Q2 2026 IONQ Inc and SkyWater Technology, Inc. Earnings Call Transcript

Aug 5, 2026 / 08:30 PM GMT

Transcript 10-Q8-K

Key Points

Positve

IonQ Inc (IONQ) delivered record Q2 2026 revenue of $80.1 million, a 287% year-over-year increase, exceeding its own expectations by 20%.
The company closed its $1.8 billion acquisition of SkyWater, creating a vertically integrated full-stack quantum platform with onshore semiconductor manufacturing capabilities.
IonQ Inc (IONQ) achieved a major technical milestone by receiving its first fully integrated QPUs from SkyWater, advancing its 256-qubit and 10,000-qubit chip roadmap.
The company demonstrated break-even quantum error correction using QLDPC codes, validating key elements of its fault-tolerant 'walking cat' architecture.
IonQ Inc (IONQ) expanded its merchant supplier role with the Nexus Photonics acquisition, adding integrated photonics capabilities for quantum systems and networking.
The company reported strong organic growth of 132% year-over-year, driven by global deployments of its fifth-generation quantum computers, including KISTI and Quantum Basel.
IonQ Inc (IONQ) raised its full-year 2026 revenue guidance to $280-$290 million, reflecting continued momentum and market demand.
The company's RPOs grew to $485 million, up from $122 million a year ago, providing strong forward revenue visibility.
IonQ Inc (IONQ) launched a new QKD product for enterprise-grade quantum security, capitalizing on the growing demand for post-quantum cybersecurity solutions.
The company is benefiting from recent U.S. executive orders on quantum technology, positioning itself as a key player in national security and economic initiatives.

Negative

IonQ Inc (IONQ) reported a GAAP net loss of $1.9 billion for Q2 2026, primarily due to a $1.6 billion non-cash mark-to-market impact from warrant valuations.
The company's adjusted EBITDA was negative $120.3 million, reflecting increased spending on SkyWater integration and pre-integration costs.
IonQ Inc (IONQ) faces significant execution risks in scaling its semiconductor-based quantum systems, with customer commissioning not expected until the first half of 2027.
The company's guidance for 2026 excludes SkyWater's financials, and combined company guidance is delayed until integration is complete, creating uncertainty for investors.
IonQ Inc (IONQ) noted that intercompany revenue eliminations with SkyWater will impact future reported revenue, potentially complicating financial comparisons.
The company's heavy reliance on government and international customers (50% of revenue) exposes it to geopolitical and regulatory risks.
IonQ Inc (IONQ) continues to operate at a loss, with high R&D and go-to-market investments, and there is no clear timeline for achieving profitability.
The company's quantum security products, including QKD, face competition and adoption challenges, as PQC algorithms are still being evaluated for vulnerabilities.
IonQ Inc (IONQ) acknowledged that its pipeline is large but not all inquiries will convert to customers, indicating potential sales execution challenges.
The company's aggressive acquisition strategy (SkyWater, Nexus Photonics) may lead to integration complexities and dilution of focus on core quantum computing.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

IONQ.N - IonQ, Inc.
Q2 2026 IONQ Inc and SkyWater Technology, Inc. Earnings Call
Aug 05, 2026 / 08:30PM GMT

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Presentation
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Unidentified_1 [1]
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Good afternoon and welcome to IonQ second quarter 2026 earnings conference call.

All participants will be in listen-only mode.

Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your telephone keypad. To withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Hanley D'Onofrio, Director of Investor Relations, please go ahead.

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Unidentified_2 [2]

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