IonQ Stock Rises 23.42% After Record Revenue and 2026 Outlook Raised to $515 Million
Key Facts
IonQ shares jumped 23.42% in Friday’s November 6 session, closing at $32.62 after the company reported third-quarter results following the market close the previous day. The rise followed revenue of $173.8 million, up 336% year over year and 23% above analyst consensus. The company raised its fiscal 2026 revenue outlook to a range of $505 million to $515 million and forecast annual growth of 110% in quantum computing revenue. IonQ said the third quarter was its sixth consecutive quarter of record revenue. Chief Executive Niccolo de Masi described the results as the strongest in the company’s history, noting that remaining performance obligations exceeded $1.2 billion.
The raised outlook marks an increase from the previous range of $450 million to $460 million for fiscal 2026, announced by the company on September 8. That estimate included SkyWater’s contribution from its acquisition date on July 31 through year-end. The new range reflects the company’s expectation of more than half a billion dollars in revenue during the year, alongside growth in quantum computing revenue. Combined revenue for the nine months ended September 30 was $318.5 million, up 368% from $68.1 million in the same period of 2025. De Masi said the company raised its annual outlook as it converted part of its backlog into record quarterly revenue. He added that remaining performance obligations had “more than doubled” to exceed $1.2 billion.
Revenue growth in the quarter came from both of the company’s segments, according to its results. IonQ Platform revenue rose 127% to $90.3 million, which the company attributed to the global deployment of Tempo computers. Revenue from the SkyWater Foundry Services segment was about $83.5 million. IonQ said revenue from the segment’s quantum computing-related customers, excluding IonQ, increased by more than 30% year over year. Quantum computing accounted for about two-thirds of the value of new contracts signed by the IonQ Platform segment during the quarter, driven by demand for the Superion 256 system. TipRanks reported that the system’s production capacity was sold out for 2027.
Despite revenue growth, IonQ posted an adjusted loss before interest, taxes, depreciation and amortization of $133.6 million in the third quarter. Net income attributable to the company was $564 million, and earnings per share under generally accepted accounting principles were $1.42. The company attributed net income and earnings per share to a noncash effect from the mark-to-market revaluation of warrants. Research and development expenses also rose 114% to $141.7 million, compared with $66.3 million in the year-earlier quarter. The company attributed the increase in part to a $33.2 million rise in payroll expenses, including a $13.1 million increase in stock-based compensation.
On liquidity, IonQ said cash, cash equivalents and investments totaled $1.7 billion on September 30. That amount rose to $3.7 billion on a pro forma basis after a $2 billion stock offering that closed on October 16. In analyst ratings reported by TipRanks, consensus remained Strong Buy, based on 11 Buy recommendations and one Hold issued during the previous three months. The average 12-month price target was $57.08, implying an increase of about 75% from the November 6 close. Several firms, however, cut their price targets after the results: B. Riley lowered its target to $70 from $75, while Morgan Stanley cut its target to $40 from $43 and kept its Hold rating.
The company’s next milestone is delivering on its annual outlook amid expansion in the quantum computing sector and demand for IonQ systems, while those figures remain company forecasts. TipRanks’ page estimated the date of the next earnings report as March 3, 2027, noting that the date had not yet been confirmed. That leaves the date tentative until the company officially announces it. In the meantime, TipRanks noted that Superion 256 production capacity for 2027 was sold out, indicating the scale of demand cited by the company in its results. Analysts’ assessment of the stock combines a Strong Buy consensus with price targets, some of which were cut after the announcement.