IonQ, Inc.

ionq.com

What Do They Do?

Sells specialized quantum computing hardware to business customers, alongside computer access and related quantum and satellite data services for selected end users and cloud service providers.

How Do They Make Money?

Customers pay for specialized quantum hardware and consulting projects as work progresses; certain networking and sensing products are paid for when shipped or related work is complete. Quantum-computing and satellite-data access is covered by a set-period fee, with extra usage charged as it occurs.

revenue

Segment	Share	Revenue	How money arrives
Quantum Hardware Recurring	54%		Recurring
Platform, Consulting and Support Services	46% FY2022: 98%

Who Are Their Customers?

Cloud service providers buy quantum-computing access for their platforms; selected end users can contract directly for dedicated systems, reserved computer time and application support. IonQ also offers access through its own cloud service.

Do Revenues Turn Into Profits?

No. It lost $510.4M in FY2025.

Operating income, FY2025

−487% of revenue

▲ +173% (Loss) vs FY2024 (−$232.5M, −540%)

Net income, FY2025

−393% of revenue

▲ +54% (Loss) vs FY2024 (−$331.6M, −770%)

Free cash flow, FY2025

−230% of revenue

▲ +142% (Loss) vs FY2024 (−$123.7M, −287%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +287%; vs $20.7M in Q2 FY2025
Net income: ▲ +956% (Loss); vs −$176.8M in Q2 FY2025

Quantum Hardware share of revenue vs 68.0% in Q2 FY2025

Sep 8, 2026 Raised full-year revenue outlook after SkyWater acquisition The 2026 outlook is $450 million to $460 million and includes SkyWater from its acquisition date through year-end.
Aug 5, 2026 Raised 2026 revenue guidance after second-quarter results The revised outlook was $280 million to $290 million and excluded SkyWater's contribution.
Jul 31, 2026 Completed acquisition of SkyWater Technology SkyWater will remain a subsidiary serving foundry customers and provide semiconductor design, fabrication and packaging capabilities.

Growing. Revenue grew 61.9x in 4 years, from $2.1M in FY2021 to $130M in FY2025, about 181% a year.

More products and services The older report described quantum-computer access, professional services and plans to sell full systems. The latest report adds specialized hardware sales, networking, sensing, security, satellite imagery and data services.

Revenue over time

Quantum Hardware Platform, Consulting and Support Services Specialized Quantum Computing Hardware

$200M$100M$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Google, IBM, Rigetti Computing, PsiQuantum, Xanadu, Quantinuum, Alpine Quantum Technologies, D-Wave computing, and QuEra

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