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IonQ reported $173.8 million in third-quarter revenue, up 336% year over year, and raised its 2026 revenue forecast to $505 million-$515 million. Its $564 million quarterly net income included a noncash accounting gain tied to warrant values; adjusted EBITDA showed a $133.6 million loss.
IonQ reported third-quarter revenue of $173.8 million, up 336% from a year earlier, and raised its 2026 revenue forecast to $505 million-$515 million, citing growth in quantum computing, manufacturing and security businesses. The company also reported $564 million in net income, a figure that includes a noncash accounting effect from changes in warrant values, while its adjusted EBITDA loss was $133.6 million.
The company said the quarter was its sixth consecutive record quarter. IonQ Platform revenue rose 127% to $90.3 million, which it attributed to deployments of its Tempo quantum computers. SkyWater Foundry Services, the semiconductor manufacturing business IonQ acquired, generated $83.5 million; revenue from quantum customers other than IonQ grew more than 30% year over year, according to the company.
IonQ said it expects quantum computing revenue to grow 110% for 2026. The company’s reported net income attributable to IonQ was $564 million, or $1.42 per share. That headline profit does not reflect the operating picture on its own: IonQ also reported an adjusted loss before interest, taxes, depreciation and amortization of $133.6 million and an adjusted loss of 29 cents per share.
Commercial and research developments included advancement to Stage C of DARPA’s Quantum Benchmarking Initiative and a planned deployment of a Superion 256 system at NVIDIA’s Accelerated Quantum Research Center. IonQ said the DARPA stage has a potential program value of up to $300 million. The NVIDIA installation is planned as an on-premise quantum computer connected to the center’s AI supercomputing infrastructure; the source does not state a deployment date.
Sales Growth Meets Heavy Adjusted Loss
The forecast increase signals that IonQ expects demand and booked activity across its businesses to support higher annual sales. Its results also show why revenue alone is an incomplete measure of progress: despite the record quarter and a reported net profit, the company recorded a substantial $133.6 million adjusted EBITDA loss. The reported $564 million profit was affected by noncash warrant valuation changes, rather than representing an equivalent amount of cash generated by operations.
The mix of revenue matters as well. IonQ’s platform sales grew, while SkyWater added foundry revenue and reported growth among quantum customers beyond IonQ. That combination could broaden the company’s sources of sales, but the quarterly figures do not establish how durable those gains will be or how quickly they can translate into improved operating results.
For customers and public-sector partners, the announced deployments, contracts and research milestones point to continued efforts to move quantum systems into institutional and commercial settings. The announcements are evidence of activity and potential business, but they do not by themselves establish the systems’ performance in real-world workloads or the timing and value of all future revenue.
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Contracts Behind the Forecast
IonQ’s quarter followed a series of agreements and funding announcements described in the company’s report. They included a $33 million contract with SDT for a Superion 256 computer and quantum memory platform, and a separate $25 million contract with Florida International University for a Superion 256 system. IonQ also disclosed a $28 million agreement through DARPA’s It’s About Time program to deliver 25 optical atomic clocks, with a $30 million option for 100 additional units. An option is not the same as a confirmed order.
The company said it received $7.5 million in follow-on funding from the Air Force Research Laboratory for quantum networking and signed a memorandum of understanding with Northrop Grumman covering possible work in several areas. It also announced a strategic partnership with Carahsoft intended to support adoption by federal agencies and industry partners. These developments provide commercial and research context for the forecast, although the source does not detail how much each will contribute to 2026 revenue.
IonQ’s security business expanded through its acquisition of Elisity, which the company said adds tools for network access controls and cryptographic agility. Separately, IonQ signed an $8.2 million agreement with Congruity360 for post-quantum cryptography and quantum key distribution deployments. These offerings address security planning for future quantum threats; the announcements do not show that existing encryption has been broken.
““I am pleased to report that IonQ delivered its sixth consecutive quarter of record results and the strongest quarter in our company’s history.””
— Niccolo de Masi, IonQ chairman and CEO
Profit Quality and Delivery Dates
The source material does not provide a full reconciliation of the warrant-related accounting effect behind the $564 million net income, nor does it specify the cash impact of that adjustment. It also does not give a deployment schedule for the planned NVIDIA system or a breakdown of how much of the raised forecast is already covered by recognized revenue, signed contracts or options.
Several announced agreements include potential future work, options or nonbinding partnership plans. Their eventual value and timing are not confirmed in the supplied report. The report also does not establish whether IonQ can reduce its adjusted operating loss as revenue grows. Those details will be needed to assess how the higher forecast translates into cash generation and sustained profitability.
Next Results and Deployment Milestones
Investors will look for IonQ’s subsequent financial disclosures to see whether quarterly sales track toward the $505 million-$515 million 2026 forecast, how the revenue mix develops and whether adjusted losses narrow. The supplied report does not specify a date for the next earnings release.
Operational milestones to watch include the planned Superion 256 deployment at NVIDIA’s research center, delivery of the systems and clocks covered by announced agreements, and progress in SkyWater’s work with other quantum hardware customers. IonQ has not provided detailed schedules or confirmed outcomes for those steps in the source material.
Key Questions
How much revenue did IonQ report for the third quarter?
IonQ reported $173.8 million in third-quarter revenue, up 336% from the same period a year earlier, according to the company.
What is IonQ’s revised 2026 revenue forecast?
The company raised its full-year 2026 forecast to a range of $505 million to $515 million. It also said it expects quantum computing revenue to grow 110% for the year.
Did IonQ make $564 million from its operations?
Not according to the figures provided. IonQ reported $564 million in net income, but said it reflected a noncash accounting effect from changes in warrant values. Its adjusted EBITDA loss was $133.6 million.
What did IonQ announce with DARPA and NVIDIA?
IonQ said it advanced to Stage C of DARPA’s Quantum Benchmarking Initiative, a stage with potential program value of up to $300 million. It also announced a planned Superion 256 deployment at NVIDIA’s Accelerated Quantum Research Center; a deployment date was not provided.
What remains unknown about the new forecast?
The supplied report does not specify how much of the forecast is tied to completed sales versus future contracts and options, or when several announced deployments will occur. It also does not show whether IonQ’s adjusted losses will narrow as revenue increases.
Source: thequantuminsider.com
