Corrugated Pipe Market Set for Strong CAGR of 6.3 % Growth Amid Infrastructure Boom
Global Corrugated Pipe Market Key Takeaways
Global demand for corrugated pipes is slated to increase at a CAGR of 6.3% during the forecast period.
PVC corrugated pipes remain the top-selling type, accounting for 37.2% of the global corrugated pipe market share in 2025.
Agriculture and horticulture drainage is the most lucrative application for corrugated pipes, generating a market revenue of around USD 6.36 Bn in 2025.
North America is expected to lead the global corrugated pipe industry, accounting for a prominent revenue share of 36.3% in 2025.
Asia Pacific is set to become a happy hunting ground for corrugated pipe manufacturers during the assessment period.
Rise in Infrastructure Development Spurring Market Growth
Coherent Market Insights' latest corrugated pipe market research report highlights key factors driving market growth. One such key growth driver is the increasing infrastructure development globally.
Rapid urbanization and industrialization are creating demand for efficient drainage, sewage, and cable protection systems. This is putting corrugated pipes into the limelight as they are increasingly used in road construction, underground wiring, and water management systems.
Nations like the United States and China are increasingly investing in large infrastructure projects, including bridges, roads, and smart cities. Such developments require durable and efficient drainage systems. Corrugated pipes are widely used in these projects due to their strength and flexibility.
According to the U.S. Census Bureau, total construction spending in the United States reached about USD 841 billion during the first five months of 2025. This sustained investment trend is expected to significantly boost the corrugated pipe market growth during the forecast period.
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Raw Material Volatility and Environmental Concerns Limiting Growth
The future corrugated pipe market outlook looks promising. However, fluctuating raw material prices and growing environmental concerns may restrain market growth to some extent during the forecast period.
Corrugated pipes are mostly made from materials like PVC, polypropylene, and HDPE. These materials are derived from petrochemicals and are therefore subject to the volatility of global oil and gas markets, which can adversely affect production costs and market stability.
Moreover, usage of non-biodegradable plastics in corrugated pipes is raising environmental concerns, prompting governments to introduce stringent environmental regulations. These regulations might also limit overall corrugated pipe market demand during the forecast period.
Rising Demand from Agriculture Industry Creating Lucrative Growth Opportunities
The agriculture industry is expanding steadily due to rising global food demand and increasing adoption of advanced agricultural technologies. This trend is creating lucrative growth opportunities for corrugated pipe companies during the forecast period.
Corrugated pipes are increasingly used in agricultural applications like drainage and irrigation systems. This is due to their flexibility, lightweight, and ease of installation. Their growing usage in the agriculture sector is set to boost sales growth. Similarly, increasing government initiatives promoting modern farming practices will uplift corrugated pipe demand.
Emerging Corrugated Pipe Market Trends
Increasing adoption of corrugated pipes in stormwater management is a key trend shaping the market. Climate change and rising instances of heavy rainfall are driving demand for advanced stormwater management solutions, including corrugated pipes. These pipes are ideal for such systems due to their durability, lightweight nature, and resistance to environmental conditions like corrosion.
Rise in smart cities projects is expected to bolster sales of corrugated pipes during the assessment period. These pipes are widely used for drainage systems and cable protection in urban infrastructure.
Growing awareness about the benefits of corrugated pipes is also contributing to market expansion. Corrugated pipes are more lightweight, cost-effective, corrosion-resistant, and easy to install compared to traditional piping systems. These advantages are driving their adoption across residential, industrial, and commercial sectors, thereby boosting the market.
Expansion of broadband networks, 5G infrastructure, and power grid modernization is driving increased demand for protective piping systems like corrugated pipes. These pipes are widely used to shield underground power cables and fiber optic lines from environmental damage, mechanical stress, and moisture.
Another emerging trend in the corrugated pipe market is development of smart pipe technologies. Leading manufacturers of corrugated pipes are integrating sensors and smart monitoring systems for leak detection and improved system performance.
Some companies are also focusing on using recycled and bio-based materials to reduce environmental impact. These innovations are expected to create new revenue streams for the corrugated pipe industry in the coming years.
Analyst's View
'The global corrugated pipe industry is poised to grow significantly, owing to increasing infrastructure development, expanding usage of corrugated pipes in agriculture, and advancements in material technology,' said Yash Doshi, a senior analyst at CMI.
Current Events and Their Impact on the Corrugated Pipe Market
Competitor Insights
Key companies in the corrugated pipe market report:
- Bina Plastic Industries Sdn. Bhd
- Pacific Corrugated Company
- Dura Life India
- Jain Irrigation Systems Ltd.
- Fränkische Industrial Pipes Gmbh
- Pars Ethylene Kish Co.
- Contech Engineered Solutions LLC
- JM Eagle Inc.
- Crown Pipes
- Dutron
- Jindal Plast
- Jagannath Industries
- Shree Darshan Pipes
- Mipa Industries
- Kuzeyboru
Key Developments
In May 2025, SIBUR unveiled a new grade of polypropylene called PPI003 EX for the production of corrugated pipes. The new formulation features improved strength characteristics, making it ideal for sewer and drainage infrastructure, where such pipes are commonly used.
In April 2024, Ameritex Pipe & Products announced the construction of a new facility at its Conroe, Texas, campus for producing HDPE/PP corrugated plastic pipes. The new facility will help the company address the growing demand for corrugated plastic pipes in the region.
Detailed Segmentation-
By Type:
Polyethylene (PE) Corrugated Pipes
Polypropylene (PP) Corrugated Pipes
PVC Corrugated Pipes
HDPE Corrugated Pipes
Others
By Applications:
Agriculture & Horticulture Drainage
Road & Highways Drainage
Structural Drainage & Culverts
Sewerage & Waste Water Systems
Others
About Us:
Coherent Market Insights leads into data and analytics, audience measurement, consumer behaviors, and market trend analysis. From shorter dispatch to in-depth insights, CMI has exceled in offering research, analytics, and consumer-focused shifts for nearly a decade. With cutting-edge syndicated tools and custom-made research services, we empower businesses to move in the direction of growth. We are multifunctional in our work scope and have 450+ seasoned consultants, analysts, and researchers across 26+ industries spread out in 32+ countries.
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The primary focus was on the Babicanora and Las Chispas Blocks as well as the Gap Zone located between these two blocks On the Las Chispas Block and in the Gap Zone, the Augusta, William Tell Mini, North Las Chispas and La Sopresa veins delivered very favorable results and continued to expand. Notably, the high-grade Augusta discovery made earlier this year has now been traced over 320 meters along strike and 150 meters down dip, consistently yielding multi-kilo grade intercepts on a silver equivalent basis. In addition, the North Las Chispas Vein returned intercepts of significantly higher grade than previously encountered. These strong results support the potential for expansion of these resource zones and contribution towards year-end reserve and resource calculations In the Babicanora Block, infill drilling has been delivering excellent results, providing enhanced potential for upgrade of inferred resources In the third quarter, drilling is expected to continue on all veins detailed above and scout drilling is expected to commence on a number of targets across the district Article content Guidance Article content Prorated production reflecting 10.5 months is expected to be 42,500 – 52,500 ounces of gold and 4.25 – 5.25 million ounces of silver Prorated adjusted CAS 1 reflecting 10.5 months are expected to be $850 – $950 per gold ounce and $9.25 – $10.25 per silver ounce Prorated capital expenditures reflecting 10.5 months are expected to be $30 – $34 million, consisting primarily of sustaining capital Prorated exploration investment reflecting 10.5 months is expected to be $16 – $18 million (substantially all expensed) Article content Palmarejo, Mexico Article content (Dollars in millions, except per ounce amounts) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Tons milled 483,880 440,920 419,008 413,463 429,561 Average gold grade (oz/t) 0.060 0.050 0.059 0.070 0.066 Average silver grade (oz/t) 4.06 4.36 4.17 5.15 4.49 Average recovery rate – Au 92.9 % 95.2 % 91.2 % 94.8 % 89.9 % Average recovery rate – Ag 88.6 % 87.4 % 88.3 % 85.6 % 82.8 % Gold ounces produced 27,272 23,032 22,490 27,549 25,467 Silver ounces produced (000's) 1,741 1,680 1,543 1,823 1,596 Gold ounces sold 26,782 22,713 22,353 28,655 24,313 Silver ounces sold (000's) 1,720 1,636 1,598 1,861 1,542 Average realized price per gold ounce $ 2,093 $ 1,924 $ 1,750 $ 1,922 $ 1,744 Average realized price per silver ounce $ 33.76 $ 31.85 $ 31.27 $ 29.71 $ 26.48 Metal sales $ 114.1 $ 95.8 $ 89.1 $ 110.4 $ 83.2 Costs applicable to sales 4 $ 48.7 $ 43.7 $ 45.5 $ 47.5 $ 48.2 Adjusted CAS per AuOz 1 $ 888 $ 882 $ 894 $ 818 $ 1,006 Adjusted CAS per AgOz 1 $ 14.39 $ 14.37 $ 15.92 $ 12.60 $ 15.24 Exploration expense $ 4.0 $ 3.9 $ 3.8 $ 4.3 $ 2.6 Cash flow from operating activities $ 47.9 $ 8.7 $ 33.2 $ 55.6 $ 23.7 Sustaining capital expenditures (excludes capital lease payments) $ 3.6 $ 2.5 $ 6.5 $ 4.0 $ 3.1 Development capital expenditures $ 2.0 $ 3.4 $ 3.4 $ 4.0 $ 2.8 Total capital expenditures $ 5.6 $ 5.9 $ 9.9 $ 8.0 $ 5.9 Free cash flow 1 $ 42.3 $ 2.8 $ 23.3 $ 47.6 $ 17.8 Article content Operational Article content Second quarter gold and silver production totaled 27,272 and 1.7 million ounces, respectively, compared to 23,032 and 1.7 million ounces in the prior period and 25,467 and 1.6 million ounces in the second quarter of 2024 Production during the quarter benefited from higher average silver recoveries, higher average gold grade and higher tons milled, driven in part by greater contributions from Hidalgo development ore following the completion of the Hidalgo portal last year Article content Financial Article content Adjusted CAS 1 for gold and silver on a co-product basis decreased slightly quarter-over-quarter to $888 and $14.39 per ounce, respectively, driven by higher metal sales Capital expenditures totaled $6 million, which were flat compared to the prior period Free cash flow 1 in the second quarter increased to $42 million compared to $3 million in the prior period, driven by lower tax payments this quarter Article content Exploration Article content Exploration investment remained consistent quarter-over-quarter at approximately $4 million (substantially all expensed) The exploration program ramped up to eight rigs across the property during the second quarter Key areas of drilling activity included expansion of the mine trend to the northwest and the southeast. The northwestern portion of the mine trend, called the Hidalgo Corridor, includes the Hidalgo, Libertad and San Juan zones. Expansion drilling to the southeast of the mine trend involves validation drilling of the Independencia Sur block that was acquired from Fresnillo in 2024 and includes the Independencia Sur vein and other vein targets. Scout drilling also continued at Camuchin On the Hidalgo Corridor, drilling continues to deliver excellent results, outlining an additional 350 meters of strike length year to date. Drilling is extending the trend back towards the area that includes the original open pit, processing plant and the high-grade La Prieta system. Since its discovery in 2019, Hidalgo has become Palmarejo's second largest reserve after Guadalupe and is expected to expand further. 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This effort has significantly improved subsurface targeting and is driving faster, more cost-effective drilling campaigns Validation drilling also commenced on the Guazapares trend over the San Miguel deposit following the successful amendment to an agreement with the Guazapares Ejido in the first quarter Article content Other Article content Full-year 2025 production is expected to be 95,000 – 105,000 ounces of gold and 5.4 – 6.5 million ounces of silver Adjusted CAS 1 in 2025 are expected to be $950 – $1,150 per gold ounce and $17.00 – $18.00 per silver ounce Capital expenditures are expected to be $26 – $32 million, consisting primarily of sustaining capital and underground development Exploration investment in 2025 is expected to be $16 – $18 million (substantially all expensed) Article content Rochester, Nevada Article content (Dollars in millions, except per ounce amounts) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Ore tons placed 7,851,665 6,987,324 8,226,820 7,064,623 5,102,800 Average silver grade (oz/t) 0.60 0.59 0.44 0.57 0.59 Average gold grade (oz/t) 0.003 0.003 0.003 0.002 0.002 Silver ounces produced (000's) 1,456 1,284 1,551 1,155 973 Gold ounces produced 14,302 13,353 15,752 9,690 8,006 Silver ounces sold (000's) 1,438 1,282 1,571 1,098 985 Gold ounces sold 13,881 14,713 14,824 9,186 8,150 Average realized price per silver ounce $ 33.88 $ 31.86 $ 30.97 $ 30.13 $ 25.78 Average realized price per gold ounce $ 3,333 $ 2,840 $ 2,604 $ 2,492 $ 2,131 Metal sales $ 95.0 $ 82.6 $ 87.2 $ 56.0 $ 42.8 Costs applicable to sales 4 $ 47.9 $ 48.5 $ 51.5 $ 39.4 $ 36.7 Adjusted CAS per AgOz 1 $ 16.83 $ 18.41 $ 17.96 $ 20.88 $ 21.58 Adjusted CAS per AuOz 1 $ 1,675 $ 1,670 $ 1,495 $ 1,735 $ 1,813 Prepayment, working capital cash flow $ — $ (17.5 ) $ — $ — $ — Exploration expense $ 1.2 $ 1.5 $ 2.7 $ 1.0 $ 1.0 Cash flow from operating activities $ 39.6 $ (7.0 ) $ 26.0 $ 3.2 $ (5.9 ) Sustaining capital expenditures (excludes capital lease payments) $ 20.7 $ 8.5 $ 10.4 $ 7.0 $ 9.9 Development capital expenditures $ 3.8 $ 6.4 $ 3.5 $ 3.1 $ 17.6 Total capital expenditures $ 24.5 $ 14.9 $ 13.9 $ 10.1 $ 27.5 Free cash flow 1 $ 15.1 $ (21.9 ) $ 12.1 $ (6.9 ) $ (33.4 ) Article content Operational Article content Silver and gold production in the second quarter increased to 1.5 million and 14,302 ounces, respectively, compared to 1.3 million and 13,353 ounces in the prior period and 1.0 million and 8,006 ounces in the second quarter of 2024 Ore tons placed during the quarter totaled 7.9 million tons, consisting of approximately 6.7 million tons through the crushing circuit, up from 5.5 million tons in the prior quarter. Additionally, the Company placed approximately 1.1 million tons of direct to pad (DTP) material, down from 1.5 million tons of DTP material placed in the prior quarter Work progressed on the campaign to remove eight million tons from the legacy Stage I and Stage II leach pads to facilitate exploration drilling and future planned mining activities. Approximately 4.8 million tons have been removed year-to-date, with project completion expected in the third quarter of 2025 Article content Financial Article content Second quarter adjusted CAS 1 for silver and gold on a co-product basis totaled $16.83 and $1,675 per ounce, respectively, mainly driven by higher metal sales Capital expenditures increased on a quarter-over-quarter basis to $25 million compared to $15 million in the prior period, driven mainly by capitalized stripping to offload material from the legacy Stage I and II leach pads Free cash flow 1 in the second quarter totaled $15 million compared to $(22) million in the prior period Article content Exploration Article content Exploration investment in the second quarter totaled approximately $4 million ($1 million expensed and $3 million capitalized) compared to roughly $2 million ($2 million expensed and $1 million capitalized) in the prior quarter Up to two rigs were active during the quarter. Target areas included East Rochester, Lincoln Hill and the expected highly prospective corridor between Nevada Packard and Rochester A small diamond core drill program completed at East Rochester during the quarter successfully delineated the edges of the Wedge target and areas of colluvium in advance of a larger-scale drill campaign expected to begin in the fourth quarter of 2025, following the partial removal of legacy Stage I and Stage II leach pads A validation and expansion program at Lincoln Hill commenced during the quarter and is expected to continue through the third quarter of 2025 Ongoing geological modeling at Nevada Packard and Rochester is extending interpretations into the connecting corridor. Strong geophysical responses and historic workings support the presence of high-grade structures continuing between the pits. As a result, an initial scout drill program commenced during the quarter, with two holes already completed in the corridor Article content Guidance Article content Full-year 2025 production is expected to be 7.0 – 8.3 million ounces of silver and 60,000 – 75,000 ounces of gold Adjusted CAS 1 for 2025 are expected to be $14.50 – $16.50 per silver ounce and $1,250 – $1,450 per gold ounce Capital expenditures are expected to be $57 – $70 million, which reflects an eight-million-ton stripping campaign for the removal of Stage I and II legacy leach pads to access ore zones in the eastern portion of the open pit, modifications after startup of the crusher corridor and final negotiated payment with a key contractor of the expansion construction Exploration investment in 2025 is expected to be $13 – $16 million ($11 – $12 million expensed and $2 – $4 million capitalized) Article content Kensington, Alaska Article content (Dollars in millions, except per ounce amounts) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Tons milled 192,169 185,344 183,639 165,916 182,043 Average gold grade (oz/t) 0.15 0.13 0.16 0.16 0.14 Average recovery rate 91.8 % 93.3 % 91.8 % 90.4 % 92.3 % Gold ounces produced 26,555 22,715 26,931 24,104 23,202 Gold ounces sold 26,751 22,205 25,839 24,800 23,539 Average realized price per gold ounce, gross $ 3,410 $ 2,990 $ 2,702 $ 2,563 $ 2,223 Treatment and refining charges per gold ounce $ 56 $ 53 $ 53 $ 56 $ 52 Average realized price per gold ounce, net $ 3,354 $ 2,937 $ 2,649 $ 2,507 $ 2,171 Metal sales $ 89.8 $ 65.2 $ 68.3 $ 62.2 $ 51.1 Costs applicable to sales 4 $ 46.1 $ 42.2 $ 39.7 $ 38.1 $ 40.7 Adjusted CAS per AuOz 1 $ 1,713 $ 1,882 $ 1,529 $ 1,539 $ 1,734 Prepayment, working capital cash flow $ — $ (12.1 ) $ (12.9 ) $ 11.8 $ (11.8 ) Exploration expense $ 1.5 $ 3.3 $ 0.7 $ 2.0 $ 1.3 Cash flow from operating activities $ 36.0 $ 5.9 $ 8.5 $ 38.1 $ (7.2 ) Sustaining capital expenditures (excludes capital lease payments) $ 12.3 $ 15.2 $ 18.9 $ 20.0 $ 16.5 Development capital expenditures $ 4.0 $ 0.3 $ — $ — $ — Total capital expenditures $ 16.3 $ 15.5 $ 18.9 $ 20.0 $ 16.5 Free cash flow 1 $ 19.7 $ (9.6 ) $ (10.4 ) $ 18.1 $ (23.7 ) Article content Operational Article content Gold production in the second quarter increased to 26,555 ounces compared to 22,715 ounces in the prior period and 23,202 ounces in the second quarter of 2024 Stronger production during the quarter was driven by higher tons milled and higher average gold grade offset by lower recoveries Article content Financial Article content Second quarter adjusted CAS 1 decreased to $1,713 per ounce compared to $1,882 per ounce in the prior period, due primarily to increased metal sales Capital expenditures increased 5% quarter-over-quarter to $16 million. The second quarter marked the end of the multi-year underground mine development program at Kensington Free cash flow 1 in the second quarter increased to $20 million, reflecting increased metals sales Article content Exploration Article content Exploration investment in the second quarter totaled approximately $5 million ($2 million expensed and $3 million capitalized), compared to $5 million ($3 million expensed and $2 million capitalized) in the prior period Drilling at Kensington is progressing exceptionally well, with drill footage targets achieved ahead of schedule and under budget during the quarter. Drill targets include Elmira, Upper and Lower Kensington and Johnson At Elmira and Elmira South, second quarter drilling was focused primarily on infill work. Notably, the newly-discovered Elmira Hanging Wall Zone first identified in 2024 returned several high-grade intercepts and is expected to be included in the year-end 2025 resource estimates for the first time In Upper Kensington, both expansion and infill drilling at Zones 30 and 30B continue to return high-grade intercepts. Additionally, expansion drilling in Zone 10 (Lower Kensington) is extending the mineralization up-dip into Upper Kensington Following very strong results from initial test drilling at the Johnson target in 2024, an increased budget of $1.6 million was approved during the quarter. Drilling is ongoing, and this area is also expected to contribute to year-end reserve and resource estimates Due to excellent progress across the Kensington programs this year, the number of active drill rigs will be reduced in the second half. During the summer, one rig is expected to be dedicated to scout drilling on a new target called Ivanhoe and Hope, located approximately 1.2 miles northwest of the Kensington mine workings Article content Guidance Article content Full-year 2025 production is expected to be 92,500 – 107,500 gold ounces Adjusted CAS 1 in 2025 are expected to be $1,700 – $1,900 per gold ounce Capital expenditures are expected to be $55 – $64 million, which reflects the completion of the multi-year development and exploration program in the first half of the year as well as an $18 – $22 million investment to raise the main tailings storage facility embankment as part of the expansion of the existing facility, which is expected to be executed over the next two years Exploration investment in 2025 is expected to be $11 – $14 million ($6 – $8 million expensed and $5 – $6 million capitalized) Article content Wharf, South Dakota Article content (Dollars in millions, except per ounce amounts) 2Q 2025 1Q 2025 4Q 2024 3Q2024 2Q 2024 Ore tons placed 1,105,605 1,033,699 1,164,894 1,424,649 1,162,437 Average gold grade (oz/t) 0.035 0.020 0.023 0.046 0.032 Gold ounces produced 24,087 20,491 21,976 33,650 22,021 Silver ounces produced (000's) 36 51 54 42 69 Gold ounces sold 23,509 20,078 22,539 34,272 20,930 Silver ounces sold (000's) 35 50 54 45 65 Average realized price per gold ounce $ 3,315 $ 2,827 $ 2,620 $ 2,440 $ 2,064 Metal sales $ 79.1 $ 58.4 $ 60.7 $ 85.0 $ 45.0 Costs applicable to sales 4 $ 29.0 $ 27.0 $ 22.1 $ 31.8 $ 19.1 Adjusted CAS per AuOz 1 $ 1,175 $ 1,260 $ 902 $ 885 $ 822 Prepayment, working capital cash flow $ — $ (12.5 ) $ — $ — $ — Exploration expense $ 3.5 $ 2.6 $ 2.7 $ 2.3 $ 1.1 Cash flow from operating activities $ 41.4 $ 15.7 $ 22.2 $ 51.6 $ 17.0 Sustaining capital expenditures (excludes capital lease payments) $ 2.3 $ 6.4 $ 2.9 $ 2.8 $ 1.2 Development capital expenditures $ 1.3 $ 1.0 $ — $ — $ — Total capital expenditures $ 3.6 $ 7.4 $ 2.9 $ 2.8 $ 1.2 Free cash flow 1 $ 37.8 $ 8.3 $ 19.3 $ 48.8 $ 15.8 Article content Operational Article content Gold production in the second quarter increased 18% quarter-over-quarter to 24,087 ounces, driven by higher gold grades Article content Financial Article content Adjusted CAS 1 on a by-product basis decreased 7% quarter-over-quarter to $1,175 per ounce, due primarily to higher gold sales Capital expenditures totaled approximately $4 million compared to $7 million in the prior period Free cash flow 1 in the second quarter increased to $38 million compared to $8 million in the prior period Article content Exploration Article content Exploration investment during the second quarter totaled $4 million (substantially all expensed), compared to $3 million (substantially all expensed) in the prior quarter Expansion and infill drilling programs at Wedge and North Foley were completed during the quarter. All remaining 2025 drilling is expected to focus on infill work at Juno Results from both Wedge and North Foley met expectations, and these zones are expected to contribute meaningfully to year-end reserve and resource estimates Exploration priorities in the third quarter include infill drilling at Juno, following up on 2024 expansion drilling, which extended mineralization approximately 500 feet to the northwest Article content Guidance Article content Full-year 2025 production is expected to be 90,000 – 100,000 gold ounces and 50,000 – 200,000 ounces of silver Adjusted CAS 1 in 2025 are expected to be $1,250 – $1,350 per gold ounce Capital expenditures are expected to be $13 – $17 million, which reflects increased infill drilling expected to materially extend the mine life as well as other investments which are expected to be required to convert the Juno and North Foley deposits into reserves Exploration investment in 2025 is expected to be $7 – $10 million (substantially all expensed) Article content Exploration Article content The Company's exploration investment in 2025 is expected to total $67 – $77 million for expansion drilling (classified as exploration expense) and $10 – $16 million for infill drilling (capitalized exploration) for a total expected investment of $77 – $93 million. Article content Top exploration priorities for 2025 are: (1) continuing to build the inferred pipeline at Palmarejo to provide optionality to the operation, including to the East of existing operations, where 60% of this year's exploration investment is budgeted; (2) outlining higher-grade structures to enhance the near-term margin and longer-term free cash flow profile of Rochester; (3) maintaining a 5-year reserve-based mine life at Kensington while finding higher-grade zones to bolster cash flow; (4) completing the expansion and infill programs at Wharf to add to the life of mine; (5) building on the new geological model and understanding at Silvertip to grow the resource base, and; (6) rapidly building detailed knowledge of Las Chispas and maintaining mine life. Article content During the second quarter, Coeur invested approximately $30 million ($23 million expensed and $7 million capitalized), compared to roughly $22 million ($20 million expensed and $2 million capitalized) in the prior period. Article content At Silvertip, exploration investment totaled approximately $9 million in the second quarter, compared to $6 million in the prior period. Following completion of the geological model in the first quarter of 2025, exploration drilling commenced in May. During the second quarter, drilling at Silvertip focused on three targets; Southern Silver, Discovery, and Saddle Zones, using one underground rig and three surface rigs. Alongside drilling, final preparations and planning were completed for the summer surface exploration program, which includes geological mapping, rock chip sampling, and stream and soil geochemical surveys. Article content 2025 Guidance Article content The Company has reaffirmed its 2025 production and costs applicable to sales guidance ranges as shown below. Regarding 2025 capital guidance (which excludes capital leases), the Company has elected to fund $10 million of sustaining capital with cash versus previously planned capital leases due to the overall improved financial position of the Company. Due to the Company's strong share price performance in 2025, the Company has increased its 2025 G&A expense guidance to reflect the non-cash increase in incentive compensation related to expected performance share expense. The exploration expense guidance below excludes $17 – $22 million of underground mine development and support costs associated with Silvertip. Article content Note that Las Chispas guidance reflects results from the February 14, 2025 closing of the acquisition. Additionally, Las Chispas cost guidance excludes the effects of the SilverCrest purchase price allocation. Article content 2025 Adjusted Costs Applicable to Sales Guidance Article content 2025 Capital, Exploration and G&A Guidance Article content Note: The Company's guidance figures assume estimated prices of $2,700/oz gold and $30.00/oz silver as well as CAD of 1.425 and MXN of 20.50. Guidance figures exclude the impact of any metal sales or foreign exchange hedges. Article content Financial Results and Conference Call Article content Coeur will host a conference call to discuss its second quarter 2025 financial results on August 7, 2025 at 11:00 a.m. Eastern Time. Article content Hosting the call will be Mitchell J. Krebs, Chairman, President and Chief Executive Officer of Coeur, who will be joined by Thomas S. Whelan, Senior Vice President and Chief Financial Officer, Michael 'Mick' Routledge, Senior Vice President and Chief Operating Officer, Aoife McGrath, Senior Vice President, Exploration, and other members of management. A replay of the call will be available through August 14, 2025. Article content About Coeur Article content Coeur Mining, Inc. is a U.S.-based, well-diversified, growing precious metals producer with five wholly-owned operations: the Las Chispas silver-gold mine in Sonora, Mexico, the Palmarejo gold-silver complex in Chihuahua, Mexico, the Rochester silver-gold mine in Nevada, the Kensington gold mine in Alaska and the Wharf gold mine in South Dakota. In addition, the Company wholly-owns the Silvertip polymetallic critical minerals exploration project in British Columbia. Article content Cautionary Statements Article content This news release contains forward-looking statements within the meaning of securities legislation in the United States and Canada, including statements regarding cash flow, production growth, costs, capital expenditures, exploration and development efforts and plans and potential impacts on reserves and resources, mine lives and expected extensions, the gold stream agreement at Palmarejo, anticipated production, and costs and expenses and operations at Las Chispas, Palmarejo, Rochester, Kensington and Wharf. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Coeur's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the risk that anticipated production, cost and expense levels are not attained, the risks and hazards inherent in the mining business (including risks inherent in developing and expanding large-scale mining projects, environmental hazards, industrial accidents, weather or geologically-related conditions), changes in the market prices of gold and silver and a sustained lower price or higher treatment and refining charge environment, the uncertainties inherent in Coeur's production, exploration and development activities, including risks relating to permitting and regulatory delays (including the impact of government shutdowns) and mining law changes, ground conditions, grade and recovery variability, any future labor disputes or work stoppages (involving the Company and its subsidiaries or third parties), the risk of adverse outcomes in litigation, the uncertainties inherent in the estimation of mineral reserves and resources, impacts from Coeur's future acquisition of new mining properties or businesses, risks associated with the continued integration of the recent acquisition of SilverCrest, the risk that the Rochester expansion does not sustain planned performance, the loss of access or insolvency of any third-party refiner or smelter to whom Coeur markets its production, materials and equipment availability, inflationary pressures, impacts from tariffs or other trade barriers, continued access to financing sources, the effects of environmental and other governmental regulations and government shut-downs, the risks inherent in the ownership or operation of or investment in mining properties or businesses in foreign countries, Coeur's ability to raise additional financing necessary to conduct its business, make payments or refinance its debt, as well as other uncertainties and risk factors set out in filings made from time to time with the United States Securities and Exchange Commission, and the Canadian securities regulators, including, without limitation, Coeur's most recent reports on Form 10-K and Form 10-Q. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements. Coeur disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Coeur undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Coeur, its financial or operating results or its securities. This does not constitute an offer of any securities for sale. Article content The scientific and technical information concerning our mineral projects in this news release have been reviewed and approved by a 'qualified person' under Item 1300 of SEC Regulation S-K, namely our Vice President, Technical Services, Christopher Pascoe. For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the Technical Report Summaries for each of the Company's material properties which are available at Article content Non-U.S. GAAP Measures Article content We supplement the reporting of our financial information determined under United States generally accepted accounting principles (U.S. GAAP) with certain non-U.S. GAAP financial measures, including EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce. We believe that these adjusted measures provide meaningful information to assist management, investors and analysts in understanding our financial results and assessing our prospects for future performance. We believe these adjusted financial measures are important indicators of our recurring operations because they exclude items that may not be indicative of, or are unrelated to our core operating results, and provide a better baseline for analyzing trends in our underlying businesses. We believe EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss) and adjusted costs applicable to sales per ounce are important measures in assessing the Company's overall financial performance. For additional explanation regarding our use of non-U.S. GAAP financial measures, please refer to our Form 10-K for the year ended December 31, 2024. Article content EBITDA, adjusted EBITDA, adjusted EBITDA margin, free cash flow, adjusted net income (loss), operating cash flow before changes in working capital and adjusted costs applicable to sales per ounce (gold and silver) are non-GAAP measures. Please see tables in the Appendix for the reconciliation to U.S. GAAP. Free cash flow is defined as cash flow from operating activities less capital expenditures. Liquidity is defined as cash and cash equivalents plus availability under the Company's RCF. Future borrowing under the RCF may be subject to certain financial covenants. Please see tables in Appendix for the calculation of consolidated free cash flow and liquidity. As of June 30, 2025, Coeur had no outstanding borrowings and $20.2 million in outstanding letters of credit under its RCF. Future borrowing under the RCF may be subject to certain financial covenants. Percentage based on the midpoint of 2025 guidance ranges. Excludes amortization. Includes capital leases. Net of debt issuance costs and premium received. Article content COEUR MINING, INC. AND SUBSIDIARIES June 30, 2025 December 31, 2024 ASSETS In thousands, except share data CURRENT ASSETS Cash and cash equivalents $ 111,646 $ 55,087 Receivables 60,640 29,930 Inventory 201,679 78,617 Ore on leach pads 129,469 92,724 Prepaid expenses and other 22,875 16,741 526,309 273,099 NON-CURRENT ASSETS Property, plant and equipment and mining properties, net 2,794,687 1,817,616 Goodwill 613,355 — Ore on leach pads 102,078 106,670 Restricted assets 9,381 8,512 Receivables 14,447 19,583 Other 90,693 76,267 TOTAL ASSETS $ 4,150,950 $ 2,301,747 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable $ 141,511 $ 125,877 Accrued liabilities and other 139,145 156,609 Debt 29,889 31,380 Reclamation 17,129 16,954 327,674 330,820 Debt 350,833 558,678 Reclamation 257,903 243,538 Deferred tax liabilities 326,223 7,258 Other long-term liabilities 59,930 38,201 994,889 847,675 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY Common stock, par value $0.01 per share; authorized 900,000,000 shares, 642,701,753 issued and outstanding at June 30, 2025 and 399,235,632 at December 31, 2024 6,426 3,992 Additional paid-in capital 5,780,143 4,181,521 2,828,387 1,123,252 Article content Three Months Ended June 30, Six Months Ended June 30, In thousands, except share data Revenue $ 480,650 $ 222,026 $ 840,712 $ 435,086 COSTS AND EXPENSES Costs applicable to sales (1) 229,454 144,717 433,720 290,714 Amortization 61,421 27,928 104,514 55,225 General and administrative 13,250 11,241 27,162 25,645 Exploration 23,256 12,874 42,938 23,365 Pre-development, reclamation, and other 13,161 8,590 30,114 26,818 Total costs and expenses 340,542 205,350 638,448 421,767 Income or loss from operations 140,108 16,676 202,264 13,319 OTHER INCOME (EXPENSE), NET Gain (loss) on debt extinguishment — (21 ) — 417 Fair value adjustments, net 4 — (342 ) — Interest expense, net of capitalized interest (8,251 ) (13,162 ) (18,701 ) (26,109 ) Other, net 1,460 5,122 1,866 7,895 Total other income (expense), net (6,787 ) (8,061 ) (17,177 ) (17,797 ) Income (loss) before income and mining taxes 133,321 8,615 185,087 (4,478 ) Income and mining tax (expense) benefit (62,595 ) (7,189 ) (81,008 ) (23,213 ) NET INCOME (LOSS) $ 70,726 $ 1,426 $ 104,079 $ (27,691 ) OTHER COMPREHENSIVE INCOME (LOSS): Change in fair value of derivative contracts designated as cash flow hedges — (10,881 ) — (18,507 ) Reclassification adjustments for realized (gain) loss on cash flow hedges — 17,028 — 17,176 Other comprehensive income (loss) — 6,147 — (1,331 ) COMPREHENSIVE INCOME (LOSS) $ 70,726 $ 7,573 $ 104,079 $ (29,022 ) NET INCOME (LOSS) PER SHARE Basic income (loss) per share: (1) Excludes amortization. Article content Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 In thousands CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 70,726 $ 1,426 $ 104,079 $ (27,691 ) Adjustments: Amortization 61,421 27,928 104,514 55,225 Accretion 4,900 4,154 9,632 8,230 Deferred taxes (12,204 ) (9,217 ) (29,557 ) (4,788 ) Gain on debt extinguishment — 21 — (417 ) Fair value adjustments, net (4 ) — 342 — Stock-based compensation 4,217 2,732 7,515 6,980 Write-downs — — — 3,235 Deferred revenue recognition (192 ) (118 ) (42,508 ) (55,277 ) Acquired inventory purchase price allocation 29,680 — 56,720 — Other 3,029 556 4,552 11,378 Changes in operating assets and liabilities: Receivables (4,766 ) 3,180 (821 ) (2,136 ) Prepaid expenses and other current assets 2,424 4,176 84,489 3,537 Inventory and ore on leach pads (14,125 ) (19,774 ) (22,473 ) (39,468 ) Accounts payable and accrued liabilities 61,845 185 (1,898 ) 40,570 CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES 206,951 15,249 274,586 (622 ) CASH FLOWS FROM INVESTING ACTIVITIES: Capital expenditures (60,807 ) (51,405 ) (110,809 ) (93,488 ) Acquisitions, net 239 — 103,635 — Proceeds from the sale of assets 80 — 80 24 Other (85 ) (148 ) (175 ) (215 ) CASH USED IN INVESTING ACTIVITIES (60,573 ) (51,553 ) (7,269 ) (93,679 ) CASH FLOWS FROM FINANCING ACTIVITIES: Issuance of common stock 9,147 — 9,449 22,823 Issuance of notes and bank borrowings, net of issuance costs 47,000 115,000 146,500 250,000 Payments on debt, finance leases, and associated costs (164,731 ) (71,653 ) (356,965 ) (163,878 ) Share repurchases (2,004 ) — (2,004 ) — Other financing activities (2,184 ) (31 ) (7,905 ) (1,810 ) CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES (112,772 ) 43,316 (210,925 ) 107,135 Effect of exchange rate changes on cash and cash equivalents 496 (361 ) 204 (321 ) INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 34,102 6,651 56,596 12,513 Cash, cash equivalents and restricted cash at beginning of period 79,368 69,240 56,874 63,378 Cash, cash equivalents and restricted cash at end of period $ 113,470 $ 75,891 $ 113,470 $ 75,891 Article content Adjusted EBITDA Reconciliation (Dollars in thousands except per share amounts) LTM 2Q 2025 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Net income (loss) $ 190,670 $ 70,726 $ 33,353 $ 37,852 $ 48,739 $ 1,426 Interest expense, net of capitalized interest 43,868 8,251 10,450 11,887 13,280 13,162 Income tax provision (benefit) 125,245 62,595 18,413 18,420 25,817 7,189 Amortization 174,263 61,421 43,093 36,533 33,216 27,928 EBITDA 534,046 202,993 105,309 104,692 121,052 49,705 Fair value adjustments, net 342 (4 ) 346 — — — Foreign exchange (gain) loss (2,517 ) (246 ) 758 (1,321 ) (1,708 ) (2,089 ) Asset retirement obligation accretion 18,180 4,900 4,732 4,315 4,233 4,154 Inventory adjustments and write-downs 6,309 1,598 1,928 1,552 1,231 1,071 (Gain) loss on sale of assets 377 117 186 (102 ) 176 640 RMC bankruptcy distribution (132 ) (37 ) — (95 ) — (1,199 ) (Gain) loss on debt extinguishment — — — — — 21 Transaction costs 20,227 2,823 8,887 7,541 976 — Kensington royalty settlement (67 ) 28 (95 ) — — 419 Mexico arbitration matter 3,629 1,740 410 152 1,327 1,138 Flow-through share premium (2,313 ) (112 ) (585 ) (369 ) (1,247 ) (1,456 ) COVID-19 1 — — — 1 3 Acquired inventory purchase price 56,721 29,681 27,040 — — — Adjusted EBITDA $ 634,803 $ 243,481 $ 148,916 $ 116,365 $ 126,041 $ 52,407 Adjusted EBITDA Margin 43 % 51 % 41 % 38 % 40 % 24 % Article content Adjusted Net Income (Loss) Reconciliation (Dollars in thousands except per share amounts) 2Q 2025 1Q 2025 4Q 2024 3Q 2024 2Q 2024 Net income (loss) $ 70,726 $ 33,353 $ 37,852 $ 48,739 $ 1,426 Fair value adjustments, net (4 ) 346 — — — Foreign exchange loss (gain) (1) 28,072 574 265 (2,247 ) (2,950 ) (Gain) loss on sale of assets 117 186 (102 ) 176 640 RMC bankruptcy distribution (37 ) — (95 ) — (1,199 ) (Gain) loss on debt extinguishment — — — — 21 Transaction costs 2,823 8,887 7,541 976 — Kensington royalty settlement 28 (95 ) — — 419 Mexico arbitration matter 1,740 410 152 1,327 1,138 Flow-through share premium (112 ) (585 ) (369 ) (1,247 ) (1,456 ) COVID-19 — — — 1 3 Acquired inventory purchase price 29,681 27,040 — — — Tax effect of adjustments (5,633 ) (10,230 ) 142 (568 ) (1,447 ) Adjusted net income (loss) $ 127,401 $ 59,886 $ 45,386 $ 47,157 $ (3,405 ) Adjusted net income (loss) per share – Basic $ 0.20 $ 0.12 $ 0.12 $ 0.12 $ (0.01 ) Adjusted net income (loss) per share – Diluted $ 0.20 $ 0.11 $ 0.11 $ 0.12 $ (0.01 ) Article content (1) Includes the impact of foreign exchange rates on deferred tax balances of $28.3 million, $(0.2) million, $1.6 million, $(0.5) million and $(0.9) million for the three months ended June 30 and March 31, 2025 and December 31, September 30 and June 30, 2024, respectively. Article content Reconciliation of Costs Applicable to Sales for Three Months Ended June 30, 2025 In thousands (except metal sales, per ounce or per pound amounts) Las Chispas Palmarejo Rochester Kensington Wharf Silvertip Total Costs applicable to sales, including amortization (U.S. GAAP) $ 80,122 $ 58,109 $ 64,676 $ 56,304 $ 30,542 $ 928 $ 290,681 Amortization (22,375 ) (9,406 ) (16,748 ) (10,221 ) (1,549 ) (928 ) (61,227 ) Costs applicable to sales $ 57,747 $ 48,703 $ 47,928 $ 46,083 $ 28,993 $ — $ 229,454 Inventory Adjustments (523 ) (147 ) (489 ) (222 ) (191 ) — (1,572 ) Acquired inventory purchase price allocation (29,681 ) — — — — — (29,681 ) By-product credit — — — (41 ) (1,188 ) — (1,229 ) Adjusted costs applicable to sales $ 27,543 $ 48,556 $ 47,439 $ 45,820 $ 27,614 $ — $ 196,972 Metal Sales Gold ounces 16,025 26,782 13,881 26,751 23,509 — 106,948 Silver ounces 1,479,410 1,720,383 1,437,811 — 34,916 — 4,672,520 Zinc pounds — — Lead pounds — — Revenue Split Gold 52 % 49 % 49 % 100 % 100 % Silver 48 % 51 % 51 % — % Zinc — % Lead — % Adjusted costs applicable to sales Gold ($/oz) $ 894 $ 888 $ 1,675 $ 1,713 $ 1,175 $ 1,260 Silver ($/oz) $ 8.94 $ 14.39 $ 16.83 $ — $ 13.41 Zinc ($/lb) $ — $ — Lead ($/lb) $ — $ — Article content Article content This Post contains more content. For the full press release please view source version on Article content Article content Article content Contacts Article content For Additional Information Article content Article content Coeur Mining, Inc. Article content Article content 200 S. Wacker Drive, Suite 2100 Article content Article content Chicago, IL 60606 Article content Article content Attention: Jeff Wilhoit, Senior Director, Investor Relations Article content Article content Phone: (312) 489-5800 Article content Article content Article content Article content Article content
Globe and Mail
18 minutes ago
- Globe and Mail
IonQ Announces Second Quarter Financial Results
IonQ (NYSE: IONQ), the leading commercial quantum computing and networking company, today announced financial results for the quarter ended June 30, 2025. "I am pleased to report that we beat the top end of guidance for Q2 revenue by 15%, and strengthened our balance sheet via the largest equity investment from a single institution in the quantum industry. We also made very tangible progress towards delivering our #AQ64 application performance benchmark, with strong indications that it will be achieved in the near term.' 'Via our closed acquisition of Lightsynq, along with our proposed acquisition of Oxford Ionics, we have created the most advanced and powerful quantum computing and networking roadmap in the world," said Niccolo de Masi, Chairman and CEO of IonQ. "The combination of IonQ hardware and software expertise and Oxford's implementation of ion-trap-on-a-chip provides the team, IP, technology, and momentum to achieve 800 logical qubits in 2027 and 80,000 logical qubits in 2030." 'The close of our acquisition of Capella in July expands our quantum networking vision to include a space-based QKD network," de Masi continued. 'Our networking products are production-grade and are used by many of the world's household-name financial services, telecom, and government agencies. IonQ quantum networking offers the ultimate in communication security, protecting even from the looming threat of quantum decryption." "We've also attracted world-class leaders who are choosing to build the future at IonQ. From the world of finance, Dr. Marco Pistoia has joined us after leading global applied research and quantum computing at JPMorgan Chase. From the highest levels of government, we welcomed Dr. Rick Muller, former Director of IARPA, the intelligence community's advanced research agency. To guide our corporate growth, veteran technology counsel Paul Dacier has taken the helm as Chief Legal Officer, and to sharpen our scientific core, our co-founder Dr. Chris Monroe has assumed the vital role of Chief Scientific Advisor.' 'As I have said before, I believe talent is the proverbial Warren Buffett weighing machine most relevant to any company's long-term prospects, and it is tremendously validating to have such towering figures in the quantum industry become our colleagues at IonQ." Financial Highlights IonQ recognized revenue of $20.7 million for the second quarter, which is 15% above the top end of the previously provided range. Cash, cash equivalents, and investments were $656.8 million as of June 30, 2025 and $1.6 billion pro-forma as of July 9, 2025. The balance increased due to the $1.0 billion equity financing. Net loss was $177.5 million and Adjusted EBITDA loss was $36.5 million for the second quarter.* *Adjusted EBITDA is a non-GAAP financial measure defined under 'Non-GAAP Financial Measures,' below, and is reconciled to net loss, its closest comparable GAAP measure, at the end of this release. Q2 and Recent Commercial Highlights IonQ announced the signing of a Memorandum of Understanding with KISTI to accelerate South Korea's role in the global quantum race, collaborating in four key areas: advanced infrastructure access, education, talent and knowledge exchange, and efforts to expand the quantum ecosystem. IonQ announced AI-focused collaboration with AIST in Japan through a Memorandum of Understanding, paving the way for joint R&D, workforce development initiatives, and access to IonQ Forte-class quantum computers to accelerate real-world quantum-AI applications. IonQ announced a partnership with Sweden's Einride to pioneer quantum-enhanced optimization for the global freight industry, collaborating to create quantum solutions for fleet routing, logistics optimization, and supply chain management. IonQ announced expansion across APAC through a strategic collaboration with Australian company Emergence Quantum, advancing IonQ's global expansion roadmap while strengthening Australia's quantum capabilities, with the Emergence Quantum team bringing decades of experience in trapped ion technology. IonQ backs landmark Texas Quantum Initiative, working with state leaders to position Texas as a U.S. quantum hub through policy support, investment incentives, and expanded opportunities in quantum computing, networking, and sensing technologies. IonQ announced that it secured a landmark $22M deal with utility leader EPB to create America's first commercial quantum hub, demonstrating significant commercial traction and strategic expansion into the critical energy infrastructure market. Q2 and Recent Technical Highlights IonQ announced a 20x speed-up of quantum-accelerated drug development applications with AstraZeneca, AWS, and NVIDIA, in the largest demonstration of its kind, combining leading hardware, platforms, and techniques, marking a significant step toward more efficient pharmaceutical production through hybrid quantum-classical workflows. IonQ announced that the Company and the University of Washington together achieved the first known quantum computer simulation of a process tied to the universe's matter–antimatter imbalance, modeling nuclear dynamics on unprecedented yoctosecond time-scales (10⁻²⁴ seconds) and potentially opening new frontiers in fundamental physics research. IonQ announced that it developed a hybrid quantum computing approach with Oak Ridge National Laboratory to drive power grid efficiencies and meet electricity demand at minimal cost. Q2 and Recent Corporate Highlights IonQ announced an agreement to acquire Oxford Ionics, creating the world's most advanced quantum computing roadmap when combined with IonQ. The combination promises 10,000 physical qubits with logical fidelities of 99.99999% by 2027 and 2 million physical qubits by 2030. IonQ announced the completion of its acquisition of Lightsynq, accelerating its quantum computing and quantum internet roadmaps and offering a clear path to millions of qubits through the integration of Lightsynq's advanced photonic interconnect technologies. IonQ announced the completion of its acquisition of Capella, facilitating its development of a space-based QKD network and the foundation of the quantum internet with the integration of Capella's satellite infrastructure. IonQ announced the pricing of a $1.0 billion equity offering, including shares and warrants, to strengthen its balance sheet to approximately $1.6 billion in pro-forma cash, for continued innovation and growth. IonQ announced the appointment of Marco Pistoia, renowned IBM inventor, quantum computing leader, and former Global Head of Applied Research and Quantum Computing at JPMorgan Chase, as Senior Vice President of Industry Relations. IonQ announced the expansion of its engineering leadership team with the hiring of Rick Muller, former Director of IARPA, as Vice President of Quantum Systems to advance its quantum hardware development. IonQ announced the appointment of Paul Dacier as Chief Legal Officer and Corporate Secretary to bolster its legal and governance framework amid rapid growth in quantum computing. IonQ announced the appointment of its founder Dr. Chris Monroe as Chief Scientific Advisor, where he will be working very closely with Dr. Mihir Bhaskar. IonQ announced that Dr. Grégoire Ribordy will remain in his role post-close to continue building on his 20 years of leadership in quantum networking. 2025 Financial Outlook For the full year 2025, IonQ expects revenue to be between $82 million and $100 million, with between $25 million and $29 million for the third quarter. 2025 Board Update IonQ announced that its Board of Directors has appointed CEO Niccolo de Masi to the additional position of Chairman of the Board, effective immediately. As a result, Peter Chapman has stepped down as Executive Chairman and as a member of the Board. Inder Singh, Lead Independent Director of IonQ, said, 'We are delighted to name Niccolo as Chairman of the Board. Since he became CEO in February 2025, Niccolo has excelled in leading the business forward. We are confident that he is the right person to guide our Board as we continue to oversee the execution of the Company's strategic priorities and the incredible momentum they are driving. We are grateful to Peter for his long-standing service to IonQ and wish him well.' de Masi commented, 'I am honored to receive this further vote of confidence in me by the Board as IonQ continues to extend its leadership in quantum computing and quantum networking. I also want to thank Peter for his seminal work in building the Company over the last six years and our collaboration over the last few months.' Second Quarter 2025 Conference Call IonQ will host a conference call today at 4:30 p.m. Eastern time to review the Company's financial results for the second quarter ended June 30, 2025 and to provide a business update. The call will be accessible by telephone at 844-826-3035 (domestic) or 412-317-5195 (international). The call will also be available live via webcast on the Company's website here, or directly here. A telephone replay of the conference call will be available approximately three hours after its conclusion at 844-512-2921 (domestic) or 412-317-6671 (international) with access code 10200658 and will be available until 11:59 p.m. Eastern time, August 20, 2025. An archive of the webcast will also be available here shortly after the call and will remain available for one year. Non-GAAP Financial Measures To supplement IonQ's condensed consolidated financial statements presented in accordance with GAAP, IonQ uses non-GAAP measures of certain components of financial performance. Adjusted EBITDA is a financial measure that is not required by or presented in accordance with GAAP. Management believes that this measure provides investors an additional meaningful method to evaluate certain aspects of the Company's results period over period. Adjusted EBITDA is defined as net loss attributable to IonQ, Inc. before net loss attributable to noncontrolling interests, interest income, interest expense, income tax (benefit) expense , depreciation and amortization expense, stock-based compensation, change in fair value of assumed warrant liabilities, acquisition transaction costs, and other non-recurring non-operating income and expenses. IonQ uses Adjusted EBITDA to measure the operating performance of its business, excluding specifically identified items that it does not believe directly reflect its core operations and may not be indicative of recurring operations. The presentation of non-GAAP financial measures is not meant to be considered in isolation or as a substitute for the financial results prepared in accordance with GAAP, and IonQ's non-GAAP measures may be different from non-GAAP measures used by other companies. IonQ shows a reconciliation of GAAP to non-GAAP financial measures at the end of this release. About IonQ IonQ, Inc. [NYSE: IONQ] is the leading commercial quantum computing and networking company , delivering high-performance systems aimed at solving the world's most complex problems. IonQ's current generation quantum computers, IonQ Forte and IonQ Forte Enterprise, are the latest in a line of cutting-edge systems that have been helping customers and partners such as Amazon Web Services, AstraZeneca, and NVIDIA achieve 20x performance results. The company is accelerating its technology roadmap and intends to deliver the world's most powerful quantum computers with 2 million qubits by 2030 to accelerate innovation in drug discovery, materials science, financial modeling, logistics, cybersecurity, and defense. IonQ's advancements in quantum networking also positions the company as a leader in building the quantum internet. The company's innovative technology and rapid growth were recognized in Newsweek's 2025 Excellence Index 1000, Forbes' 2025 Most Successful Mid-Cap Companies list, and Built In's 2025 100 Best Midsize Places to Work in Washington DC and Seattle, respectively. Available through all major cloud providers, IonQ is making quantum computing more accessible and impactful than ever before. Learn more at IonQ Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Some of the forward-looking statements can be identified by the use of forward-looking words. Statements that are not historical in nature, including the words 'pending,' 'look forward,' 'accelerate,' 'anticipate,' 'expect,' 'suggests,' 'plan,' 'believe,' 'intend,' 'estimates,' 'targets,' 'projects,' 'should,' 'could,' 'would,' 'may,' 'will,' 'forecast,' 'offers' and other similar expressions are intended to identify forward-looking statements. These statements include those related to IonQ's position in the quantum computing and networking sector; the efficacy of new applications of quantum computing; the relevance and utility of quantum algorithms and applications run on IonQ's quantum computers; the success of partnerships and collaborations between IonQ and other parties, including development and commercialization of products and services with such parties; IonQ closing anticipated acquisitions; IonQ's ability to utilize the technology of acquired companies to accelerate the development and scale of IonQ's systems and offerings; advancement of quantum networking technology; the Company's technology driving commercial applications in the future; the Company's future financial and operating performance, including our preliminary outlook and guidance; the appearance of new applications of IonQ's products and services; the ability for third parties to implement IonQ's offerings to solve their problems and increase their quantum computing capabilities; expansion of IonQ's sales pipeline; IonQ's quantum computing capabilities and plans; future deliveries of and access to IonQ's quantum computers and services; future purchases of IonQ's offerings by customers using congressionally-appropriated funds from the U.S. government; IonQ's performance of existing contracts in the future, including anticipated timing of completion of research, development and manufacturing by IonQ; IonQ receiving additional revenues under planned subsequent phases of customer contracts; and the scalability and reliability of IonQ's quantum computing offerings. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive industries in which IonQ operates, including development of competing technologies; our ability to sell effectively to government entities and large enterprises; changes in laws and regulations affecting IonQ's and its suppliers' businesses; IonQ's ability to implement its business plans, forecasts and other expectations, to identify and realize partnerships and opportunities, and to engage new and existing customers; IonQ's ability to effectively integrate its acquisitions; its inability to effectively enter new markets; IonQ's ability to deliver services and products within currently anticipated timelines; its inability to attract and retain key personnel including personnel of acquired companies; the conditions for closing IonQ's anticipated acquisitions not being met; IonQ's customers deciding or declining to extend contracts into new phases; the inability of its suppliers to deliver components that meet expectations timely; changes in U.S. government spending or policy that may affect IonQ's customers; changes to U.S. government goals and metrics of success with regard to implementation of quantum computing and quantum networking; and risks associated with U.S. government sales, including availability of funding and provisions that allow the government to unilaterally terminate or modify contracts for convenience. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the Company's filings, including but not limited to those described in the 'Risk Factors'' section of IonQ's most recent periodic financial report (10-Q or 10-K) and other documents filed by IonQ from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and IonQ assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. IonQ does not give any assurance that it will achieve its expectations. Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Revenue $ 20,694 $ 11,381 $ 28,260 $ 18,963 Costs and expenses: Cost of revenue (excluding depreciation and amortization) 8,327 5,623 12,642 9,037 Research and development 103,359 31,204 143,312 63,572 Sales and marketing 10,877 6,137 19,487 12,838 General and administrative 48,107 13,053 71,913 27,073 Depreciation and amortization 10,616 4,305 17,177 8,260 Total operating costs and expenses 181,286 60,322 264,531 120,780 Loss from operations (160,592 ) (48,941 ) (236,271 ) (101,817 ) Gain (loss) on change in fair value of warrant liabilities (39,577 ) 6,639 (1,083 ) 15,266 Interest income, net 7,138 4,801 12,032 9,600 Other income (expense), net 232 (45 ) 283 (179 ) Loss before income tax expense (192,799 ) (37,546 ) (225,039 ) (77,130 ) Income tax benefit (expense) 15,269 (15 ) 15,257 (23 ) Net loss $ (177,530 ) $ (37,561 ) $ (209,782 ) $ (77,153 ) Net loss attributable to noncontrolling interests (692 ) — (692 ) — Net loss attributable to IonQ, Inc. $ (176,838 ) $ (37,561 ) $ (209,090 ) $ (77,153 ) Net loss per share attributable to IonQ, Inc. common stockholders—basic and diluted $ (0.70 ) $ (0.18 ) $ (0.87 ) $ (0.37 ) Weighted average shares used in computing net loss per share attributable to IonQ, Inc. common stockholders—basic and diluted 250,967,455 211,637,479 239,924,680 209,898,459 IonQ, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands) June 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 140,067 $ 54,393 Short-term investments 406,784 285,896 Accounts receivable, net 19,114 10,188 Prepaid expenses and other current assets 59,922 28,325 Total current assets 625,887 378,802 Long-term investments 109,902 23,545 Property and equipment, net 58,558 52,761 Operating lease right-of-use assets 11,254 9,470 Intangible assets, net 143,241 29,469 Goodwill 370,720 9,904 Other noncurrent assets 27,046 4,437 Total Assets $ 1,346,608 $ 508,388 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 8,938 $ 5,230 Accrued expenses and other current liabilities 49,190 16,424 Current portion of operating lease liabilities 5,528 3,366 Unearned revenue 16,726 10,678 Current portion of stock option early exercise liabilities 252 387 Total current liabilities 80,634 36,085 Operating lease liabilities, net of current portion 13,737 14,359 Unearned revenue, net of current portion 2,770 — Warrant liabilities 58,042 70,688 Other noncurrent liabilities 12,979 3,394 Total liabilities $ 168,162 $ 124,526 Stockholders' Equity: Common stock $ 27 $ 22 Additional paid-in capital 2,050,344 1,067,403 Accumulated deficit (892,810 ) (683,720 ) Accumulated other comprehensive income (loss) 4,072 157 Total IonQ, Inc. stockholders' equity $ 1,161,633 $ 383,862 Noncontrolling interests 16,813 — Total stockholders' equity $ 1,178,446 $ 383,862 Total Liabilities and Stockholders' Equity $ 1,346,608 $ 508,388 IonQ, Inc. Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands) Six Months Ended June 30, 2025 2024 Cash flows from operating activities: Net loss $ (209,782 ) $ (77,153 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 17,177 8,260 Stock-based compensation 132,421 43,040 (Gain) loss on change in fair value of warrant liabilities 1,083 (15,266 ) Deferred income taxes (15,300 ) — Amortization of premiums and accretion of discounts on available-for-sale securities (3,540 ) (4,787 ) Other, net 1,502 2,156 Changes in operating assets and liabilities: Accounts receivable (3,595 ) 3,558 Prepaid expenses and other current assets (25,142 ) (8,341 ) Accounts payable 1,094 (165 ) Accrued expenses and other current liabilities 20,741 (2,116 ) Unearned revenue (4 ) 1,262 Other assets and liabilities (2,254 ) 2,508 Net cash provided by (used in) operating activities $ (85,599 ) $ (47,044 ) Cash flows from investing activities: Purchases of property and equipment (3,501 ) (10,629 ) Capitalized software development costs (1,886 ) (2,129 ) Intangible asset acquisition costs (307 ) (892 ) Purchases of available-for-sale securities (435,130 ) (146,098 ) Maturities of available-for-sale securities 211,180 211,572 Businesses acquired, net of cash paid 28,667 — Net cash provided by (used in) investing activities $ (200,977 ) $ 51,824 Cash flows from financing activities: Proceeds from at-the-market offering, net of issuance costs 358,254 — Proceeds from stock options exercised 7,564 1,185 Proceeds from public warrants exercised 5,592 — Tax withholding receipts (payments) related to vested and released RSUs, net 1,447 141 Net cash provided by (used in) financing activities $ 372,857 $ 1,326 Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 391 4 Net change in cash, cash equivalents and restricted cash 86,672 6,110 Cash, cash equivalents and restricted cash at the beginning of the period 56,840 38,081 IonQ, Inc. (unaudited) (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss attributable to IonQ, Inc. $ (176,838 ) $ (37,561 ) $ (209,090 ) $ (77,153 ) Net loss attributable to noncontrolling interests (692 ) — (692 ) — Interest income, net (7,138 ) (4,801 ) (12,032 ) (9,600 ) Interest expense — — — — Income tax (benefit) expense (15,269 ) 15 (15,257 ) 23 Depreciation and amortization 10,616 4,305 17,177 8,260 Stock-based compensation 99,168 20,979 132,421 43,040 (Gain) loss on change in fair value of warrant liabilities 39,577 (6,639 ) 1,083 (15,266 ) Acquisition transaction costs 14,060 — 15,841 —
