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Side-by-side financial comparison of ADAMAS TRUST, INC. (ADAM) and IonQ, Inc. (IONQ). Click either name above to swap in a different company.
IonQ, Inc. is the larger business by last-quarter revenue ($61.9M vs $43.2M, roughly 1.4× ADAMAS TRUST, INC.). IonQ, Inc. runs the higher net margin — 1217.8% vs 124.0%, a 1093.8% gap on every dollar of revenue. On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 61.6%). ADAMAS TRUST, INC. produced more free cash flow last quarter ($125.9M vs $-83.3M).
IonQ, Inc. is an American quantum computing hardware and software company headquartered in College Park, Maryland. The company develops general-purpose trapped ion quantum computers and accompanying software to generate, optimize, and execute quantum circuits.
ADAM vs IONQ — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $43.2M | $61.9M |
| Net Profit | $53.5M | $753.7M |
| Gross Margin | — | — |
| Operating Margin | — | -369.4% |
| Net Margin | 124.0% | 1217.8% |
| Revenue YoY | 61.6% | 428.5% |
| Net Profit YoY | 270.5% | 473.1% |
| EPS (diluted) | $0.45 | $2.60 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $43.2M | $61.9M | ||
| Q3 25 | $36.6M | $39.9M | ||
| Q2 25 | $36.4M | $20.7M | ||
| Q1 25 | $33.1M | — | ||
| Q4 24 | $26.7M | $11.7M | ||
| Q3 24 | $20.2M | $12.4M | ||
| Q2 24 | $19.0M | $11.4M | ||
| Q1 24 | $17.9M | — |
| Q4 25 | $53.5M | $753.7M | ||
| Q3 25 | $44.8M | $-1.1B | ||
| Q2 25 | $8.5M | $-176.8M | ||
| Q1 25 | $42.2M | — | ||
| Q4 24 | $-31.4M | $-202.0M | ||
| Q3 24 | $42.8M | $-52.5M | ||
| Q2 24 | $-15.6M | $-37.6M | ||
| Q1 24 | $-57.9M | — |
| Q4 25 | — | -369.4% | ||
| Q3 25 | — | -423.5% | ||
| Q2 25 | 11.7% | -776.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | -119.0% | -661.9% | ||
| Q3 24 | — | -428.5% | ||
| Q2 24 | -124.7% | -430.0% | ||
| Q1 24 | -448.8% | — |
| Q4 25 | 124.0% | 1217.8% | ||
| Q3 25 | 122.5% | -2646.3% | ||
| Q2 25 | 23.4% | -854.5% | ||
| Q1 25 | 127.4% | — | ||
| Q4 24 | -117.5% | -1725.0% | ||
| Q3 24 | 211.7% | -423.4% | ||
| Q2 24 | -81.9% | -330.0% | ||
| Q1 24 | -324.1% | — |
| Q4 25 | $0.45 | $2.60 | ||
| Q3 25 | $0.36 | $-3.58 | ||
| Q2 25 | $-0.04 | $-0.70 | ||
| Q1 25 | $0.33 | — | ||
| Q4 24 | $-0.46 | $-0.95 | ||
| Q3 24 | $0.36 | $-0.24 | ||
| Q2 24 | $-0.29 | $-0.18 | ||
| Q1 24 | $-0.75 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $210.3M | $2.4B |
| Total DebtLower is stronger | $735.8M | — |
| Stockholders' EquityBook value | $1.4B | $3.8B |
| Total Assets | $12.6B | $6.6B |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $210.3M | $2.4B | ||
| Q3 25 | $185.3M | $1.1B | ||
| Q2 25 | $160.4M | $546.9M | ||
| Q1 25 | $177.1M | — | ||
| Q4 24 | $167.4M | $340.3M | ||
| Q3 24 | $195.1M | $365.7M | ||
| Q2 24 | $235.5M | $369.8M | ||
| Q1 24 | $226.9M | — |
| Q4 25 | $735.8M | — | ||
| Q3 25 | $766.6M | — | ||
| Q2 25 | $653.0M | — | ||
| Q1 25 | $654.4M | — | ||
| Q4 24 | $573.2M | — | ||
| Q3 24 | $699.4M | — | ||
| Q2 24 | $800.7M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $1.4B | $3.8B | ||
| Q3 25 | $1.4B | $2.3B | ||
| Q2 25 | $1.4B | $1.2B | ||
| Q1 25 | $1.4B | — | ||
| Q4 24 | $1.4B | $383.9M | ||
| Q3 24 | $1.4B | $435.7M | ||
| Q2 24 | $1.4B | $463.3M | ||
| Q1 24 | $1.5B | — |
| Q4 25 | $12.6B | $6.6B | ||
| Q3 25 | $12.4B | $4.3B | ||
| Q2 25 | $10.6B | $1.3B | ||
| Q1 25 | $10.0B | — | ||
| Q4 24 | $9.2B | $508.4M | ||
| Q3 24 | $8.9B | $497.9M | ||
| Q2 24 | $8.2B | $517.4M | ||
| Q1 24 | $7.4B | — |
| Q4 25 | 0.52× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.47× | — | ||
| Q1 25 | 0.47× | — | ||
| Q4 24 | 0.41× | — | ||
| Q3 24 | 0.48× | — | ||
| Q2 24 | 0.56× | — | ||
| Q1 24 | 0.67× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $134.0M | $-74.5M |
| Free Cash FlowOCF − Capex | $125.9M | $-83.3M |
| FCF MarginFCF / Revenue | 291.6% | -134.6% |
| Capex IntensityCapex / Revenue | 18.9% | 14.2% |
| Cash ConversionOCF / Net Profit | 2.50× | -0.10× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-307.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $134.0M | $-74.5M | ||
| Q3 25 | $6.9M | $-123.1M | ||
| Q2 25 | $39.2M | $-52.6M | ||
| Q1 25 | $25.8M | — | ||
| Q4 24 | $14.1M | $-39.4M | ||
| Q3 24 | $-922.0K | $-19.2M | ||
| Q2 24 | $-993.0K | $-26.6M | ||
| Q1 24 | $-13.1M | — |
| Q4 25 | $125.9M | $-83.3M | ||
| Q3 25 | — | $-127.2M | ||
| Q2 25 | — | $-53.8M | ||
| Q1 25 | — | — | ||
| Q4 24 | $-10.6M | $-43.0M | ||
| Q3 24 | $-8.6M | $-23.0M | ||
| Q2 24 | $-8.6M | $-34.1M | ||
| Q1 24 | $-19.1M | — |
| Q4 25 | 291.6% | -134.6% | ||
| Q3 25 | — | -319.1% | ||
| Q2 25 | — | -259.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | -39.6% | -367.4% | ||
| Q3 24 | -42.3% | -185.3% | ||
| Q2 24 | -44.9% | -299.3% | ||
| Q1 24 | -107.0% | — |
| Q4 25 | 18.9% | 14.2% | ||
| Q3 25 | — | 10.4% | ||
| Q2 25 | — | 5.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | 92.3% | 30.7% | ||
| Q3 24 | 37.7% | 30.4% | ||
| Q2 24 | 39.7% | 65.8% | ||
| Q1 24 | 33.5% | — |
| Q4 25 | 2.50× | -0.10× | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 4.59× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -0.02× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ADAM
| Other | $19.6M | 45% |
| Constructive Loans LLC | $14.4M | 33% |
| Multifamily | $9.1M | 21% |
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
