IonQ (IONQ) 10-K Summary — Year Ended Dec 31, 2025
IonQ is a quantum computing company that develops quantum hardware and software. The fiscal year showed strong revenue growth but continued operating losses and negative cash flow.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
IonQ is a quantum computing company that develops quantum hardware and software. The fiscal year showed strong revenue growth but continued operating losses and negative cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$130M
Revenue reported for the fiscal year.
Operating income
-$633.7M
Income from operations reported for the year.
Net income
-$510.4M
Net income reported for the year.
Operating cash flow
-$283.2M
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $11.1M | +430.3% |
| Dec 31, 2023 | $22M | +98.0% |
| Dec 31, 2024 | $43.1M | +95.4% |
| Dec 31, 2025 | $130M | +201.9% |
Business overview
IonQ designs and builds trapped-ion quantum computers and offers access to its systems via cloud platforms. The company also provides quantum algorithms and software tools for enterprise and research applications.
Financial performance
Revenue increased significantly compared to the prior year, driven by growing customer adoption. However, the company reported a large net loss and negative operating cash flow, reflecting substantial investment in research and development and scaling operations.
Material risks
The company has an accumulated deficit and expects to incur significant losses and higher operating expenses for the foreseeable future. The planned acquisition of SkyWater involves substantial cash outlay and integration risks that could affect financial stability.
Liquidity and capital
As of the balance sheet date, the company held a large cash and investment position, which management believes will cover working capital and capital expenditure needs for the next year. However, the pending SkyWater acquisition will consume a significant portion of available liquidity.
What to watch
Investors should monitor the progress and financial impact of the SkyWater acquisition, including integration costs and any adjustments to the company's cash position.