Wolfpack Research says in a new report that it is short IonQ (IONQ) because an investigation reveals the company lost its funding for vital Pentagon contracts that provided up to 86% of its revenues from 2022-2024. The firm says that only $21M of its supposed $75.6M in Pentagon contracts booked in 2024 was funded in FY 2025, “leaving a $54.6M black hole in its bookings,” and believes IonQ engaged in some “serious shenanigans” to create the appearance of a large quantum computing sale in April.
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