IonQ, Inc. (IONQ) 10-Year Financial Performance & Capital Metrics

IONQ • • Industrial / General

TechnologyComputer HardwareQuantum Computing SystemsQuantum Hardware Providers

AboutIonQ, Inc. engages in the development of general-purpose quantum computing systems. It sells access to quantum computers with 20 qubits. The company makes access to its quantum computers through cloud platforms, such as Amazon Web Services' (AWS) Amazon Braket, Microsoft's Azure Quantum, and Google's Cloud Marketplace, as well as through its cloud service. IonQ, Inc. was founded in 2015 and is headquartered in College Park, Maryland.Show more

Revenue $43M +95.4%
EBITDA -$212M -44.1%
Net Income -$332M -110.2%
EPS (Diluted) -1.56 -100.0%
Gross Margin 8.87% -86.0%
EBITDA Margin -492.89% +26.3%
Operating Margin -536.19% +25.1%
Net Margin -769.96% -7.6%
ROE -76.34% -154.8%
ROIC -43.05% -79.3%
Debt/Equity 0.05 +176.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y sales CAGR of 192.8%

✗Weaknesses

✗Weak Piotroski F-Score: 3/9
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Trading more than 30% below 52-week high
✗Expensive at 28.2x book value
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y192.84%

3Y173.78%

TTM113.07%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-754.57%

EPS CAGR

10Y-

5Y-

3Y-

TTM-560.49%

ROCE

10Y Avg-23.47%

5Y Avg-25.3%

3Y Avg-29.91%

Latest-46.72%

Peer Comparison

Quantum Hardware Providers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
RGTIRigetti Computing, Inc.	8.49B	25.72	-23.60	-10.14%	-46.83%	-94.39%	0.07
IONQIonQ, Inc.	18.03B	50.88	-32.62	95.41%	-18.36%	-64.08%	0.05
QBTSD-Wave Quantum Inc.	10.82B	30.15	-40.20	0.79%	-16.52%	-59.48%	0.61

Profit & Loss

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	200K	0	2.1M	11.13M	22.04M	43.07M
Revenue Growth %	-	-1%	-	4.3%	0.98%	0.95%
Cost of Goods Sold+	88K	1.4M	3.59M	8.55M	8.11M	39.25M
COGS % of Revenue	0.44%	-	1.71%	0.77%	0.37%	0.91%
Gross Profit+	112K	-1.4M	-1.49M	2.58M	13.93M	3.82M
Gross Margin %	0.56%	-	-0.71%	0.23%	0.63%	0.09%
Gross Profit Growth %	-	-13.5%	-0.06%	2.73%	4.39%	-0.73%
Operating Expenses+	9.37M	14.33M	37.2M	88.33M	171.69M	234.78M
OpEx % of Revenue	46.84%	-	17.72%	7.94%	7.79%	5.45%
Selling, General & Admin	2.21M	4.03M	16.97M	44.35M	68.99M	99.45M
SG&A % of Revenue	11.04%	-	8.08%	3.98%	3.13%	2.31%
Research & Development	6.89M	10.16M	20.23M	43.98M	92.32M	136.83M
R&D % of Revenue	34.45%	-	9.64%	3.95%	4.19%	3.18%
Other Operating Expenses	270K	143K	0	0	10.38M	-1.5M
Operating Income+	-9.26M	-15.73M	-38.69M	-85.75M	-157.75M	-230.96M
Operating Margin %	-46.27%	-	-18.43%	-7.7%	-7.16%	-5.36%
Operating Income Growth %	-	-0.7%	-1.46%	-1.22%	-0.84%	-0.46%
EBITDA+	-8.85M	-14.33M	-36.14M	-80.14M	-147.38M	-212.3M
EBITDA Margin %	-44.26%	-	-17.22%	-7.2%	-6.69%	-4.93%
EBITDA Growth %	-	-0.62%	-1.52%	-1.22%	-0.84%	-0.44%
D&A (Non-Cash Add-back)	403K	1.4M	2.55M	5.6M	10.38M	18.65M
EBIT	-9.26M	-15.42M	-106.19M	-48.51M	-157.75M	-331.59M
Net Interest Income+	0	0	64K	7.09M	19.32M	18.25M
Interest Income	0	0	64K	7.09M	19.32M	18.25M
Interest Expense	0	0	0	0	0	0
Other Income/Expense	329K	309K	-67.5M	37.23M	31K	-100.63M
Pretax Income+	-8.93M	-15.42M	-106.19M	-48.51M	-157.72M	-331.59M
Pretax Margin %	-44.63%	-	-50.59%	-4.36%	-7.16%	-7.7%
Income Tax+	0	0	0	0	48K	59K
Effective Tax Rate %	1%	1%	1%	1%	1%	1%
Net Income+	-8.94M	-15.42M	-106.19M	-48.51M	-157.77M	-331.65M
Net Margin %	-44.67%	-	-50.59%	-4.36%	-7.16%	-7.7%
Net Income Growth %	-	-0.73%	-5.88%	0.54%	-2.25%	-1.1%
Net Income (Continuing)	-8.93M	-15.42M	-106.19M	-48.51M	-157.77M	-331.65M
Discontinued Operations	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0
EPS (Diluted)+	-2.24	-0.08	-0.55	-0.25	-0.78	-1.56
EPS Growth %	-	0.96%	-5.87%	0.55%	-2.12%	-1%
EPS (Basic)	-2.24	-0.08	-0.55	-0.25	-0.78	-1.56
Diluted Shares Outstanding	3.98M	192.49M	194.06M	197.73M	202.58M	213.03M
Basic Shares Outstanding	3.98M	192.49M	192.28M	197.73M	202.58M	213.03M
Dividend Payout Ratio	-	-	-	-	-	-

Balance Sheet

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	60.42M	38.58M	529.62M	371.63M	389.99M	378.8M
Cash & Short-Term Investments	59.53M	36.12M	522.47M	355.8M	355.44M	340.29M
Cash Only	59.53M	36.12M	399.02M	44.37M	35.66M	54.39M
Short-Term Investments	0	0	123.44M	311.43M	319.78M	285.9M
Accounts Receivable	100K	390K	707K	3.29M	13.58M	12.41M
Days Sales Outstanding	182.5	-	122.94	107.95	224.81	105.15
Inventory	0	0	0	5.16M	12.48M	18.66M
Days Inventory Outstanding	-	-	-	220.5	561.64	173.5
Other Current Assets	0	0	0	3.42M	2.8M	2.56M
Total Non-Current Assets+	4.93M	21.9M	112.41M	226.36M	163.59M	129.59M
Property, Plant & Equipment	3.65M	16.28M	22.9M	29.77M	42.13M	62.23M
Fixed Asset Turnover	0.05x	-	0.09x	0.37x	0.52x	0.69x
Goodwill	0	0	0	742K	742K	9.9M
Intangible Assets	1.28M	2.69M	5.84M	8.94M	15.08M	29.47M
Long-Term Investments	0	0	80.11M	182M	100.49M	23.55M
Other Non-Current Assets	6K	2.93M	3.56M	4.91M	5.16M	4.44M
Total Assets+	65.34M	60.48M	642.03M	597.99M	553.58M	508.39M
Asset Turnover	0.00x	-	0.00x	0.02x	0.04x	0.08x
Asset Growth %	-	-0.07%	9.62%	-0.07%	-0.07%	-0.08%
Total Current Liabilities+	808K	1.88M	9.69M	20.16M	37.16M	36.09M
Accounts Payable	441K	538K	1.88M	3.06M	5.6M	5.23M
Days Payables Outstanding	1.83K	140.26	191.45	130.45	252.05	48.63
Short-Term Debt	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	0	0	1000K
Other Current Liabilities	0	240K	4.59M	9.86M	12.59M	387K
Current Ratio	74.77x	20.51x	54.65x	18.43x	10.49x	10.50x
Quick Ratio	74.77x	20.51x	54.65x	18.18x	10.16x	9.98x
Cash Conversion Cycle	-	-	-	198	534.39	230.02
Total Non-Current Liabilities+	551K	4.89M	41.11M	9.62M	31.42M	88.44M
Long-Term Debt	0	0	0	0	0	0
Capital Lease Obligations	551K	3.78M	3.64M	3.46M	7.39M	14.36M
Deferred Tax Liabilities	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	35.93M	4.96M	23.58M	74.08M
Total Liabilities	1.36M	6.78M	50.8M	29.78M	68.59M	124.53M
Total Debt+	684K	4.27M	4.21M	4.05M	8.11M	17.73M
Net Debt	-58.84M	-31.85M	-394.81M	-40.32M	-27.56M	-36.67M
Debt / Equity	0.01x	0.08x	0.01x	0.01x	0.02x	0.05x
Debt / EBITDA	-	-	-	-	-	-
Net Debt / EBITDA	-	-	-	-	-	-
Interest Coverage	-	-	-	-	-	-
Total Equity+	63.99M	53.7M	591.23M	568.21M	484.99M	383.86M
Equity Growth %	-	-0.16%	10.01%	-0.04%	-0.15%	-0.21%
Book Value per Share	16.06	0.28	3.05	2.87	2.39	1.80
Total Shareholders' Equity	63.99M	53.7M	591.23M	568.21M	484.99M	383.86M
Common Stock	1K	3K	19K	20K	20K	22K
Retained Earnings	-24.18M	-39.6M	-145.79M	-194.3M	-352.07M	-683.72M
Treasury Stock	0	0	0	0	0	0
Accumulated OCI	0	0	-148K	-7.36M	-1.97M	157K
Minority Interest	0	0	0	0	0	0

Cash Flow

	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-7.72M	-12.01M	-26.54M	-44.7M	-78.81M	-105.68M
Operating CF Margin %	-38.6%	-	-12.64%	-4.02%	-3.58%	-2.45%
Operating CF Growth %	-	-0.56%	-1.21%	-0.68%	-0.76%	-0.34%
Net Income	-8.93M	-15.42M	-106.19M	-48.51M	-157.77M	-331.65M
Depreciation & Amortization	403K	1.4M	2.55M	5.6M	10.38M	18.65M
Stock-Based Compensation	859K	1.22M	7.75M	31.46M	69.74M	106.88M
Deferred Taxes	0	0	0	0	0	0
Other Non-Cash Items	436K	115K	69.56M	-30.75M	11.45M	113.63M
Working Capital Changes	-493K	678K	-202K	-2.5M	-12.61M	-13.19M
Change in Receivables	0	-290K	-317K	-1.51M	-8.18M	1.61M
Change in Inventory	0	0	0	0	0	0
Change in Payables	0	96K	763K	1.06M	2.19M	-601K
Cash from Investing+	-3.34M	-11.68M	-213.78M	-309.06M	68.77M	82.73M
Capital Expenditures	-2.42M	-10.03M	-7.78M	-9.34M	-13.7M	-17.99M
CapEx % of Revenue	12.09%	-	3.71%	0.84%	0.62%	0.42%
Acquisitions	-	-	-	-	-	-
Investments	-	-	-	-	-	-
Other Investing	-924K	-1.64M	-2.24M	-3.23M	-5.85M	-5.58M
Cash from Financing+	62.22M	276K	603.23M	1.1M	1.76M	41.69M
Debt Issued (Net)	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-
Other Financing	62.22M	276K	603.23M	1.1M	1.76M	238K
Net Change in Cash	-	-	-	-	-	-
Free Cash Flow+	-10.14M	-23.68M	-36.56M	-57.26M	-98.36M	-129.25M
FCF Margin %	-50.7%	-	-17.42%	-5.14%	-4.46%	-3%
FCF Growth %	-	-1.34%	-0.54%	-0.57%	-0.72%	-0.31%
FCF per Share	-2.54	-0.12	-0.19	-0.29	-0.49	-0.61
FCF Conversion (FCF/Net Income)	0.86x	0.78x	0.25x	0.92x	0.50x	0.32x
Interest Paid	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0

Key Ratios

Metric	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-13.96%	-26.21%	-32.93%	-8.37%	-29.96%	-76.34%
Return on Invested Capital (ROIC)	-	-87.42%	-26.59%	-17.76%	-24.02%	-43.05%
Gross Margin	56%	-	-70.94%	23.21%	63.22%	8.87%
Net Margin	-4467.5%	-	-5058.89%	-435.82%	-715.77%	-769.96%
Debt / Equity	0.01x	0.08x	0.01x	0.01x	0.02x	0.05x
FCF Conversion	0.86x	0.78x	0.25x	0.92x	0.50x	0.32x
Revenue Growth	-	-100%	-	430.3%	98.02%	95.41%

Revenue by Geography

	2024
UNITED STATES	40.71M
UNITED STATES Growth	-
Non-US	2.36M
Non-US Growth	-

Frequently Asked Questions

Growth & Financials

IonQ, Inc. (IONQ) reported $79.8M in revenue for fiscal year 2024. This represents a 39818% increase from $0.2M in 2019.

IonQ, Inc. (IONQ) grew revenue by 95.4% over the past year. This is strong growth.

IonQ, Inc. (IONQ) reported a net loss of $1.47B for fiscal year 2024.

Dividend & Returns

IonQ, Inc. (IONQ) has a return on equity (ROE) of -76.3%. Negative ROE indicates the company is unprofitable.

IonQ, Inc. (IONQ) had negative free cash flow of $262.8M in fiscal year 2024, likely due to heavy capital investments.

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