IonQ (IONQ) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 GAAP revenue of $64.7 million, up 755% year-over-year, exceeding guidance and marking consecutive quarters of record growth.

• Net income reached $805.4 million, primarily due to a $1.06 billion non-cash warrant valuation gain.

• Raised full-year 2026 revenue guidance to $260–$270 million, reflecting strong demand, backlog, and commercial momentum.

• Commercial revenue comprised 60% of total, with 35% from international markets and 35% from multi-product sales.

• Continued leadership in quantum computing, networking, sensing, and security, with major deployments and technical milestones.

Financial highlights

• Q1 2026 GAAP revenue: $64.7 million, up from $7.6 million year-over-year, exceeding guidance by over 30%.

• Adjusted EBITDA loss of $96.8 million, including $11.8–$12 million in SkyWater-related R&D; excluding this, Adjusted EBITDA loss was $85 million.

• GAAP net income of $805.4 million, driven by a $1.06 billion non-cash warrant valuation adjustment.

• R&D investment reached $125.7 million, up 215% year-over-year.

• Cash, cash equivalents, and investments totaled $3.1 billion as of March 31, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $260–$270 million, doubling year-over-year revenue.

• Q2 2026 revenue projected at $65–$68 million.

• Full-year 2026 Adjusted EBITDA expected between negative $310 million and negative $330 million.

• Organic revenue growth expected to exceed 100% for the year.

• Cash and investments expected to be sufficient for at least the next 12 months.