| Segment Information |
22. SEGMENT INFORMATION Effective upon the closing of the SkyWater Acquisition on July 31, 2026, the Company’s Chairman and Chief Executive Officer, who is the chief operating decision maker (“CODM”), began making operating decisions, allocating resources, and assessing performance across two reportable segments, IonQ Platform and SkyWater Foundry Services. Prior to the SkyWater Acquisition, the CODM used consolidated net income (loss) to evaluate performance and allocate resources. Subsequent to the completion of the SkyWater Acquisition, the CODM uses segment operating income (loss) to evaluate performance and allocate resources. The CODM does not use assets by segment to evaluate segment performance or allocate resources, and, therefore, assets by segment are not disclosed. Prior period segment information has been recast to conform to the current presentation. IonQ Platform offers quantum platform solutions across computing, networking, sensing, and security, including the design, development, construction, and sale of quantum ecosystem hardware together with related maintenance and support, access to QCaaS, consulting services related to co-developing algorithms and other services related to the Company’s quantum products, and providing satellite imagery and data from its constellation of satellites through its online platform. SkyWater Foundry Services is a semiconductor foundry providing foundational-node semiconductor manufacturing, advanced technology development, and advanced packaging services through an integrated, multi-site model. The Company defines segment operating income (loss) as total revenue, including intersegment revenue, less cost of revenue, research and development, and depreciation and amortization. The Company excludes sales and marketing, general and administrative, stock-based compensation, gain (loss) on change in fair value of warrant liabilities, interest income, interest expense, offering costs associated with warrants, and other income (expense) from segment operating income (loss). Intersegment results are eliminated in consolidation. The following tables present the results of the Company’s reportable segments (in thousands):
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Three Months Ended
September 30, |
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2026 |
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2025 |
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IonQ Platform |
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SkyWater Foundry Services |
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Total |
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IonQ Platform |
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SkyWater Foundry Services |
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Total |
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Revenue from external customers |
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$ |
90,315 |
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$ |
83,516 |
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$ |
173,831 |
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$ |
39,866 |
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$ |
— |
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$ |
39,866 |
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Intersegment revenue |
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— |
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16,748 |
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16,748 |
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— |
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— |
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— |
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Total revenue |
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90,315 |
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100,264 |
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190,579 |
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39,866 |
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— |
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39,866 |
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Eliminations: |
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Intersegment revenue elimination |
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(16,748 |
) |
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— |
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Total consolidated revenues |
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173,831 |
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39,866 |
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Operating costs and expenses excluding
stock-based compensation: |
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Cost of revenue |
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49,485 |
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72,142 |
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121,627 |
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17,006 |
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— |
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17,006 |
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Research and development |
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92,560 |
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4,257 |
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96,817 |
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34,532 |
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— |
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34,532 |
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Depreciation and amortization |
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53,870 |
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73,772 |
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127,642 |
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24,182 |
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— |
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24,182 |
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Total operating costs and expenses
excluding stock-based compensation |
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195,915 |
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150,171 |
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346,086 |
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75,720 |
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— |
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75,720 |
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Segment operating income (loss) |
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(105,600 |
) |
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(49,907 |
) |
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(172,255 |
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(35,854 |
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— |
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(35,854 |
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Less: Unallocated items |
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Sales and marketing, excluding
stock-based compensation |
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24,904 |
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7,881 |
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General and administrative, excluding
stock-based compensation |
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89,010 |
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52,133 |
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Stock-based compensation |
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146,906 |
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72,945 |
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(Gain) loss on change in fair value of
warrant liabilities |
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(896,156 |
) |
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881,847 |
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Interest income, net |
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(19,844 |
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(14,437 |
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Interest expense |
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2,315 |
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— |
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Offering costs associated with warrants |
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— |
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22,847 |
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Other (income) expense, net |
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59,198 |
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|
980 |
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Income (loss) before income tax benefit
(expense) |
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$ |
421,412 |
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$ |
(1,060,050 |
) |
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Nine Months Ended
September 30, |
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2026 |
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2025 |
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IonQ Platform |
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SkyWater Foundry Services |
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Total |
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IonQ Platform |
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SkyWater Foundry Services |
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Total |
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Revenue from external customers |
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$ |
235,033 |
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$ |
83,516 |
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$ |
318,549 |
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$ |
68,126 |
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$ |
— |
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$ |
68,126 |
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Intersegment revenue |
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— |
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16,748 |
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16,748 |
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— |
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— |
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— |
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Total revenue |
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235,033 |
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100,264 |
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335,297 |
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68,126 |
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— |
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68,126 |
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Eliminations: |
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Intersegment revenue elimination |
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(16,748 |
) |
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— |
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Total consolidated revenues |
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318,549 |
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68,126 |
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Operating costs and expenses excluding
stock-based compensation: |
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Cost of revenue |
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126,737 |
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72,142 |
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198,879 |
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26,770 |
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— |
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26,770 |
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Research and development |
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262,608 |
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4,257 |
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266,865 |
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|
84,218 |
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— |
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84,218 |
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Depreciation and amortization |
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143,086 |
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73,772 |
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216,858 |
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|
41,359 |
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— |
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41,359 |
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Total operating costs and expenses
excluding stock-based compensation |
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532,431 |
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150,171 |
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682,602 |
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152,347 |
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— |
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|
152,347 |
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Segment operating income (loss) |
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(297,398 |
) |
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(49,907 |
) |
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(364,053 |
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(84,221 |
) |
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— |
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(84,221 |
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Less: Unallocated items |
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Sales and marketing, excluding
stock-based compensation |
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56,693 |
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17,440 |
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General and administrative, excluding
stock-based compensation |
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203,811 |
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98,057 |
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Stock-based compensation |
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417,268 |
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205,366 |
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(Gain) loss on change in fair value of
warrant liabilities |
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(304,669 |
) |
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882,930 |
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Interest income, net |
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(80,057 |
) |
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(26,469 |
) |
Interest expense |
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2,315 |
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— |
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Offering costs associated with warrants |
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— |
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22,847 |
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Other (income) expense, net |
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(4,387 |
) |
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|
697 |
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Income (loss) before income tax benefit
(expense) |
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$ |
(655,027 |
) |
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$ |
(1,285,089 |
) |
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