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IonQ reported Q3 revenues of $173.8 million, up 336% year over year and 19.03% above estimates.
IonQ's quantum computing demand and SkyWater acquisition lifted its combined backlog to $1.2 billion.
IonQ raised 2026 revenue outlook to $505-$515 million, with quantum computing revenues likely to grow 110%.
IonQ, Inc. (IONQ - Free Report) reported an adjusted loss of 29 cents per share for the third quarter of 2026, wider than the year-ago loss of 17 cents. The Zacks Consensus Estimate was pegged at a loss of 30 cents.
GAAP earnings per share (EPS) came in at $1.42 compared to a loss of $3.58 in the year-ago quarter, reflecting a significant non-cash warrant valuation gain.
Revenues surged 336% year over year to $173.8 million and also surpassed the consensus mark by 19.03%.
Following the announcement yesterday, IONQ shares gained 5.2% in the after-market session.
IONQ's Platform Revenues Surge on Quantum Demand
IonQ Platform revenues increased 127% year over year to $90.3 million, supported by global deployments of fifth-generation Tempo quantum computers. Quantum computing remained the fastest-growing product line, benefiting from expanding commercial adoption.
Commercial customers accounted for approximately 65% of segment revenues, while international customers contributed roughly 35%. More than 40% of revenues came from multi-product customers, reflecting increasing demand across computing, networking, sensing and security.
Quantum computing contributed approximately $180 million of the $290 million in new IonQ Platform contracts signed during the quarter. Strong demand for sixth-generation Superion 256 systems supported this performance.
IonQ's SkyWater Acquisition Expands Revenue Base
SkyWater Foundry Services generated $83.5 million in revenues during its first quarter under IonQ's ownership. The contribution included two months of operations following the acquisition's completion on July 31, 2026.
Revenues from SkyWater's quantum customers, excluding IonQ, increased more than 30% year over year. The company extended its multi-year manufacturing agreement with D-Wave and secured a new contract with Qolab.
SkyWater also accelerated IonQ's manufacturing roadmap, delivering 12 times more wafer lots and reducing chip development cycle times from nine months to approximately two months. These improvements strengthen production capacity and support faster commercialization.
IONQ's Backlog Strengthens Revenue Visibility
IonQ Platform RPOs increased to $689 million from $485 million in the preceding quarter. SkyWater contributed another $479 million, taking the combined backlog to approximately $1.2 billion.
The expanding backlog reflects strong customer commitments despite record revenue recognition during the quarter. Management highlighted particularly strong demand for Superion 256 systems.
IonQ's Costs Continue to Pressure Profitability
The adjusted cost of revenues, excluding depreciation and amortization, totaled $121.6 million. Adjusted research and development expenses were $96.8 million, while adjusted sales and marketing expenses reached $24.9 million.
GAAP operating costs and expenses were $606.9 million, including substantial research, development and acquisition-related expenditures. General and administrative expenses included approximately $40 million in one-time costs associated with the SkyWater acquisition.
Adjusted EBITDA loss widened to $133.6 million from $48.9 million in the year-ago quarter.
IONQ's Financial Position
IonQ ended September with $1.7 billion in cash, cash equivalents and investments. Following the $2 billion equity offering completed in October, its pro forma liquidity reached approximately $3.7 billion.
The strengthened balance sheet supports continued investments in quantum computing, manufacturing infrastructure and global commercial operations.
IONQ Raises Its 2026 Revenue Outlook
IonQ raised its 2026 revenue guidance to $505-$515 million from the $450-$460 million range announced on its September Investor Day. The upward revision reflects strong demand for quantum computing solutions, growing commercial adoption and revenue contributions from SkyWater. The Zacks Consensus Estimate for 2026 revenues currently stands at $455 million.
Management now expects quantum computing revenues to grow 110% year over year in 2026, up from its previous expectation of 100%, supported by strong demand for Superion 256 systems and expanding global deployments.
Our Take on IONQ Stock
IonQ delivered strong third-quarter 2026 results, with a narrower-than-expected loss and a revenue beat. Robust demand for quantum computing systems, particularly fifth-generation Tempo deployments, and contributions from SkyWater supported impressive revenue growth.
Commercial momentum remained strong, with rising multi-product adoption and growing demand for Superion 256 systems. The company's advancement to DARPA's Quantum Benchmarking Initiative Stage C and expanding quantum security and sensing businesses strengthened its growth prospects. The acquisition of SkyWater also enhances manufacturing capabilities and supports faster product development.
However, elevated operating expenses and widening adjusted EBITDA losses remain concerns. Integration-related costs and continued investments in research and development are likely to keep profitability under pressure in the near term.
IONQ’s Zacks Rank and Key Picks
IonQ currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the broader Computer and Technology sector are MKS Inc. (MKSI - Free Report) , Camtek Ltd. (CAMT - Free Report) and Arista Networks, Inc. (ANET - Free Report) .
MKS, carrying a Zacks Rank #2 (Buy), reported a third-quarter 2026 EPS of $4.18, which beat the Zacks Consensus Estimate by 14.84%. Revenues of $1.41 billion surpassed the Zacks Consensus Estimate by 4.12%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MKSI has an estimated long-term earnings growth rate of 36.3% compared with the industry’s 24% growth. The company surpassed earnings estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 10.12%.
Camtek, carrying a Zacks Rank #2 at present, posted third-quarter 2026 earnings of 99 cents per share, which beat the Zacks Consensus Estimate by 1.02%. Revenues of $161.3 million topped the Zacks Consensus Estimate by 0.6%.
CAMT has an earnings yield of 3.6% compared with the industry’s 3.1% growth. The company’s earnings outpaced estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 0.67%.
Arista Networks, currently carrying a Zacks Rank #2, reported third-quarter 2026 earnings of $1.2 per share, which topped the Zacks Consensus Estimate by 11.11%. Revenues of $3.66 million outperformed the consensus mark by 10.41%.
ANET has an estimated long-term earnings growth rate of 22.7% compared with the industry’s 21.2% growth. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 10.6%.
View the Zacks #1 Rank List
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IONQ Q3 Earnings Beat Estimates, 2026 Sales View Raised, Stock Up
Key Takeaways
IonQ, Inc. (IONQ - Free Report) reported an adjusted loss of 29 cents per share for the third quarter of 2026, wider than the year-ago loss of 17 cents. The Zacks Consensus Estimate was pegged at a loss of 30 cents.
GAAP earnings per share (EPS) came in at $1.42 compared to a loss of $3.58 in the year-ago quarter, reflecting a significant non-cash warrant valuation gain.
Revenues surged 336% year over year to $173.8 million and also surpassed the consensus mark by 19.03%.
Following the announcement yesterday, IONQ shares gained 5.2% in the after-market session.
IONQ's Platform Revenues Surge on Quantum Demand
IonQ Platform revenues increased 127% year over year to $90.3 million, supported by global deployments of fifth-generation Tempo quantum computers. Quantum computing remained the fastest-growing product line, benefiting from expanding commercial adoption.
Commercial customers accounted for approximately 65% of segment revenues, while international customers contributed roughly 35%. More than 40% of revenues came from multi-product customers, reflecting increasing demand across computing, networking, sensing and security.
IonQ, Inc. Price, Consensus and EPS Surprise
IonQ, Inc. price-consensus-eps-surprise-chart | IonQ, Inc. Quote
Quantum computing contributed approximately $180 million of the $290 million in new IonQ Platform contracts signed during the quarter. Strong demand for sixth-generation Superion 256 systems supported this performance.
IonQ's SkyWater Acquisition Expands Revenue Base
SkyWater Foundry Services generated $83.5 million in revenues during its first quarter under IonQ's ownership. The contribution included two months of operations following the acquisition's completion on July 31, 2026.
Revenues from SkyWater's quantum customers, excluding IonQ, increased more than 30% year over year. The company extended its multi-year manufacturing agreement with D-Wave and secured a new contract with Qolab.
SkyWater also accelerated IonQ's manufacturing roadmap, delivering 12 times more wafer lots and reducing chip development cycle times from nine months to approximately two months. These improvements strengthen production capacity and support faster commercialization.
IONQ's Backlog Strengthens Revenue Visibility
IonQ Platform RPOs increased to $689 million from $485 million in the preceding quarter. SkyWater contributed another $479 million, taking the combined backlog to approximately $1.2 billion.
The expanding backlog reflects strong customer commitments despite record revenue recognition during the quarter. Management highlighted particularly strong demand for Superion 256 systems.
IonQ's Costs Continue to Pressure Profitability
The adjusted cost of revenues, excluding depreciation and amortization, totaled $121.6 million. Adjusted research and development expenses were $96.8 million, while adjusted sales and marketing expenses reached $24.9 million.
GAAP operating costs and expenses were $606.9 million, including substantial research, development and acquisition-related expenditures. General and administrative expenses included approximately $40 million in one-time costs associated with the SkyWater acquisition.
Adjusted EBITDA loss widened to $133.6 million from $48.9 million in the year-ago quarter.
IONQ's Financial Position
IonQ ended September with $1.7 billion in cash, cash equivalents and investments. Following the $2 billion equity offering completed in October, its pro forma liquidity reached approximately $3.7 billion.
The strengthened balance sheet supports continued investments in quantum computing, manufacturing infrastructure and global commercial operations.
IONQ Raises Its 2026 Revenue Outlook
IonQ raised its 2026 revenue guidance to $505-$515 million from the $450-$460 million range announced on its September Investor Day. The upward revision reflects strong demand for quantum computing solutions, growing commercial adoption and revenue contributions from SkyWater. The Zacks Consensus Estimate for 2026 revenues currently stands at $455 million.
Management now expects quantum computing revenues to grow 110% year over year in 2026, up from its previous expectation of 100%, supported by strong demand for Superion 256 systems and expanding global deployments.
Our Take on IONQ Stock
IonQ delivered strong third-quarter 2026 results, with a narrower-than-expected loss and a revenue beat. Robust demand for quantum computing systems, particularly fifth-generation Tempo deployments, and contributions from SkyWater supported impressive revenue growth.
Commercial momentum remained strong, with rising multi-product adoption and growing demand for Superion 256 systems. The company's advancement to DARPA's Quantum Benchmarking Initiative Stage C and expanding quantum security and sensing businesses strengthened its growth prospects. The acquisition of SkyWater also enhances manufacturing capabilities and supports faster product development.
However, elevated operating expenses and widening adjusted EBITDA losses remain concerns. Integration-related costs and continued investments in research and development are likely to keep profitability under pressure in the near term.
IONQ’s Zacks Rank and Key Picks
IonQ currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the broader Computer and Technology sector are MKS Inc. (MKSI - Free Report) , Camtek Ltd. (CAMT - Free Report) and Arista Networks, Inc. (ANET - Free Report) .
MKS, carrying a Zacks Rank #2 (Buy), reported a third-quarter 2026 EPS of $4.18, which beat the Zacks Consensus Estimate by 14.84%. Revenues of $1.41 billion surpassed the Zacks Consensus Estimate by 4.12%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
MKSI has an estimated long-term earnings growth rate of 36.3% compared with the industry’s 24% growth. The company surpassed earnings estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 10.12%.
Camtek, carrying a Zacks Rank #2 at present, posted third-quarter 2026 earnings of 99 cents per share, which beat the Zacks Consensus Estimate by 1.02%. Revenues of $161.3 million topped the Zacks Consensus Estimate by 0.6%.
CAMT has an earnings yield of 3.6% compared with the industry’s 3.1% growth. The company’s earnings outpaced estimates in three of the trailing four quarters and missed on one occasion, the average surprise being 0.67%.
Arista Networks, currently carrying a Zacks Rank #2, reported third-quarter 2026 earnings of $1.2 per share, which topped the Zacks Consensus Estimate by 11.11%. Revenues of $3.66 million outperformed the consensus mark by 10.41%.
ANET has an estimated long-term earnings growth rate of 22.7% compared with the industry’s 21.2% growth. The company’s earnings outpaced estimates in each of the trailing four quarters, the average surprise being 10.6%.