IonQ Announces First Quarter 2026 Financial Results
Revenue Exceeds Midpoint of Guidance Range by 30%

COLLEGE PARK, MD – May 6, 2026 – IonQ (NYSE: IONQ), the world’s only full-stack quantum platform company, today announced financial results for the quarter ending March 31, 2026.

“I am pleased to share that IonQ has begun 2026 with strong momentum, delivering our fourth consecutive quarter of record-breaking results and the biggest quarter in our company's history - thus far. With $64.7 million in revenue, we have once again significantly outperformed our guidance range, exceeding the midpoint by 30%,” said Niccolo de Masi, Chairman and CEO. “As a result, we are raising our revenue expectations for the full year to $270 million at the high end, based upon the strong and growing demand for our leading quantum computers, as well as the commercial impact of our entire quantum platform.”

“Securing our first 256-qubit system sale and receiving our first ion trap chip samples back from the fab this quarter marks a pivotal shift toward commercial scale. We are now moving from component-level testing to integrated, system-level testing of the full 256-qubit quantum computer. These milestones, combined with the first-of-its-kind publication of our complete architectural blueprint for fault-tolerant quantum computing, prove that IonQ has the hardware and the roadmap to continually lead the quantum revolution. IonQ is poised to be the first company in history to fully demonstrate fault-tolerance at scale, and is already benefitting from leadership in real-world application time-to-solution.”

Niccolo de Masi continued, “We are executing and innovating across our quantum platform with key milestones this past quarter including: 1) DARPA’s selection of IonQ’s pioneering quantum interconnect technology to support heterogeneous quantum computing, 2) commercialization of our best-in-class sensing products, and 3) global deployments of our post-quantum cybersecurity solutions to ensure customers remain protected in the age of quantum ubiquity.”

Inder Singh, COO and CFO, added that “Our first quarter 2026 revenue was $64.7 million, representing 755% year-on-year growth, underpinned by accelerating global system sales, strong Tempo demand, strengthening pipeline, and increasing cloud utilization. I am proud to report that we saw not only record revenues, but an increase in our backlog as well. We delivered year-on-year growth across our product offerings, and this strong demand helped increase our reported RPOs by 554% year-on-year to a new record level of $470 million. I’m also pleased to report that our results reflected approximately 60% of revenue from commercial customers and approximately 35% from international customers. With this strong start to the year, we are raising our full year revenue guidance, reflecting our expectation of continued strong organic growth of 100% year-on-year or better.”

Inder Singh continued, “Our quantum platform strategy is resonating with customers, as illustrated by the fact that over one third of our revenue this quarter came from multi-product sales, not just computing. With a strengthened go-to-market team, we are implementing methodical pursuit and capture tactics and pursuing a land-and-expand strategy. We have now sold IonQ solutions in more than 30 countries, compared to a year ago when that number was only a few. As we look ahead into the rest of 2026, our focused pipeline, the expansion of our manufacturing capacity, the increase in our deployment resources, and the implementation of a corporate dashboard all help us maintain operational rigor and focus across our growing enterprise. We will continue to invest in bringing market-leading quantum products and applications to our customers.”

First Quarter Financial Highlights

*Adjusted EBITDA and Adjusted EPS are non-GAAP financial measures defined under “Non-GAAP Financial Measures,” below, and are reconciled to net loss and GAAP EPS, the closest comparable GAAP measures, respectively, at the end of this release.

First Quarter and Recent Commercial Highlights

2026 Financial Outlook

*Adjusted EBITDA is a non-GAAP financial measure defined under “Non-GAAP Financial Measures,” below. The Company is unable to provide a reconciliation of forward-looking Adjusted EBITDA without unreasonable effort because of the uncertainty and potential variability in amount and timing of certain charges, including the gain (loss) on change in fair value measurements, which are reconciling items between GAAP net income (loss) and Adjusted EBITDA and could significantly impact GAAP results.

First Quarter 2026 Conference Call

IonQ will host a conference call at 4:30 PM Eastern time today to discuss its results for the first quarter ended March 31, 2026 and to provide a business update. The call will be accessible by telephone at 1-888-349-0106 (domestic) or +1-412-902-0131 (international). The call will also be available live via webcast on the Company’s website here, or directly here. A telephone replay of the conference call will be available approximately three hours after its conclusion at 1-855-669-9658 (domestic) or +1-412-317-0088 (international) with access code 8698558 and will be available until 11:59 PM Eastern time, May 20, 2026. An archive of the webcast will also be available here shortly after the call and will remain available for one year.

Upcoming Q2 2026 Conference Participation

Webcast links will be available on our investor relations website, here.

Non-GAAP Financial Measures

To supplement IonQ’s condensed consolidated financial statements presented in accordance with GAAP, IonQ uses non-GAAP measures of certain components of financial performance. Adjusted EBITDA and Adjusted EPS are financial measures that are not required by or presented in accordance with GAAP. Management believes that these measures provide investors additional meaningful methods to evaluate certain aspects of the Company’s results period over period.

Adjusted EBITDA is defined as net loss attributable to IonQ, Inc. before net loss attributable to noncontrolling interests, interest income, interest expense, income tax (benefit) expense, depreciation and amortization, stock-based compensation, executive cash-based severance, changes in fair value from recurring fair value measurements (such as, warrant liabilities, contingent consideration, and investments), offering costs associated with warrants and acquisition transaction and integration costs. Adjusted EPS is defined as earnings per share, or EPS, excluding the impact of stock-based compensation, executive cash-based severance, changes in fair value from recurring fair value measurements (such as, of warrant liabilities, contingent consideration, and investments), offering costs associated with warrants and acquisition transaction and integration costs. IonQ uses Adjusted EBITDA and Adjusted EPS to measure the operating performance of its business, excluding specifically identified items that it does not believe directly reflect its core operations and that may not be indicative of recurring operations.

The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and IonQ’s non-GAAP measures may be different from non-GAAP measures used by other companies. IonQ shows a reconciliation of its non-GAAP measures to the most directly comparable GAAP measures at the end of this release.

Commercial and Organic Revenue

Commercial revenue includes all enterprise agreements with non-U.S. government customers including agreements with leading universities. Organic revenue is a supplemental measure representing revenue from the IonQ businesses comprising the consolidated company as of December 31, 2024, and excludes revenue from businesses acquired on or after January 1, 2025.

Remaining Performance Obligations

Remaining performance obligations (RPOs) represent the total transaction price from signed contracts that has been allocated to performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period. This includes both funded (firm orders for which funding has been authorized and appropriated) and unfunded (firm orders for which funding has not yet been appropriated) portions of the contract. Unexercised contract options are not included in remaining performance obligations until the time the option is exercised.

About IonQ

IonQ, Inc. [NYSE: IONQ] is the world’s leading quantum platform and merchant supplier - delivering integrated quantum solutions across computing, networking, sensing, and security. IonQ’s newest generation of quantum computers, the IonQ Tempo, is the latest in a line of cutting-edge systems that have been helping customers and partners including Amazon Web Services, and AstraZeneca achieve 20x performance results and accelerate innovation in drug discovery, materials science, financial modeling, logistics, cybersecurity, and defense. In 2025, the Company achieved 99.99% two-qubit gate fidelity, setting a world record in quantum computing performance.

Headquartered in College Park, Maryland, IonQ has operations in California, Colorado, Massachusetts, Tennessee, Washington, Italy, South Korea, Sweden, Switzerland, Canada, and the United Kingdom. Our quantum computing services are available through all major cloud providers, while we also meet the needs of networking and sensing customers across land, sea, air, and space. IonQ is making quantum platforms more accessible and impactful than ever before. Learn more at IonQ.com.

Note to Investors Regarding Forward-Looking Statements

This press release contains forward-looking statements. All statements contained in this press release other than statements of historical fact are forward-looking statements, including statements regarding our guidance as to future financial and operational results, our roadmap and our future investments and the expected timing of the closing of our planned acquisition of SkyWater Technology, Inc., or SkyWater. In some cases, you can identify these statements by forward-looking words such as “pending,” “look forward,” “accelerate,” “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “confident,” “position,” “become,” “on track,” “ensure,” “ongoing” and other similar expressions. These statements are only predictions based on our expectations and projections about future events as of the date of this press release and are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause actual results to differ materially from those expressed or implied by such statements, including, among others, those described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement we make. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as otherwise required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

Notes on SkyWater Technology, Inc.

The financial results and outlook disclosed in this press release do not reflect the impact of the pending acquisition of SkyWater, which was announced on January 26, 2026. The transaction is expected to close in the second or third quarter of 2026, subject to approval by SkyWater shareholders, receipt of required regulatory approvals and satisfaction of other customary closing conditions.

Important Information and Where to Find It

In connection with the pending acquisition (the “Merger”) of SkyWater by IonQ, Inc. (the “Company”), the Company filed with the Securities and Exchange Commission (the “SEC”) a Registration Statement on Form S-4, effective as of March 31, 2026, which includes a prospectus with respect to the shares of Company common stock to be issued in the Merger and a proxy statement for SkyWater’s stockholders (the “Proxy Statement/Prospectus”), and SkyWater intends to file with the SEC and mail to the stockholders of SkyWater the definitive proxy statement (the “Proxy Statement”). Each of the Company and SkyWater may also file with or furnish to the SEC other relevant documents regarding the Merger. This communication is not a substitute for the Registration Statement, the Proxy Statement/Prospectus, the Proxy Statement or any other document that the Company or SkyWater may file with the SEC or mail to SkyWater’s stockholders in connection with the Merger. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND SKYWATER ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT AND THE PROXY STATEMENT WHEN THEY BECOME AVAILABLE, AS WELL AS ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IN CONNECTION WITH THE MERGER OR INCORPORATED BY REFERENCE INTO THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS AND THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO), BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION REGARDING THE COMPANY, SKYWATER, THE MERGER AND RELATED MATTERS. The documents filed by the Company with the SEC also may be obtained free of charge at the Company’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

The Company, 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 Merger under the rules of the SEC. Information about the interests of the directors and executive officers of the Company and SkyWater and other persons who may be deemed to be participants in the solicitation of stockholders of SkyWater in connection with the Merger and a description of their direct and indirect interests, by security holdings or otherwise, were included in the Proxy Statement/Prospectus, which was filed with the SEC on March 31, 2026. 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 28, 2025 and any subsequent filings with the SEC. Information about certain of the Company’s directors and executive officers is set forth in the Company’s proxy statement for its 2026 Annual Meeting of Stockholders on Schedule 14A filed with the SEC on April 30, 2026 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 Merger may be obtained by reading the Proxy Statement/Prospectus regarding the Merger 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.

IonQ, Inc.

Condensed Consolidated Statements of Operations

(unaudited)

(in thousands, except share and per share data)

IonQ, Inc.

Condensed Consolidated Balance Sheets

(unaudited)

(in thousands)

IonQ, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(in thousands)

IonQ, Inc.

Reconciliation of Non-GAAP Financial Measures

(unaudited)

(in thousands, except per share data)

Net Income (Loss) to Adjusted EBITDA

(1) Adjusted EBITDA includes $11.8 million in research and development costs related to our commercial relationship with SkyWater. Such costs are expected to continue to be incurred until our acquisition of SkyWater receives regulatory approval and closes.

Net Income (Loss) per Share to Adjusted EPS

Contacts

IonQ Media Contact:

Cheryl Krauss

cheryl.krauss@ionq.co

Tor Constantino

tor.constantino@ionq.co

IonQ Investor Contact:

investors@ionq.co