COLLEGE PARK, MD, May 07 2025 -- IonQ, a leading commercial quantum computing and networking company, today announced financial results for the quarter ended March 31, 2025.

“I am pleased with the strong start to the year at IonQ, including revenue above the midpoint of guidance for the first quarter and almost $700 million in cash equivalents as of March 31. We delivered important commercialization and expansion milestones for both our quantum computing and quantum networking businesses,” said Niccolo de Masi, CEO of IonQ. “We’re delivering real-world value for our customers today, including a recent demonstration of a 12% speed improvement over classical computing in a simulation of a heart pump using quantum processed data and a production product by our partner Ansys.”

“We look forward to adding a unique accelerant to both our quantum networking and quantum computing roadmaps, via the announced acquisition of Lightsynq. Lightsynq’s unique quantum memory technology, IP, and Harvard-research pedigree is expected to accelerate IonQ’s commercial systems to tens-of-thousands, and someday millions of qubits. In addition, we expect that Lightsynq’s quantum memory will also power the future quantum internet by allowing repeaters to ultimately be spaced over one hundred kilometers apart.”

de Masi continued, “We also announced the first-ever quantum computing and networking hub, in partnership with EPB. This groundbreaking deal includes the sale of a new Forte Enterprise system and the establishment of a permanent IonQ office focused on jointly creating algorithms designed for energy grid optimization. The global availability of our new Europe-based Forte Enterprise system will deliver value to our international customers with access over Amazon Braket, QuantumBasel’s IonQ cloud offering, and our own IonQ Quantum Cloud by adding compute capacity and fault tolerance from our Tennessee location.”

“Further, the closure of our acquisition of a controlling stake of ID Quantique, and agreement to acquire Capella, solidifies our global quantum networking position, which now includes offices in South Korea, Switzerland, and the US. We believe IonQ is well positioned to capitalize on both technical and commercial advances in quantum computing and quantum networking.”

Financial Highlights

• IonQ recognized revenue of $7.6 million for the first quarter, which is above the midpoint of the previously provided range.
• Cash, cash equivalents, and investments were $697.1 million as of March 31, 2025. The balance increased due to the $372.6 million ATM facility.
• Net loss was $32.3 million and Adjusted EBITDA loss was $35.8 million for the first quarter. Exclusions from Adjusted EBITDA include a non-cash gain of $38.5 million related to the change in the fair value of IonQ’s warrant liabilities.

Q1 and Recent Commercial Highlights

• IonQ announced the acceleration of its quantum networking and quantum computing roadmap via the intended acquisition of Lightsynq Technologies, Inc. Lightsynq's founders built the first-ever quantum repeater capable of extending the range of quantum networks, a key technology for enabling quantum devices to connect together in a future quantum internet. Lightsynq’s core mission is to use this same technology to build the world’s best photonic interconnects that link quantum processors at high speed.
• IonQ announced the expansion of its quantum networking business, naming Jordan Shapiro its first President and General Manager, Quantum Networking. To facilitate development of this network, IonQ has announced the proposed acquisition of Capella, a Colorado-based signals platform leader for top-secret government and commercial applications.
• IonQ announced the joint development of a new quantum computing innovation center with EPB in Chattanooga, TN, housing the first quantum computing and networking hub. This deal includes the system sale of a Forte Enterprise system for $22 million for the two companies to jointly develop algorithms designed for energy grid optimization.
• IonQ announced that it has been selected by DARPA for the first stage of its Quantum Benchmarking Initiative (QBI). This program is designed to assess and validate the feasibility of developing industrially useful quantum computers ahead of conventional projections.
• Additionally, working with the State of Maryland under its Capital of Quantum Initiative, IonQ is progressing on its expected new headquarters on UMD's College Park campus, and is pleased to see that DARPA's Quantum Benchmarking Initiative has announced they will be a next door neighbor.
• IonQ announced that it has closed its acquisition of a majority stake of Geneva-based ID Quantique, a global leader in quantum-safe networking and quantum detection systems with offices in Seoul and Boston.
• IonQ announced the global availability of its Europe-based Forte Enterprise system, which can be accessed by customers through Amazon Braket, a managed quantum computing service from Amazon Web Services (AWS), as well as the IonQ Quantum Cloud.
• IonQ announced a flagship distributor partnership with Toyota Tsusho Corporation to accelerate quantum computing in Japan. This milestone marks IonQ’s entrance into the Japanese market – reinforcing the company’s commitment to advancing quantum computing opportunities globally.
• IonQ announced the signing of a Memorandum of Understanding with the Global Research and Development Center for Business by Quantum-AI Technology (G-QuAT), a division of one of the largest public research organizations in Japan, the National Institute of Advanced Industrial Science and Technology (AIST). This memorandum facilitates cooperation between IonQ and G-QuAT intended to advance quantum computing technologies in Japan.
• IonQ announced a Memorandum of Understanding with Intellian Technologies, Inc., a leading global provider of satellite communication antennas and ground gateway solutions, to explore how secure quantum networking can transform satellite communications.

Q1 and Recent Technical Highlights

• IonQ participated in NVIDIA’s first-ever Quantum Day, taking place at GTC, where it shared details of several recent real-world demonstrations of quantum-accelerated computation for commercially-relevant applications. This included a ground-breaking milestone with Ansys, simulating the performance of a blood pump using quantum-processed data and achieving results up to 12% faster than classical computing alone.
• IonQ announced new research advancements in applying quantum computing to artificial intelligence (AI) and Machine Learning, marking significant progress in hybrid quantum-classical approaches that enhance both large language models (LLMs) and generative AI.
• IonQ announced the commissioning of a ground-breaking quantum system optimized for research and development to the U.S. Air Force Research Laboratory (AFRL) in Rome, New York.
• IonQ announced the completion of its next-generation ion trap vacuum package prototype intended to realize smaller, more compact, room temperature quantum systems. The company has completed a state-of-the-art assembly chamber capable of manufacturing miniaturized ion trap vacuum packages that can sustain Extreme High Vacuum (XHV) – levels that are comparable to the vacuum levels found on the surface of the Moon.
• IonQ announced strong momentum toward its technological roadmap with a portfolio of more than 950 owned and controlled patents and patents pending with the inclusion of ID Quantique and the pending acquisition of Lightsynq.
• IonQ announced a significant milestone in the development of high-speed, mixed-species quantum logic gates for trapped-ion quantum computing and networking. The findings further the company’s momentum in driving scalable, high-fidelity quantum networking and distributed quantum computing. The research shows a novel approach to achieving an orders-of-magnitude increase in physical gate speed of two-qubit gates between different atomic species.
• IonQ published new ground breaking Quantum Error Correction (QEC) research, releasing new QEC codes optimized for IonQ’s trapped-ion long-chain architecture and showed they outperform the state-of-the-art.

2025 Financial Outlook

For the full year 2025, IonQ expects organic and inorganic revenue to be between $75 million and $95 million, with between $16 million and $18 million for the second quarter.

First Quarter 2025 Conference Call

IonQ will host a conference call today at 4:30 p.m. Eastern time to review the Company’s financial results for the first quarter ended March 31, 2025 and to provide a business update. The call will be accessible by telephone at 877-407-4018 (domestic) or +1-201-689-8471 (international). The call will also be available live via webcast on the Company’s website here, or directly here. A telephone replay of the conference call will be available approximately three hours after its conclusion at 844-512-2921 (domestic) or 412-317-6671 (international) with access code 13752791 and will be available until 11:59 p.m. Eastern time, May 20, 2025. An archive of the webcast will also be available here shortly after the call and will remain available for one year.

Non-GAAP Financial Measures

To supplement IonQ’s condensed consolidated financial statements presented in accordance with GAAP, IonQ uses non-GAAP measures of certain components of financial performance. Adjusted EBITDA is a financial measure that is not required by or presented in accordance with GAAP. Management believes that this measure provides investors an additional meaningful method to evaluate certain aspects of the Company’s results period over period. Adjusted EBITDA is defined as net loss before interest income, interest expense, income tax expense, depreciation and amortization expense, stock-based compensation, change in fair value of assumed warrant liabilities, and other non-recurring non-operating income and expenses. IonQ uses Adjusted EBITDA to measure the operating performance of its business, excluding specifically identified items that it does not believe directly reflect its core operations and may not be indicative of recurring operations. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and IonQ’s non-GAAP measures may be different from non-GAAP measures used by other companies. IonQ shows a reconciliation of GAAP to non-GAAP financial measures at the end of this release.