Q3 2026 results
| Metric | Result | Change |
|---|---|---|
| Total Revenue | $173.8 million | Up 336% year-over-year |
| IonQ Platform Revenue | $90.3 million | Up 127% year-over-year |
| SkyWater Segment Revenue | $83.5 million | Not stated |
| Remaining Performance Obligations | $1.2 billion | Not stated |
| Net Income Attributable to IonQ | $564 million | Not stated |
Guidance and outlook
- IonQ raised its full-year 2026 revenue guidance to a range of $505 million to $515 million.
- The company expects more than 110% growth in continuing revenue for the year.
- Management expects adjusted EBITDA to improve in the fourth quarter compared to the third quarter.
How management sounded
Positive (+7 on our -10 to +10 scale). Management highlighted record revenues, raised full-year guidance, and emphasized their unique position as a vertically integrated quantum company with sold-out capacity for 2027. Management sounded more upbeat than on 48% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Quantum Security Strategy
Asked: An analyst from Bank of America asked about the long-term market sizing for quantum security versus compute and the monetization strategy.
Answer: Management stated that quantum security could eventually exceed the quantum computing total addressable market and noted that the business model involves high-margin, recurring software revenue.
NVIDIA Partnership
Asked: Morgan Stanley asked about the implications of the NVIDIA partnership and the deployment of IonQ systems in their research center.
Answer: Management explained that the deployment validates their architecture's stability and manufacturability, opening channels for hybrid workflows where GPUs and QPUs work together.
Capital Raise Rationale
Asked: An analyst asked about the rationale behind the $2 billion capital raise in October.
Answer: Management stated the raise provides long-term capital to invest in R&D, maintain innovation leadership, and ensure a strong balance sheet for future growth.
Manufacturing Capacity
Asked: An analyst asked if the sold-out status of the Superion 256 system creates an impediment to sales.
Answer: Management clarified that the sold-out status reflects strong demand and that they have the manufacturing capabilities to scale production to meet that demand.
What to watch before the next call
- The integration of the SkyWater acquisition and the realization of cost synergies in the back office.
- The progress of the Superion 256 system deployment at the NVIDIA accelerated Quantum Research Center.
- The company's ability to execute on its path to profitability as it scales revenue.
