AI Takeaway
IonQ delivered 201.9% revenue growth to $130.0M in FY2025, but operating losses widened sharply to -$633.7M as the company aggressively scaled R&D and operations, funded by a massive $3.36B financing inflow that ballooned total assets to $6.57B.
Revenue
$130.02M
++201.85% YoY
EPS (Basic)
$-1.82
-16.67% YoY
Operating Income
$-633.72M
-172.62% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
Revenue surged 201.9% year-over-year from $43.1M to $130.0M in FY2025, reflecting rapid commercial adoption of IonQ's quantum computing services and expanded customer contracts.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Operating loss deepened to -$633.7M from -$232.5M in the prior year, a -172.6% deterioration, driven primarily by R&D expense nearly doubling to $305.7M (+123.4% YoY) as the company invests aggressively in next-generation quantum hardware and software.
Source: Source: 10-K Income Statement (XBRL Financial Data)
Financing activities generated $3.36B in FY2025 (vs. $41.7M prior year), causing total assets to surge 1,192.4% to $6.57B and cash & equivalents to jump from $54.4M to $1.03B, providing substantial runway for continued investment.
Source: Source: 10-K Balance Sheet & Cash Flow Statement (XBRL Financial Data)
2 more insights available
Upgrade to unlockIonQ reported a net loss of -$510.4M in FY2025, with operating cash outflows of -$283.2M. The company has not achieved profitability and continues to burn cash at an accelerating rate, making it dependent on external capital markets to fund operations.
Source: Source: 10-K Income Statement & Cash Flow Statement (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $1.93 versus the $-0.33 analyst consensus — a +679.6% beat for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $130.02M | $43.07M | +201.85% |
Operating Income | $-633.72M | $-232.46M | -172.62% |
Net Income | $-510.38M | $-332M | -53.73% |
EPS (Basic) | $-1.82 | $-1.56 | -16.67% |
EPS (Diluted) | $-1.82 | $-1.56 | -16.67% |
R&D Expense | $305.7M | $136.83M | +123.42% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $6.57B | $508.39M | +1192.39% |
Current Assets | $2.59B | $378.8M | +582.79% |
Total Liabilities | $2.76B | $124.53M | +2113.73% |
Current Liabilities | $166.82M | $36.09M | +362.31% |
Stockholders' Equity | $3.8B | $383.86M | +889.81% |
Cash & Equivalents | $1.03B | $54.39M | +1795.22% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $-283.19M | $-105.68M | -167.96% |
Investing Cash Flow | $-2.1B | $82.73M | -2632.44% |
Financing Cash Flow | $3.36B | $41.69M | +7956.71% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | -487.4% | -539.7% | +52.26% |
Net Margin | -392.6% | — | — |
ROE | -13.4% | — | — |
ROA | -7.8% | — | — |
Current Ratio | $15.504 | — | — |
Debt to Equity | $0.726 | — | — |
IonQ's revenue grew 201.9% year-over-year in FY2025, rising from $43.1M to $130.0M. This tripling of revenue reflects strong commercial momentum in quantum computing services, though the company remains far from profitability.
The headline story from IonQ's FY2025 10-K is explosive revenue growth of 201.9% to $130.0M, offset by a widening operating loss of -$633.7M driven by $305.7M in R&D spending. The company raised $3.36B in financing, dramatically expanding its balance sheet to $6.57B in total assets and providing significant cash runway.
No, IonQ is not profitable in FY2025. The company reported a net loss of -$510.4M and an operating loss of -$633.7M, with an operating margin of -487.4%. IonQ is in a heavy investment phase typical of early-stage quantum computing companies.
IonQ's short-term financial health is strong, with a current ratio of 15.5x and $1.03B in cash & equivalents following a $3.36B capital raise. However, long-term sustainability depends on the company's ability to scale revenue faster than its operating cash burn of -$283.2M per year.
Based on the FY2025 financial data, key risks include sustained and deepening operating losses (-$633.7M), heavy reliance on capital markets for funding ($3.36B raised in FY2025), and rapid cost scaling with R&D alone at $305.7M — more than double total revenue. The massive balance sheet expansion (total assets up 1,192.4%) also introduces significant execution and integration risks.