Stocks / IONQ
IonQ, Inc.'s 10-K, read.
Bob rates IonQ, Inc. (IONQ) 30/100, bearish, on the 10-K filed February 25, 2026, updated through the 10-Q filed November 5, 2026.
IonQ's revenue has grown sharply, with acquisitions including the SkyWater foundry contributing, though the filing does not quantify their share. Operating losses have widened, cash and cash equivalents have fallen about 80% since year-end, and total liquidity has roughly halved. The latest quarter's GAAP profit comes from a non-cash warrant revaluation, not operations.
- Q3 2026 operating loss widened to $433.1M from $168.8M a year earlier, and nine-month operating cash burn reached $570.3M.
- Cash and cash equivalents fell to $209.5M from $1,030.9M at year-end 2025. Including short- and long-term investments, total liquidity is about $1.66B versus about $3.34B at December 31, 2025.
- The Q3 2026 net income of $564M is driven by a $896M gain on warrant liabilities, a non-cash fair-value swing that can reverse and makes reported earnings unreliable as a signal of operating health.
- Revenue growth coincides with acquisitions, though the filing does not quantify their contribution. Quarterly revenue of $173.8M compares with $39.9M a year earlier, but cost of revenue of $135.8M (excluding D&A) implies a gross margin of about 22%, versus about 47% a year earlier.
- Goodwill ($3.2B) and intangible assets ($1.1B) now make up a large share of total assets, creating meaningful impairment risk if acquired businesses underperform.
Not investment advice — general research, the same for every reader. You make your own calls.
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Read IONQ in Bob →Last read November 9, 2026. Bob's Research is a financial publisher, not an investment adviser. Everything here is general research and education — not personalized advice, and not a recommendation to buy or sell any security. Ratings are the same for every reader. You make your own calls.