IonQIONQ

Business Snapshot

• IonQ, Inc. is a US-listed common stock trading on the NYSE under ticker IONQ. The supplied data identifies the company but does not provide a business description, sector classification, or operating guidance.
• The financials show quarterly revenue alongside substantial operating losses and negative free cash flow. The figures cover four reporting periods, but include a year-end 10-K period; comparisons are period-to-period, not necessarily like-for-like quarters.

Financial Trends

• Revenue: Revenue rose from $39.9M on 2025-09-30 to $130.0M on 2025-12-31 (+$90.2M, +226%), then fell to $64.7M on 2026-03-31 (−$65.3M, −50%) before increasing to $80.1M on 2026-06-30 (+$15.4M, +24%). Latest revenue is $40.2M (+101%) above the earliest period, but the path is uneven.
• Operating performance: Operating losses widened from −$168.8M to −$633.7M between the earliest and 2025-12-31 periods, narrowed to −$271.5M in 2026-03-31, then widened again to −$337.2M in 2026-06-30 ($65.7M more negative quarter over quarter). Operating margin improved from −487.41% in 2025-12-31 to −419.85% in 2026-03-31, then slipped to −421.29% in the latest period. Gross margin data is unavailable.
• Net income: Net income moved from −$1,055.0M to −$510.4M, then to +$805.4M, and back to −$1,867.7M in the latest period. This is highly volatile; the latest loss is $812.8M larger than the earliest-period loss. The data does not explain the sources of these swings, so the quarterly net result should not be treated as a stable operating trend.
• Free cash flow: FCF was negative in all four periods: −$216.3M, −$299.6M, −$159.4M, and −$273.4M. It improved by $140.2M from December to March, then deteriorated by $114.0M in June. Latest FCF is $57.1M more negative than four periods ago.
• Balance sheet and dilution: Cash rose from $346.0M at 2025-09-30 to $1,235.7M at 2026-06-30 (+$889.7M), including a $742.2M increase from March to June. Current assets increased $1,194.5M over the four periods, while current liabilities rose $86.8M; the current ratio nevertheless eased from 15.50 at year-end to 10.66 latest. Total assets rose $2,459.2M, while total liabilities increased $1,407.5M from the earliest to latest period. Shares outstanding increased from 325.3M to 381.0M (+55.7M, about 17%), indicating meaningful share-count growth. Debt/equity is not provided.

Financial Health

• The latest balance sheet reports $1.24B cash, $2.41B current assets, and $226.1M current liabilities, with a 10.66 current ratio. That indicates substantial reported short-term asset coverage, though the ratio has declined from 15.50 at 2025-12-31.
• The cash position improved sharply in the latest period, but the supplied data does not identify the drivers of the cash-flow movements. This should be viewed alongside −$254.8M cash from operations and −$273.4M FCF in the latest period; the improvement in cash does not represent positive operating cash generation.
• Operating losses remain large relative to revenue, and the latest operating loss widened versus March. Net income is unusually volatile across the periods, so it offers limited evidence of a durable earnings inflection.
• Shares outstanding increased about 17% over the four reported balance-sheet dates. That is a relevant dilution consideration for existing shareholders. The data does not provide debt/equity or enough detail to assess the composition of liabilities.

Insider Activity

• The supplied sentiment summary for 2026-06-16 to 2026-09-14 is Neutral (−10): reported sells totaled $759,146 versus $0 in buys across seven buy and five sell transactions.
• The latest listed transaction is Raymond John’s sale of 2,407 shares at $37.21, valued at $89,564, dated 2026-09-10. Two August 24 entries list 5,540 shares each as buys at $0 for Timothy E. Baxter and Eric R. Ball; the reported zero value means these entries do not establish open-market purchases at a cash price.
• Overall, the provided transaction data leans toward selling by reported value, but it does not establish the motivation behind transactions. The sentiment window and transaction list may not represent every insider holding change.

Multi-Timeframe Technical Context

• Ultra-short (minutes): Intraday or minute-level candles and indicators are not provided, so a minutes-scale setup cannot be assessed from this payload.
• Short (hours to days): The 1D snapshot is weak: price at $37.27 is below EMA-12 ($38.71), EMA-26 ($39.95), EMA-50 ($41.67), SMA-20 ($40.41), SMA-50 ($39.86), and SMA-200 ($44.03). MACD is −1.243, below its −0.8978 signal, consistent with bearish momentum in the supplied daily indicators.
• Momentum and range: RSI-14 is 39.2 and RSI-21 is 37.9—weak, but not at a conventional oversold reading. Price is below the Bollinger middle band ($40.41) and above the lower band ($34.73). ATR is $2.31, indicating a sizable daily trading range relative to the current price.
• Volume and session data: Current volume is 5.96M, below the 20-day average of 17.92M. The stated session high of $73.65 and low of $25.89 imply an unusually wide range; the supplied data does not explain the price action behind it. The 200-bar series opens at $46.57 and closes at $37.27, a 19.97% decline over that span.
• Longer horizon (weeks to months): Price below all listed major averages, including the 200-day SMA, signals a weak trend in the available daily snapshot. Only one timeframe is supplied, so no independent weekly or monthly confirmation is available.

Bull / Bear Cases

• Short-term bull case: RSI readings near 38–39 are weak but not deeply oversold, and price remains above the daily lower Bollinger band at $34.73. A recovery through the $39.86–$40.41 moving-average/Bollinger-middle cluster would improve the short-term technical picture. The latest reported cash balance is also materially higher than in March, though operating cash flow remains negative.
• Short-term bear case: Price is below every listed moving average, MACD is below its signal, and the latest operating loss and FCF both worsened versus March. A break below $34.73 would put the lower-band area at risk; the supplied session low of $25.89 is a further downside reference, not a confirmed support level.
• Long-term bull case: Revenue in the latest period is $40.2M above the earliest period, and the balance sheet reports $1.24B cash with a high current ratio. If revenue growth becomes more consistent and operating losses and cash burn narrow, those would improve the fundamental case.
• Long-term bear case: Operating losses remain substantial, FCF is negative in all four periods, latest FCF deteriorated versus March, and reported shares outstanding rose about 17% across the dates. The volatile net-income figures do not establish a sustained earnings improvement, and the technical price remains below the 200-day SMA.

Key Levels & Triggers

• Near-term resistance areas: $38.71 (EMA-12), then $39.86–$40.41 (SMA-50, EMA-26, SMA-20/Bollinger middle). A sustained recovery above this cluster would be a short-term improvement; $41.67 (EMA-50) and $44.03 (SMA-200) are higher trend hurdles.
• Potential support references: $34.73 (Bollinger lower band), followed by the stated session low of $25.89. These are reference points from the supplied data, not validated support zones.
• Technical triggers: Holding above the lower band while reclaiming the $39.86–$40.41 cluster would reduce immediate technical weakness. Failure at that cluster or a break below $34.73 would keep downside risk elevated.
• Fundamental triggers to monitor: Whether revenue growth persists after the latest 24% sequential increase; whether operating losses and FCF improve after their deterioration in June; and whether cash remains strong without further substantial share-count growth.