Key Takeaways
- IonQ fell 8% today after CFO Inder Singh stepped down effective immediately, with Commvault’s Gary Merrill taking over in early December.
- The new finance team fits a company now guiding to more than $500 million of revenue.
- Analysts still expect IonQ to lose money through 2028, but Rigetti, D-Wave and Quantum Computing Inc. are further from profit.
- Merrill’s first guidance, due with fourth-quarter results, is the next test.
IonQ (IONQ) is down 8% today after saying CFO Inder Singh is stepping down “effective immediately.” Commvault CFO Gary Merrill takes over in early December, and Thomas A. Austin starts today as IonQ’s first Chief Accounting Officer.
Not all of the drop is about Singh. Quantum Computing Inc. (QUBT) is off 7% with no news of its own, and Rigetti Computing (RGTI) and D-Wave Quantum (QBTS) face the same question IonQ’s new CFO now inherits: when do the losses stop?
A finance team for a much bigger IonQ
IonQ’s release doesn’t say why Singh is going. But the hires fit a company that bought the SkyWater foundry in July and just guided to an industry-record $505 million to $515 million of 2026 revenue. CEO Niccolo de Masi said the pair’s public company experience “will be increasingly important as IonQ continues to scale and hone its long-term path to profitability.”
Profit is still years off
Analysts expect revenue to more than double, from $511 million this year to $1.14 billion in 2028:
Nothing in today’s news should move those estimates. The trouble is the losses, which analysts see widening from $0.60 a share in 2025 to $1.42 in 2027:
IonQ’s rivals are further away still. Rigetti’s third-quarter operating loss was $33.2 million on $1.4 million of revenue, and D-Wave’s operating expenses were $55.9 million against $4.5 million of revenue. Quantum Computing Inc. brought in $9.5 million at a 4.5% gross margin, against $29.0 million of operating expenses. Next to them, IonQ’s road to profit looks short.
TIKR tracks 14 analysts on IonQ. How many say “Buy”?
See the full breakdown of Buy, Hold, and Sell ratings on IonQ, along with Wall Street’s revenue and earnings estimates, all in one place. More than 500,000 investors use TIKR to research stocks like this one. See IonQ’s Analyst Ratings
Merrill’s first guidance is the test
IonQ’s forward price-to-sales multiple stood at 16x at the last close, just above its five-year low of 15x, set on Nov. 5:
At today’s price, it’s even lower.
Frankly, I don’t read Singh’s exit as a reason to sell. IonQ needs a finance bench built for its new size. But losses through 2028 mean IonQ will trade on its sales for years yet.
Merrill’s first guidance should come with fourth-quarter results early next year, and the 2027 loss is the number to watch.
So what is IonQ stock actually worth?
TIKR lets you forecast the future price of any stock in less than a minute. Just enter a few assumptions into TIKR’s valuation model and see what IonQ could be worth. Start from Wall Street consensus estimates, or adjust the inputs to reflect your own view of the business. It’s free to use.
Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any of the stocks mentioned. Thank you for reading, and happy investing!
