Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
IonQ's fiscal second quarter of 2026 delivered a more than tripling of revenue year-over-year, driven by progress on specialized quantum computing hardware contracts and contributions from acquisitions. However, the bottom line was dominated by a $1.6 billion non-cash loss from mark-to-market adjustments on warrant liabilities, swinging the company to a substantial net loss. The quarter also marked the completion of the SkyWater Technology acquisition, which management believes will advance its quantum roadmap but introduces significant integration and operational risks.
Revenue
$80.05M
+286.83% YoY
EPS (Diluted)
-$5.08
-625.71% YoY
Operating Income
-$337.24M
-110.00% YoY
Source: SEC XBRL
IonQ (IONQ) reported Q2 FY2026 revenue of $80.05M, up 286.8% year over year. Operating margin was -421.3%, against -776.0% a year earlier. IONQ's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | -0.33 | -0.29 | Miss -13.3% |
| Mar 2026 | -0.34 | -0.36 | Beat +5.4% |
| Dec 2025 | 1.93 | -0.33 | Beat +679.6% |
| Sep 2025 | -0.17 | -0.34 | Beat +49.3% |
Adjusted (non-GAAP) EPS of -$0.33 versus the -$0.29 analyst consensus — a -13.3% miss for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was -$5.08.
Compiled by AI from 10-Q Item 2 of this filing
Revenue increased 287% year-over-year to $80.1 million, primarily due to progress on contracts to build specialized quantum computing hardware and contributions from recent acquisitions.
Source: 10-Q Item 2 MD&A
A $1.6 billion non-cash loss from mark-to-market adjustments on Series A and B warrants, driven by stock price changes, caused the net loss to balloon.
Source: 10-Q Item 2 MD&A
IonQ completed the acquisition of semiconductor foundry SkyWater Technology on July 31, 2026, aiming to gain domestic foundry capabilities and advanced packaging expertise.
Source: 10-Q Item 2 MD&A
R&D expense grew 55% to $160.6 million, and general and administrative expense rose 144% to $117.6 million, partly due to increased headcount and stock-based compensation.
Source: 10-Q Item 2 MD&A
Management stated that the company expects to continue incurring significant losses as it prioritizes technical milestones for achieving quantum advantage.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 4 high, 1 medium, 0 low
IonQ may fail to integrate SkyWater's business successfully, given its lack of prior experience in semiconductor foundry operations, which could lead to operational challenges and failure to achieve anticipated synergies.
Source: 10-Q Item 1A Risk Factors
The SkyWater foundries in Minnesota, Florida, and Texas have limited redundancy; physical damage from natural disasters or other events could cause prolonged production stoppages, leading to loss of customers and revenue.
Source: 10-Q Item 1A Risk Factors
Wafer fabrication is complex and susceptible to defects; poor yields or quality issues could result in customer losses, liability claims, and reputational damage.
Source: 10-Q Item 1A Risk Factors
SkyWater faces competition from larger foundries like TSMC and GlobalFoundries; government subsidies such as CHIPS Act funding to competitors could further disadvantage IonQ.
Source: 10-Q Item 1A Risk Factors
Many purchase orders can be cancelled before production, and the SkyWater business lacks significant backlog, making it difficult to forecast revenues and margins accurately.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $M | 80.05 $M | 20.69 $M | +286.83% |
Operating Income $M | -337.24 $M | -160.59 $M | -110.00% |
Net Income $B | -1.87 $B | -0.18 $B | -956.19% |
EPS (Basic) $ | -5.08 $ | -0.70 $ | -625.71% |
EPS (Diluted) $ | -5.08 $ | -0.70 $ | -625.71% |
R&D Expense $M | 160.63 $M | 103.36 $M | +55.41% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
IonQ delivered explosive Q1 FY2026 revenue growth of +754.7% YoY to $64.7M, while reporting a remarkable $805.4M net income driven by non-operating gains, even as operating losses deepened to -$271.5M amid surging R&D investment.
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.