IonQ (NYSE: IONQ) delivered its sixth consecutive record quarter, and the numbers keep getting bigger. Revenue of $173.8 million crushed the $141.2 million consensus by 23%, rising 336% from $39.9 million a year ago. Adjusted EPS of -$0.29 also beat the -$0.34 estimate. The forward look, though, is what matters: IonQ raised its full-year 2026 revenue guidance to $505–$515 million, up from the prior range, and expects 110% year-over-year growth in quantum computing revenue specifically.
The beat was broad-based. The IonQ Platform segment generated $90.3 million, up 127% year-over-year, driven by global deployments of the Tempo quantum computer. The SkyWater Foundry Services segment, acquired in early 2026, contributed $83.5 million. Non-IonQ quantum customer revenue at SkyWater grew more than 30% year-over-year, and the company launched SkyWater Quantum Solutions as a dedicated commercial unit. Remaining performance obligations more than doubled to $1.2 billion, even as the company converted backlog into record revenue.
GAAP net income was $564 million, or $1.42 per diluted share. Almost entirely a function of a $896 million non-cash gain on the change in fair value of warrant liabilities. Strip that out, and the operating story is one of heavy investment. Adjusted EBITDA loss widened to -$133.6 million from -$48.9 million a year ago, reflecting the cost of scaling manufacturing, R&D, and the SkyWater integration. Adjusted EPS of -$0.29 compares to -$0.17 in the prior-year quarter.
The guidance raise is the real signal here. IonQ now expects full-year revenue of $505–$515 million, implying Q4 revenue of roughly $186–$196 million at the midpoint. That would represent sequential growth from Q3's $173.8 million. The company also initiated a specific quantum computing revenue growth target of 110% for the full year, which suggests that quantum hardware and platform revenue is accelerating faster than the foundry services segment.
Management's commentary points to two key drivers. First, the Superion 256 system is gaining traction: NVIDIA selected it as the first on-premise quantum computer for its Accelerated Quantum Research Center, and Florida International University signed a $25 million contract for a deployment. Second, the DARPA Quantum Benchmarking Initiative advanced IonQ to Stage C, the only trapped-ion company to reach that milestone, with a potential program value of up to $300 million. These are not small endorsements.
The Elisity acquisition, completed just before the quarter closed, adds a Zero Trust security layer to IonQ's existing post-quantum cryptography and quantum key distribution offerings. IonQ issued $1.15 billion in stock as consideration, with up to $150 million in earn-outs based on revenue milestones through January 2028. Pro forma cash stands at $3.7 billion following a $2 billion equity offering that closed in October. The company is well-capitalized. But the pace of cash burn is worth watching: operating cash flow was -$570 million in the first nine months of 2026, compared to -$209 million in the same period last year.
The guidance raise is aggressive, and it's backed by a backlog that has doubled. The adjusted EBITDA loss is also widening, and the company is spending heavily on R&D ($141.7 million in Q3 alone) and sales and marketing ($48.5 million). The bet is that revenue growth outpaces cost growth. For now, the numbers support that bet. Whether the Superion 256 pipeline and the DARPA program can sustain this trajectory into 2027 is the next question.