$IONQ · IonQ, Inc.
IonQ's 10-Q for Q3 FY2026 (ended September 30, 2026) shows revenue of $173.8M, up 336% YoY from $39.9M, driven by the SkyWater Foundry Services segment ($83.5M) and IonQ Platform ($90.3M). Operating loss widened to $433.1M from $168.8M a year earlier, with operating margin at -249.1%. Reported net income of $563.1M ($1.35 diluted EPS) was entirely attributable to an $896.2M non-cash gain on the change in fair value of warrant liabilities, versus an $881.8M loss a year ago. Nine-month revenue was $318.5M versus $68.1M, with a nine-month net loss of $500.9M.
- Revenue rose 336% YoY to $173.8M in Q3 FY2026.
- Operating loss widened to $433.1M from $168.8M a year earlier.
- Reported $1.35 diluted EPS driven by an $896.2M warrant fair-value gain.
- Nine-month net loss was $500.9M on $318.5M revenue.
- Cash and equivalents fell to $209.5M from $1.03B at year-end 2025.
Extended-hours last trade $27.70, up 4.81% vs the $26.43 regular close, suggesting investors focused on the 336% revenue growth despite the widening operating loss. Regular session fell 10.53% on the day.
IonQ's headline profit is a non-cash accounting artifact, masking a sharply widening operating loss even as revenue quadruples.
IonQ's SkyWater Foundry Services acquisition adds a semiconductor foundry revenue stream, diversifying beyond pure quantum-computing platform sales.
The $2.12B warrant liability creates extreme earnings volatility, swinging Q3 net income by $896M. Operating losses continue to widen as cost of revenue and R&D scale faster than revenue.