IonQ, Inc. Revenue Disclosure
15. REVENUE
Disaggregated Revenue
The Company’s revenue disaggregated by revenue source is as follows (in thousands):
|
|
Year Ended |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Quantum hardware |
|
$ |
69,946 |
|
|
$ |
21,594 |
|
|
$ |
7,083 |
|
Platform, consulting and support services |
|
|
60,070 |
|
|
|
21,479 |
|
|
|
14,959 |
|
Total revenue |
|
$ |
130,016 |
|
|
$ |
43,073 |
|
|
$ |
22,042 |
|
The Company’s revenue disaggregated by customer location is as follows (in thousands):
|
|
Year Ended |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
United States |
|
$ |
86,957 |
|
|
$ |
40,714 |
|
|
$ |
18,703 |
|
Switzerland |
|
|
16,630 |
|
|
|
1,547 |
|
|
|
646 |
|
Other international |
|
|
26,429 |
|
|
|
812 |
|
|
|
2,693 |
|
Total revenue |
|
$ |
130,016 |
|
|
$ |
43,073 |
|
|
$ |
22,042 |
|
Remaining Performance Obligations
As of December 31, 2025, approximately $370.0 million of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied), including both funded (firm orders for which funding has been both authorized and appropriated by the customer) and unfunded (firm orders for which funding has not been appropriated) orders. Unexercised contract options are not included in remaining performance obligations until the time the option is exercised. The Company expects approximately 40% of the remaining performance obligations to be recognized as revenue within the next twelve months.
Unearned Revenue
Contract liabilities consist of unearned revenue and represent cash payments received or contracted billings recorded for which the performance obligations were not satisfied as of the end of the period. The change in unearned revenue for the year ended December 31, 2025, primarily relates to such cash payments received or contracted billings recorded, as well as the addition of unearned revenue through acquisitions, partially offset by revenue recognized. The Company recognized revenue of $10.3 million, $11.9 million, and $8.7 million, for the years ended December 31, 2025, 2024, and 2023, respectively, that related to the unearned revenue balances as of the beginning of each year.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.