IONQIonQ, Inc.

Services-Computer Integrated Systems Design

Revenue: $130M; 202% YoY
Operating margin: -487.4%; 9.7% YoY
EBITDA: −$552M; 158% YoY
Market cap: $11.4B
Employees: —
Net debt / EBITDA: —
AI in 10-K: 1.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 2 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
240% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentYes
54% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 43rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.4B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2M	$11M	$22M	$43M	$130M	202%
Operating income	−$39M	−$86M	−$158M	−$232M	−$634M	173%
Net income	−$106M	−$49M	−$158M	−$332M	−$510M	54%
Operating cash flow	−$27M	−$45M	−$79M	−$106M	−$283M	168%
Capex	$8M	$9M	$14M	$18M	$16M	8.8%
Stock-based comp	$8M	$31M	$70M	$107M	$312M	192%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Jun 9, 2023	New Enterprise Associates 15, L.P.	SC 13D/A	—	Passive
Jun 6, 2022	New Enterprise Associates 15, L.P.	SC 13D/A	13.3%	Passive
Oct 21, 2021	New Enterprise Associates 15, L.P.	SC 13D	15.2%	Passive

Insider trading

Open-market buys, 12 mo: $225K · 2
Open-market sells, 12 mo: $7M · 12
Net: −$7M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	488	213
FY2024	—	—	454	166
FY2023	—	—	135	122
FY2022	—	—	38	73
FY2021	—	—	182	114