second quarter 2026
Filed Aug 5, 2026IonQ Announces Record Second Quarter 2026 Revenues, Growing 287% YoY International, Commercial and Multi-Product Revenues All Up YoY
Record GAAP revenue of $80.1 million grew 287% year-on-year and exceeded the midpoint of prior guidance by 20%, while full-year revenue expectations were raised to between $280 million and $290 million. However, the company reported a ($1,867.7) million net loss, a ($5.08) GAAP EPS loss, and a ($120.3) million Adjusted EBITDA loss.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $80.1 million | – | 287% |
| Net lossGAAP | ($1,867.7) million | – | – |
| EPSGAAP | ($5.08) | – | – |
| Adjusted EBITDA lossnon-GAAP | ($120.3) million | – | – |
| Adjusted EBITDA loss excluding SkyWater spendnon-GAAP | ($95.6) million | – | – |
| Adjusted EPSnon-GAAP | ($0.33) | – | – |
| Remaining performance obligations year-on-year growthother | 297% | – | 297% |
| Cash, cash equivalents, and investmentsother | $3.0 billion | – | – |
| Pro-forma cash, cash equivalents and investments after SkyWater acquisition cash consumedother | $2.0 billion | – | – |
full year 2026 outlook
- Revenuebetween $280 million and $290 million
- Notestrong organic growth of 100% year-on-year
- NoteThis financial outlook does not reflect any contribution from the SkyWater acquisition
What drove it
- Revenue growth was driven by global deployments of IonQ Tempo quantum computers, strong cloud utilization, and broad-based commercial momentum across the quantum platform.
- International, commercial, and multi-product revenue comprised approximately 50%, 60%, and 25% of quarterly total revenue, respectively.
- IonQ closed its acquisition of SkyWater on Friday July 31, 2026, after the quarter ended June 30, 2026.
- IonQ expanded integrated photonics capabilities through the acquisition of Nexus Photonics.
- Remaining performance obligations grew 297% year-on-year.
Concerns
- Net loss was ($1,867.7) million and GAAP EPS was ($5.08).
- Adjusted EBITDA loss was ($120.3) million, including costs of the commercial relationship with SkyWater during the second quarter.
- The full-year 2026 outlook does not reflect any contribution from the SkyWater acquisition.
- The filing does not provide gross margin, operating income, operating cash flow, free cash flow, or debt.
What to watch
- Execution against full-year revenue expectations of between $280 million and $290 million.
- Delivery of strong organic growth of 100% year-on-year for full year 2026.
- Conversion and timing of remaining performance obligations.
- Integration of SkyWater and the future financial contribution of the acquisition, which is excluded from reported results and outlook.
- Progress toward demonstrating the 256-qubit quantum computer and publishing quantum error correction results on IonQ hardware.
Balance sheet and cash flow
- Cash, cash equivalents, and investments were $3.0 billion as of June 30, 2026.
- Pro-forma for the SkyWater acquisition, cash, cash equivalents and investments are $2.0 billion.
Analysis
IonQ reported record GAAP revenue of $80.1 million for the second quarter ended June 30, 2026, up 287% year-on-year. The company said revenue was 20% above the midpoint of its previously provided range. Management attributed growth to global IonQ Tempo quantum-computer deployments, strong cloud utilization, and broad-based commercial momentum across the quantum platform.
Revenue mix broadened during the quarter. International, commercial, and multi-product revenue represented approximately 50%, 60%, and 25% of total revenue, respectively. IonQ also reported that remaining performance obligations grew 297% year-on-year, providing a reported indicator of contract backlog growth, although the filing did not disclose the dollar amount of remaining performance obligations.
Profitability remained deeply negative. IonQ reported a ($1,867.7) million net loss and GAAP EPS of ($5.08). Adjusted EBITDA loss was ($120.3) million and Adjusted EPS was ($0.33). The company stated that Adjusted EBITDA included costs from its commercial relationship with SkyWater during the quarter, and that excluding that spend, Adjusted EBITDA loss would have been ($95.6) million.
The balance sheet showed $3.0 billion of cash, cash equivalents, and investments at June 30, 2026. Pro forma for cash consumed to complete the SkyWater acquisition, the company reported $2.0 billion. SkyWater closed on July 31, 2026, after the reported quarter, and IonQ stated that neither the quarterly results nor outlook reflect SkyWater's addition.
IonQ raised full-year 2026 revenue expectations to between $280 million and $290 million and continued to expect strong organic growth of 100% year-on-year. The guide excludes SkyWater. The central operating focus is whether the company can sustain growth from Tempo deployments, cloud utilization, and its broader commercial platform while integrating SkyWater and Nexus Photonics, against the reported level of GAAP and adjusted losses.
Management, verbatim
I am pleased to report that IonQ delivered its fifth consecutive quarter of record results and the strongest quarter in our company's history.
Niccolo de Masi, Chairman and CEO
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 CEO
Our second quarter 2026 revenue grew 287% year-on-year, driven by global deployments of our IonQ Tempo quantum computers, strong cloud utilization, and broad-based commercial momentum across our quantum platform.
Inder Singh, COO and CFO
Not in the filing
stated, not guessed- Prior-year revenue amount
- Prior-quarter revenue amount
- Gross profit and gross margin
- Operating expenses
- GAAP operating income or loss
- Non-GAAP operating income or loss
- Prior-year and prior-quarter net loss
- Prior-year and prior-quarter GAAP EPS
- Prior-year and prior-quarter Adjusted EBITDA
- Prior-year and prior-quarter Adjusted EPS
- Individual segment revenue amounts
- Individual segment revenue year-on-year and quarter-on-quarter changes
- Dollar amount of remaining performance obligations
- Operating cash flow
- Free cash flow
- Capital expenditures
- Debt
- Share repurchases
- Dividends
- Full-year guidance for gross margin
- Full-year guidance for operating expenses
- Full-year guidance for tax rate
- Previous outlook section needed for comparison with prior guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.