IonQ (IONQ) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 GAAP revenue of $64.7 million, up 755% year-over-year, exceeding guidance midpoint by 30% and marking at least the third consecutive quarter of record growth.

• Net income reached $805.4 million, primarily due to a $1.06 billion non-cash warrant valuation gain, with GAAP EPS of $2.19 and Adjusted EPS of $(0.34).

• Full-year 2026 revenue guidance raised to $260–$270 million, reflecting strong demand, backlog, and pipeline opportunities, with expectations of over 100% organic growth.

• Commercial revenue comprised 60% of total, with 35% from international markets and 35% from multi-product sales, highlighting commercial and international momentum.

• Significant progress in quantum computing, networking, and security, with new deployments, partnerships, and major national and commercial contracts.

Financial highlights

• Q1 2026 GAAP revenue reached $64.7 million, up from $7.6 million year-over-year, exceeding guidance by over 30%.

• Remaining performance obligations (RPOs) grew to $470 million, up 554% year-over-year.

• GAAP R&D expense was $125.7 million, up 215% year-over-year.

• Adjusted EBITDA loss was $96.8 million, including $11.8–$12 million in SkyWater-related expenses; excluding this, loss would have been $85 million.

• Cash, cash equivalents, and investments totaled $3.1 billion as of March 31, 2026.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $260–$270 million, with Q2 2026 revenue projected at $65–$68 million.

• Full-year 2026 Adjusted EBITDA loss expected between negative $310 million and negative $330 million.

• Continued expectation of over 100% organic revenue growth for the year, supported by strong backlog and pipeline.

• Cash and investments are expected to be sufficient for at least the next 12 months.