IonQ Inc. (IONQ) will report its Q1 results after the market closes on May 6. The update comes at a key time for the stock, as shares have had a strong run and Wall Street is looking for signs that IonQ can turn its quantum push into steady sales.
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Analysts expect IonQ to post a Q1 loss of $0.46 per share, wider than the $0.14 loss from the same period last year. On the sales side, revenue is expected to reach $49.75 million. That is close to the middle of IonQ’s own Q1 revenue guide of $48 million to $51 million.
As a result, revenue will be the key test. IonQ ended 2025 with strong growth, as Q4 revenue rose 429% from last year to $61.9 million. Full year 2025 revenue also rose 202% to $130 million. In his latest annual letter, CEO Niccolò de Masi called 2025 an “inflection point” for IonQ and said the firm has “evolved beyond our origins as a quantum computing pioneer” into a “full-stack quantum platform and merchant supplier.”
Meanwhile, IONQ shares dropped nearly 1% on Monday, closing at $45.75.
Backlog and Spending Are in Focus
Investors will likely focus on how fast IonQ is turning demand into booked sales. The firm ended 2025 with $370 million in remaining performance obligations, up from $77 million at the end of 2024. That gives IonQ more visibility into sales, but the key issue is how much of that backlog converts into Q1 revenue and new deals.
At the same time, costs remain a big part of the story. IonQ is still in a heavy build phase, with large spending on research, sales, and deals. For 2026, the firm guided for an adjusted EBITDA loss of $310 million to $330 million. That means the market will want to see strong growth, but also a clear sense that spending is tied to real demand.
Meanwhile, IonQ’s planned deal for SkyWater Technology, Inc. (SKYT) could be another focus. IonQ says the deal could help it build more of its supply chain in the U.S. and support scale over time. Still, the deal is under review by U.S. officials, so any update on timing or next steps could matter.
Quantum Growth Still Comes with Risk
IonQ is trying to show that quantum tech is moving beyond labs and into the real world. The firm has pointed to strong tech gains, such as 99.99% two-qubit gate fidelity, along with new work in quantum computing, networks, sensing, and security. It has also been said that more than 60% of 2025 revenue came from business clients, while more than 30% came from outside the U.S.
Still, the stock carries risk. Quantum computing is at an early stage, losses are large, and the shares can move fast around news. In fact, the options market is pricing in an implied post-earnings move of about 13%.
Is IONQ a Good Stock to Buy?
Turning to the Street, IonQ Inc. has a Strong Buy consensus, based on 12 analysts’ ratings. The average IONQ stock price target is $62.73, implying a 37.11% upside from the current price.
