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IONQ 02 2026 Business & Financial Highlights August 5 , 2026 Copyright © 2026 lonQ , Inc. All Rights Reserved .
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Copyright © 2026 IonQ, Inc. All Rights Reserved. Forward-Looking Statements and Other Information This presentation contains forward-looking statements. All statements contained in this presentation other than statements of historical fact are forward-looking statements, including statements regarding our guidance as to future results, our roadmap, our future investments, our competitive position and our ability to grow and create shareholder value. In some cases, you can identify these statements by forward-looking words such as “pending,” “look forward,” “accelerate,” “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “estimate,” “target,” “project,” “should,” “could,” “would,” “may,” “will,” “forecast,” “confident,” “position,” “become,” “on track,” “ensure,” “ongoing” and other similar expressions. These statements are only predictions based on our expectations and projections about future events as of the date of this presentation and are subject to a number of risks, uncertainties and assumptions that may prove incorrect, any of which could cause actual results to differ materially from those expressed or implied by such statements, including, among others, those described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission, or SEC, and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 to be filed with the SEC. New risks emerge from time to time, and it is not possible for our management to predict all risks, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statement we make. Investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made. Except as otherwise required by law, we undertake no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise. Trademarks The companies depicted in the photographs herein, or in any third-party trademarks, as well as the names, logos and brands, referenced in this presentation, are the property of their respective owners. All references to third-party trademarks are for identification purposes only and nothing herein should be considered an endorsement, authorization or approval by any such company. Non-GAAP Financial Measures To supplement IonQ’s condensed consolidated financial statements presented in accordance with GAAP, IonQ uses non-GAAP measures of certain components of financial performance. These financial measures are not required by or presented in accordance with GAAP. Management believes that these measures provide investors additional meaningful methods to evaluate certain aspects of the Company’s results period over period. Adjusted EBITDA is defined as net income (loss) attributable to IonQ, Inc. before net income (loss) attributable to noncontrolling interests, interest income, interest expense, income tax (benefit) expense, depreciation and amortization, stock-based compensation, executive cash-based severance, changes in fair value from recurring fair value measurements (such as warrant liabilities, contingent consideration, and investments), offering costs associated with warrants, acquisition transaction and integration costs, and non-cash legal settlements and related costs. Adjusted EPS is defined as net income (loss) per share, or EPS, excluding the impact of stock-based compensation, executive cash-based severance, changes in fair value from recurring fair value measurements (such as of warrant liabilities, contingent consideration, and investments), offering costs associated with warrants, acquisition transaction and integration costs, and non-cash legal settlements and related costs. IonQ uses Adjusted EBITDA and Adjusted EPS to measure the operating performance of its business, excluding specifically identified items that it does not believe directly reflect its core operations and that may not be indicative of recurring operations. Adjusted COR excl. D&A, Adjusted R&D, Adjusted M&S and Adjusted G&A are defined as cost of revenue excluding depreciation and amortization, research and development, sales and marketing, and general and administrative expenses, respectively, before stock-based compensation, executive cash-based severance, changes in fair value from recurring fair value measurements (such as contingent consideration and investments), acquisition transaction and integration costs, and non-cash legal settlements and related costs, as applicable. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and IonQ’s non-GAAP measures may be different from non-GAAP measures used by other companies. IonQ shows a reconciliation of its non-GAAP measures to the most directly comparable GAAP measures at the end of this presentation. Important Information 2 IonQ Q2 2026 Update
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Copyright © 2026 IonQ, Inc. All Rights Reserved. Business Highlights 3 First Fully Featured and Integrated 256-qubit Chips from SkyWater Received from fab and now in testing, consolidating all capabilities into a unified chip architecture Powerful Tailwinds in Quantum Computing, Networking, Cybersecurity, & Sensing Federal executive orders and an accelerating Q-Day reinforce the strategic importance of quantum technologies Biggest Quarter in IonQ History Fifth consecutive record-setting quarter, with revenue of $80.1 million and 287% YoY growth Progress Across the Entire Compute Stack Advancements in error correction and five new published customer and partner results 5 4 3 2 1 Closed Acquisition of SkyWater Securing the domestic manufacturing foundation to accelerate the entire quantum industry's path to scale IonQ Q2 2026 Update
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Copyright © 2026 IonQ, Inc. All Rights Reserved. IonQ Is The Only Quantum Platform Company That Can Deliver Integrated Solutions 4 IonQ Q2 2026 Update Quantum Computing Quantum Networking Quantum Cybersecurity Quantum Sensing Quantum in Space Industry-leading quantum computers, with our 5th generation 100-qubit machine now in the market and our 6th generation, 256-qubit machine expected to begin commissioning in 2027. Quantum applications across a wide set of industries. The only quantum networking platform intended to support connections between all qubit modalities creating the first-ever quantum internet. Deploying full-stack hardware and software quantum cybersecurity solutions today, before encryption is expected to be broken. The world’s highest performing, fielded atomic clocks and jam-proof quantum sensors for ultra- high precision and accuracy. Extending quantum into space, including ultra- fast, ultra-secure optical interconnects for greater bandwidth as we invest in quantum-grade positioning, navigation, timing, and communications. QUANTUM SOLUTIONS QUANTUM MANUFACTURING
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Copyright © 2026 IonQ, Inc. All Rights Reserved. 5 Proving the Path for our 256-Qubit System First fully featured QPUs back from SkyWater Executing our Roadmap with Semiconductor Manufacturing Gate Fidelity Chip Design Fabrication Chip Prototype Testing Component Testing System Commissioning Commissioning 256Q systems for customers Demonstrated critical performance metrics for full 256Q device Tape outs A-D; first feature-complete device Demonstrated 99.99% 2Q gate fidelity, proving EQC enables world- leading performance First fully fabricated ion-trap prototypes The key R&D is proven. Our focus is now on engineering scaling to full fault tolerance Q1-Q2 2027Q1 2026✓Q1 2026✓Q1 2026✓Q4 2025✓ Q2 2026✓ FOUNDATIONAL CAPABILITIES CHIP PROTOTYPING Copyright © 2026 IonQ, Inc. All Rights Reserved.IonQ Q2 2026 Update ✓ ✓ ✓ ✓ ✓ Integrated System Testing Testing fully featured QPUs in the 256Q system bed Q3-Q4 2026 SYSTEM INTEGRATION COMMISSIONING
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Copyright © 2026 IonQ, Inc. All Rights Reserved. 6 IonQ Is Advancing at Every Layer of the Compute Stack Q2 2026 Quantum Computing Achievements APPLICATIONS • First five published customer and partner results on IonQ Tempo development systems with NVIDIA, Synopsys, and others • Showcased two new use cases for how our systems can be used as ultra-precise scientific instruments QPU • First full quantum processor chips received from SkyWater and being tested in our College Park facility • All features integrated onto one chip, validating our semiconductor approach to manufacturing quantum SOFTWARE & ERROR CORRECTION • Demonstrated world-leading qLDPC error correction on our hardware, a key aspect of our Walking Cat architecture • Advanced the next generation of codes, beyond surface code, that make quantum computing much more resource efficient ADVANCED MANUFACTURING • Closed acquisition of SkyWater, bringing domestic 200mm semiconductor wafer fabrication and advanced packaging capabilities to IonQ Copyright © 2026 IonQ, Inc. All Rights Reserved.IonQ Q2 2026 Update
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Copyright © 2026 IonQ, Inc. All Rights Reserved. SkyWater Brings IonQ a Secure Onshore Supply Chain Owning a trusted U.S. foundry accelerates our roadmap and secures our supply chain, from design to deployment. 7 IonQ Q2 2026 Update • Own the iteration cycle for faster wafer turns and rapid innovation • Accelerate execution of our long- term technology roadmap, including planned 200,000-qubit testing in 2028 • Significantly expands production capacity to support growing customer demand • New Colorado R&D facility adds chip testing and system integration capabilities to complement SkyWater • Trusted, onshore supply chain designed to meet the needs of government and commercial customers • DMEA Category 1A Trusted accreditation, with physical, cyber, and IP protection ITERATION & ROADMAP ACCELERATION MANUFACTURING CAPACITY ACCREDITED DOMESTIC STATUS
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Copyright © 2026 IonQ, Inc. All Rights Reserved. IonQ Powers the Entire Quantum Ecosystem As the industry’s merchant supplier and foundry partner, IonQ delivers the critical technologies every quantum company needs, strengthening U.S. and allied leadership 8 Advanced Integrated Photonics Atomic Clocks Quantum Sensors Quantum Networking MERCHANT SUPPLIER IonQ already supplies quantum clocks, sensors, and networks to the entire quantum ecosystem. ACCELERATED TECHNOLOGY SERVICES Relentlessly focused on compressing development timelines for our customers, leveraging our unique technology-as-a-service business model to iterate rapidly within a mature foundry environment. ADVANCING THE ECOSYSTEM Committed to supplying the semiconductor technologies the entire ecosystem needs to scale. Now including integrated photonics and chip-scale laser technology, through acquisition of Nexus Photonics. Single Photon DetectorsCMOS & Superconducting Control Chips IonQ Q2 2026 Update
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Copyright © 2026 IonQ, Inc. All Rights Reserved. The Q-Day Timeline has Compressed Improvements in quantum computing and error correction continue to reduce the estimated number of qubits required to break encryption. Q-Day is now estimated to be as soon as 2029 Niccolo de Masi CEO of IonQ, Jan 2026 “Accelerated commercial quantum capability puts Q-Day just 3 years away” Heather Adkins VP of Security, Mar 2026 Drastically shortened PQC migration readiness deadline, introducing 2029 timeline Four Orders of Magnitude Reduction in Physical Qubits Required to Break Encryption Since 2012 2012 1 billion 2019 20 million 2025 1 million 2026 < 100,000 Q-Day Just Got Closer: Three Papers in Three Months Are Rewriting the Quantum Threat Timeline, Quantum Insider, March 2026 Mark Russinovich CTO of Microsoft Azure, June 2026 Accelerated PQC timeline to 2029 for critical products and systems 9 IonQ Q2 2026 Update Executive Order 14412 June 2026 Accelerates the federal transition to NIST-approved PQC with implementation targets 1 1. The U.S. government has not declared an estimated date for Q-Day
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Copyright © 2026 IonQ, Inc. All Rights Reserved. IonQ Provides the Complete Quantum-Safe Cybersecurity Stack QKD (Quantum Key Distribution) • Enduring physics-based assurance for high-value corridors • Independent layer beyond algorithmic security, resilient to future computing advances PQC (Post-Quantum Cryptography) • Standards-based quantum-safe algorithms • Enterprise-wide crypto-agility across the entire network estate QSPM (Quantum Security Posture Management) • Continuous visibility into quantum exposure and cryptographic risk • Identifies crypto debt, gaps, and priority corridors 10 IonQ Q2 2026 Update
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Copyright © 2026 IonQ, Inc. All Rights Reserved. IonQ Has Unmatched Scale and Global Reach 11 IonQ Q2 2026 Update 1,200+ Patents Granted and Pending Worldwide Strengthening our position as the leading independent quantum platform company 370+ Customers Served Worldwide 1 ~300 PhDs And over 500 Advanced Degrees $280-290 Million FY2026 Revenue Guidance REVENUE CUSTOMERS INTELLECTUAL PROPERTY TALENT Delivering solutions in 50+countries across 6continents DEVELOPING THE QUANTUM ECOSYSTEM WITH GLOBAL CUSTOMERS AND PARTNERS National quantum networks in Poland, Romania, Slovakia and Geneva ORNL World’s Largest Financial Institution Note: Figures do not reflect impact from the acquisition of SkyWater 1. Customer count reflects unique customers from which IonQ or its subsidiaries recognized revenue and/or with which IonQ or its subsidiaries entered into a new agreement during the trailing twelve months ended June 30, 2026. Acquired company customers are included only from the acquisition close date forward
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Copyright © 2026 IonQ, Inc. All Rights Reserved. Copyright © 2026 IonQ, Inc. All Rights Reserved. Q2 2026 Financial Highlights 12 IonQ Q2 2026 Update
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Copyright © 2026 IonQ, Inc. All Rights Reserved. Financial Highlights 13 Investing from a Position of Strength $2.0 billion in cash and no debt funds R&D as we design our 256-qubit and 10K-qubit systems in parallel45 4 3 2 1 Strong Organic Growth The strongest driver of our performance this quarter, and on-track for 100% YoY organic growth in FY261 Cross-Selling the Platform Approximately 25% of revenue came from customers using more than one product, demonstrating the power of our multi-product platform3 Strongest Quarter in the History of the Company Reported revenue 20% above our own plan, and raising full-year guidance to $280 - $290 million Broadening Revenue Base International and commercial segments now comprise 50% and 60% of the quarter’s total revenue, respectively, demonstrating that our solutions are resonating with customers pursuing real-world applications 2 1. Organic revenue is a supplemental measure representing revenue derived from IonQ’s quantum computing products, and any acquisitions prior to December 31, 2024 2. Commercial revenue includes all enterprise agreements with non-U.S. government customers, and agreements with leading universities 3. Multi-product revenue includes all agreements with customers who have purchased more than one product from us, for example, quantum computing, networking, sensing, security 4. Cash, cash equivalents, and investments were $3.0 billion as of June 30, 2026. Pro-forma for the SkyWater acquisition (i.e., after subtracting from this number the cash consumed in consummating the acquisition), cash, cash equivalents and investments are $2.0 billion IonQ Q2 2026 Update
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Copyright © 2026 IonQ, Inc. All Rights Reserved. Q2 2026 Financial Results 14 Copyright © 2025 IonQ, Inc. All Rights Reserved.IonQ Q2 2026 Update Copyright © 2026 IonQ, Inc. All Rights Reserved. Q2 2026 ($ in millions, except per share amounts) Revenue $80.1 YoY Growth 287% Non-GAAP COR excl. D&A1 $44.8 Non-GAAP R&D1 $95.0 Non-GAAP M&S1 $17.0 Non-GAAP G&A1 $44.4 Adjusted EBITDA1,2 ($120.3) Adjusted EPS1 ($0.33) Balance Sheet (as of June 30, 2026) Cash & Equivalents3 $3.0B 1. These are non-GAAP financial measures, which are reconciled to the most directly comparable GAAP financial measures at the end of this presentation 2. Adjusted EBITDA includes $24.7 million in research and development costs related to our commercial relationship with SkyWaterduring the quarter ended June 30, 2026. IonQ closed its acquisition of SkyWater on July 31, 2026 following the quarter end. Excluding the SkyWater spend, Adjusted EBITDA loss would have been ($95.6) million 3. Pro-forma for the SkyWater acquisition (i.e., after subtracting from this number the cash consumed in consummating the acquisition), cash, cash equivalents and investments are $2.0 billion Copyright © 2026 IonQ, Inc. All Rights Reserved. Quantum Computing Leadership Global system deliveries, cloud usage growth and deepening application layer partnerships Full-Stack Platform Commercial impact across quantum computing, networking, sensing, and security solutions Multi-Product Mix Multi-product solutions represent the platform strategy at work
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Copyright © 2026 IonQ, Inc. All Rights Reserved. 15 $80.1M 287% Q2 2026 Revenue Copyright © 2025 IonQ, Inc. All Rights Reserved. FY 2026 Revenue Guidance Copyright © 2026 IonQ, Inc. All Rights Reserved.IonQ Q2 2026 Update Strong Second Quarter 2026 Revenue $260-270M Q2 2025 Q2 2026 FY 2026 Guidance as of May 2026 FY 2026 Guidance as of August 2026 $20.7M GROWTH SUPPORTED BY STRONG BACKLOG AND TARGETED PIPELINE OPPORTUNITY ON TRACK TO GROW ORGANIC REVENUE BY 100% IN FY20261 1. Organic revenue is a supplemental measure representing revenue derived from IonQ’s quantum computing products, and any acquisitions prior to December 31, 2024 $280-290M
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Copyright © 2026 IonQ, Inc. All Rights Reserved. We Expect to Maintain High Growth Across our Business as our Revenue Scale Increases Revenue Guidance Range $2.1M $43.1M $22.0M$11.1M 2021A 2022A 2024A2023A 16 Quantum Computing Leadership Full-Stack Quantum Platform Quantum Computing, Networking, Sensing and Security $280-290M $130.0M 2025A 2026E ~100% YoY organic growth expected1 80% YoY organic growth1 Copyright © 2026 IonQ, Inc. All Rights Reserved.IonQ Q2 2026 Update 1. Organic revenue is a supplemental measure representing revenue derived from IonQ’s quantum computing products, and any acquisitions prior to December 31, 2024
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Copyright © 2026 IonQ, Inc. All Rights Reserved. Strong Second Quarter Operational Stats Continue to Demonstrate the Maturity of our Business 17 Copyright © 2025 IonQ, Inc. All Rights Reserved.IonQ Q2 2026 Update Copyright © 2026 IonQ, Inc. All Rights Reserved. INTERNATIONAL ~50% revenue from international markets COMMERCIAL ~60% revenue from commercial customers1 MULTI -PRODUCT ~25% revenue from multi-product customers2 RPO 297% year-over-year growth in RPOs 1. Commercial revenue includes all enterprise agreements with non-U.S. government customers, and agreements with leading universities 2. Multi-product revenue includes all agreements with customers who have purchased more than one product from us, for example, quantum computing, networking, sensing, security
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Copyright © 2026 IonQ, Inc. All Rights Reserved. Copyright © 2026 IonQ, Inc. All Rights Reserved.
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Copyright © 2026 IonQ, Inc. All Rights Reserved. GAAP and Non-GAAP Consolidated Statement of Operations 19 Copyright © 2025 IonQ, Inc. All Rights Reserved.IonQ Q2 2026 Update Copyright © 2026 IonQ, Inc. All Rights Reserved. In thousands, except share and per share data Three Months Ended June 30, 2026 Six Months Ended June 30, 2026 As Reported Adjusted EBITDA Add- Back Non-GAAP Adjusted P&L As Reported Adjusted EBITDA Add-Back Non-GAAP Adjusted P&L Revenue $ 80,050 $ — $ 80,050 $ 144,718 $ — $ 144,718 Costs and expenses: Cost of revenue (excluding depreciation and amortization) 60,110 (15,297) 44,813 109,364 (32,112) 77,252 Research and development 160,627 (65,676) 94,951 286,367 (118,377) 167,990 Sales and marketing 32,895 (15,880) 17,015 62,331 (31,019) 31,312 General and administrative 117,574 (73,183) 44,391 206,190 (121,404) 84,786 Depreciation and amortization 46,087 (46,087) - 89,216 (89,216) — Total operating costs and expenses 417,293 (216,123) 201,170 753,468 (392,128) 361,340 Loss from operations (337,243) 216,123 (121,120) (608,750) 392,128 (216,622) Gain (loss) on change in fair value of warrant liabilities (1,649,115) 1,649,115 — (591,487) 591,487 — Interest income, net 31,979 (31,979) — 60,213 (60,213) — Other income (expense), net 79,712 (78,867) 845 63,585 (63,991) (406) Loss before income tax expense (1,874,667) 1,754,392 (120,275) (1,076,439) 859,411 (217,028) Income tax benefit (expense) 6,067 (6,067) — 12,449 (12,449) — Net loss $ (1,868,600) $ 1,748,325 $ (120,275) $ (1,063,990) $ 846,962 $ (217,028) Net loss attributable to noncontrolling interests (858) 858 — (1,608) 1,608 — Net loss attributable to IonQ, Inc. $ (1,867,742) $ 1,747,467 $ (120,275) $ (1,062,382) $ 845,354 $ (217,028) In thousands, except share and per share data
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Copyright © 2026 IonQ, Inc. All Rights Reserved. Reconciliation of GAAP and Non-GAAP Financial Measures 20 Copyright © 2025 IonQ, Inc. All Rights Reserved.IonQ Q2 2026 Update Copyright © 2026 IonQ, Inc. All Rights Reserved. In thousands, except share and per share data 1. During the three and six months ended June 30, 2026, Adjusted EBITDA includes $24.7 million and $36.5 million, respectively, in research and development costs related to our commercial relationship with SkyWater. We closed our acquisition of SkyWater on July 31, 2026 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net income (loss) attributable to IonQ, Inc. $ (1,867,742) $ (176,838) $ (1,062,382) $ (209,090) Net income (loss) attributable to noncontrolling interests (858) (692) (1,608) (692) Interest income, net (31,979) (7,138) (60,213) (12,032) Interest expense — — — — Income tax (benefit) expense (6,067) (15,269) (12,449) (15,257) Depreciation and amortization 46,087 10,616 89,216 17,177 Stock-based compensation 141,845 99,168 270,362 132,421 Executive cash-based severance 2,058 — 2,606 — (Gain) loss on changes in fair value measurements 1,576,198 39,577 523,635 1,083 Offering costs associated with warrants — — — — Acquisition transaction and integration costs 14,483 14,060 28,105 15,841 Non-cash legal settlements and related costs 5,700 — 5,700 — Adjusted EBITDA $ (120,275) $ (36,516) $ (217,028) $ (70,549)1 Three Months Ended June 30, 2026 2025 Amount Per Share Amount Per Share Net income (loss) per share attributable to IonQ, Inc. Common stockholders —basic and diluted $ (5.08) $ (0.70) Stock-based compensation $ 141,845 0.39 $ 99,168 0.40 Executive cash-based severance 2,058 0.01 — — (Gain) loss on changes in fair value measurements 1,576,198 4.29 39,577 0.16 Offering costs associated with warrants — — — — Acquisition transaction and integration costs 14,483 0.04 14,060 0.06 Non-cash legal settlements and related costs 5,700 0.02 — — Adjusted EPS $ (0.33) $ (0.08) Six Months Ended June 30, 2026 2025 Amount Per Share Amount Per Share $ (2.92) $ (0.87) $ 270,362 0.74 $ 132,421 0.55 2,606 0.01 — — 523,635 1.44 1,083 — — — — — 28,105 0.08 15,841 0.07 5,700 0.02 — — $ (0.63) $ (0.25)