IonQ’s third quarter highlighted a significant acceleration in commercial momentum, as the company delivered revenue well above Wall Street expectations and saw a strong positive reaction from the market. Management attributed this outperformance to the successful integration of quantum sensing and networking businesses alongside continued advances in its core quantum computing segment. CEO Niccolo de Masi emphasized that IonQ’s ability to deliver “integrated solutions all the way from sensing to network security” broadened the company’s customer appeal and supported the step-change in revenue growth.
Is now the time to buy IONQ? Find out in our full research report (it’s free for active Edge members).
IonQ (IONQ) Q3 CY2025 Highlights:
- Revenue: $39.87 million vs analyst estimates of $26.98 million (222% year-on-year growth, 47.8% beat)
- Adjusted EPS: -$0.17 vs analyst estimates of -$0.20 (15.8% beat)
- Adjusted EBITDA: -$48.91 million vs analyst estimates of -$58.31 million (-123% margin, 16.1% beat)
- The company lifted its revenue guidance for the full year to $108 million at the midpoint from $91 million, a 18.7% increase
- EBITDA guidance for the full year is -$211 million at the midpoint, below analyst estimates of -$199.3 million
- Market Capitalization: $19.28 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From IonQ’s Q3 Earnings Call
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Quinn Bolton (Needham & Co.): Asked about the revenue mix between quantum computing and new sensing/networking businesses. CFO and COO Inder Singh responded that revenue growth reflects cumulative momentum across all platform areas, with integrated solutions enabling larger contracts and recurring revenues.
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Craig Ellis (B. Riley Securities): Inquired about the timing for large, multi-hundred-million-dollar deals. Singh clarified that while these opportunities are developing, they require multi-year execution and should not be modeled for near-term revenue until announced.
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Troy Jensen (Cantor Fitzgerald): Sought clarification on the Oxford Ionics chip integration and technical milestones for the next-generation system. President Chris Ballance confirmed that the 256-qubit device using Electronic Qubit Control is on track for 2026, with demonstrated world-record gate fidelity.
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Tyler Perry Anderson (Craig-Hallum): Asked about the impact of government shutdowns and changes in customer demographics. CEO Niccolo de Masi and President Jordan Shapiro said the company’s projects remain funded and emphasized rising global interest following the 256-qubit roadmap announcement.
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David Williams (Benchmark): Queried the status of satellite deployments for quantum sensing technology. President Jordan Shapiro confirmed that quantum gyroscope technology is already in orbit and that IonQ is rapidly productizing space-tested solutions for commercial and government use.
Catalysts in Upcoming Quarters
In coming quarters, the StockStory team will watch (1) the commercial adoption and deployment timeline of IonQ’s sixth-generation 256-qubit system, (2) progress on cross-selling integrated platform solutions to government and multinational customers, and (3) the company’s ability to convert pipeline opportunities—such as Golden Dome—into long-term, high-value contracts. Continued advances in quantum networking and sensing, as well as international expansion, will also be important markers of execution.
IonQ currently trades at $54.74, down from $55.39 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members).
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