IonQ (IonQ (IONQ)) reported first-quarter earnings after the close Wednesday that would make most companies jealous. Revenue hit $64.67 million, crushing the $49.73 million analysts were looking for. That's a 755% jump from a year ago. The adjusted loss of 34 cents per share was also a penny better than expected.

So why did the stock drop 7.15% in premarket trading Thursday, to around $48.81? Welcome to the world of high-growth quantum stocks, where good news is sometimes already priced in, and investors take profits after a big run.

The revenue surge was driven by accelerating global system sales, strong demand for IonQ's Tempo system, a growing pipeline, and increasing cloud utilization. About 60% of revenue came from commercial customers, 35% from international clients, and 35% from multi-product engagements. Remaining performance obligations — a measure of future contracted revenue — jumped 554% to $470 million.

During the quarter, IonQ sold its first 6th-generation, chip-based 256-qubit system, which comes with a secure quantum network and an IP partnership covering computing, networking, sensing, and security. Demand for its 5th-generation Tempo system remained strong.

The company was also selected for DARPA's HARQ program, highlighting its work in modular quantum computing and scalable quantum interconnects. And it published a detailed blueprint for fault-tolerant quantum computing, setting a new transparency benchmark for the sector.

Looking ahead, IonQ expects second-quarter revenue of $65 million to $68 million, above the $54.85 million consensus. It raised its full-year 2026 outlook from $225-$245 million to $260-$270 million, versus estimates of $235.71 million.

So the business is clearly accelerating. The stock's dip Thursday is likely just a pause after a massive rally — IonQ shares have more than doubled over the past year. For long-term believers in quantum computing, the fundamentals look stronger than ever.