IonQ, Inc.

Previous wording

We are developing quantum computers and networks designed to solve some of the world’s most complex problems, and transform business, society and the planet for the better. We believe that our proprietary technology, our architecture, and the technology exclusively available to us through license agreements will offer us advantages both in terms of research and development, as well as the commercial value of our intended product offerings.

Current wording

We are developing quantum computers and networks designed to solve some of the world’s most complex problems, and transform business, society and the planet for the better. We also offer satellite-based data capabilities and satellite solutions intended to enable quantum-secure global communications. We believe that our proprietary technology, our architecture, and the technology exclusively available to us through license agreements will offer us advantages both in terms of research and development, as well as the commercial value of our intended product offerings.

Previous wording

We are still in the early stages of commercial growth. Since our inception we have incurred significant operating losses. Our ability to generate revenue sufficient to achieve profitability will depend heavily on the successful development and further commercialization of our quantum computing systems and networks. Our net losses attributable to IonQ, Inc. were $209.1 million and $77.2 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $892.8 million. We expect to continue to incur significant losses for the foreseeable future as we prioritize reaching the technical milestones necessary to achieve an increasingly higher number of stable qubits and higher levels of fidelity than presently exists—prerequisites for quantum computing to reach broad quantum advantage.

Current wording

We are still in the early stages of commercial growth. Since our inception we have incurred significant operating losses. Our ability to generate revenue sufficient to achieve profitability will depend heavily on the successful development and further commercialization of our quantum computing systems and networks. Our net losses attributable to IonQ, Inc. were $1,264.0 million and $129.6 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, we had an accumulated deficit of $1,947.8 million. We expect to continue to incur significant losses for the foreseeable future as we prioritize reaching the technical milestones necessary to achieve an increasingly higher number of stable qubits and higher levels of fidelity than presently exists—prerequisites for quantum computing to reach broad quantum advantage.

Previous wording

Inflationary factors, interest rates and overhead costs may adversely affect our operating results. High interest and inflation rates also present a recent challenge impacting the U.S. economy and could make it more difficult for us to obtain traditional financing on acceptable terms, if at all, in the future. These inflationary effects may be exacerbated by new tariffs and evolving trade policy. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, we may experience increases in the future on our operating costs, including due to supply chain constraints, consequences associated with bank failures, trade wars and the effect of recently heightened, scheduled, and threatened tariffs by the U.S. or its trading partners, geopolitical tensions in and around Ukraine, Israel and other areas of the world, and employee availability and wage increases, which may result in additional stress on our working capital resources.

Current wording

Inflationary factors, interest rates and overhead costs may adversely affect our operating results. High interest and inflation rates also present a challenge impacting the U.S. economy and could make it more difficult for us to obtain traditional financing on acceptable terms, if at all, in the future. These inflationary effects may be exacerbated by new tariffs and evolving trade policy. Although we do not believe that inflation has had a material impact on our financial position or results of operations to date, we may experience increases in the future on our operating costs, including due to supply chain constraints, consequences associated with bank failures, trade wars and the effect of recently heightened, scheduled, and threatened tariffs by the U.S. or its trading partners, geopolitical tensions in and around Ukraine, Israel and other areas of the world, and employee availability and wage increases, which may result in additional stress on our working capital resources.

Previous wording

We derive revenue from contracts associated with the design, development, construction and sale of specialized quantum computing hardware together with related maintenance and support, from the sale of quantum networking products together with related services and maintenance, from contracts providing access to QCaaS, and from consulting services related to co-developing algorithms on quantum computing systems. In arrangements with the cloud service providers, the cloud service provider is considered the customer and we do not have any contractual relationships with the cloud service providers’ end users.

Current wording

We derive revenue from contracts associated with the design, development, construction and sale of specialized quantum computing hardware together with related maintenance and support, from the sale of quantum networking products together with related services and maintenance, from contracts providing access to QCaaS, from consulting services related to co-developing algorithms on quantum computing systems, and from providing satellite imagery and data from our constellation of satellites through our online platform.

Previous wording

Performance obligations are satisfied over time if the customer receives the benefits as we perform the work, if the customer controls the asset as it is being produced (continuous transfer of control), or if the product being produced for the customer has no alternative use and we have a contractual right to payment for performance to date. For performance obligations related to specialized quantum computing hardware and consulting services, revenue is recognized over time based on the efforts incurred to date relative to the total expected effort, primarily based on a cost-to-cost input measure. We apply judgment to determine a reasonable method to measure progress and to estimate total expected effort. Factors considered in these estimates include our historical performance, the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, and the effect of any delays in performance. For performance obligations related to quantum networking products and related services, revenue is recognized at the point in time when control passes to the customer, which is generally at the shipping point based on customary incoterms, or upon completion of the required services.

Current wording

Performance obligations are satisfied over time if the customer receives the benefits as we perform the work, if the customer controls the asset as it is being produced (continuous transfer of control), or if the product being produced for the customer has no alternative use and we have a contractual right to payment for performance to date. For performance obligations related to specialized quantum computing hardware and consulting services, as well as customer solutions for specialized satellite development capabilities, revenue is recognized over time based on the efforts incurred to date relative to the total expected effort, primarily based on a cost-to-cost input measure. We apply judgment to determine a reasonable method to measure progress and to estimate total expected effort. Factors considered in these estimates include our historical performance, the availability, productivity and cost of labor, the nature and complexity of work to be performed, the effect of change orders, availability and cost of materials, and the effect of any delays in performance. For performance obligations related to quantum networking products and related services, revenue is recognized at the point in time when control passes to the customer, which is generally at the shipping point based on customary incoterms, or upon completion of the required services.

Previous wording

We have determined that our QCaaS contracts represent a combined, stand-ready performance obligation to provide access to our quantum computing systems together with related maintenance and support. The transaction price generally consists of a fixed fee for a minimum volume of usage to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. For performance obligations related to providing QCaaS access, fixed fees are recognized on a straight-line basis over the access period. Variable usage fees are recognized in the period they occur. We have determined that contracts that contain consulting services related to co-developing quantum computing algorithms and the ability to use our quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time.

Current wording

We have determined that our QCaaS contracts represent a combined, stand-ready performance obligation to provide access to our quantum computing systems together with related maintenance and support. Additionally, we have determined that contracts to provide satellite imagery and data also represent a stand-ready performance obligation. The transaction price generally consists of a fixed fee for a minimum volume of usage or images to be made available over a defined period of access. Fixed fee arrangements may also include a variable component whereby customers pay an amount for usage over contractual minimums contained in the contracts. For performance obligations related to providing QCaaS access or satellite imagery and data, fixed fees are recognized on a straight-line basis over the access period. Variable usage fees are recognized in the period they occur. We have determined that contracts that contain consulting services related to co-developing quantum computing algorithms and the ability to use our quantum computing systems to run such algorithms represent a combined performance obligation that is satisfied over-time.

Previous wording

Cost of revenue primarily consists of expenses related to construction of specialized quantum computing and networking hardware and delivery of our services, including personnel-related expenses, hardware costs, allocated overhead costs for customer facing functions, and costs associated with maintaining our in-service quantum computing systems to ensure proper calibration as well as costs incurred for maintaining the cloud on which the QCaaS resides. Cost of revenue also includes product costs for quantum networking hardware. Personnel-related expenses include salaries, benefits, and stock-based compensation. Cost of revenue excludes depreciation and amortization related to our quantum computing systems and related software.

Current wording

Cost of revenue primarily consists of expenses related to construction of specialized quantum computing and networking hardware as well as customer solutions for specialized satellite development capabilities and delivery of our services, including personnel-related expenses, hardware costs, allocated overhead costs for customer facing functions, and costs associated with maintaining our in-service quantum computing systems and satellites to ensure proper calibration as well as costs incurred for maintaining the cloud on which we deliver our services. Cost of revenue also includes product costs for quantum networking hardware. Personnel-related expenses include salaries, benefits, and stock-based compensation. Cost of revenue excludes depreciation and amortization related to our quantum computing systems, satellites and related software.

Previous wording

Research and development expenses consist of personnel-related expenses, including salaries, benefits and stock-based compensation, and allocated overhead costs for our research and development functions. Unlike a standard computer, design and development efforts continue throughout the useful life of our quantum computing systems to ensure proper calibration and optimal functionality. Research and development expenses also include purchased hardware and software costs related to quantum computing systems constructed for research purposes that are not probable of providing a future economic benefit and have no alternate future use as well as costs associated with third-party research and development arrangements.

Current wording

Research and development expenses consist of personnel-related expenses, including salaries, benefits and stock-based compensation, and allocated overhead costs for our research and development functions. Research and development is attributable to the advancing technology research, platform and infrastructure development, and the research and development of new product iterations, including quantum computing systems and networks and satellites. Design and development efforts continue throughout the useful life of our quantum computing systems and satellites to ensure proper calibration and optimal functionality. Research and development expenses also include purchased hardware and software costs for research purposes that are not probable of providing a future economic benefit and have no alternate future use as well as costs associated with third-party research and development arrangements.

Previous wording

Depreciation and amortization expense results from depreciation and amortization of our property and equipment, including our quantum computing systems, and intangible assets that are recognized over their estimated lives.

Current wording

Depreciation and amortization expense results from depreciation and amortization of our property and equipment, including our quantum computing systems and satellites, and intangible assets that are recognized over their estimated lives.

Previous wording

The gain (loss) on change in fair value of warrant liabilities consists of mark-to-market fair value adjustments recorded associated with the public warrants assumed as part of the Business Combination.

Current wording

The gain (loss) on change in fair value of warrant liabilities consists of mark-to-market fair value adjustments recorded associated with the public warrants and Series A prefunded and private warrants.

Previous wording

Revenue increased by $9.3 million, or 82%, to $20.7 million for the three months ended June 30, 2025, from $11.4 million for the three months ended June 30, 2024. The increase was primarily driven by progress on arrangements to build specialized quantum computing hardware, as well as increased revenue as a result of acquisitions.

Current wording

Revenue increased by $27.5 million, or 222%, to $39.9 million for the three months ended September 30, 2025, from $12.4 million for the three months ended September 30, 2024. The increase was primarily driven by progress on arrangements to build specialized quantum computing hardware, as well as increased revenue as a result of acquisitions.

Previous wording

Cost of revenue increased by $2.7 million, or 48%, to $8.3 million for the three months ended June 30, 2025, from $5.6 million for the three months ended June 30, 2024. The increase was driven primarily by an increase in labor costs to service contracts for the three months ended June 30, 2025, as well as an increase in materials costs related to quantum networking products.

Current wording

Cost of revenue increased by $14.7 million, or 226%, to $21.3 million for the three months ended September 30, 2025, from $6.5 million for the three months ended September 30, 2024. The increase was driven primarily by an increase in labor costs to service contracts for the three months ended September 30, 2025, as well as an increase in materials costs related to quantum networking products.

Previous wording

Research and development expense increased by $79.7 million, or 125%, to $143.3 million for the six months ended June 30, 2025, from $63.6 million for the six months ended June 30, 2024. The increase was primarily driven by an increase of $80.8 million in payroll-related expenses, including an increase in stock-based compensation of $69.7 million, as a result of increased headcount and new equity grants, including the replacement awards issued in connection with acquisitions, offset by a decrease of $3.8 million in materials, supplies and equipment costs.

Current wording

Research and development expense increased by $33.1 million, or 100%, to $66.3 million for the three months ended September 30, 2025, from $33.2 million for the three months ended September 30, 2024. The increase was primarily driven by an increase of $27.0 million in payroll-related expenses, including an increase in stock-based compensation of $17.9 million, as a result of increased headcount and new equity grants, and a $3.1 million increase in materials, supplies and equipment costs. The remaining increase is due to an increase in costs to support research and development initiatives, including a $2.5 million increase in professional service fees and allocated overhead costs.

Previous wording

Sales and marketing expense increased by $4.7 million, or 77%, to $10.9 million for the three months ended June 30, 2025, from $6.1 million for the three months ended June 30, 2024. The increase was primarily driven by an increase of $3.8 million of payroll-related expenses, including an increase in stock-based compensation of $3.1 million, as a result of increased headcount and new equity grants, as well as increased costs to promote our products and services and other marketing initiatives.

Current wording

Sales and marketing expense increased by $7.8 million, or 118%, to $14.4 million for the three months ended September 30, 2025, from $6.6 million for the three months ended September 30, 2024. The increase was primarily driven by an increase of $5.9 million of payroll-related expenses, including an increase in stock-based compensation of $3.6 million, as a result of increased headcount and new equity grants, as well as increased costs to promote our products and services and other marketing initiatives.

Previous wording

Depreciation and amortization expenses increased by $6.3 million, or 147%, to $10.6 million for the three months ended June 30, 2025, from $4.3 million for the three months ended June 30, 2024. The increase was primarily driven by an increase of $3.8 million in amortization expense associated with acquired intangible assets, and increases of $1.2 million and $1.1 million in depreciation expense associated with capitalized quantum computing system costs and other property and equipment, respectively.

Current wording

Depreciation and amortization expenses increased by $19.3 million, or 395%, to $24.2 million for the three months ended September 30, 2025, from $4.9 million for the three months ended September 30, 2024. The increase was primarily driven by an increase of $13.0 million in amortization expense associated with acquired intangible assets, and increases of $4.0 million in depreciation expense associated with capitalized quantum computing system costs and satellites.

Previous wording

Interest income, net increased by $2.3 million, or 49%, to $7.1 million for the three months ended June 30, 2025, from $4.8 million for the three months ended June 30, 2024. The increase was primarily driven by an increase in the available-for-sale investments balance.

Current wording

Interest income, net increased by $9.9 million, or 220%, to $14.4 million for the three months ended September 30, 2025, from $4.5 million for the three months ended September 30, 2024. The increase was primarily driven by an increase in the available-for-sale investments balance.

Previous wording

Income tax benefit (expense) increased by $15.3 million to a benefit of $15.3 million for the three months ended June 30, 2025, from an expense of less than $0.1 million for the three months ended June 30, 2024. The increase was primarily driven by a partial release of U.S. federal and state valuation allowances.

Current wording

Income tax benefit (expense) increased by $4.5 million to a benefit of $4.4 million for the three months ended September 30, 2025, from an expense of less than $0.1 million for the three months ended September 30, 2024. The increase was primarily driven by a partial release of U.S. federal and state valuation allowances.

Previous wording

Revenue increased by $9.3 million, or 49%, to $28.3 million for the six months ended June 30, 2025, from $19.0 million for the six months ended June 30, 2025. The increase was primarily driven by progress on arrangements to build specialized quantum computing hardware, as well as increased revenue as a result of acquisitions.

Current wording

Revenue increased by $36.8 million, or 117%, to $68.1 million for the nine months ended September 30, 2025, from $31.4 million for the nine months ended September 30, 2025. The increase was primarily driven by progress on arrangements to build specialized quantum computing hardware, as well as increased revenue as a result of acquisitions.

Previous wording

Cost of revenue increased by $3.6 million, or 40%, to $12.6 million for the six months ended June 30, 2025, from $9.0 million for the six months ended June 30, 2024. The increase was driven primarily by an increase in labor costs to service contracts for the six months ended June 30, 2025, as well as an increase materials costs related to quantum networking products.

Current wording

Cost of revenue increased by $18.3 million, or 118%, to $33.9 million for the nine months ended September 30, 2025, from $15.6 million for the nine months ended September 30, 2024. The increase was driven primarily by an increase in labor costs to service contracts for the nine months ended September 30, 2025, as well as an increase materials costs related to quantum networking products.

Previous wording

Research and development expense increased by $72.2 million, or 231%, to $103.4 million for the three months ended June 30, 2025, from $31.2 million for the three months ended June 30, 2024. The increase was primarily driven by an increase of $70.7 million in payroll-related expenses, including an increase in stock-based compensation of $64.7 million, as a result of increased headcount and new equity grants, including the replacement awards issued in connection with acquisitions.

Current wording

Research and development expense increased by $112.9 million, or 117%, to $209.6 million for the nine months ended September 30, 2025, from $96.8 million for the nine months ended September 30, 2024. The increase was primarily driven by an increase of $102.9 million in payroll-related expenses, including an increase in stock-based compensation of $82.6 million, as a result of increased headcount and new equity grants, including the replacement awards issued in connection with acquisitions.

Previous wording

Sales and marketing expense increased by $6.6 million, or 52%, to $19.5 million for the six months ended June 30, 2025, from $12.8 million for the six months ended June 30, 2024. The increase was primarily driven by an increase of $6.0 million of payroll-related expenses, including an increase in stock-based compensation of $4.7 million, as a result of increased headcount and new equity grants, as well as increased costs to promote our products and services and other marketing initiatives.

Current wording

Sales and marketing expense increased by $14.5 million, or 74%, to $33.9 million for the nine months ended September 30, 2025, from $19.5 million for the nine months ended September 30, 2024. The increase was primarily driven by an increase of $11.9 million of payroll-related expenses, including an increase in stock-based compensation of $8.3 million, as a result of increased headcount and new equity grants, as well as increased costs to promote our products and services and other marketing initiatives.

Previous wording

Depreciation and amortization expenses increased by $8.9 million, or 108%, to $17.2 million for the six months ended June 30, 2025, from $8.3 million for the six months ended June 30, 2024. The increase was primarily driven by an increase $4.2 million in amortization expense associated with acquired intangible assets, and increases of $2.2 million and $1.8 million in depreciation expense associated with capitalized quantum computing system costs and other property and equipment, respectively.

Current wording

Depreciation and amortization expenses increased by $28.2 million, or 215%, to $41.4 million for the nine months ended September 30, 2025, from $13.2 million for the nine months ended September 30, 2024. The increase was primarily driven by an increase $17.3 million in amortization expense associated with acquired intangible assets, and increases of $6.2 million in depreciation expense associated with capitalized quantum computing system costs and satellites.

Previous wording

Interest income, net increased by $2.4 million, or 25%, to $12.0 million for the six months ended June 30, 2025, from $9.6 million for the six months ended June 30, 2024. The increase was primarily driven by an increase in the available-for-sale investments balance.

Current wording

Interest income, net increased by $12.4 million, or 88%, to $26.5 million for the nine months ended September 30, 2025, from $14.1 million for the nine months ended September 30, 2024. The increase was primarily driven by an increase in the available-for-sale investments balance.

Previous wording

Income tax benefit (expense) increased by $15.3 million to a benefit of $15.3 million for the six months ended June 30, 2025, from an expense of less than $0.1 million for the six months ended June 30, 2024. The increase was primarily driven by a partial release of U.S. federal and state valuation allowances.

Current wording

Income tax benefit (expense) increased by $19.7 million to a benefit of $19.7 million for the nine months ended September 30, 2025, from an expense of less than $0.1 million for the nine months ended September 30, 2024. The increase was primarily driven by a partial release of U.S. federal and state valuation allowances.

Previous wording

As of June 30, 2025, we had cash, cash equivalents and available-for-sale securities of $656.8 million. Excluded from our available liquidity is $3.4 million of restricted cash, which is primarily recorded in other noncurrent assets in our condensed consolidated balance sheets. We believe that our cash, cash equivalents and investments as of June 30, 2025, will be sufficient to meet our working capital and capital expenditure needs for the next 12 months. We believe we will meet longer term expected future cash requirements and obligations through a combination of cash flows from operating activities and available funds from our cash, cash equivalents and investment balances. However, this determination is based upon internal projections and is subject to changes in market and business conditions. In July 2025, we completed an equity offering to raise additional capital. Refer to Note 18 for further details. We have incurred significant losses since our inception and as of June 30, 2025, we had an accumulated deficit of $892.8 million. During the six months ended June 30, 2025, we incurred net losses of $209.1 million. We expect to incur significant losses and higher operating expenses for the foreseeable future.

Current wording

As of September 30, 2025, we had cash, cash equivalents and available-for-sale securities of $1,485.0 million. Excluded from our available liquidity is $6.3 million of restricted cash, which is primarily recorded in other noncurrent assets in our condensed consolidated balance sheets. We believe that our cash, cash equivalents and investments as of September 30, 2025, will be sufficient to meet our working capital and capital expenditure needs for the next 12 months. We believe we will meet longer term expected future cash requirements and obligations through a combination of available funds from our cash, cash equivalents and investment balances and cash flows from operating activities. However, this determination is based upon internal projections and is subject to changes in market and business conditions. Additionally, in October 2025, we completed an equity offering for aggregate proceeds of $1,980.0 million. We have incurred significant losses since our inception and as of September 30, 2025, we had an accumulated deficit of $1,947.8 million. During the nine months ended September 30, 2025, we incurred net losses of $1,264.0 million. We expect to incur significant losses and higher operating expenses for the foreseeable future.

Previous wording

Our primary uses of cash and investments are to fund our operations as we continue to grow our business and our investing activities, including capital expenditures, potential acquisitions, and strategic investments. We require a significant amount of cash for expenditures as we invest in ongoing research and development and commercialization of our products. Until such time as we can generate significant revenue from commercializing our quantum computing technology, if ever, we expect to finance our liquidity needs through our cash, cash equivalents and investments, as well as equity or debt financings or other capital sources, including potential collaborations and other similar arrangements. However, we may be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders will be or could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, or declaring dividends. If we raise funds through collaborations, or other similar arrangements with third parties, we may have to relinquish valuable rights to our quantum computing and networking technology on terms that may not be favorable to us and/or may reduce the value of our common stock. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our quantum computing and networking development efforts. Our future capital requirements and the adequacy of available funds will depend on many factors, including those set forth in the section titled “Risk Factors.” In July 2025, we completed an equity offering to raise additional capital. Refer to Note 18 for further details.

Current wording

Our primary uses of cash and investments are to fund our operations as we continue to grow our business and our investing activities, including capital expenditures, potential acquisitions, and strategic investments. We require a significant amount of cash for expenditures as we invest in ongoing research and development and commercialization of our products. Until such time as we can generate significant revenue from commercializing our quantum computing, networking, and sensing technology, if ever, we expect to finance our liquidity needs through our cash, cash equivalents and investments, as well as equity or debt financings or other capital sources, including potential collaborations and other similar arrangements. However, we may be unable to raise additional funds or enter into such other arrangements when needed on favorable terms or at all. To the extent that we raise additional capital through the sale of equity or convertible debt securities, the ownership interest of our stockholders could be diluted, and the terms of these securities may include liquidation or other preferences that adversely affect the rights of our stockholders. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making capital expenditures, or declaring dividends. If we raise funds through collaborations, or other similar arrangements with third parties, we may have to relinquish valuable rights to our quantum computing and networking technology on terms that may not be favorable to us and/or may reduce the value of our common stock. If we are unable to raise additional funds through equity or debt financings when needed, we may be required to delay, limit, reduce or terminate our quantum computing and networking development efforts. Our future capital requirements and the adequacy of available funds will depend on many factors, including those set forth in the section titled “Risk Factors” in this Quarterly Report on Form 10-Q and other our other filings with the Securities and Exchange Commission.

Previous wording

Our material contractual commitments as of June 30, 2025, primarily relate to operating lease commitments. As of June 30, 2025, we have total operating lease obligations of $22.9 million, with $5.9 million payable within 12 months. Other than operating lease commitments, cash requirements for the next 12 months are expected to consist primarily of operating expenses and continued investment in our quantum computers and technology.

Current wording

Our material contractual commitments as of September 30, 2025, primarily relate to operating lease commitments. As of September 30, 2025, we have total operating lease obligations of $34.1 million, with $9.0 million payable within 12 months. Other than operating lease commitments, cash requirements for the next 12 months are expected to consist primarily of operating expenses and continued investment in our quantum computers and technology.

Previous wording

The following table summarizes our cash flows for the period indicated:

Current wording

The following table summarizes our cash flows for the periods indicated:

Previous wording

Net cash used in operating activities during the six months ended June 30, 2025, was $85.6 million, resulting primarily from a net loss of $209.8 million, adjusted for non-cash activity, primarily related to stock-based compensation, depreciation and amortization, deferred income taxes, the loss recorded as a result of mark-to-market activity for our public warrants, and other working capital activities. The increase in net cash used in operations from the prior year period was primarily related to increased compensation costs and costs for materials and supplies to support the production of quantum computing systems, customer contracts, and other research and development activities.

Current wording

Net cash used in operating activities during the nine months ended September 30, 2025, was $208.7 million, resulting primarily from a net loss of $1,265.4 million, adjusted for non-cash activity, primarily related to stock-based compensation, depreciation and amortization, deferred income taxes, the loss recorded as a result of mark-to-market activity for our warrants, and other working capital activities. The increase in net cash used in operations from the prior year period was primarily related to increased compensation costs and costs for materials and supplies to support the production of quantum computing systems, customer contracts, and other research and development activities.

Previous wording

Net cash used in operating activities during the six months ended June 30, 2024, was $47.0 million, resulting primarily from a net loss of $77.2 million, adjusted for non-cash activity, primarily related to the gain recorded as a result of mark-to-market activity for our public warrants, stock-based compensation and other working capital activities.

Current wording

Net cash used in operating activities during the nine months ended September 30, 2024, was $66.3 million, resulting primarily from a net loss of $129.6 million, adjusted for non-cash activity, primarily related to stock-based compensation, and other working capital activities.

Previous wording

Net cash used in investing activities during the six months ended June 30, 2025, was $201.0 million, primarily resulting from purchases of available-for-sale securities of $435.1 million, offset by cash received from maturities of available-for-sale securities of $211.2 million and from businesses acquired of $28.7 million.

Current wording

Net cash used in investing activities during the nine months ended September 30, 2025, was $873.6 million, primarily resulting from purchases of available-for-sale securities of $1,252.4 million, cash paid for acquired businesses, net of cash acquired, of $13.1 million, and additions of $7.6 million of property and equipment, offset by cash received from maturities of available-for-sale securities of $407.7 million.

Previous wording

Net cash provided by investing activities during the six months ended June 30, 2024, was $51.8 million, primarily resulting from cash received from maturities of available-for-sale securities of $211.6 million, offset by purchases of available-for-sale securities of $146.1 million, additions of $10.6 million to property and equipment primarily related to leasehold improvements and the development of our quantum computing systems, and additions of $2.1 million related to capitalized software development costs.

Current wording

Net cash provided by investing activities during the nine months ended September 30, 2024, was $58.4 million, primarily resulting from cash received from maturities of available-for-sale securities of $318.2 million, offset by purchases of available-for-sale securities of $241.2 million, additions of $14.4 million to property and equipment primarily related to leasehold improvements and the development of our quantum computing systems, and additions of $3.1 million related to capitalized software development costs.

Previous wording

Net cash provided by financing activities during the six months ended June 30, 2025, was $372.9 million, primarily resulting from proceeds from the 2025 ATM Offering Program, stock options exercised, and warrants exercised.

Current wording

Net cash provided by financing activities during the nine months ended September 30, 2025, was $1,377.4 million, primarily resulting from proceeds from the issuance of common stock and warrants, stock options exercised, and warrants exercised.

Previous wording

Net cash provided by financing activities during the six months ended June 30, 2024, was $1.3 million, primarily resulting from proceeds from stock options exercised.

Current wording

Net cash provided by financing activities during the nine months ended September 30, 2024, was $2.4 million, primarily resulting from proceeds from stock options exercised.