Quantum News Nexus

Earnings season has started for quantum companies. Here’s a brief review of initial reports, with more to come next week:

IonQ again asserted itself as the king of publicly-traded, full-stack quantum technology firms with a knock-out fourth quarter and full-year 2025 earnings report. For Q4 2025, IonQ recognized revenue of $61.9 million, representing about 429%year-over-year growth and well above most estimates. Full-year 2025 revenue came in at $130 million, 20% above the midpoint of the previously provided range–an estimate which itself had been adjusted at least once during 2025–and representing 202% year-over-year growth. International sales also represented more than 30% of company revenue for the first time.

If anyone thinks quantum is not yet commercially viable, then they haven’t looked at what IonQ has been accomplishing for the last two years. For 2026, the company is expecting $225 million in total revenue.

Key quote from the earnings call: IonQ has been dogged by people claiming its M&A binge obscures an alleged lack of organic sales growth, but COO/CFO Inder Singh said, Importantly, our 2025 results included nearly 80% year-on-year organic growth, and I expect this to be even healthier in 2026.” 

D-Wave Quantum also is often cited as evidence that quantum is commercially viable now. One of the proof points was clear as D-Wave reported its own fourth quarter and full-year 2025 earnings this week. In the report, D-Wave claimed to have recognized revenue from more than 135 individual customers during 2025, encompassing more than 70 commercial enterprises. D-Wave’s full-year revenue was $24.6 million, an increase of $15.8 million, or 179%, from revenue of $8.8 million for the year ended December 31, 2024. It is maybe not in the same weight class as IonQ in that regard, but there is reason to expect much more revenue growth to come, as bookings for the final quarter reached $13.4 million.

Key quote from the earnings call: “Quantum computing is entering a new phase. The first phase was scientific exploration. The second phase was capital formation. The next phase will be commercial separation. Over the next several years, we expect that this industry will consolidate around a small number of companies that can demonstrate three things: real performance advantage, real commercial adoption, and a scalable, economically viable architecture with a credible pathway to full error correction.” – D-Wave CEO Alan Baratz.

SkyWater Technology, the self-described “quantum foundry” that IonQ is in the process of acquiring, announced full-year 2025 earnings that included $442 million in total revenue. The company has not been in the habit of breaking out its quantum-specific revenue, but it said it ended 2025 “with eight commercial ATS (Advanced Technology Services) engagements with quantum computing companies. Quantum-related ATS revenues increased by over 30% in fiscal 2025.”

In other news, both IonQ and QuSecure announced separately that they have been selected for Missile Defense Agency Scalable Homeland Innovative Enterprise Layered Defense (SHIELD) indefinite-delivery/indefinite-quantity (IDIQ) contracts. SHIELD IDIQ is the 10-year, $151 billion technology innovation part of the US government’s “Golden Dome” defense initiative. Both of those companies have been closely engaged with the federal government for years, so their selection is not a big surprise. 

Image source: IonQ

Quantum News Nexus is a site from freelance writer and editor Dan O’Shea that covers quantum computing, quantum sensing, quantum networking, quantum-safe security, and more. You can find him on X @QuantumNewsGuy and doshea14@gmail.com.