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$IONQ blog.naver.com/4-fire/224469… 오전에 공유한 세개 차트에 7개의 차트가 추가되어, 이에 대한 상세 설명을 공유합니다.

$IONQ : Dilution, Revenue Growth, and Profitability — What the Numbers Actually Show I've seen plenty of arguments that IonQ's revenue growth is meaningless because of acquisitions, increasing dilution, and the consolidation of foundry revenue. Others argue that once costs are considered, there's little left. That's exactly why I put these three charts together. 1️⃣ Dilution vs. Growth From Q3 2025 to Q3 2026, outstanding shares increased 25.7%, but revenue per share surged 246.9%. In other words, revenue growth has significantly outpaced dilution. 2️⃣ Revenue vs. Losses Costs and absolute losses are still rising substantially. However, revenue is covering an increasing proportion of the adjusted cost burden. Adjusted EBITDA loss coverage improved from 44.9% to 56.5%. 3️⃣ Gross Margin Here's the important counterpoint: gross margin excluding D&A declined from 46.7% to 21.9%. So while revenue growth and loss coverage are improving, gross margin is moving in the opposite direction. This is why IonQ's increasing emphasis on cloud and software is particularly important, given their potential for higher margins. These numbers don't eliminate concerns about organic growth, acquisitions, or profitability. But they show that dilution alone doesn't tell the whole story. The next question is whether IonQ can turn this rapid growth into sustainable margins and cash flow.

$IONQ The trend means more than “the company spends more because it has become bigger.” It suggests that the percentage of its adjusted cost burden covered by revenue is improving

책상 서랍에 흔히 굴러 다니는 10G SFP 모듈을 분해해봤습니다. 이 모듈은 주로 네트워크 스위치나 서버에 쉽게 꼈다 뺄수 있는 장점이 있지만 이 모듈에서 광과 전기의 변환이 일어나기 때문에 이러한 변환 모듈을 가속기 혹은 칩에 되도록 가깝게 가져가려는 노력을 하는 중입니다. NPO CPO라는 개념이 그것이죠. 두번째 사진은 광케이블에서 모듈과 연결되는 부분인데 빛이 다니는 부분을 사진에 담기 위해 애를 먹었습니다. 모듈 내부의 도식은 AI의 도움을 깔끔히 영어 한국어 버전으로 만들었으니 참고하세요.

Is $IONQ ’s Revenue Growth Outpacing Its Costs? 🇺🇸netcreat.substack.com/p/is-i… 🇰🇷blog.naver.com/4-fire/224468… Growth Quality Is Improving, but This Is Not Yet a Cash-Generating Business

IonQ Q3 2026 Earning Call netcreat.substack.com/p/ionq… IonQ Q3 2026: The Story Is No Longer Just About Quantum Technology IonQ reported a record $173.8 million in quarterly revenue and raised its full-year guidance to $505–515 million. But the headline revenue growth is not the most important takeaway, especially given SkyWater's contribution. The real story is the transition from technological promise to commercial execution. 1. Superion 256 demand is becoming tangible. IonQ says its currently planned 2027 production capacity is sold out, with orders beginning to fill into 2028. However, unit volumes, average selling prices, and delivery-based revenue remain undisclosed. 2. Commercial commitments are accelerating. IonQ Platform's remaining performance obligations reached $689 million, supported by approximately $290 million in new contracts, including $180 million related to quantum computing. 3. SkyWater could fundamentally change the manufacturing equation. IonQ reported 12 times more wafer lots and over three times faster tape-out cycles for its 256-qubit chips. The next challenge is scaling complete systems, not just manufacturing chips. 4. NVIDIA provides a critical deployment test. The planned 2027 installation at NVIDIA's research center could help validate stable GPU-QPU integration in real-world data center environments. Broader deployment is an opportunity, not a committed outcome. 5. IonQ is building businesses beyond quantum computers. Quantum security, sensing, networking, cloud services, and foundry operations could create more diverse revenue streams. Elisity, in particular, introduces a potentially high-margin recurring software business. Management believes the quantum-cybersecurity TAM could one day exceed the quantum-computing TAM, with software potentially providing higher margins. Management says buying Elisity significantly accelerated the development of capabilities IonQ had planned to build internally. An early partnership at NVIDIA’s Boston research center could have considerable strategic value if IonQ’s system proves capable of stable data-center operation despite vibration and optical-alignment constraints. But the financial reality matters. Acquisition-driven growth, operating losses, cash consumption, stock-based compensation, and dilution must be evaluated alongside commercial momentum. My central takeaway: IonQ has made meaningful progress in demonstrating that customers want its technology. The next phase will determine whether it can manufacture, deliver, and monetize that demand efficiently — while creating lasting value for shareholders. The question is shifting from "Can IonQ build it?" to "Can IonQ scale it profitably?"

1~3분기 전체를 비교하실 수 있습니다.

blog.naver.com/4-fire/224467… Anduril, Northrop Grumman, Carahsoft까지. 국방부 PQC를 비롯해서 전부 싹쓸이 하려나요?