IonQ Reports 429% Q4 Revenue Growth to $61.9M, Guides $225M–$245M in 2026
IonQ reported Q4 revenue of $61.9 million, up 429% year-over-year, and full-year 2025 revenue of $130 million. The company guides 2026 revenue of $225 million to $245 million while forecasting an adjusted EBITDA loss of $310 million to $330 million and preparing to close the SkyWater acquisition.
1. Q4 and Full-Year 2025 Performance
IonQ delivered Q4 revenue of $61.9 million, a 429% year-over-year increase, and achieved full-year 2025 revenue of $130 million, making it the first public quantum computing company to exceed $100 million in annual GAAP revenue.
2. 2026 Guidance and EBITDA Outlook
Management projects 2026 revenue between $225 million and $245 million, but expects adjusted EBITDA losses to widen to $310 million–$330 million; operating cash flow for 2025 was negative $283 million, underscoring continued high cash burn.
3. Valuation and Investor Sentiment
The stock trades at a price-to-sales ratio near 100–120, reflecting steep valuation assumptions, and has fallen over 20% this year as retail sentiment swings from bullish on a missile contract inclusion to bearish over widening losses.
4. Backlog and SkyWater Acquisition
Remaining performance obligations stood at $370 million at year-end 2025, driven by a $60 million QuantumBasel contract, and IonQ holds $3.3 billion in cash and investments while preparing to close its SkyWater acquisition in Q2–Q3 2026.