IonQ is no longer being priced as a trapped-ion lab that sells a handful of systems through the public clouds. It is being priced as a roll-up that just closed the purchase of SkyWater Technology, a domestic semiconductor foundry, and then recast full-year sales to include five months of that foundry. Second-quarter revenue reached $80.1 million, a jump of 287% from the year-ago print, and management called it the fifth consecutive record quarter. Chairman and Chief Executive Officer Niccolo de Masi and Chief Operating Officer and Chief Financial Officer Inder Singh spent the latest period telling holders that Tempo deployments, cloud utilization, and a first pre-sold chip-based machine prove commercial demand. The more honest framing is that the quantum franchise is growing fast from a small base while the company is simultaneously buying manufacturing, satellites, photonics, and university naming rights with equity and cash.
The mix underneath that print is broader than a single-box computer sale. International work supplied about 50% of the quarter. Commercial customers supplied about 60%. Multi-product work supplied about 25%. Remaining performance obligations rose to $485 million, enough to cover several quarters at the current run rate if conversion holds. GAAP still produced a net loss of $1.87 billion, almost entirely a non-cash mark on warrant liabilities that move with the share price rather than with system deliveries. Adjusted EBITDA still lost $120.3 million. Cash, cash equivalents, and investments were $3.0 billion at quarter-end, or about $2.0 billion after subtracting the cash SkyWater consumed.
The early-September recast of full-year sales to a band of $450 million to $460 million is not an organic demand surprise. It is the first combined outlook after SkyWater closed, and it sits well above the August quantum-only midpoint. The standalone quantum guide of $280 million to $290 million was left essentially in place. Mid-September the shares closed at $37.05, well below the prior peak, against a share count that already exceeds 380 million and rises again once SkyWater stock consideration is fully in the float. The next year decides whether Tempo and the chip-based successor convert backlog into cash, or whether holders simply own a larger, more complicated loss-making platform.