IonQ (IONQ) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $80.1 million, up 287% year-over-year, marking the fifth consecutive quarter of record results and driven by global deployments and commercial momentum.

• Closed the $1.8 billion acquisition of SkyWater, creating a vertically integrated, full-stack quantum platform and expanding merchant supplier capabilities.

• International, commercial, and multi-product revenues comprised 50%, 60%, and 25% of total revenue, respectively, highlighting business breadth.

• Raised full-year 2026 revenue guidance to $280–$290 million, reflecting strong Q2 performance and confidence in continued organic growth.

• Maintained $2.0 billion in cash and no debt post-acquisition, supporting parallel R&D for 256-qubit and 10K-qubit systems.

Financial highlights

• Q2 2026 GAAP revenue reached $80.1 million, 20% above the midpoint of prior guidance and up 287% year-over-year.

• Adjusted EBITDA loss was ($120.3) million; excluding SkyWater R&D spend, loss would have been ($95.6) million.

• Net loss for Q2 was ($1,867.7) million, primarily due to a $1.6 billion non-cash warrant valuation impact.

• Cash, cash equivalents, and investments totaled $2.0 billion pro-forma for the SkyWater acquisition.

• Remaining performance obligations (RPOs) grew 297% year-over-year, ending at $485 million.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $280–$290 million, with expectations for 100% organic growth year-over-year.

• Combined company guidance (with SkyWater) to be provided after integration and accounting adjustments.

• Guidance does not include any contribution from the SkyWater acquisition.