Short answer
IonQ, Inc. (IONQ) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $130M (+201.9% year over year) and net income of −$510M.
- Top risk flagged: No specific regulatory or legal risk named in text
FY2025 key financial metrics · XBRL
- Revenue
- $130M
- +201.9% YoY
- Net income
- −$510M
- −53.9% YoY
- Operating margin
- -487.4%
- +52.3 pp YoY
- EPS (diluted)
- −$1.82
- −16.7% YoY
- ROE
- -13.4%
- +73.0 pp YoY
- Operating cash flow
- −$283M
- −168.0% YoY
Source: XBRL data from the IonQ, Inc. (IONQ) FY2025 10-K on SEC EDGAR. USD.
IonQ, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Quantum platform company offering quantum computing hardware, networking, sensing, security products, and QCaaS via major cloud providers and own platform
- New emphasis on acquisitions in 2025-2026: Oxford Ionics (EQC semiconductor scaling), Lightsynq (photonic interconnect), plus id Quantique, Vector Atomic, Capella Space, Skyloom, and pending SkyWater acquisition for secure foundry access
- Strategic shift: Accelerated roadmap leveraging complementary technology acquisitions to build a global quantum ecosystem beyond just computing, including quantum security and sensing
- Quantitative metric: Net loss $510.4M in 2025, increasing from $331.6M in 2024, accumulated deficit $1.194B, reflecting continued heavy investment in R&D and expansion
- Noteworthy fact: Only company claiming modular trapped-ion qubit approach operating at room temperature with all-to-all qubit connectivity and significantly lower error-correction overhead than solid-state competitors
Management Discussion & Analysis
- Revenue $130.0M in 2025, up 202% YoY from $43.1M in 2024, driven by quantum hardware progress and acquisitions
- Operating loss $633.7M in 2025 vs $232.5M in 2024, net loss attributable to IonQ $510.4M vs $331.6M, no margin % disclosed
- Best segment quantum hardware and QCaaS, contributing most to revenue growth; no detailed segment profit data provided
- Cash and investments $3,336.8M at 2025 year-end, net cash used in operations $283.2M, investing outflow $2.1B (securities purchase), financing inflow $3.36B (stock/warrant issuances)
- Management plans $1.8B SkyWater acquisition in 2026, expects continued significant losses and increased expenses, inflation and geopolitical risks noted as headwinds
Risk Factors
- No specific regulatory or legal risk named in text
- No geopolitical or macroeconomic threat detailed
- Supply chain security reliance on external partners for penetration testing and forensics support
- No competitive or market disruption risk specified
- Cybersecurity governance led by Chief Information Security Officer with executive oversight from Audit Committee and Board
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