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Side-by-side financial comparison of IonQ, Inc. (IONQ) and Telesat Corp (TSAT). Click either name above to swap in a different company.
Telesat Corp is the larger business by last-quarter revenue ($73.8M vs $61.9M, roughly 1.2× IonQ, Inc.). IonQ, Inc. runs the higher net margin — 1217.8% vs -119.8%, a 1337.6% gap on every dollar of revenue.
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.
Telesat, formerly Telesat Canada, is a Canadian satellite communications company founded on May 2, 1969. The company is headquartered in Ottawa.
IONQ vs TSAT — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $61.9M | $73.8M |
| Net Profit | $753.7M | $-88.4M |
| Gross Margin | — | 95.3% |
| Operating Margin | -369.4% | 5.9% |
| Net Margin | 1217.8% | -119.8% |
| Revenue YoY | 428.5% | — |
| 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 | — | ||
| Q3 25 | $39.9M | $73.8M | ||
| Q2 25 | $20.7M | $77.5M | ||
| Q1 25 | — | $152.2M | ||
| Q4 24 | $11.7M | — | ||
| Q3 24 | $12.4M | — | ||
| Q2 24 | $11.4M | $363.2M | ||
| Q3 23 | — | $552.5M |
| Q4 25 | $753.7M | — | ||
| Q3 25 | $-1.1B | $-88.4M | ||
| Q2 25 | $-176.8M | $55.1M | ||
| Q1 25 | — | $-52.3M | ||
| Q4 24 | $-202.0M | — | ||
| Q3 24 | $-52.5M | — | ||
| Q2 24 | $-37.6M | $547.4M | ||
| Q3 23 | — | $-172.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 95.3% | ||
| Q2 25 | — | 95.9% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q3 23 | — | — |
| Q4 25 | -369.4% | — | ||
| Q3 25 | -423.5% | 5.9% | ||
| Q2 25 | -776.0% | 16.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | -661.9% | — | ||
| Q3 24 | -428.5% | — | ||
| Q2 24 | -430.0% | — | ||
| Q3 23 | — | — |
| Q4 25 | 1217.8% | — | ||
| Q3 25 | -2646.3% | -119.8% | ||
| Q2 25 | -854.5% | 71.2% | ||
| Q1 25 | — | -34.4% | ||
| Q4 24 | -1725.0% | — | ||
| Q3 24 | -423.4% | — | ||
| Q2 24 | -330.0% | 150.7% | ||
| Q3 23 | — | -31.2% |
| Q4 25 | $2.60 | — | ||
| Q3 25 | $-3.58 | — | ||
| Q2 25 | $-0.70 | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-0.95 | — | ||
| Q3 24 | $-0.24 | — | ||
| Q2 24 | $-0.18 | — | ||
| Q3 23 | — | — |
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 | $352.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $1.6B |
| Total Assets | $6.6B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.4B | — | ||
| Q3 25 | $1.1B | $352.3M | ||
| Q2 25 | $546.9M | $399.6M | ||
| Q1 25 | — | $552.1M | ||
| Q4 24 | $340.3M | — | ||
| Q3 24 | $365.7M | — | ||
| Q2 24 | $369.8M | $1.7B | ||
| Q3 23 | — | $1.7B |
| Q4 25 | $3.8B | — | ||
| Q3 25 | $2.3B | $1.6B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | — | $2.5B | ||
| Q4 24 | $383.9M | — | ||
| Q3 24 | $435.7M | — | ||
| Q2 24 | $463.3M | $2.4B | ||
| Q3 23 | — | $1.8B |
| Q4 25 | $6.6B | — | ||
| Q3 25 | $4.3B | $5.1B | ||
| Q2 25 | $1.3B | $4.9B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | $508.4M | — | ||
| Q3 24 | $497.9M | — | ||
| Q2 24 | $517.4M | $6.3B | ||
| Q3 23 | — | $6.5B |
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 | — |
| Free Cash FlowOCF − Capex | $-83.3M | — |
| FCF MarginFCF / Revenue | -134.6% | — |
| Capex IntensityCapex / Revenue | 14.2% | — |
| Cash ConversionOCF / Net Profit | -0.10× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-307.3M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-74.5M | — | ||
| Q3 25 | $-123.1M | — | ||
| Q2 25 | $-52.6M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-39.4M | — | ||
| Q3 24 | $-19.2M | — | ||
| Q2 24 | $-26.6M | — | ||
| Q3 23 | — | — |
| Q4 25 | $-83.3M | — | ||
| Q3 25 | $-127.2M | — | ||
| Q2 25 | $-53.8M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $-43.0M | — | ||
| Q3 24 | $-23.0M | — | ||
| Q2 24 | $-34.1M | — | ||
| Q3 23 | — | — |
| Q4 25 | -134.6% | — | ||
| Q3 25 | -319.1% | — | ||
| Q2 25 | -259.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | -367.4% | — | ||
| Q3 24 | -185.3% | — | ||
| Q2 24 | -299.3% | — | ||
| Q3 23 | — | — |
| Q4 25 | 14.2% | — | ||
| Q3 25 | 10.4% | — | ||
| Q2 25 | 5.8% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 30.7% | — | ||
| Q3 24 | 30.4% | — | ||
| Q2 24 | 65.8% | — | ||
| Q3 23 | — | — |
| Q4 25 | -0.10× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q3 23 | — | — |
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% |
TSAT
Segment breakdown not available.
