IonQ Inc
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IonQ Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 1.9B is 82% of equity (2.3B) - tangible book value is NEGATIVE (-248M). Any impairment destroys equity.[Goodwill]
- Revenue 221% YoY growth (TTM 79.8M) but burning 265M FCF annually - 1.3 years cash runway at current rate.[Free Cash Flow TTM]
- R&D of 250M TTM is 3.1x revenue - extreme investment phase with operating margin -604% vs industry +2.3%.[Research and Development TTM]
Watch Triggers
- Cash and Equivalents: Falls below 200M — At -265M FCF burn, triggers imminent dilution or distressed financing
- Total Revenue TTM: Fails to exceed 150M by Q4 2026 — Would indicate growth deceleration, extending path to profitability
- Goodwill: Any impairment charge — Would eliminate equity cushion given negative tangible book value
Bull Case
Revenue tripled YoY (221% growth) with 51% gross margin - quantum computing hitting commercial inflection with strong unit economics.
1B recent capital raise with minimal debt (29M, 0.01 D/E) provides runway to reach scale before competitors.
Bear Case
881M investment loss drove 1.5B net loss TTM - core operations losing 483M annually with no visibility to breakeven.
Tangible book value negative (-248M) while goodwill is 82% of equity - balance sheet is essentially intangible promises.
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Cash runway exhaustion within 18 months forces dilution or strategic transaction
- 346M cash vs 265M annual FCF burn
- Recent 1B equity raise signals ongoing capital needs
- No path to profitability at current R&D intensity
Valuation Context
Caveats
IONQ Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$21.11B | — | ||
$20.65B | — | ||
145 | — | ||
$187.12M | +334.6% | — | |
$0.39 | — | ||
-443% | +149.5% | — | |
175% | +928.1% | — | |
$-423.66M | — | ||
11.4% | +63.5% | — | |
Beta 5Y (Monthly) | unknown | — |
IONQ Dividend History
IONQ Stock Splits
IONQ SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/07/26 | 03/31/26 | 10-Q | |
02/25/26 | 12/31/25 | 10-K | |
11/05/25 | 09/30/25 | 10-Q | |
08/06/25 | 06/30/25 | 10-Q | |
05/07/25 | 03/31/25 | 10-Q | |
02/26/25 | 12/31/24 | Unknown | |
11/06/24 | 09/30/24 | 10-Q | |
08/07/24 | 06/30/24 | 10-Q | |
05/10/24 | 03/31/24 | 10-Q | |
02/28/24 | 12/31/23 | 10-K | |
11/09/23 | 09/30/23 | 10-Q | |
08/10/23 | 06/30/23 | 10-Q | |
05/11/23 | 03/31/23 | 10-Q | |
03/30/23 | 12/31/22 | 10-K | |
11/14/22 | 09/30/22 | 10-Q | |
08/15/22 | 06/30/22 | 10-Q | |
05/16/22 | 03/31/22 | 10-Q | |
03/28/22 | 12/31/21 | 10-K | |
11/15/21 | 09/30/21 | 10-Q | |
08/15/22 | 06/30/21 | 10-Q | |
05/16/22 | 03/31/21 | 10-Q | |
03/28/22 | 12/31/20 | 10-K | |
11/15/21 | 09/30/20 | 10-Q |