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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Troy Jensen | Cantor Fitzgerald | 8 (0%) |
| Craig Ellis | B. Riley Securities | 7 (0%) |
| Dave Williams | Benchmark | 7 (0%) |
| Tyler Anderson | Craig-Hallum | 6 (0%) |
| John McPeake | Rosenblatt Securities | 5 (20%) |
| Quinn Bolton | Needham | 5 (0%) |
| Richard Shannon | Craig-Hallum | 4 (0%) |
| Nehal Chokshi | Northland Capital Markets | 4 (50%) |
| Shadi Mitwalli | Needham | 4 (0%) |
| Kevin Garrigan | Jefferies | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Craig-Hallum | 2 | 10 (0%) |
| Needham | 2 | 9 (0%) |
| Cantor Fitzgerald | 1 | 8 (0%) |
| Rosenblatt Securities | 2 |
| 7 (14%) |
| Benchmark | 1 | 7 (0%) |
| B. Riley Securities | 1 | 7 (0%) |
| Northland Capital Markets | 1 | 4 (50%) |
| Jefferies | 1 | 4 (0%) |
IonQ opened 2026 with record first-quarter revenue of $64.7 million, up 755% year-over-year and more than 30% above guidance, its fourth consecutive record quarter, and raised full-year 2026 revenue guidance to $260 million to $270 million while targeting roughly 100% organic growth. The company presold its first chip-based 256-qubit system, published a detailed walking cat fault-tolerant architecture blueprint, and reported early ion-trap samples back from its SkyWater fabrication partner. Remaining performance obligations grew 554% to $470 million, underscoring backlog visibility. GAAP net income was a positive $805.4 million on an approximately $1.1 billion non-cash warrant gain, while the adjusted EBITDA loss was $96.8 million and R&D rose 215% to $125.7 million; cash stood at $3.1 billion.
Innovation & R&D | Revenue Growth | M&A | Demand | Product Launch | Cost Pressure | Capital Allocation | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 1 | 2 | 2 | 1 | 1 | 1 | ||
| 2025Q1 | 4 | 1 | 3 | 1 | 2 | |||
| 2025Q2 | 6 | 1 | 3 | 1 | 1 | 1 | ||
| 2025Q3 | 4 | 4 | 1 | 2 | 2 | 1 | 1 | |
| 2025Q4 | 1 | 2 | 2 | 2 | 1 | 1 | 2 | 1 |
| 2026Q1 | 3 | 4 | 3 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 1 | 4 | 6 | 4 | 1 | 3 |
| Revenue Growth | 2 | 1 | 1 | 4 | 2 | 4 |
| M&A | 2 | 3 | 3 | 1 | 2 | |
| Demand | 1 | 2 | 2 | 3 | ||
| Product Launch | 2 | 2 | 1 | 2 | ||
| Cost Pressure | 1 | 1 | 1 | 1 | 1 | |
| Capital Allocation | 1 | 1 | 1 | 2 | ||
| Margin | 1 | 1 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $12M | +91.8% | $-0.93 | -365.0% | -661.9% | -1725.0% | $-44M |
| FY2025 Q1 | $8M | -0.2% | $-0.14 | +26.3% | -1000.3% | -426.3% | $-36M |
| FY2025 Q2 | $21M | +81.8% | $-0.70 | -288.9% | -707.9% |
| -854.5% |
| $-55M |
| FY2025 Q3 | $40M | +221.5% | $-3.58 | -1391.7% | -423.5% | -2646.3% | $-127M |
| FY2025 Q4 | $62M | +428.5% | $1.93 | +307.5% | -392.2% | 1136.7% | $-83M |
| FY2026 Q1 | $65M | +754.7% | $2.07 | +1578.6% | -419.8% | 1245.4% | $-159M |
| FY2026 Q2 | $80M | +286.8% | $-5.08 | -625.7% | -421.3% | -2333.2% | $-114M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What IONQ and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“in January of 2026, we announced our intent to acquire SkyWater, in order to accelerate the U.S. quantum industry and deepen our commitment as a merchant supplier.”
IonQ reiterated its pending SkyWater acquisition to accelerate U.S. quantum manufacturing, expected to close in Q2 or Q3 2026.
“our peers have now recognized this accelerated time line with Google very recently bringing forward its expectation for Q-Day from the mid-2030s to 2029.”
Google pulled its Q-Day estimate forward to 2029, corroborating a compressing quantum-threat timeline that validates IonQ's roadmap.
“With Synopsis, we demonstrated accelerated computer-aided engineering workloads through quantum enhanced graft partitioning.”
IonQ demonstrated accelerated CAE workloads with Synopsys via quantum-enhanced graph partitioning, a read-through of quantum uptake in Synopsys's engineering software.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
IONQ IonQ, Inc. | 9 | +754.7% | |
| ANET Arista Networks | 9 | +35.1% | |
| DELL Dell Technologies | 10 | +40.2% | |
| HPQ HP Inc. | 5 | +6.9% | |
| NTAP NetApp | 8 | +4.4% | |
| QBTS D-Wave Quantum Inc. | 2 | -81.0% | |
| RGTI Rigetti Computing, Inc. | 8 | +198.9% | |
| SMCI Supermicro | 7 | +122.7% | |
| STX Seagate Technology Holdings | 10 | +44.1% | |
| WDC Western Digital | 9 | +45.5% |