IonQ : Fourth Quarter 2025 Earnings Presentation

About this update from Ionq, Inc.

Q4 2025 Business & Financial Highlights February 25, 2026 Copyright © 2026 IonQ, Inc. All Rights Reserved. Important Information (Cont'd) Important Information and Where to Find It In connection with the acquisition described in this presentation (the "Transaction"), IonQ, Inc. ("IonQ") intends to file with the Securities and Exchange Commission (the "SEC") a Registration Statement on Form S-4 (the "Registration Statement") which will include a prospectus with respect to the shares of IonQ common stock (the "IonQ Shares") to be issued in the Transaction and a proxy statement (the "Proxy Statement/Prospectus") for stockholders of SkyWater Technology, Inc. ("SkyWater") and SkyWater intends to file with the SEC the proxy statement. The definitive proxy statement (if and when available following the effectiveness of the Registration Statement) will be mailed to stockholders of SkyWater. Each of IonQ and SkyWater may also file with or furnish to the SEC other relevant documents regarding the Transaction. This presentation is not a substitute for the Registration Statement, the Proxy Statement/Prospectus or any other document that IonQ or SkyWater may file with the SEC or mail to SkyWater's stockholders in connection with the Transaction. INVESTORS AND SECURITY HOLDERS OF IONQ AND SKYWATER ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING IONQ, SKYWATER, THE TRANSACTION AND RELATED MATTERS. The documents filed by IonQ with the SEC also may be obtained free of charge at IonQ's website at investors.IonQ.com. The documents filed by SkyWater with the SEC also may be obtained free of charge at SkyWater's website at ir.skywatertechnology.com. Participants in the Solicitation IonQ, SkyWater and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of SkyWater in connection with the Transaction under the rules of the SEC. Information about the interests of the directors and executive officers of IonQ and SkyWater and other persons who may be deemed to be participants in the solicitation of stockholders of SkyWater in connection with the Transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement/Prospectus, which will be filed with the SEC. Information about SkyWater's directors and executive officers is set forth in SkyWater's proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 8, 2025, SkyWater's Annual Report on Form 10-K for the year ended December 29, 2024 and any subsequent filings with the SEC. Information about certain of IonQ's directors and executive officers is set forth in IonQ's proxy statement for its 2025 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 28, 2025 and any subsequent filings with the SEC. Additional information regarding the direct and indirect interests of those persons and other persons who may be deemed participants in the Transaction may be obtained by reading the Proxy Statement/Prospectus regarding the Transaction when it becomes available. Free copies of these documents may be obtained as described above. No Offer or Solicitation This communication is for informational purposes only and does not constitute, or form a part of, an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. 3 IonQ Q4 2025 Update Copyright © 2026 IonQ, Inc. All Rights Reserved. Revenue Growth Exceeded Expectations For the Fourth Quarter and Full Year 2025 Q4 2025 Revenue FY 2025 Revenue $130.0M 202 % $61.9M 429 % $11.7M Q4 2024 $43.1M Q4 2025 FY 2024 FY 2025 4 IonQ Q4 2025 Update 20% BEAT TO THE MIDPOINT OF FY 2025 REVENUE GUIDANCE First public quantum company to report $100 Million of GAAP Revenue Copyright © 2026 IonQ, Inc. All Rights Reserved. The Only Full-Stack Quantum Platform Company IonQ is differentiated by its integrated, full-stack quantum platform operating in every domain Space Quantum ground & space-to-ground quantum networks Air Positioning, Navigation, and Timing (PNT) for GPS-denied environments Land Quantum-encrypted networks and fast, secure quantum computation Sea Ultra-stable atomic clocks, GPS-free navigation, geophysical monitoring 5 IonQ Q4 2025 Update 5 IonQ Q4 2025 Update Copyright © 2026 IonQ, Inc. All Rights Reserved. A Leader in Every Product Family IonQ is a technical and commercial leader across every part of our platform Compute Leading roadmap with straightforward path to scaling based on semiconductor engineering Only company to hit target fidelity (99.99%) Fastest time-to-solution due to lower errors Cybersecurity Networking Sensing Compute Networking Sensing Cybersecurity Real world quantum networks operating today Compatibility with traditional fiber optics Modality-agnostic networks and interconnects World's most advanced and accurate quantum sensors and atomic clocks Ruggedized and field-tested systems 29+ patents for critical tech Full hardware and software security stack Backbone of multiple national deployments Copyright © 2026 IonQ, Inc. All Rights Reserved. 300 patents, existing government certifications, and 20-year history 6 IonQ Q4 2025 Update Copyright © 2026 IonQ, Inc. All Rights Reserved. Leading Computers in Every Metric that Matters IonQ quantum computers lead the industry in both technical and commercial measures Better foundational technology and qubit performance 99.99% record 2-qubit gate fidelity and proprietary Electronic Qubit Control Up to 8x more efficient quantum error correction 1 Best time to solution today & breakout roadmap for tomorrow 1,000x faster time to reach accurate solution 2 5x more, years sooner QPUs enabling 1,600 logical qubits in 2028 and 8,000 in 2029 3 Superior economic scaling by an order of magnitude <$30M IonQ BOM Cost >$1B Superconducting BOM Cost Third party validated cost per system (2 million physical qubits) Realistic deployments that fit in a typical datacenter Small footprint Fits in standard datacenter footprint Lower power ~30kW peak Minimal cooling Self-contained within system More computational power due to polynomial effects of lower error rates Roadmap milestones based on well-proven semiconductor engineering IonQ's estimated BOM costs are 30X less expensive than competitors and are free of rare earth or bulk Helium-3 Modular upgradable Computational power architecture 7 IonQ Q4 2025 Update https://arxiv.org/abs/1808.02892 Tested on the most current platform from a leading superconducting quantum computer IonQ vs IBM public roadmap showing 200 logical qubits in 2029, 2,000 in 2033+ Copyright © 2026 IonQ, Inc. All Rights Reserved. A Merchant Supplier to the U.S., Allies, and Partners IonQ is positioned to be the secure trusted partner for the U.S. and allied quantum ecosystem Committed to serving the entire ecosystem as a Quantum Merchant Supplier Supporting U.S., allied, and partner initiatives in the quantum space race 1 + Atomic clocks Modality-agnostic networking solutions Advanced Technology Services Silicon photonic and superconducting ICs Intellectual property protection Trusted and accredited facilities Sovereign Quantum Supply Chain with Trusted Fab 8 IonQ Q4 2025 Update 1. SkyWater acquisition pending customary approvals and expected to close in second or third quarter of 2026 Copyright © 2026 IonQ, Inc. All Rights Reserved. Continued Momentum in the Fourth Quarter Strengthening our position as the leading independent quantum platform company UNMATCHED SCALE GLOBAL COMMERCIAL REACH First $100 Million Annual GAAP Revenue for a Public Quantum Company 1,100+ Patents Granted and Pending Worldwide ~$3.3B Balance Sheet Cash & Equivalents 1 ~300 PhDs And over 500 Advanced Degrees CCRM quantum-biotech collaboration 15+ Offices in 7 Countries & Global Partnerships KISTI national quantum center of excellence Geneva quantum network Slovakia first national quantum network INTEGRATING UNDER EXPERT LEADERSHIP Kate Kemp Chief People Officer Ne hires in Q4 and recent EXPANDING CUSTOMER AND PARTNERS Ne announcements in Q4 and recent Chad Sakac SVP, Field Engineering 9 IonQ Q4 2025 Update Scott Millard Katie Arrington Chief Information Officer Chief Business Officer Domenico Di Mola SVP, QNSS Engineering 1. As of December 31, 2025 QBI Stage B Expansion Copyright © 2026 IonQ, Inc. All Rights Reserved. Q4 2025 Financial Highlights 10 IonQ Q4 2025 Update Copyright © 2026 IonQ, Inc. All Rights Reserved. Q4 2025 and Full-Year Financial Results Income Statement Q4 2025 FY 2025 ($ in millions, except per share amounts) Revenue $61.9 YoY Groth 429% Adjusted EBITDA 1 ($67.4) Adjusted EPS 1 ($0.20) $130.0 202% ($186.8) ($0.60) Balance Sheet (as of December 31, 2025) Cash & Equivalents $3.3B 1. Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures and are reconciled to net loss and GAAP EPS, the closest comparable GAAP measures, respectively, at the end of this presentation Copyright © 2026 IonQ, Inc. All Rights Reserved. 11 IonQ Q4 2025 Update Key Drivers New compute contract wins Platform expansion into quantum networking, sensing and security Successful "land & expand" strategy, with repeat buyers and new product add-ons Increasing number of high-value, multi-product solution sales Copyright © 2026 IonQ, Inc. All Rights Reserved. Revenue Growth Exceeded Expectations For the Fourth Quarter and Full Year 2025 Q4 2025 Revenue FY 2025 Revenue $130.0M 202 % $61.9M 429 % $11.7M Q4 2024 $43.1M Q4 2025 FY 2024 FY 2025 12 IonQ Q4 2025 Update 20% BEAT TO THE MIDPOINT OF FY 2025 REVENUE GUIDANCE First public quantum company to report $100 Million of GAAP Revenue Copyright © 2026 IonQ, Inc. All Rights Reserved. We Expect to Maintain High Growth as Our Revenue Scale Increases Quantum Computing Leadership Full-Stack Quantum Platform $245M Revenue Guidance Range 138 % CAGR 1 $130.0M $43.1M $2.1M 2021A IonQ Q4 2025 Update $22.0M $11.1M 2022A 2023A 2024A 2025A 2026E 13 1. Based on $245M high end of guidance $225M $225M - $245M FY 2026 revenue guidance Growth to be driven by strong backlog and targeted pipeline opportunity Copyright © 2026 IonQ, Inc. All Rights Reserved. Continuous R&D Investment Across our Quantum Platform R&D investment fuels product innovation 123% YoY increase in R&D spend in 2025 New products drive customer expansion Expanded our business into quantum net orking, sensing & security Reinvest to fund the next round of innovation $3.3Bn of cash and equivalents to invest in innovation (as of December 31, 2025) Customer adoption drives revenue growth 202% YoY revenue growth in 2025 14 IonQ Q4 2025 Update R&D was IonQ's largest investment area in FY 2025 ~300 IonQ employees have a PhD, and ~60% have advanced degrees R&D is devoted to innovation across the full-stack IonQ platform Copyright © 2026 IonQ, Inc. All Rights Reserved. Copyright © 2026 IonQ, Inc. All Rights Reserved. Reconciliation of GAAP and Non-GAAP Financial Measures Three Months Ended December 31, Year Ended December 31, In thousands, except share and per share data 2025 2024 2025 2024 Net income (loss) attributable to IonQ, Inc. $ 753,667 $ (201,998) $ (510,378) $ (331,647) Net income (loss) attributable to noncontrolling interests (394) - (1,743) - Interest income, net (29,528) (4,141) (55,997) (18,249) Interest expense - - - - Income tax (benefit) expense (24,877) 20 (44,572) 59 Depreciation and amortization 40,645 5,504 82,004 18,654 Stock-based compensation 106,666 39,271 312,032 106,878 Executive cash based-severance 2,026 - 9,418 - (Gain) loss on change in fair value of warrant liabilities (949,640) 128,505 (66,710) 117,107 Offering costs associated with warrants 22,867 - 45,714 - Acquisition transaction and integration costs 11,175 1,526 43,479 1,526 Adjusted EBITDA $ (67,393) $ (31,313) $ (186,753) $ (105,672) Three Months Ended December 31, 2025 2024 Amount Per Share Amount Per Share Year Ended December 31, 2025 2024 Amount Per Share Amount Per Share Net income (loss) per share attributable to IonQ, Inc. common stockholders $ 2.13 $ (0.93) Net income (loss) per share attributable to IonQ, Inc. common stockholders $ (1.82) $ (1.56) Stock-based compensation $ 106,666 0.31 $ 39,271 0.18 Executive cash-based severance 2,026 0.01 - - Stock-based compensation $ 312,032 1.11 $ 106,878 0.50 Executive cash-based severance 9,418 0.03 - - (Gain) loss on change in fair value of warrant liabilities (949,640) (2.75) 128,505 0.59 (Gain) loss on change in fair value of warrant (66,710) (0.24) 117,107 0.55 Adjusted EPS $ (0.20) $ (0.15) Adjusted EPS $ (0.60) $ (0.50) liabilities Offering costs associated with warrants 22,867 0.07 - - Acquisition transaction and integration costs 11,175 0.03 1,526 0.01 Offering costs associated with warrants 45,714 0.16 - - Acquisition transaction and integration costs 43,479 0.16 1,526 0.01 16 IonQ Q4 2025 Update Copyright © 2026 IonQ, Inc. All Rights Reserved. Copyright © 2026 IonQ, Inc. All Rights Reserved. Attention : This is an excerpt of the original content. To continue reading it, access the original document here .

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