IonQ has announced its financial results for the first quarter ended March 31, 2026, marking the largest quarter in the company’s history. The company reported triple-digit revenue growth and unveiled its 6th-generation chip-based architecture. The table below summarizes key GAAP financial metrics for Q1 2026 compared with the prior quarter (Q4 2025) and the year-ago quarter (Q1 2025). | Amounts in $M | Q1’2026 | Q4’2025 | Q1’2025 | % vs Q4’2025 | % vs Q1’2025 | | Revenue | $64.7 | $61.9 | $7.6 | +4.5% | +751.3% | | Operating Expenses | $336.2 | $290.5 | $83.2 | +15.7% | +304.1% | | Operating Loss | ($271.5) | ($228.6) | ($75.7) | +18.8% | +258.7% | | Net Income (Loss) | $805.4 | $753.7 | ($32.3) | +6.9% | +2,593.5% | | Cash and Investments | $3,100.0 | $3,300.0 | $697.1 | -6.1% | +344.7% | Financial and Strategic Overview IonQ delivered record GAAP revenue of $64.7 million, representing a staggering 755% increase year-over-year. The result exceeded the midpoint of the company’s guidance by 30%, driven by global system sales and strong commercial demand. Notably, 60% of revenue came from commercial customers, and one-third of total revenue was derived from multi-product sales spanning computing, networking, and sensing. The company reported GAAP Net Income of $805.4 million, which was primarily due to a $1.06 billion non-cash gain related to the change in fair value of warrant liabilities. On an adjusted basis, the company reported an Adjusted EPS of ($0.34). Backlog momentum reached a historic high, with Remaining Performance Obligations (RPOs) growing 554% year-on-year to $470 million. With a liquidity position of $3.1 billion, IonQ remains the best-capitalized player in the sector, providing ample runway to close its pending acquisition of SkyWater Technology (expected in Q2 or Q3 2026) and