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IonQ Announces Second Quarter Financial Results

• Beats Top End Revenue Guidance by 15%
• Announced $1.075 Billion Proposed Acquisition of Oxford Ionics, Enhancing Scalable Quantum Computing Breakthroughs
• Completed Acquisition of Lightsynq and Capella, Substantially Accelerating Both Quantum Computing and Quantum Networking Roadmaps
• Unanimously Appoints CEO Niccolo de Masi as next Chairman of the Board
• Attracted Key Talent, Including Marco Pistoia as Senior Vice President of Industry Relations, Rick Muller as Vice President of Quantum Systems, and Paul Dacier as Chief Legal Officer
• Achieved 20x Speed-Up in Quantum-Accelerated Drug Development with AstraZeneca, AWS, and NVIDIA
• Pro-Forma Cash, Cash Equivalents, & Investments of $1.6 Billion as of July 9 After Closing $1 Billion Equity Offering

COLLEGE PARK, Md.--(BUSINESS WIRE)-- IonQ (NYSE: IONQ), the leading commercial quantum computing and networking company, today announced financial results for the quarter ended June 30, 2025.

"I am pleased to report that we beat the top end of guidance for Q2 revenue by 15%, and strengthened our balance sheet via the largest equity investment from a single institution in the quantum industry. We also made very tangible progress towards delivering our #AQ64 application performance benchmark, with strong indications that it will be achieved in the near term.鈥�

鈥淰ia our closed acquisition of Lightsynq, along with our proposed acquisition of Oxford Ionics, we have created the most advanced and powerful quantum computing and networking roadmap in the world," said Niccolo de Masi, Chairman and CEO of IonQ. "The combination of IonQ hardware and software expertise and Oxford's implementation of ion-trap-on-a-chip provides the team, IP, technology, and momentum to achieve 800 logical qubits in 2027 and 80,000 logical qubits in 2030."

鈥淭he close of our acquisition of Capella in July expands our quantum networking vision to include a space-based QKD network," de Masi continued. 鈥淥ur networking products are production-grade and are used by many of the world's household-name financial services, telecom, and government agencies. IonQ quantum networking offers the ultimate in communication security, protecting even from the looming threat of quantum decryption."

"We鈥檝e also attracted world-class leaders who are choosing to build the future at IonQ. From the world of finance, Dr. Marco Pistoia has joined us after leading global applied research and quantum computing at JPMorgan Chase. From the highest levels of government, we welcomed Dr. Rick Muller, former Director of IARPA, the intelligence community鈥檚 advanced research agency. To guide our corporate growth, veteran technology counsel Paul Dacier has taken the helm as Chief Legal Officer, and to sharpen our scientific core, our co-founder Dr. Chris Monroe has assumed the vital role of Chief Scientific Advisor.鈥�

鈥淎s I have said before, I believe talent is the proverbial Warren Buffett weighing machine most relevant to any company's long-term prospects, and it is tremendously validating to have such towering figures in the quantum industry become our colleagues at IonQ."

Financial Highlights

• IonQ recognized revenue of $20.7 million for the second quarter, which is 15% above the top end of the previously provided range.
• Cash, cash equivalents, and investments were $656.8 million as of June 30, 2025 and $1.6 billion pro-forma as of July 9, 2025. The balance increased due to the $1.0 billion equity financing.
• Net loss was $177.5 million and Adjusted EBITDA loss was $36.5 million for the second quarter.*

*Adjusted EBITDA is a non-GAAP financial measure defined under 鈥淣on-GAAP Financial Measures,鈥� below, and is reconciled to net loss, its closest comparable GAAP measure, at the end of this release.

Q2 and Recent Commercial Highlights

• to accelerate South Korea's role in the global quantum race, collaborating in four key areas: advanced infrastructure access, education, talent and knowledge exchange, and efforts to expand the quantum ecosystem.
• through a Memorandum of Understanding, paving the way for joint R&D, workforce development initiatives, and access to IonQ Forte-class quantum computers to accelerate real-world quantum-AI applications.
• to pioneer quantum-enhanced optimization for the global freight industry, collaborating to create quantum solutions for fleet routing, logistics optimization, and supply chain management.
• , advancing IonQ's global expansion roadmap while strengthening Australia's quantum capabilities, with the Emergence Quantum team bringing decades of experience in trapped ion technology.
• , working with state leaders to position Texas as a U.S. quantum hub through policy support, investment incentives, and expanded opportunities in quantum computing, networking, and sensing technologies.
• to create America's first commercial quantum hub, demonstrating significant commercial traction and strategic expansion into the critical energy infrastructure market.

Q2 and Recent Technical Highlights

• , in the largest demonstration of its kind, combining leading hardware, platforms, and techniques, marking a significant step toward more efficient pharmaceutical production through hybrid quantum-classical workflows.
• together achieved the first known quantum computer simulation of a process tied to the universe鈥檚 matter鈥揳ntimatter imbalance, modeling nuclear dynamics on unprecedented yoctosecond time-scales (10鈦宦测伌 seconds) and potentially opening new frontiers in fundamental physics research.
• IonQ announced that it developed a hybrid quantum computing approach with Oak Ridge National Laboratory to drive power grid efficiencies and meet electricity demand at minimal cost.

Q2 and Recent Corporate Highlights

• , creating the world鈥檚 most advanced quantum computing roadmap when combined with IonQ. The combination promises 10,000 physical qubits with logical fidelities of 99.99999% by 2027 and 2 million physical qubits by 2030.
• , accelerating its quantum computing and quantum internet roadmaps and offering a clear path to millions of qubits through the integration of Lightsynq's advanced photonic interconnect technologies.
• , facilitating its development of a space-based QKD network and the foundation of the quantum internet with the integration of Capella鈥檚 satellite infrastructure.
• , including shares and warrants, to strengthen its balance sheet to approximately $1.6 billion in pro-forma cash, for continued innovation and growth.
• , renowned IBM inventor, quantum computing leader, and former Global Head of Applied Research and Quantum Computing at JPMorgan Chase, as Senior Vice President of Industry Relations.
• , former Director of IARPA, as Vice President of Quantum Systems to advance its quantum hardware development.
• as Chief Legal Officer and Corporate Secretary to bolster its legal and governance framework amid rapid growth in quantum computing.
• IonQ announced the appointment of its founder Dr. Chris Monroe as Chief Scientific Advisor, where he will be working very closely with Dr. Mihir Bhaskar.
• IonQ announced that Dr. Gr茅goire Ribordy will remain in his role post-close to continue building on his 20 years of leadership in quantum networking.

2025 Financial Outlook

• For the full year 2025, IonQ expects revenue to be between $82 million and $100 million, with between $25 million and $29 million for the third quarter.

2025 Board Update

• IonQ announced that its Board of Directors has appointed CEO Niccolo de Masi to the additional position of Chairman of the Board, effective immediately. As a result, Peter Chapman has stepped down as Executive Chairman and as a member of the Board.

• Inder Singh, Lead Independent Director of IonQ, said, 鈥淲e are delighted to name Niccolo as Chairman of the Board. Since he became CEO in February 2025, Niccolo has excelled in leading the business forward. We are confident that he is the right person to guide our Board as we continue to oversee the execution of the Company鈥檚 strategic priorities and the incredible momentum they are driving. We are grateful to Peter for his long-standing service to IonQ and wish him well.鈥�

• de Masi commented, 鈥淚 am honored to receive this further vote of confidence in me by the Board as IonQ continues to extend its leadership in quantum computing and quantum networking. I also want to thank Peter for his seminal work in building the Company over the last six years and our collaboration over the last few months.鈥�

Second Quarter 2025 Conference Call

IonQ will host a conference call today at 4:30 p.m. Eastern time to review the Company鈥檚 financial results for the second quarter ended June 30, 2025 and to provide a business update. The call will be accessible by telephone at 844-826-3035 (domestic) or 412-317-5195 (international). The call will also be available live via webcast on the Company鈥檚 website , or directly . A telephone replay of the conference call will be available approximately three hours after its conclusion at 844-512-2921 (domestic) or 412-317-6671 (international) with access code 10200658 and will be available until 11:59 p.m. Eastern time, August 20, 2025. An archive of the webcast will also be available shortly after the call and will remain available for one year.

Non-GAAP Financial Measures

To supplement IonQ鈥檚 condensed consolidated financial statements presented in accordance with GAAP, IonQ uses non-GAAP measures of certain components of financial performance. Adjusted EBITDA is a financial measure that is not required by or presented in accordance with GAAP. Management believes that this measure provides investors an additional meaningful method to evaluate certain aspects of the Company鈥檚 results period over period. Adjusted EBITDA is defined as net loss attributable to IonQ, Inc. before net loss attributable to noncontrolling interests, interest income, interest expense, income tax (benefit) expense , depreciation and amortization expense, stock-based compensation, change in fair value of assumed warrant liabilities, acquisition transaction costs, and other non-recurring non-operating income and expenses. IonQ uses Adjusted EBITDA to measure the operating performance of its business, excluding specifically identified items that it does not believe directly reflect its core operations and may not be indicative of recurring operations. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and IonQ鈥檚 non-GAAP measures may be different from non-GAAP measures used by other companies. IonQ shows a reconciliation of GAAP to non-GAAP financial measures at the end of this release.

About IonQ

[NYSE: IONQ] is the leading commercial quantum computing and networking company, delivering high-performance systems aimed at solving the world鈥檚 most complex problems. IonQ鈥檚 current generation quantum computers, and , are the latest in a line of cutting-edge systems that have been helping customers and partners such as achieve 20x performance results.

The company is accelerating its technology roadmap and intends to deliver the world鈥檚 most powerful quantum computers with 2 million qubits by 2030 to accelerate innovation in drug discovery, materials science, financial modeling, logistics, cybersecurity, and defense. IonQ鈥檚 advancements in quantum networking also positions the company as a leader in building the quantum internet.

The company鈥檚 innovative technology and rapid growth were recognized in Newsweek鈥檚 2025 Excellence Index 1000, Forbes鈥� 2025 Most Successful Mid-Cap Companies list, and Built In鈥檚 2025 100 Best Midsize Places to Work in Washington DC and Seattle, respectively. Available through all major cloud providers, IonQ is making quantum computing more accessible and impactful than ever before. Learn more at .

IonQ Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words 鈥減ending,鈥� 鈥渓ook forward,鈥� 鈥渁ccelerate,鈥� 鈥渁nticipate,鈥� 鈥渆xpect,鈥� 鈥渟uggests,鈥� 鈥減lan,鈥� 鈥渂elieve,鈥� 鈥渋ntend,鈥� 鈥渆stimates,鈥� 鈥渢argets,鈥� 鈥減rojects,鈥� 鈥渟hould,鈥� 鈥渃ould,鈥� 鈥渨ould,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥渇orecast,鈥� 鈥渙ffers鈥� and other similar expressions are intended to identify forward-looking statements. These statements include those related to IonQ鈥檚 position in the quantum computing and networking sector; the efficacy of new applications of quantum computing; the relevance and utility of quantum algorithms and applications run on IonQ鈥檚 quantum computers; the success of partnerships and collaborations between IonQ and other parties, including development and commercialization of products and services with such parties; IonQ closing anticipated acquisitions; IonQ's ability to utilize the technology of acquired companies to accelerate the development and scale of IonQ鈥檚 systems and offerings; advancement of quantum networking technology; the Company鈥檚 technology driving commercial applications in the future; the Company鈥檚 future financial and operating performance, including our preliminary outlook and guidance; the appearance of new applications of IonQ鈥檚 products and services; the ability for third parties to implement IonQ鈥檚 offerings to solve their problems and increase their quantum computing capabilities; expansion of IonQ鈥檚 sales pipeline; IonQ鈥檚 quantum computing capabilities and plans; future deliveries of and access to IonQ鈥檚 quantum computers and services; future purchases of IonQ鈥檚 offerings by customers using congressionally-appropriated funds from the U.S. government; IonQ鈥檚 performance of existing contracts in the future, including anticipated timing of completion of research, development and manufacturing by IonQ; IonQ receiving additional revenues under planned subsequent phases of customer contracts; and the scalability and reliability of IonQ鈥檚 quantum computing offerings. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive industries in which IonQ operates, including development of competing technologies; our ability to sell effectively to government entities and large enterprises; changes in laws and regulations affecting IonQ鈥檚 and its suppliers鈥� businesses; IonQ鈥檚 ability to implement its business plans, forecasts and other expectations, to identify and realize partnerships and opportunities, and to engage new and existing customers; IonQ鈥檚 ability to effectively integrate its acquisitions; its inability to effectively enter new markets; IonQ鈥檚 ability to deliver services and products within currently anticipated timelines; its inability to attract and retain key personnel including personnel of acquired companies; the conditions for closing IonQ's anticipated acquisitions not being met; IonQ鈥檚 customers deciding or declining to extend contracts into new phases; the inability of its suppliers to deliver components that meet expectations timely; changes in U.S. government spending or policy that may affect IonQ鈥檚 customers; changes to U.S. government goals and metrics of success with regard to implementation of quantum computing and quantum networking; and risks associated with U.S. government sales, including availability of funding and provisions that allow the government to unilaterally terminate or modify contracts for convenience. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the Company鈥檚 filings, including but not limited to those described in the 鈥淩isk Factors'' section of IonQ鈥檚 most recent periodic financial report (10-Q or 10-K) and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations.

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Source: IonQ, Inc.