"IonQ is demonstrably leading the commercialization of quantum computing and quantum networking worldwide."
— Peter Chapman
03Detailed Report
IONQ
IonQ Inc
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 29, 2026
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Executive Summary
IonQ Inc (NYSE: IONQ) has showcased remarkable progress in its Q3 2024 financial results, achieving a revenue of $12.4 million, which marks an 102.09% increase year-over-year and an 8.95% increase quarter-over-quarter. This growth trajectory is further solidified by the announcement of $63.5 million in contract bookings, highlighting IonQ's strong commercial momentum. Management has raised the full-year revenue guidance to a range between $38.5 million and $42.5 million, reflecting confidence in the company’s operational strategy and execution. Also significant is the agreement to acquire Qubitekk, a move meant to enhance IonQ's capabilities in quantum networking, positioning the company for robust future growth in a market projected to reach $36 billion by 2040.
Key Performance Indicators
Revenue
Increasing
12.40M
QoQ: 8.95% | YoY: 102.09%
Gross Profit
Increasing
5.89M
47.50% margin
QoQ: 305.02% | YoY: 42.56%
Operating Income
Decreasing
-53.14M
QoQ: -8.57% | YoY: -25.93%
Net Income
Decreasing
-52.50M
QoQ: -39.76% | YoY: -17.15%
EPS
Decreasing
-0.24
QoQ: -33.33% | YoY: -9.09%
Revenue Trend
Margin Analysis
Financial Highlights
Financial Performance Metrics:
1. Revenue: $12.4 million (YoY: +102.09%, QoQ: +8.95%)
2. Gross Profit: $5.885 million (Gross Profit Margin: 47.5%)
3. Net Income: $(52.5) million (YoY: -17.15%, QoQ: -39.76%)
4. EPS: $(0.24)
5. Total Operating Costs: $65.5 million (up 36% YoY)
6. R&D Expenses: $33.2 million (up 35% YoY)
7. Cash Position: $382.8 million as of September 30, 2024, reflecting significant liquidity to sustain operations and investment.
IonQ's increase in revenue is attributed to advancing technology partnerships and contract wins, which indicate growing customer adoption of quantum computing solutions. Operating costs rose primarily due to increased investment in research and development, a strategic focus that management emphasizes as vital for long-term growth.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
12.40M
102.09%
8.95%
Gross Profit
5.89M
42.56%
305.02%
Operating Income
-53.14M
-25.93%
-8.57%
Net Income
-52.50M
-17.15%
-39.76%
EPS
-0.24
-9.09%
-33.33%
Key Financial Ratios
Gross Profit Margin
Good
47.50%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Weak
-4.29%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-4.23%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.11%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.12%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
12.23
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.04
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-8.92x
Negative earnings make P/E ratio not meaningful
Price to Book
Premium
4.30x
Trading at premium to book value, reflects strong intangibles or growth
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