IONQ

Shares of D-Wave Quantum QBTS struggled from January to mid-May, falling 32.3% amid the uncertainty surrounding its pace of commercialization, uneven revenue recognition and rising competition across quantum computing. However, the sentiment changed sharply after the first-quarter 2026 release on May 19. Investors focused on record bookings growth of nearly 2,000% year over year, a rapidly expanding pipeline and remaining performance obligations jumping 563% to $42.4 million. Since the first-quarter earnings release on May 19, the stock has gained 61.6% compared with the sector’s 2.3% rise. Image Source: Zacks Investment Research Record Bookings: As stated earlier, the biggest catalyst was D-Wave’s explosive bookings growth. First-quarter bookings surged 1,994% year over year to a record $33.4 million, supported by a $20 million system sale to Florida Atlantic University and a $10 million two-year QCaaS agreement with a Fortune 100 company. Remaining performance obligations climbed 563% year over year to $42.4 million, providing investors with improved future revenue visibility. The company also said its sales pipeline more than doubled sequentially during the quarter. In the near term, revenue conversion from backlog, timing of system deliveries and whether D-Wave can sustain momentum in enterprise QCaaS contracts will be crucial. QBTS expects a substantial portion of 2026 revenues to be recognized in the second half of the year. Quantum Circuits Acquisition: Another major driver was growing confidence in D-Wave’s dual-platform strategy after its acquisition of Quantum Circuits. This has positioned the company as the only quantum computing firm with both annealing and gate-model systems. The company unveiled a roadmap targeting approximately 175 physical qubits by 2028, 10 logical qubits by 2030 and 100 logical qubits by 2032. Expanding Real-World Use Cases in AI and Blockchain: The rally was also fueled by evidence that D-Wave’s annealing systems are moving beyond research into commercial applications. The company disclosed that its collaboration with Shionogi produced a tenfold increase in desirable drug-like molecules versus classical machine learning approaches. D-Wave also launched a blockchain testnet with Postquant Labs, where its Advantage2 quantum system reportedly outperformed classical nodes in mining operations. Additionally, D-Wave introduced n...

Interested in Arqit Quantum Inc.? Here are five stocks we like better. Arqit Quantum reported higher first-half fiscal 2026 revenue of $623,000 versus $67,000 a year earlier, with management saying revenue has now grown for two straight reporting periods. The company also saw more activity across 11 contracts, up from six in the prior-year period. Management says urgency around post-quantum cybersecurity is accelerating, citing Google, Cloudflare and IonQ as evidence that organizations are moving faster toward crypto migration. CEO Andy Leaver said the focus has shifted from whether to upgrade to how quickly it can be done. Arqit’s new products and partnerships are gaining traction, including the Encryption Intelligence risk tool, which landed its first contract and a first European partnership, and NetworkSecure, which is being used by Sparkle for quantum-secure networking. The company also highlighted ongoing opportunities in telecom, government and defense, including an imminent U.S. defense contract renewal discussion. Big Gains Alert: These 3 Tech Stocks Are Surging This Month Arqit Quantum (NASDAQ:ARQQ) reported higher first-half fiscal 2026 revenue and said it is seeing increased commercial activity as governments, telecom operators and defense-related customers evaluate post-quantum cybersecurity needs. Chief Executive Officer Andy Leaver told investors that the market has shifted from debating whether organizations need to upgrade cryptographic security to determining how quickly they can do so. He pointed to public comments and research from Google, Cloudflare and IonQ that, in his view, have accelerated the urgency around migration to post-quantum cryptography. → CAVA Group’s Stock Looks Delicious After Strong Earnings 3 Quantum Computing ETFs to Know—And Why 2 Don't Hold D-Wave “What has become clear in the first half of our current fiscal year is that when is becoming now,” Leaver said, referring to the timing of post-quantum security upgrades. Chief Financial Officer Nick Pointon said Arqit generated $623,000 in revenue for the first half of fiscal 2026, compared with $67,000 in the same period of fiscal 2025. He said the increase reflected revenue from a Middle East customer contract that began late in the first half of fiscal 2025, as well as activity under 11 contracts during the latest period, compared with six in the prior-year first half....

Download the Complete Report Here Key Takeaways: Public listing and capital infusion shift XNDU into funded roadmap execution. XNDU completed its business combination with Crane Harbor Acquisition Corp. in 1Q26 and began trading on both Nasdaq and the Toronto Stock Exchange under the ticker XNDU. The listing represented more than a capital raise; it marked a transition from early-stage research toward large-scale engineering and commercialization. The transaction generated ~$302 million in gross proceeds, which, together with ~$285 million (C$390 million) of anticipated Canadian and Ontario government funding currently under negotiation, is expected to support XNDU’s roadmap toward a quantum data center by 2029-2030. Government funding and ATM flexibility broaden the roadmap funding stack. XNDU is in discussions with the governments of Canada and Ontario for up to ~$285 million, or C$390 million, under Project OPTIMISM to advance domestic quantum manufacturing capabilities, while DARPA QBI Stage B contributed to 1Q26 revenue and could provide a path toward a potentially meaningful Phase C opportunity. The Canadian Quantum Champions Program adds another layer of government-backed validation, with these programs supporting more than funding by validating the roadmap, creating potential procurement pathways, strengthening sovereign quantum infrastructure, and helping offset manufacturing intensity across photonic packaging, test and measurement, heterogeneous integration, and module assembly. Importantly, anticipated Canadian government funding is expected to be received gradually as qualifying R&D investments are made rather than upfront on the balance sheet. Partnerships are expanding across application development and commercialization pathways. XNDU highlighted active relationships with AMD, Lockheed Martin, TELUS, and Fidelity Center for Applied Technology, building on earlier work with Mitsubishi Chemical, Rolls-Royce, Riverlane, Corning, Applied Materials, EV Group, and other industrial partners. The structure of these relationships matters more than the number of logos: defense and aerospace partners can support application IP and future procurement pathways, telecom and finance partners can help identify commercial workloads, and materials / industrial partners can support use-case development ahead of full-scale quantum data-center availability. Manuf...

IonQ’s first quarter was marked by a surge in revenue, with management attributing the growth to accelerating adoption of its quantum computing systems and increased multiproduct deals across commercial and international customers. Despite the strong top-line performance, the market reacted negatively, reflecting concerns over a wider non-GAAP loss and ongoing investments that pressured margins. CEO Niccolo de Masi highlighted that customer demand for IonQ’s quantum platform and the rollout of its fifth-generation computing systems were central to this quarter’s outperformance, while COO and CFO Inder Singh noted the company’s progress in expanding its commercial and geographic footprint. Is now the time to buy IONQ? Find out in our full research report (it’s free). Revenue: $64.67 million vs analyst estimates of $49.73 million (755% year-on-year growth, 30% beat) Adjusted EPS: -$0.34 vs analyst expectations of -$0.25 (37.5% miss) Adjusted EBITDA: -$96.75 million (-150% margin, 170% year-on-year decline) The company lifted its revenue guidance for the full year to $265 million at the midpoint from $235 million, a 12.8% increase EBITDA guidance for the full year is -$320 million at the midpoint, above analyst estimates of -$321 million Operating Margin: -420%, up from -1,000% in the same quarter last year Market Capitalization: $20.85 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. John McPeake (Rosenblatt Securities) asked about the delivery timeline for the 256-qubit system and customer adoption; CEO Niccolo de Masi emphasized strong initial demand and multi-year customer relationships, noting more announcements are forthcoming. Craig Ellis (B. Riley Securities) questioned the revenue implications of IonQ’s photonic interconnect and networking advances; de Masi and CFO Inder Singh explained that these capabilities support expansion into data center and merchant supplier roles, though precise revenue timing remains uncertain. Troy Jensen (Cantor Fitzgerald) pressed on pricing strategy for new applications in areas like drug discovery; de Masi described a consultative, value-based approach with ongoing price...

IonQ, Inc. (NYSE:IONQ) recently released a strong earnings report, and the market responded by raising the share price. While the headline numbers were strong, we found some underlying problems once we started looking at what drove earnings. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. This ratio tells us how much of a company's profit is not backed by free cashflow. That means a negative accrual ratio is a good thing, because it shows that the company is bringing in more free cash flow than its profit would suggest. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. Notably, there is some academic evidence that suggests that a high accrual ratio is a bad sign for near-term profits, generally speaking. IonQ has an accrual ratio of 0.47 for the year to March 2026. As a general rule, that bodes poorly for future profitability. And indeed, during the period the company didn't produce any free cash flow whatsoever. Even though it reported a profit of US$308.5m, a look at free cash flow indicates it actually burnt through US$424m in the last year. We also note that IonQ's free cash flow was actually negative last year as well, so we could understand if shareholders were bothered by its outflow of US$424m. Unfortunately for shareholders, the company has also been issuing new shares, diluting their share of future earnings. The good news for shareholders is that IonQ's accrual ratio was much better last year, so this year's poor reading might simply be a case of a short term mismatch between profit and FCF. As a result, some shareholders may be looking for stronger cash conversion in the current year. That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates....

Shares of Quantum Computing Inc. fell 38% last year, but first-quarter earnings mark a shift in investor sentiment.

Following IonQ’s earnings, Rigetti Computing and D-Wave quantum are set to report first-quarter results.

IonQ (IONQ) has become one of the market’s hottest quantum computing stocks, with shares rising roughly 70% over the past year as investors bet the company can turn early quantum leadership into a scalable commercial platform. Now, Morgan Stanley is signaling that the story may be entering a new phase. Here’s what drove the stronger outlook, why customer mix matters more than ever after Q1 results, and why IonQ’s balance sheet could give the company a major advantage in the race to commercialize quantum computing. IonQ’s first-quarter report on May 6 delivered a major jump in commercial credibility. Q1 2026 revenue reached a record $64.7 million, up 755% from a year earlier, while remaining performance obligations climbed to $470 million, up 554%. CEO Niccolo de Masi tied the stronger outlook to rising demand across IonQ’s broader quantum platform, while CFO Inder Singh emphasized the scale and durability of the company’s expanding RPO base. Recognized revenue shows customers are already spending, while the climb in RPO (remaining performance obligations) gives IonQ a much larger contracted base to support future growth. Management followed the quarter by raising full-year 2026 revenue guidance to $260 million to $270 million. Wall Street also responded positively to the stronger commercial outlook. Morgan Stanley raised its IonQ price targetto$47 from $37 while maintaining an Equal Weight rating, signaling growing confidence in the company’s path toward broader quantum commercialization. Trending Stocks: Eli Lilly stock swings after FDA liver failure report for GLP-1 drug JPMorgan resets Bloom Energy stock price target Onsemi CEO issues bold 2-word message after earnings That shifts the investment story more toward execution than speculation. IonQ is still operating at a loss, but a company generating $64.7 million in quarterly revenue with $470 million in RPO gives investors a firmer basis for underwriting future sales growth. IonQ now needs to convert backlog into revenue on schedule while continuing to scale commercial demand. A clean conversion path would likely support a higher revenue multiple by lowering forecast risk. IonQ’s customer mix added another layer of strength to the quarter. About 60% of Q1 revenue came from commercial customers, while more than one-third came from multi-product customers. That mix matters because commercial customers usua...

Get insights on thousands of stocks from the global community of over 7 million individual investors at Simply Wall St. IonQ (IONQ) is back in focus after reporting first quarter 2026 earnings with sales of US$64.67 million, net income of US$805.36 million, and positive earnings per share from continuing operations. See our latest analysis for IonQ. The strong first quarter numbers come after a volatile stretch for the stock, with a 67.36% 1 month share price return and a 36.27% 3 month share price return, yet only a 1.95% year to date share price return and a very large 3 year total shareholder return. This suggests that momentum has recently picked up again around IonQ’s quantum computing and networking progress. If this kind of move has your attention, it can be helpful to see what else is gaining traction in related areas and compare business quality across 27 quantum computing stocks With record quarterly revenue, a sharp rebound in the share price, and a growing backlog, the real question now is whether IonQ’s current valuation still leaves room for upside or if the market is already pricing in future growth. IonQ's most followed valuation narrative, according to greguman, places fair value at $5.06 per share, far below the recent close of $47.68. This sets up a wide gap between the story and the market price. Read the complete narrative. Want to see how this valuation case is built? The narrative focuses on rapid revenue expansion, changing margins and a future earnings multiple usually reserved for mature tech leaders. Result: Fair Value of $5.06 (OVERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, this story could change quickly if quantum commercial adoption lags expectations or if IonQ’s rapid revenue and net income growth rates start to weaken. Find out about the key risks to this IonQ narrative. Is the market getting carried away, or is the crowd still underestimating IonQ? Act while the debate is fresh by reviewing the 2 key rewards and 4 important warning signs. If IonQ has sharpened your interest, do not stop here. Use the Simply Wall Street Screener to uncover other stocks that fit your style and risk appetite. Target potential mispricings by scanning for companies that combine quality and lower valuations through the 51 high quality undervalued stocks. Strengthen your search for stable cash...

Download the Complete Report Here Key Takeaways: First quarter as a public company reinforced HQ’s positioning as a differentiated quantum software infrastructure platform centered around Triple Alpha and hardware-agnostic orchestration. Triple Alpha and Beryllium continued advancing toward higher-level quantum abstraction, while Ember-1 strengthened HQ’s real-time software-hardware integration capabilities. Partnerships with IonQ, Alice & Bob, and AQT materially expand HQ’s multimodal ecosystem exposure across trapped-ion, superconducting, and fault-tolerant architectures. Exited 1Q26 with $96.6 million in cash following the de-SPAC transaction, providing runway to scale R&D, hardware integration, and commercialization efforts. Differentiated small-cap quantum software infrastructure pure play trading at a meaningful discount to larger publicly traded quantum peers. First quarterly earnings report as a public company reinforced HQ’s positioning as a long-duration quantum software infrastructure platform. During the quarter, the company completed its de-SPAC transaction with dMY Squared Technology Group, with the combined entity beginning trading on Nasdaq on March 20, 2026, under the ticker HQ. Following the transaction, quarter-end cash balance increased significantly to $96.6 million from $0.2 million at year-end 2025, supported by approximately $98.2 million in net proceeds. The strengthened balance sheet provides meaningful financial runway to accelerate R&D initiatives, expand hardware integration efforts, and further advance the Triple Alpha platform. These developments come at a time when rapid advancements in quantum computing hardware, alongside breakthroughs in error correction, suggest the industry is approaching a key inflection point, with quantum advantage drawing increasingly closer. Triple Alpha remains central to HQ’s strategy of building higher-level software abstractions capable of accelerating broader quantum computing adoption. The company’s software stack progresses through multiple abstraction layers beginning with Hydrogen, a portable quantum assembly language designed to function across future hardware architectures, followed by Helium, an imperative quantum programming language supporting more advanced runtime capabilities, and ultimately Beryllium, an object-oriented quantum programming language intended to abstract away much of t...

The quantum computing company raises its full-year revenue guidance on the heels of its latest quarter.

Rigetti Computing RGTI is slated to release first-quarter 2026 results on May 11, after market close. The Zacks Consensus Estimate for sales and loss per share is pegged at $3.25 million and 5 cents, respectively. Loss per share estimates for RGTI have remained stable at 16 cents for both 2026 and 2027, respectively, over the past 30 days. RGTI’s first-quarter performance is likely to have reflected growing momentum in on-premises quantum system deployments, supported by contributions from previously announced Novera system orders and continued progress across its superconducting quantum computing roadmap. Rigetti’s close peers, IonQ IONQ andD-Wave QuantumQBTS, are slated to announce their quarterly numbers in the upcoming weeks. (Stay up-to-date with all quarterly releases: See Zacks Earnings Calendar.) In the last reported quarter, RGTI delivered an earnings surprise of 40%. Its earnings beat estimates in three of the trailing four quarters, missed once, delivering an average surprise of 9.17%. In the last reported quarter, IONQ delivered an earnings surprise of 502.1%, whereas QBTS delivered a negative earnings surprise of 140%. Per our proven model, a stock with a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold), along with a positive Earnings ESP, has higher chances of beating estimates. This is not the case here, as you can see below. Earnings ESP: RGTI has an Earnings ESP of 0.00%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter. Zacks Rank: The company currently carries a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here. Rigetti Computing, Inc. price-eps-surprise | Rigetti Computing, Inc. Quote RGTI’s first-quarter 2026 results are likely to reflect growing momentum in on-premises quantum computing deployments and continued progress across its chiplet-based scaling roadmap. During the quarter, the company announced the general availability of its 108-qubit quantum computing system, representing a key milestone in Rigetti’s commercialization efforts and broader push toward larger-scale superconducting quantum systems. The launch is likely to have supported customer engagement among government labs, research institutions and early commercial users seeking scalable hybrid quantum-classical computing infrastructure. RGTI’s first-quarter performance is also expected to h...