来源：智通财经网 尽管量子计算公司IonQ(IONQ.US)营收超出预期，但由于一系列收购活动，公司亏损仍超出预期。财报 显示，IonQ三季度营收达 3987 万美元，同比增长 221.5%，超出预期 1288 万美元；调整后每股亏损为 0.17 美元，超出预期 0.03 美元。 IonQ第三季度净亏损11亿美元，调整后EBITDA亏损4890万美元，每股亏损3.58美元，调整后每股亏损 0.17美元。业绩公布后，该股盘后涨超5%。 IonQ同时重申了其调整后EBITDA亏损的中值预期，亏损范围为2.06亿美元至2.16亿美元。 截至 2025 年 9 月 30 日，公司持有的现金、现金等价物和投资为 15 亿美元；按 2025 年 10 月 14 日完成 的 20 亿美元股权发行计算，预计现金、现金等价物和投资为 35 亿美元。 该公司在三季度完成对 Oxford Ionics 和 Vector Atomic 的收购，加速并加强 IonQ 的全栈量子平台。 该公司目前预计2025年营收将在1.06亿美元至1.1亿美元之间，高于此前9133万美元的预期，也远高于该 公司此前8200万美元至1亿美元的预期范围。 ...

IonQ同时重申了其调整后EBITDA亏损的中值预期，亏损范围为2.06亿美元至2.16亿美元。 尽管量子计算公司IonQ(IONQ.US)营收超出预期，但由于一系列收购活动，公司亏损仍超出预期。财报 显示，IonQ三季度营收达3987万美元，同比增长221.5%，超出预期1288万美元；调整后每股亏损为0.17 美元，超出预期0.03美元。 截至2025年9月30日，公司持有的现金、现金等价物和投资为15亿美元；按2025年10月14日完成的20亿 美元股权发行计算，预计现金、现金等价物和投资为35亿美元。 该公司在三季度完成对Oxford Ionics和Vector Atomic的收购，加速并加强IonQ的全栈量子平台。 该公司目前预计2025年营收将在1.06亿美元至1.1亿美元之间，高于此前9133万美元的预期，也远高于该 公司此前8200万美元至1亿美元的预期范围。 IonQ第三季度净亏损11亿美元，调整后EBITDA亏损4890万美元，每股亏损3.58美元，调整后每股亏损 0.17美元。业绩公布后，该股盘后涨超5%。 ...

Company Performance - IonQ reported a quarterly loss of $3.58 per share, significantly worse than the Zacks Consensus Estimate of a loss of $0.44, and compared to a loss of $0.24 per share a year ago, indicating a substantial earnings surprise of -713.64% [1] - The company posted revenues of $39.87 million for the quarter ended September 2025, exceeding the Zacks Consensus Estimate by 47.57%, and showing a significant increase from year-ago revenues of $12.4 million [2] - IonQ has surpassed consensus revenue estimates four times over the last four quarters, demonstrating a strong performance in revenue generation [2] Stock Outlook - IonQ shares have increased approximately 27.8% since the beginning of the year, outperforming the S&P 500's gain of 15.1% [3] - The company's earnings outlook is crucial for assessing future stock performance, with current consensus EPS estimates at -$0.28 for the coming quarter and -$1.58 for the current fiscal year [4][7] - The estimate revisions trend for IonQ was favorable ahead of the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expectations of outperformance in the near future [6] Industry Context - The Computer - Integrated Systems industry, to which IonQ belongs, is currently ranked in the top 6% of over 250 Zacks industries, suggesting a favorable environment for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, highlighting the importance of monitoring these revisions for investment decisions [5]

Financial Data and Key Metrics Changes - The company achieved record revenues of $39.9 million in Q3 2025, representing year-on-year growth of 222% and exceeding the high end of its guidance by 37% [24][31] - Adjusted EBITDA loss for the quarter was $48.9 million, with GAAP operating expenses totaling $208.7 million [26][27] - GAAP EPS for the quarter was a loss of $3.58, primarily impacted by mark-to-market adjustments related to outstanding warrants [27][28] - Cash, cash equivalents, and investments as of September 30, 2025, were $1.5 billion, with an additional $2 billion raised in October, bringing the pro forma cash balance to $3.5 billion [28][29] Business Line Data and Key Metrics Changes - The company reported significant growth in its quantum computing, networking, sensing, and cybersecurity segments, with a focus on integrated solutions [24][34] - The acquisition of Oxford Ionics and Vector Atomic has expanded the company's capabilities in quantum computing and sensing, respectively [6][9] - The company is on track to deliver its 256-qubit quantum chip in 2026, which is expected to leverage existing semiconductor supply chains for rapid scaling [19][30] Market Data and Key Metrics Changes - Approximately 70% of the company's business is now U.S.-based, with 30% coming from international markets, a shift from nearly all U.S.-based a year ago [25] - The company is pursuing opportunities in various countries, including Australia, Italy, South Korea, and Japan, indicating a growing international footprint [25] Company Strategy and Development Direction - The company aims to lead in quantum computing, networking, sensing, and cybersecurity by expanding its technical lead and creating integrated solutions [10][16] - IonQ is focused on building a quantum ecosystem that combines hardware, software, and applications to create a competitive advantage [58] - The company is committed to operational excellence and is investing in its infrastructure to support growth [29][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position as a leader in quantum technology and its ability to capitalize on emerging opportunities [17][31] - The company anticipates stronger Q4 revenues than Q3, breaking previous seasonal trends [31] - Management highlighted the importance of quantum cybersecurity and sensing solutions in addressing current market needs [34][42] Other Important Information - The company has over 1,100 patents pending and granted, reflecting its commitment to innovation and intellectual property development [11] - IonQ's acquisition strategy has been pivotal in enhancing its capabilities and market position [6][9] Q&A Session Summary Question: How much of the revenue upside came from core quantum computing versus security, sensing, and networking? - Management indicated that the ability to sell integrated solutions has been crucial, with significant contributions from quantum security and networking [32][34] Question: What applications are currently most popular among government and commercial customers? - Management noted strong interest in quantum cybersecurity and solutions for logistics and maintenance in the defense sector [38][39] Question: How has the government shutdown impacted upcoming deals? - Management reported no material impact from the government shutdown, maintaining confidence in ongoing projects [51][52] Question: Will the Oxford chip be in the sixth-generation computer launching in 2026? - Yes, the 256-qubit device based on electronic qubit control will be part of the 2026 roadmap [46] Question: What are the trends in operating expenses and share count? - Management plans to continue increasing R&D and innovation spending, with an expected share count of around 350 million by year-end [47][50]

Q3 2025 Business & Financial Highlights November 5, 2025 2 IonQ Q3 2025 Update Copyright © 2025 IonQ, Inc. All Rights Reserved. Unprecedented Momentum and Scale The Quantum Leader in Every Metric That Matters Oak Ridge National Laboratory Copyright © 2025 IonQ, Inc. All Rights Reserved. Important Information Forward-Looking Statements and Other Information This presentation contains forward-looking statements. All statements other than statements of historical fact are forward-looking statements, including ...

Financial Performance - Net losses attributable to IonQ, Inc. were $1,264.0 million and $129.6 million for the nine months ended September 30, 2025 and 2024, respectively, with an accumulated deficit of $1,947.8 million as of September 30, 2025 [186]. - Net loss attributable to IonQ, Inc. was $1,054.96 million for the three months ended September 30, 2025, compared to a net loss of $52.5 million for the same period in 2024 [204]. - The company expects to incur significant losses and higher operating expenses for the foreseeable future, with an accumulated deficit of $1,947.8 million as of September 30, 2025 [229]. Revenue and Growth - Revenue is derived from contracts related to specialized quantum computing hardware, quantum networking products, QCaaS, consulting services, and satellite imagery [189]. - Revenue increased by $27.5 million, or 222%, to $39.9 million for the three months ended September 30, 2025, from $12.4 million for the same period in 2024 [205]. - Revenue for the nine months ended September 30, 2025, increased by $36.8 million, or 117%, to $68.1 million from $31.4 million for the same period in 2024 [217]. Expenses - Research and development expenses increased by $33.1 million, or 100%, to $66.3 million for the three months ended September 30, 2025, from $33.2 million for the same period in 2024 [207]. - General and administrative expenses surged by $68.2 million, or 476%, to $82.5 million for the three months ended September 30, 2025, from $14.3 million for the same period in 2024 [209]. - The increase in general and administrative expenses was primarily driven by a $39.2 million increase in payroll-related expenses, including stock-based compensation [209]. - The increase in research and development expenses was primarily due to a $27.0 million increase in payroll-related expenses, including stock-based compensation [207]. - Research and development expenses increased by $112.9 million, or 117%, to $209.6 million for the nine months ended September 30, 2025, from $96.8 million for the same period in 2024 [219]. - General and administrative expenses surged by $113.0 million, or 273%, to $154.4 million for the nine months ended September 30, 2025, from $41.4 million in 2024 [221]. - Cost of revenue (excluding depreciation and amortization) rose by $14.7 million, or 226%, to $21.3 million for the three months ended September 30, 2025, from $6.5 million for the same period in 2024 [206]. - Cost of revenue (excluding depreciation and amortization) for the nine months ended September 30, 2025, increased by $18.3 million, or 118%, to $33.9 million from $15.6 million for the same period in 2024 [218]. - Depreciation and amortization expenses increased by $28.2 million, or 215%, to $41.4 million for the nine months ended September 30, 2025, from $13.2 million in 2024 [222]. Cash Flow and Financing - Net cash used in operating activities was $208.7 million for the nine months ended September 30, 2025, compared to $66.3 million in 2024 [236]. - Net cash used in investing activities was $873.6 million for the nine months ended September 30, 2025, primarily due to purchases of available-for-sale securities [238]. - Net cash provided by financing activities was $1,377.4 million for the nine months ended September 30, 2025, primarily from proceeds from the issuance of common stock and warrants [240]. - As of September 30, 2025, the company had cash, cash equivalents, and available-for-sale securities totaling $1,485.0 million [229]. Strategic Outlook - The company is developing quantum computers and networks aimed at solving complex problems and transforming business and society [182]. - The company expects to continue incurring significant losses as it prioritizes reaching technical milestones for stable qubits and higher fidelity [186]. - The company intends to continue considering acquisitions and investments in complementary businesses to enhance its operations [187]. - The impact of macroeconomic factors such as inflation and interest rates may adversely affect operating results and financing options [188]. Market Risks and Accounting - The company acknowledges that estimates related to forward-looking views can significantly impact the fair values of identifiable intangible assets, potentially leading to material changes in reported intangible assets and goodwill [245]. - Recent accounting standards have been adopted, as discussed in the Summary of Significant Accounting Policies in the Quarterly Report [246]. - The company is exposed to market risks related to interest rate changes and credit concentration, with no material changes reported since December 31, 2024 [247].

Core Insights - The announcement of Google's Willow quantum chip achieving verifiable quantum advantage has sparked significant interest in quantum computing stocks [3][5] - The Trump administration's discussions to take equity stakes in quantum companies in exchange for federal funding have further fueled this interest [4][5] - The involvement of high-profile figures, such as Deputy Secretary of Defense Steve Feinberg, who has a substantial position in IonQ, raises questions about potential conflicts of interest [4][5] Quantum Computing Market Dynamics - Google's Willow chip demonstrated performance 13,000 times faster than the fastest classical supercomputer on a specific benchmark task, marking a significant milestone in quantum computing [3] - Following the announcement, stocks of quantum computing companies saw dramatic increases, with IonQ rising over 400% and Quantum Computing Inc (QUBT) surging 1,800% [5] - The market narrative around quantum computing has shifted from skepticism to speculation, with retail investors actively engaging in the sector [5][6] Government and Investment Landscape - The Trump administration's strategy includes discussions led by Deputy Commerce Secretary Paul Dabbar to invest in quantum computing firms like IonQ, Rigetti Computing, and D-Wave Quantum [3][4] - The potential for government equity stakes in these companies represents a significant shift in the investment landscape for quantum technology [4] - The convergence of scientific advancements and government intervention may signal the beginning of a new technology cycle in quantum computing [6]

Core Insights - Quantum stocks are experiencing a recovery after significant losses, driven by technical breakthroughs and a $625 million funding commitment from the U.S. Department of Energy for quantum research centers [1][2] Funding and Government Support - The U.S. Department of Energy announced a $625 million investment aimed at advancing quantum technology R&D over the next five years at five national research centers, enhancing the U.S. position as a leader in quantum research [2] - The funding is part of the National Quantum Initiative Act of 2018, focusing on breakthroughs in computing, quantum sensing, and secure communications [2] Market Developments - The Commerce Department is reportedly considering equity stakes in quantum companies for federal funding, although it later denied that active negotiations were taking place [3] - Technical advancements are contributing to the sector's recovery, with notable projects and achievements being reported [3] Company-Specific Updates - D-Wave completed a joint proof-of-concept project with BASF, utilizing a hybrid-quantum application to optimize manufacturing workflows [4] - Google’s Willow chip has demonstrated a verifiable quantum advantage over classical supercomputers, significantly enhancing the credibility of the quantum sector [4] Earnings Reports - Investor attention is shifting towards upcoming earnings reports, with IonQ expected to report a loss of 44 cents per share and revenue of $26.98 million [5] - D-Wave is set to report its results before the market opens on Thursday, while Rigetti will release its Q3 results the following Monday [5]

Core Insights - Investors in pure-play quantum computing stocks are facing challenges in valuing these companies, leading to high price volatility in this emerging sector on Wall Street [1] Group 1 - The quantum computing industry is currently experiencing significant interest, but the valuation of companies within this space remains uncertain [1] - The volatility in stock prices reflects the speculative nature of investments in quantum computing, which is considered a futuristic technology [1]

Core Insights - The rapid rise of quantum computing stocks is expected to be followed by a significant decline, indicating a potential bubble in the market [1][10][11] Market Performance - Quantum computing stocks have shown trailing-12-month returns of up to 3,170% as of October 31, with companies like IonQ, Rigetti Computing, D-Wave Quantum, and Quantum Computing Inc. leading the surge [2] - Current market capitalizations for these companies range from $3.7 billion for Quantum Computing Inc. to $21.7 billion for IonQ, despite a lack of supporting data for such high valuations [3] Technology and Use Cases - Quantum computing utilizes specialized computers based on quantum mechanics to solve complex problems beyond the capabilities of traditional computers [5] - Potential applications include enhancing AI algorithms, improving drug trial success rates, strengthening cybersecurity, refining weather forecasting, and optimizing investment portfolios [5] Investment Dynamics - The surge in quantum computing stocks has been fueled by potential partnerships and financing opportunities, including discussions of equity stakes by the Trump administration [7] - Major cloud computing services like Amazon's Braket and Microsoft's Azure Quantum are providing access to quantum computing resources, further legitimizing the technology [8] Market Sentiment - The phenomenon of "FOMO" (fear of missing out) is driving investor behavior, contributing to the rapid price increases of quantum computing stocks [9] - Historical trends suggest that every major technological advancement has experienced a bubble-bursting event, indicating that quantum computing may follow suit [12][15] Valuation Concerns - Current valuations of quantum computing stocks are unsustainable, with price-to-sales (P/S) ratios reminiscent of the dot-com bubble, where leading companies peaked at P/S ratios of 30 to 40 [16] - The S&P 500's Shiller P/E Ratio is currently at 41.20, suggesting that a market correction could disproportionately affect high-valuation stocks like those in quantum computing [19][20] Future Projections - Consensus sales projections for 2027 indicate that even with significant sales growth, existing valuations for quantum computing stocks cannot be justified [18]