IonQ, Inc. stock research
FY2024 Q2
IonQ (IONQ) Gross Margin — Quarter Ended Jun 30, 2024
Revenue and gross profit both increased compared to the prior quarter and the same quarter one year earlier, while cost of revenue also rose. The gross margin improved relative to both the preceding quarter and the year-ago quarter, reflecting a stronger relationship between revenue and the cost of generating that revenue.
Gross margin takeaway
Quarter ended Jun 30, 2024 · FY2024 Q2
Revenue and gross profit both increased compared to the prior quarter and the same quarter one year earlier, while cost of revenue also rose. The gross margin improved relative to both the preceding quarter and the year-ago quarter, reflecting a stronger relationship between revenue and the cost of generating that revenue.
- The increase in revenue was larger than the increase in cost of revenue, leading to a higher gross profit and gross margin. This was the most observable factor driving the margin improvement.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, cost of revenue was slightly higher, and gross margin improved significantly. Compared to the same quarter one year earlier, revenue, gross profit, and cost of revenue were all higher, and gross margin was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
25.1%
Gross profit
$2.9M
Revenue
$11.4M
Cost of revenue
$8.5M
Quarter-over-quarter change
+22.3 pts
Year-over-year change
+1.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2023 | $6.1M | $1.4M | $4.8M | 22.5% |
| Dec 31, 2023 | $6.1M | -$563000 | $6.7M | -9.2% |
| Mar 31, 2024 | $7.6M | $213000 | $7.4M | 2.8% |
| Jun 30, 2024 | $11.4M | $2.9M | $8.5M | 25.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2024
+22.3 pts
Year-over-year change
Jun 30, 2023
+1.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The increase in revenue was larger than the increase in cost of revenue, leading to a higher gross profit and gross margin. This was the most observable factor driving the margin improvement.
Compared to the immediately preceding quarter, revenue and gross profit were higher, cost of revenue was slightly higher, and gross margin improved significantly. Compared to the same quarter one year earlier, revenue, gross profit, and cost of revenue were all higher, and gross margin was higher.
Monitor the trajectory of operating expenses and net losses, as management expects higher operating expenses for the foreseeable future.