IonQ, Inc. stock research
FY2025 Q2
IonQ (IONQ) Gross Margin — Quarter Ended Jun 30, 2025
In the current quarter, revenue increased substantially compared to both the prior quarter and the same quarter last year. Gross profit turned positive from negative in the prior quarter and grew from the year-ago level, resulting in a higher gross margin.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
In the current quarter, revenue increased substantially compared to both the prior quarter and the same quarter last year. Gross profit turned positive from negative in the prior quarter and grew from the year-ago level, resulting in a higher gross margin.
- The primary driver of the improved gross margin was the growth in revenue, which increased more than the associated cost of revenue, leading to a larger gross profit. The filing indicates the company maintains a significant cash position and completed an equity offering after the quarter end.
- Compared to the prior quarter, gross margin improved from negative to positive, and compared to the same quarter last year, it was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
34.6%
Gross profit
$7.2M
Revenue
$20.7M
Cost of revenue
$13.5M
Quarter-over-quarter change
+49.2 pts
Year-over-year change
+9.5 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, 2024 | $12.4M | $2.4M | $10.0M | 19.3% |
| Dec 31, 2024 | $11.7M | $2.7M | $9.0M | 22.7% |
| Mar 31, 2025 | $7.6M | -$1.1M | $8.7M | -14.7% |
| Jun 30, 2025 | $20.7M | $7.2M | $13.5M | 34.6% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+49.2 pts
Year-over-year change
Jun 30, 2024
+9.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary driver of the improved gross margin was the growth in revenue, which increased more than the associated cost of revenue, leading to a larger gross profit. The filing indicates the company maintains a significant cash position and completed an equity offering after the quarter end.
Compared to the prior quarter, gross margin improved from negative to positive, and compared to the same quarter last year, it was higher.
Monitor whether the trend of revenue growth exceeding cost of revenue growth continues, as well as the company's liquidity position noted in the filing.