As of Q4'25 (2025-12-31), IONQ reported an operating income of -243M USD, marking its lowest level in the period shown. The year-over-year change for this quarter was -213%, indicating a substantial deterioration compared to the same quarter in the previous year. From Q1'23 to Q4'25, IONQ's operating income has shown a persistent downward trend, with losses deepening each quarter. After a relatively moderate decline through 2023 and early 2024, the losses accelerated sharply from Q2'25 onward, with operating income dropping from -77.6M USD in Q1'25 to -243M USD in Q4'25. The YoY percentage change also reflects increasing negative momentum, particularly in the last three quarters of 2025, suggesting mounting operational challenges and a significant escalation in losses.