Quantum computing firm IonQ reports record quarterly revenue growth but fails to lift its stock price post-earnings.
IonQ posted a 755% year-over-year revenue increase to $64.7 million in the first quarter, exceeding its guidance midpoint by 30%. The surge marks the third consecutive quarter of triple-digit growth for the quantum computing company, driven by commercial and international demand.
Revenue from commercial customers accounted for 60% of the total, while 35% came from international markets. Remaining performance obligations soared 554% to $470 million, with the company noting $2.50 in new obligations for every $1 in revenue. Adjusted EBITDA, however, remained negative at a $96.8 million loss.
Despite the strong financial performance, IonQ shares fell more than 9% following the May 6 announcement, though the stock remains up over 60% in the past year.