Published: November 5, 2025
Summary: IonQ (NYSE: IONQ) reported $39.9 million in Q3 revenue—222% year over year and roughly 37% above the high end of its prior guidance—and lifted its full‑year 2025 sales outlook to $106–$110 million. Shares traded around the mid‑$50s after hours as investors parsed a sizable GAAP loss driven largely by non‑cash items. [1]
By the numbers (Q3 2025)
- Revenue:$39.9M (+222% YoY; +37% above the top end of company guidance).
- GAAP EPS:($3.58); Adjusted EPS:($0.17).
- Adjusted EBITDA:($48.9M).
- Cash & investments:$1.5B at Sept. 30; $3.5B pro forma including a $2B equity offering completed Oct. 14.
- Earnings call: today at 4:30 p.m. ET (webcast available via IonQ IR). [2]
Context vs. expectations: Ahead of results, FactSet‑tracked consensus pointed to roughly $27.0M in Q3 revenue, underscoring the magnitude of today’s top‑line beat. [3]
Outlook: Guidance raised
IonQ now expects 2025 revenue of $106M–$110M (up from prior ranges disclosed earlier in the year). Management reaffirmed its Adjusted EBITDA loss midpoint for 2025 at ($206M)–($216M). [4]
What drove the GAAP loss?
The company reported a GAAP net loss of ~$1.1B for the quarter. The reconciliation shows the loss was heavily impacted by non‑cash items, most notably an ~$882M change in the fair value of warrant liabilities, along with stock‑based compensation and acquisition‑related costs. These items explain the gap between GAAP EPS ($3.58) and Adjusted EPS ($0.17). [5]
Technology & commercial highlights called out today
- Fidelity record: IonQ says it achieved 99.99% two‑qubit gate performance, a claimed world record in 2025.
- Roadmap milestone:#AQ 64 reached on IonQ Tempo three months early, expanding accessible problem sizes by orders of magnitude.
- Customer & ecosystem wins: New work with Oak Ridge National Laboratory, APAC expansion via Emergence Quantum, and KISTI naming IonQ a primary quantum partner for Korea’s first National Quantum Computing Center of Excellence.
- Balance sheet: Completion of the Oxford Ionics and Vector Atomic acquisitions and a $2.0B equity raise to fund scale‑up. [6]
Same‑day IonQ news (Nov. 5, 2025)
- Geneva Quantum Network (GQN): IonQ and Swiss partners unveiled Geneva’s first citywide dedicated quantum network, linking institutions such as CERN, Rolex, and UNIGE via QKD‑based infrastructure—another step toward quantum networking and secure communications. [7]
- Sector backdrop: Quantum computing shares have been on a speculative tear in recent weeks. A same‑day sector piece highlights the group’s exuberance—and risks—as investors handicap commercialization timelines. It’s a reminder that volatility can remain elevated around catalysts like today’s print. [8]
Key takeaways for investors
- Meaningful revenue acceleration: Delivering $39.9M against a ~$27M revenue bar should reassure investors about near‑term demand while IonQ scales hardware and services. [9]
- Guidance matters more than GAAP EPS: The FY25 sales outlook lifted to $106–$110M is the cleanest signal; the GAAP loss was dominated by non‑cash warrant revaluation and other items. [10]
- Moat narrative continues: The 99.99% two‑qubit fidelity and #AQ 64 milestone support IonQ’s thesis that trapped‑ion systems are pulling ahead technically, though proof at commercial scale remains the next hurdle. [11]
- Liquidity for the long road:$3.5B in pro‑forma cash gives IonQ optionality to invest through volatility, integrate acquisitions, and build out quantum networking. [12]
How to listen to today’s call
- Time:4:30 p.m. ET, Nov. 5, 2025
- Where: Webcast and dial‑in details are available on IonQ’s investor relations site; a replay will be posted. [13]
FAQ
What were the headline numbers?
Revenue $39.9M (+222% YoY); GAAP EPS ($3.58); Adjusted EPS ($0.17); Adjusted EBITDA ($48.9M). [14]
What is the new full‑year outlook?
Revenue $106M–$110M; Adjusted EBITDA loss midpoint reaffirmed at ($206M)–($216M). [15]
Why is GAAP loss so large?
A major non‑cash warrant‑liability revaluation (~$882M) plus stock comp and M&A costs swelled GAAP loss relative to adjusted metrics. [16]
Editorial note
This article references IonQ’s official Q3 2025 press materials and real‑time market data; figures may update as the company’s earnings call concludes and filings post. Nothing here is investment advice. [17]
Sources: IonQ Q3 2025 earnings release and investor materials; consensus snapshot from MT Newswires/FactSet; sector context from Reuters; same‑day Geneva Quantum Network announcement. [18]
References
1. investors.ionq.com, 2. ionq.com, 3. www.marketscreener.com, 4. ionq.com, 5. investors.ionq.com, 6. ionq.com, 7. www.stocktitan.net, 8. www.reuters.com, 9. www.marketscreener.com, 10. ionq.com, 11. ionq.com, 12. investors.ionq.com, 13. investors.ionq.com, 14. ionq.com, 15. ionq.com, 16. investors.ionq.com, 17. investors.ionq.com, 18. investors.ionq.com
