IonQ's (IONQ) Q1 revenue beat and outlook raise validate the company's commercial momentum and growing customer base, Wedbush Securities said in a Thursday note.
The company reported a Q1 adjusted loss of $0.34 per share, widening from a loss of $0.15 a year earlier, while revenue surged to $64.7 million from $7.6 million. IonQ also issued a Q2 revenue outlook of $65 million to $68 million, and raised its 2026 revenue guidance to a range of $260 million to $270 million.
About 60% of the quarter's revenue came from commercial customers, consistent with the 2025 mix and indicating IonQ's maturing business, Wedbush said. Meanwhile, cross-selling accounted for 35% of Q1 revenue, suggesting that IonQ's integrations yield "tangible" results, not just one-off revenue, the brokerage added.
Wedbush also noted the company's increasing remaining performance obligations, or RPOs, which serves as a key indicator of its capacity to drive commercial revenue further in the coming years.
Wedbush raised its price target on IonQ to $75 from $60, with an outperform rating.
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