue guidance: $48 million to $51 million
• FY 2026 Adjusted EBITDA guidance: $(330) million to $(310) million

Two things can be true at once here:

1. IonQ is forecasting rapid top-line growth in 2026.
2. The company also expects deeper operating investment, as reflected in the widening Adjusted EBITDA loss range.

For long-term investors, the question becomes: does IonQ’s spending convert into durable advantages—better technology, stickier customers, and a larger addressable market—or does it dilute returns through prolonged losses?

The SkyWater acquisition angle

Another major storyline alongside the latest IonQ earnings is the announced agreement to acquire SkyWater Technology. Strategically, this is a statement that IonQ wants tighter integration into the quantum hardware supply chain—especially for customers who care about trusted, onshore manufacturing and long-term program continuity.

If executed well, this could strengthen IonQ’s positioning with government and mission-critical buyers and potentially reduce roadmap risk. But acquisitions also add execution complexity, integration cost, and new operational challenges—so investors will likely scrutinize progress updates closely over the next few quarters.

Conclusion: A breakout revenue year

IonQ’s latest quarterly results deliver a clear message: revenue momentum has accelerated sharply, and the company is leaning into a broader platform strategy with major balance-sheet resources behind it. However, the financial model still looks like a classic deep-tech buildout: big growth, big spending, and volatility in reported profitability due to accounting and non-cash valuation items.

For stock watchers, the next checkpoints are straightforward: delivery against 2026 revenue guidance, visibility into backlog and pipeline conversion, and evidence that expanding into networking/sensing/security strengthens—not distracts from—the core quantum computing roadmap.

FAQ

1) What were the latest quarterly earnings revenue numbers?
IonQ reported $61.9 million in revenue for Q4 2025 and $130.0 million for the full year 2025.

2) Why did they report GAAP net income in Q4?
The quarter included significant non-operating accounting impacts (such as changes in the fair value of warrant liabilities) that can materially affect GAAP earnings and may not reflect core operating performance.

3) What is the 2026 revenue guidance?
IonQ guided $225 million to $245 million in revenue for full-year 2026, and $48 million to $51 million for Q1 2026.

4) Is the company profitable now?
Not on an operating basis. IonQ reported negative Adjusted EBITDA in Q4 and for the full year, and expects Adjusted EBITDA losses to widen in 2026 as it invests.

5) How much cash does IonQ have?
They reported $3.3 billion in cash, cash equivalents, and investments as of December 31, 2025.

Disclaimer

This article is for informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any security. Quantum computing stocks can be highly volatile, and forward-looking guidance is inherently uncertain. Always do your own research and consider speaking with a qualified financial advisor before making investment decisions.