In the latest period of Q4'25, IONQ's Gross Margin stood at 29.6%, reflecting a significant decline from the previous quarter's 46.7%. Operating Margin improved slightly to -369.4%, while Net Profit Margin marked a dramatic turnaround to 1217.8%, achieving profitability for the first time in the observed periods. Over the timeframe from Q1'23 to Q4'25, Gross Margin exhibited volatility, starting at 75.8% and peaking at 75.8% in Q1'23 before trending downward overall to an average around 50%, with notable drops in Q4'23 (48.2%) and Q4'25. Operating Margin remained consistently negative, fluctuating between -899.7% and -323.5% with some stabilization in Q3'24 and Q4'25 around -400%, indicating persistent operational losses. Net Profit Margin showed high volatility, improving to -330% in Q2'24 before sharp deteriorations to -2646.3% in Q3'25, culminating in the positive shift in Q4'25, highlighting potential strategic improvements amid ongoing challenges in cost management.