Ionq, Inc.NYSE: IONQ

Fourth Quarter 2025 Earnings Presentation

Mar 17, 2026 at 6:50 PM UTC · MarketScreener

Watch Ionq explain itIonQ, Inc. (IONQ) Q2 2026 Earnings Call · Replay · Aug 5

Q4 2025

Business & Financial Highlights

February 25, 2026

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

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

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
1. https://arxiv.org/abs/1808.02892
2. Tested on the most current platform from a leading superconducting quantum computer
3. 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

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

Q4 2025

Financial Highlights

10 IonQ Q4 2025 Update

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

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

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

We Expect to Maintain High Growth as Our Revenue Scale Increases

Quantum Computing Leadership Full-Stack Quantum Platform

$245M

Revenue

Guidance Range

138%

CAGR1

$130.0M

$43.1M

$2.1M

2021A

IonQ Q4 2025 Update

$22.0M

$11.1M

2022A

2023A

2024A

2025A

2026E

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

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

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

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