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Side-by-side financial comparison of IonQ, Inc. (IONQ) and IOVANCE BIOTHERAPEUTICS, INC. (IOVA). Click either name above to swap in a different company.
IOVANCE BIOTHERAPEUTICS, INC. is the larger business by last-quarter revenue ($86.8M vs $61.9M, roughly 1.4× IonQ, Inc.). On growth, IonQ, Inc. posted the faster year-over-year revenue change (428.5% vs 17.7%). IOVANCE BIOTHERAPEUTICS, INC. produced more free cash flow last quarter ($-61.9M 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.
Iovance Biotherapeutics, Inc. is a biopharmaceutical startup based in San Carlos, California. The company works to develop tumor-infiltrating lymphocyte (TIL) therapies against cancer.
IONQ vs IOVA — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $86.8M |
| Net Profit | $753.7M | — |
| Gross Margin | — | 67.4% |
| Operating Margin | -369.4% | -84.7% |
| Net Margin | 1217.8% | — |
| Revenue YoY | 428.5% | 17.7% |
| Net Profit YoY | 473.1% | — |
| EPS (diluted) | $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 | $61.9M | $86.8M | ||
| Q3 25 | $39.9M | $67.5M | ||
| Q2 25 | $20.7M | $60.0M | ||
| Q1 25 | — | $49.3M | ||
| Q4 24 | $11.7M | $73.7M | ||
| Q3 24 | $12.4M | $58.6M | ||
| Q2 24 | $11.4M | $31.1M | ||
| Q1 24 | — | $715.0K |
| Q4 25 | $753.7M | — | ||
| Q3 25 | $-1.1B | $-91.3M | ||
| Q2 25 | $-176.8M | $-111.7M | ||
| Q1 25 | — | $-116.2M | ||
| Q4 24 | $-202.0M | — | ||
| Q3 24 | $-52.5M | $-83.5M | ||
| Q2 24 | $-37.6M | $-97.1M | ||
| Q1 24 | — | $-113.0M |
| Q4 25 | — | 67.4% | ||
| Q3 25 | — | 43.0% | ||
| Q2 25 | — | 5.5% | ||
| Q1 25 | — | -0.8% | ||
| Q4 24 | — | 68.7% | ||
| Q3 24 | — | 46.2% | ||
| Q2 24 | — | -0.8% | ||
| Q1 24 | — | — |
| Q4 25 | -369.4% | -84.7% | ||
| Q3 25 | -423.5% | -140.7% | ||
| Q2 25 | -776.0% | -189.8% | ||
| Q1 25 | — | -245.8% | ||
| Q4 24 | -661.9% | -117.5% | ||
| Q3 24 | -428.5% | -152.1% | ||
| Q2 24 | -430.0% | -327.6% | ||
| Q1 24 | — | -16464.6% |
| Q4 25 | 1217.8% | — | ||
| Q3 25 | -2646.3% | -135.3% | ||
| Q2 25 | -854.5% | -186.2% | ||
| Q1 25 | — | -235.5% | ||
| Q4 24 | -1725.0% | — | ||
| Q3 24 | -423.4% | -142.7% | ||
| Q2 24 | -330.0% | -312.2% | ||
| Q1 24 | — | -15800.8% |
| Q4 25 | $2.60 | — | ||
| Q3 25 | $-3.58 | — | ||
| Q2 25 | $-0.70 | $-0.33 | ||
| Q1 25 | — | $-0.36 | ||
| Q4 24 | $-0.95 | $-0.24 | ||
| Q3 24 | $-0.24 | $-0.28 | ||
| Q2 24 | $-0.18 | $-0.34 | ||
| Q1 24 | — | $-0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.4B | $297.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $698.6M |
| Total Assets | $6.6B | $913.2M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | $297.0M | ||
| Q3 25 | $1.1B | $300.8M | ||
| Q2 25 | $546.9M | $301.2M | ||
| Q1 25 | — | $359.7M | ||
| Q4 24 | $340.3M | $323.8M | ||
| Q3 24 | $365.7M | $397.5M | ||
| Q2 24 | $369.8M | $412.5M | ||
| Q1 24 | — | $356.2M |
| Q4 25 | $3.8B | $698.6M | ||
| Q3 25 | $2.3B | $702.3M | ||
| Q2 25 | $1.2B | $698.5M | ||
| Q1 25 | — | $767.9M | ||
| Q4 24 | $383.9M | $710.4M | ||
| Q3 24 | $435.7M | $773.5M | ||
| Q2 24 | $463.3M | $768.5M | ||
| Q1 24 | — | $680.0M |
| Q4 25 | $6.6B | $913.2M | ||
| Q3 25 | $4.3B | $904.9M | ||
| Q2 25 | $1.3B | $907.4M | ||
| Q1 25 | — | $966.7M | ||
| Q4 24 | $508.4M | $910.4M | ||
| Q3 24 | $497.9M | $991.1M | ||
| Q2 24 | $517.4M | $964.3M | ||
| Q1 24 | — | $869.8M |
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 | $-74.5M | $-52.6M |
| Free Cash FlowOCF − Capex | $-83.3M | $-61.9M |
| FCF MarginFCF / Revenue | -134.6% | -71.3% |
| Capex IntensityCapex / Revenue | 14.2% | 10.7% |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | $-336.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | $-52.6M | ||
| Q3 25 | $-123.1M | $-78.7M | ||
| Q2 25 | $-52.6M | $-67.4M | ||
| Q1 25 | — | $-103.7M | ||
| Q4 24 | $-39.4M | $-73.3M | ||
| Q3 24 | $-19.2M | $-59.0M | ||
| Q2 24 | $-26.6M | $-98.4M | ||
| Q1 24 | — | $-122.3M |
| Q4 25 | $-83.3M | $-61.9M | ||
| Q3 25 | $-127.2M | $-89.5M | ||
| Q2 25 | $-53.8M | $-74.9M | ||
| Q1 25 | — | $-109.9M | ||
| Q4 24 | $-43.0M | $-77.5M | ||
| Q3 24 | $-23.0M | $-61.3M | ||
| Q2 24 | $-34.1M | $-98.9M | ||
| Q1 24 | — | $-126.5M |
| Q4 25 | -134.6% | -71.3% | ||
| Q3 25 | -319.1% | -132.7% | ||
| Q2 25 | -259.8% | -124.9% | ||
| Q1 25 | — | -222.8% | ||
| Q4 24 | -367.4% | -105.1% | ||
| Q3 24 | -185.3% | -104.6% | ||
| Q2 24 | -299.3% | -317.9% | ||
| Q1 24 | — | -17685.3% |
| Q4 25 | 14.2% | 10.7% | ||
| Q3 25 | 10.4% | 16.1% | ||
| Q2 25 | 5.8% | 12.4% | ||
| Q1 25 | — | 12.6% | ||
| Q4 24 | 30.7% | 5.7% | ||
| Q3 24 | 30.4% | 3.9% | ||
| Q2 24 | 65.8% | 1.4% | ||
| Q1 24 | — | 583.4% |
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IONQ
| Other | $31.2M | 50% |
| Platform Consulting And Support Services | $30.7M | 50% |
IOVA
| Amtagvi | $64.9M | 75% |
| Proleukin | $21.9M | 25% |
