IonQ(US:IONQ)2025-11-05 21:11Financial 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].