IonQ Stock Jumps on Revenue That Crushed Wall Street's Estimate. Earnings, However, Were Worse Than Expected.

Core Viewpoint - IonQ's shares rose 4.8% in after-hours trading following a strong Q3 2025 report, driven by revenue that exceeded Wall Street expectations and an increase in full-year revenue guidance [1][5]. Financial Performance - Q3 2025 revenue reached $39.9 million, a significant increase of 222% compared to Q3 2024's $12.4 million [4]. - GAAP operating income showed a loss of $168.8 million in Q3 2025, widening by 218% from a loss of $53.1 million in Q3 2024 [4]. - GAAP net income for Q3 2025 was a loss of $1.05 billion, a dramatic increase of 1,908% from a loss of $52.5 million in Q3 2024 [4]. - GAAP earnings per share (EPS) for Q3 2025 was a loss of $3.58, compared to a loss of $0.24 in Q3 2024 [4]. - Non-GAAP (adjusted) EPS for Q3 2025 was a loss of $0.17, widening by 55% from a loss of $0.11 in Q3 2024 [4]. Market Expectations - Analysts had expected a GAAP EPS of $0.44 on revenue of $27 million, indicating that while IonQ exceeded revenue expectations, it significantly missed on the bottom line [5][8]. - The company surpassed its revenue guidance of $25 million to $29 million [5]. Operational Insights - IonQ's operational spending for the first three quarters of the year was $208.7 million, compared to $66.3 million in the same period last year [6]. - The company ended the quarter with $1.5 billion in cash, cash equivalents, and short-term investments, and raised $2 billion in a stock offering shortly after the quarter ended [6]. Acquisitions - IonQ completed the acquisition of U.K.-based Oxford Ionics during the third quarter, which is expected to enhance scale, stability, and cost savings through existing semiconductor manufacturing [9].