Key Highlights

  • Revenue for the third quarter reached USD 173.8 million, versus USD 39.9 million a year earlier, as IonQ Platform sales grew 127% to USD 90.3 million and Foundry Services contributed USD 83.5 million.
  • Full-year 2026 Revenue guidance moved up to a band of USD 505 million to USD 515 million; the prior band, according to published coverage, was USD 450 million to USD 460 million.
  • Reported profit reached USD 564.0 million, equal to USD 1.42 a share, mostly because of a non-cash gain tied to Warrant fair value, while adjusted EBITDA sat at negative USD 133.6 million.
  • Cash, equivalents and investments reached USD 1.7 billion on September 30, 2026, climbing to USD 3.7 billion pro forma once a USD 2.0 billion Equity raise that completed October 16, 2026 is included.

How Acquired Foundry Revenue Changed the Top Line

IonQ (NYSE:IONQ) released quarterly numbers on November 5, 2026, showing sales of USD 173.8 million, compared with USD 39.9 million the year before. Part of that gain came through consolidation of SkyWater's Foundry Services segment, which contributed USD 83.5 million, so not all of the increase reflects organic quantum sales. IonQ Platform sales grew 127%, reaching USD 90.3 million. Remaining performance obligations more than doubled, reaching USD 1.2 billion, and non-IonQ quantum customer revenue at the foundry rose more than 30%. After-hours quotes on Thursday showed the shares up about 4.9%, per published market data. Foundry work means Manufacturing chips for customers, which differs from selling quantum systems and cloud access.

Reconciling a Warrant Gain With Negative Adjusted EBITDA

Warrants are revalued every quarter, so a falling share price can generate a paper gain that shows up as profit. The release attributes GAAP Net Income attributable to IonQ of USD 564.0 million mainly to such a non-cash gain. The quarterly adjusted EBITDA loss was USD 133.6 million, and the nine-month figure was a USD 350.6 million loss, while per-share adjusted results came in at negative USD 0.29. On a nine-month basis, the net loss attributable to shareholders stood at USD 498.4 million. SkyWater research costs of USD 23.7 million sit inside adjusted EBITDA. Investors judging operating performance will therefore weigh the adjusted loss far more than the headline profit.

DARPA Milestone and Elisity Deal Against Dilution Risk

Other milestones include a move into Stage C of a DARPA quantum benchmarking effort, with potential value of up to USD 300 million, an agreement to buy the security company Elisity, and a deployment of a Superion 256 system by NVIDIA. Cash strengthened because of the USD 2.0 billion equity raise, which dilutes existing holders. Management expects Quantum Computing revenue growth of 110% year over year. Risks include ongoing heavy losses, integration of acquired units and dilution. Quantum equities tend to ride sentiment, which means gains after the bell may not last. No analyst consensus was verified. Separately, SkyWater unveiled two quantum manufacturing platforms, added Qolab as a customer and broadened a multi-year tie-up with D-Wave.

Where Things Stand

The 336% revenue jump is partly an Acquisition effect, because SkyWater foundry sales were added to fast-rising platform revenue, while adjusted EBITDA stayed at negative USD 133.6 million. Headline profit of USD 564.0 million rests chiefly on a warrant Revaluation rather than cash generated by operations, so it is not an operating measure. Watch the regular session reaction, delivery relative to the USD 505 million to USD 515 million outlook, progress on the Elisity agreement and how the larger cash pile gets deployed. A bigger cash pile eases funding pressure but also raises the share count.