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IonQ's Q2 Earnings Miss Estimates, Stock Down, Revenues Surge Y/Y
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Key Takeaways
IONQ posted a Q2 net loss of $0.70 per share, missing estimates and widening from last years $0.18 loss.
IONQ revenues rose 81.8% Y/Y to $20.69M, beating estimates and exceeding the high end of guidance by 15%.
IONQ raised $1B at a 25% premium, boosting pro forma cash to $1.6B and backing expansion efforts.
IonQ (IONQ - Free Report) reported a net loss of 70 cents per share in the second quarter of 2025, significantly wider than the Zacks Consensus Estimate of a loss of 13 cents. The figure also came above the year-ago period’s loss of 18 cents.
Revenues in the second quarter came in at $20.69 million, up 81.8% year over year and topped the Zacks Consensus Estimate by 21.59%. The figure was 15% above the top end of the company’s previously provided range.
Following the earnings announcement, IONQ shares dropped 4.8% in the after-market session yesterday.
IONQ’s Q2 Operational Highlights
In the second quarter, IonQ posted an adjusted EBITDA loss of $36.5 million compared to the $23.7 million loss in the prior-year period.
Key factors behind this figure include research and development costs increasing 231.2% year over year to $103.4 million. Sales and marketing costs rose 77.2% to $10.9 million due to the expansion of both marketing and sales teams as the company continues investing in commercial efforts.
General and administrative costs surged 268.6% to $48.1 million, mainly driven by an increase in professional services and payroll-related expenses.
IONQ’s Financial Details
As of June 30, IonQ had cash, cash equivalents and investments of $656.8 million. In July, the company raised $1 billion in an equity offering priced at a 25% premium above its closing price for the prior trading session. This led to $1.6 billion pro forma cash balance as of July 9, 2025.
IONQ’s Financial Outlook
For full-year 2025, IonQ now expects revenues in the $82-$100 million range (previously in the band of $75-$95 million). The Zacks Consensus Estimate for the company’s revenues currently stands at $85 million.
Revenues for the third quarter are expected to be within the $25-$29 million range. The consensus mark for the metric is pegged at $24.7 million.
IonQ previously projected an adjusted EBITDA loss of $162 million for full-year 2025. However, with the pending close of the Oxford Ionics acquisition, the company anticipates that the integration and ongoing investments to accelerate its road map will push its cost base higher for the year, potentially widening its adjusted EBITDA loss up to 30% or a total of $211 million.
Our Take on IONQ Stock
IonQ exited the second quarter of 2025 with a wider-than-expected loss, while revenues beat estimates. The company exceeded the top end of its guidance by 15%, and completed the largest capital raise from a single institution in the quantum industry, boosting its net cash position by $1 billion. During the quarter, IonQ significantly expanded its global footprint with important government and commercial partnerships, including MOUs with Japan's National Institute of Advanced Industrial Science and Technology’s G-QuAT and South Korea's KISTI. It also launched a world-first partnership with AstraZeneca, AWS and NVIDIA, delivering a 20x acceleration in drug development.
Further, IonQ closed the quantum networking acquisitions of Lightsynq and Capella and announced an agreement to acquire Oxford Ionics. The company also made very meaningful progress toward delivering its #AQ 64 application performance benchmark, with strong indications that it will be achieved in the near term.
Meanwhile, the loss per share in the quarter was also much wider on a year-over-year basis.
IONQ’s Zacks Rank and Key Picks
IonQ currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader Computer and Technology sector are Axcelis Technologies (ACLS - Free Report) , Arista Networks (ANET - Free Report) and Leidos (LDOS - Free Report) .
Axcelis Technologies, currently sporting a Zacks Rank #1 (Strong Buy), reported a second-quarter 2025 EPS of $1.13, which beat the Zacks Consensus Estimate by 54.79%. Revenues of $194.5 million topped the consensus mark by 5.07%. You can see the complete list of today’s Zacks #1 Rank stocks here.
ACLS has a historical five-year earnings growth rate of 41.2% compared with the industry’s 16.9% growth. The company surpassed earnings estimates in each of the trailing four quarters, with the average surprise being 62.22%.
Arista Networks, carrying a Zacks Rank #2 (Buy) at present, posted a second-quarter 2025 earnings of 73 cents per share, exceeding the Zacks Consensus Estimate by 12.31%. Revenues of $2.2 billion surpassed the Zacks Consensus Estimate by 4.34%.
ANET has a historical five-year earnings growth rate of 32.2% compared with the industry’s 12.9% growth. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 12.84%.
Leidos, currently carrying a Zacks Rank #2, reported a second-quarter fiscal 2025 EPS of $3.21, which topped the Zacks Consensus Estimate by 22.05%. Revenues of $4.25 billion surpassed the consensus mark by 0.52%.
LDOS has a historical five-year earnings growth rate of 14.6% compared with the industry’s 8.8% growth. The company’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 25.13%.
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IonQ's Q2 Earnings Miss Estimates, Stock Down, Revenues Surge Y/Y
Key Takeaways
IonQ (IONQ - Free Report) reported a net loss of 70 cents per share in the second quarter of 2025, significantly wider than the Zacks Consensus Estimate of a loss of 13 cents. The figure also came above the year-ago period’s loss of 18 cents.
Revenues in the second quarter came in at $20.69 million, up 81.8% year over year and topped the Zacks Consensus Estimate by 21.59%. The figure was 15% above the top end of the company’s previously provided range.
Following the earnings announcement, IONQ shares dropped 4.8% in the after-market session yesterday.
IONQ’s Q2 Operational Highlights
In the second quarter, IonQ posted an adjusted EBITDA loss of $36.5 million compared to the $23.7 million loss in the prior-year period.
Key factors behind this figure include research and development costs increasing 231.2% year over year to $103.4 million. Sales and marketing costs rose 77.2% to $10.9 million due to the expansion of both marketing and sales teams as the company continues investing in commercial efforts.
IonQ, Inc. Price, Consensus and EPS Surprise
IonQ, Inc. price-consensus-eps-surprise-chart | IonQ, Inc. Quote
General and administrative costs surged 268.6% to $48.1 million, mainly driven by an increase in professional services and payroll-related expenses.
IONQ’s Financial Details
As of June 30, IonQ had cash, cash equivalents and investments of $656.8 million. In July, the company raised $1 billion in an equity offering priced at a 25% premium above its closing price for the prior trading session. This led to $1.6 billion pro forma cash balance as of July 9, 2025.
IONQ’s Financial Outlook
For full-year 2025, IonQ now expects revenues in the $82-$100 million range (previously in the band of $75-$95 million). The Zacks Consensus Estimate for the company’s revenues currently stands at $85 million.
Revenues for the third quarter are expected to be within the $25-$29 million range. The consensus mark for the metric is pegged at $24.7 million.
IonQ previously projected an adjusted EBITDA loss of $162 million for full-year 2025. However, with the pending close of the Oxford Ionics acquisition, the company anticipates that the integration and ongoing investments to accelerate its road map will push its cost base higher for the year, potentially widening its adjusted EBITDA loss up to 30% or a total of $211 million.
Our Take on IONQ Stock
IonQ exited the second quarter of 2025 with a wider-than-expected loss, while revenues beat estimates. The company exceeded the top end of its guidance by 15%, and completed the largest capital raise from a single institution in the quantum industry, boosting its net cash position by $1 billion. During the quarter, IonQ significantly expanded its global footprint with important government and commercial partnerships, including MOUs with Japan's National Institute of Advanced Industrial Science and Technology’s G-QuAT and South Korea's KISTI. It also launched a world-first partnership with AstraZeneca, AWS and NVIDIA, delivering a 20x acceleration in drug development.
Further, IonQ closed the quantum networking acquisitions of Lightsynq and Capella and announced an agreement to acquire Oxford Ionics. The company also made very meaningful progress toward delivering its #AQ 64 application performance benchmark, with strong indications that it will be achieved in the near term.
Meanwhile, the loss per share in the quarter was also much wider on a year-over-year basis.
IONQ’s Zacks Rank and Key Picks
IonQ currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the broader Computer and Technology sector are Axcelis Technologies (ACLS - Free Report) , Arista Networks (ANET - Free Report) and Leidos (LDOS - Free Report) .
Axcelis Technologies, currently sporting a Zacks Rank #1 (Strong Buy), reported a second-quarter 2025 EPS of $1.13, which beat the Zacks Consensus Estimate by 54.79%. Revenues of $194.5 million topped the consensus mark by 5.07%. You can see the complete list of today’s Zacks #1 Rank stocks here.
ACLS has a historical five-year earnings growth rate of 41.2% compared with the industry’s 16.9% growth. The company surpassed earnings estimates in each of the trailing four quarters, with the average surprise being 62.22%.
Arista Networks, carrying a Zacks Rank #2 (Buy) at present, posted a second-quarter 2025 earnings of 73 cents per share, exceeding the Zacks Consensus Estimate by 12.31%. Revenues of $2.2 billion surpassed the Zacks Consensus Estimate by 4.34%.
ANET has a historical five-year earnings growth rate of 32.2% compared with the industry’s 12.9% growth. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 12.84%.
Leidos, currently carrying a Zacks Rank #2, reported a second-quarter fiscal 2025 EPS of $3.21, which topped the Zacks Consensus Estimate by 22.05%. Revenues of $4.25 billion surpassed the consensus mark by 0.52%.
LDOS has a historical five-year earnings growth rate of 14.6% compared with the industry’s 8.8% growth. The company’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 25.13%.