Updated Aug 7 at 7:02pm ET.
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IonQ reported second-quarter revenue of about $80 million, a 287 percent jump from the same time last year. While the company reported a large loss per share of $5.08, much of that is tied to the costs of scaling up and its recent acquisition of SkyWater Technology. The company raised its full-year revenue goal to between $280 million and $290 million.
The results show that IonQ is moving from a research phase into a real product cycle. About 60 percent of its revenue now comes from commercial customers rather than government grants, and its backlog of future work grew nearly 300 percent. This suggests that there is real, paying demand for its quantum systems as it begins to ship more hardware globally.
See the full quarter, and how our tracked metrics did
Source: 8-K filing
The Defense Advanced Research Projects Agency, or DARPA, has extended its partnership with IonQ through a $28 million contract. IonQ will use its expertise in handling individual atoms to build 125 optical atomic clocks, which are used for ultra-precise timing in critical systems like radar and encrypted communications.
While most people focus on IonQ for its computers, this contract highlights the value of its underlying technology. The same methods used to trap ions for computing can be used to build these advanced sensors. This provides a steady stream of government funding and helps the company scale its manufacturing capabilities for its broader hardware roadmap.
Source: Business Wire
IonQ has secured a contract with the National Reconnaissance Office to provide commercial satellite imagery and data services. The work will be handled by Capella, a company IonQ owns that specializes in synthetic aperture radar, which is a way of taking high-resolution pictures of the earth from space even through clouds or darkness.
This deal is important because it shows IonQ is successfully selling more than just quantum computing time. By winning a spot in this government program, the company is proving it can be a reliable partner for national security missions, which helps diversify its revenue while its core quantum hardware continues to develop.
Source: Business Wire
The company reports its latest numbers after the bell today. Beyond the headline figures, the most important thing to watch is how much of its 470 million dollar backlog is turning into actual revenue. For a company at this stage, progress on its hardware roadmap, specifically the move toward shipping its 256-qubit systems, matters more than short-term profit.
This agreement focuses on co-designing quantum systems specifically for government and security use. While it is not a direct sales contract, it deepens the company's ties with the U.S. government, which remains a primary buyer and funder of early quantum hardware.
Source: Business Wire
Analysts adjusted their price targets following the company's recent earnings report and new defense contracts. Three of the six analysts rate the stock a buy, and the average target of $65 suggests a 63% upside from today's price.
The company has a history of reporting massive revenue growth that outpaces what analysts expect, though its heavy spending on new technology means it still reports large paper losses.
| Expectation | |
|---|---|
| EPS | $-0.22 |
| Revenue | $71M |
