THE READ 7 red-flag mentions across this year's filings, led by dilution, and 27 since 2001, so this is a long-running pattern; share count jumped 54% in a year (holders are being diluted fast).
We read every document this company filed with the SEC this year and counted the classic danger phrases. Where wording can be misleading, we open the actual documents and separate real warnings from accounting boilerplate. Each hit links to the exact document.
An ATM lets the company print and sell new shares into the market any day it wants. Every print dilutes your slice.
EVIDENCE: [1] 10-Q FILED 2026-05-07 · [2] 10-Q FILED 2026-08-10 · [3] 10-Q FILED 2025-11-05 · [4] 10-K FILED 2026-02-25
A reverse split shrinks the share count to lift the price above $1. Repeat reverse splits are the classic death-spiral signature.
EVIDENCE: [1] 8-K FILED 2025-10-14 · [2] 8-K FILED 2025-10-14
Auditors flagged substantial doubt the company survives the next 12 months without new money.
The exchange has threatened to kick the stock off. Delisting pressure usually ends in a reverse split or a fire-sale raise.
SOURCE: FULL-TEXT SEARCH OF THE COMPANY'S OFFICIAL SEC FILINGS. "REAL WARNINGS" = WE OPENED THE LINKED DOCUMENTS AND FILTERED PHRASES WRAPPED IN NEGATIONS, RESOLUTION LANGUAGE OR STANDARD CONTRACT TERMS. "AT LEAST" = MORE DOCUMENTS CARRY THE PHRASE THIS YEAR THAN WE COULD OPEN AND READ.
How many shares exist, over time, exactly as the company reported in its own filings. In microcaps, a rising share count is how holders pay for everything: salaries, debts, and bad deals. Sudden collapses in the line are reverse splits, marked below.
SOURCE: THE COMPANY'S OWN REPORTED SHARE COUNTS ACROSS 20 FILINGS, STRAIGHT FROM SEC RECORDS
CHECKING OFFICIAL SPLIT RECORDS…
Type how many shares you hold. The math is plain division on the company's own reported counts.
Cash in the bank against how fast the company burns it. When this hits zero, the next stop is usually a desperate raise at bad terms, and existing holders pay through dilution.
RUNWAY = CASH ON HAND ÷ MONTHLY CASH BURN. SIMPLE ARITHMETIC ON THE COMPANY'S OWN REPORTED NUMBERS, NOT A PROJECTION.
The latest filings, translated into holder impact. Every number cites its form, date and SEC link.
Shares outstanding rose 373.27M to 381.00M (+2.1%) between 10-Q 2026-04-29 and 10-Q 2026-07-29.
NOW: 381,002,314 as of 2026-07-29 (10-Q, filed 2026-08-10)
WAS: 373,269,948 as of 2026-04-29 (10-Q, filed 2026-05-07)
Cash and equivalents rose $493.54M to $1.24B ($742.19M, +150.4%) between 10-Q 2026-03-31 and 10-Q 2026-06-30.
NOW: $1.24B as of 2026-06-30 (10-Q, filed 2026-08-10)
WAS: $493.54M as of 2026-03-31 (10-Q, filed 2026-05-07)
Total assets rose to $6.78B (from $6.69B, +1.3%) between 10-Q 2026-03-31 and 10-Q 2026-06-30.
NOW: $6.78B as of 2026-06-30 (10-Q, filed 2026-08-10)
WAS: $6.69B as of 2026-03-31 (10-Q, filed 2026-05-07)
Total liabilities rose to $3.44B (from $1.70B, +101.8%) between 10-Q 2026-03-31 and 10-Q 2026-06-30.
NOW: $3.44B as of 2026-06-30 (10-Q, filed 2026-08-10)
WAS: $1.70B as of 2026-03-31 (10-Q, filed 2026-05-07)
Revenue rose $64.67M to $80.05M (+23.8%) between the period ended 2026-03-31 and the period ended 2026-06-30 (10-Q).
NOW: $80.05M as of 2026-06-30 (10-Q, filed 2026-08-10)
WAS: $64.67M as of 2026-03-31 (10-Q, filed 2026-05-07)
Monthly operating cash deficit ~$43.09M ($-254.78M over the period ended 2026-06-30 in 10-Q). Against $1.24B cash is roughly 2.4 years of runway (29 months).
NOW: $-254.78M as of 2026-06-30 (10-Q, filed 2026-08-10)
When something material happens, the company itself must announce it in an 8-K under the SEC's numbered item system. These are those announcements, newest first: bankruptcy papers, exchange delisting warnings, auditor changes, financials pulled back. Read straight from the SEC filing index, no interpretation layer.
SOURCE: THE ITEM NUMBERS THE COMPANY ITSELF PUT ON EACH 8-K IN THE SEC'S FILING INDEX. HOVER A STAMP FOR WHAT THAT ITEM MEANS FOR YOUR SHARES. OFFICIAL NOTICES INSIDE THE LAST 12 MONTHS ALSO FEED THE RISK INDEX ABOVE (CAPPED AT 15 POINTS).
EACH BAR IS ONE REPORTED QUARTER. GREEN = MOST RECENT QUARTER GREW VS THE ONE BEFORE.
An 8-K is the "something happened right now" filing. Here is what this one says, in the company's own words.
On August 24, 2026, the Board of Directors (the “ Board ”) of IonQ, Inc., a Delaware corporation (the “ Company ”), on the recommendation of the Nominating and Corporate Governance Committee of the Board, added two seats to the Board and elected Eric R. Ball, age 62, and Timothy E. Baxter, age 65, to the resulting vacancies, effective August 24, 2026. The vacancy to which Mr. Ball was appointed is for a Class II director whose term will expire at the Company’s 2029 Annual Meeting of Stockholders. The vacancy to which Mr. Baxter was appointed is for a Class III director whose term will expire a...
On September 30, 2026, the outstanding public warrants of the Company, each of which is exercisable for one share of the Company’s common stock, par value $0.0001 per share (“ Common Stock ”), at an exercise price of $11.50 per share (the “ Warrants ”) will expire. The Warrants will cease trading on the New York Stock Exchange (“ NYSE ”) under the symbol IONQ WS before the markets open on September 29, 2026 to allow for timely settlement of Warrants exercised prior to expiration. The Company’s Common Stock will continue to trade on the NYSE under the symbol “IONQ.”
A rules-based reading of the cited filing facts: a range with reasons, never a prediction.
HOW THE BRACKET IS BUILT: TRAILING REVENUE OF $3.24/SHARE AT 1.0-3.0X · BOOK EQUITY OF $8.77/SHARE AS A SUPPORT LEVEL · CASH FLOOR: $3.24/SHARE IN A WIND-DOWN.
Share count is stable-ish (+2.1% change between the last two reported quarters).
Cash of $1,235,729,000 funds over 2.4 years of operating burn.
Revenue was roughly flat (+23.8% period over period).
Fair-value range anchored to cited facts: $0.00 to $9.72 per share.
No cited negative facts.
METHOD: DETERMINISTIC RULES OVER CITED SEC FILING FACTS: SHARE-COUNT CHANGE BETWEEN THE LAST TWO REPORTED QUARTERS (DILUTION), CASH-TO-BURN RUNWAY FROM THE MOST RECENT OPERATING CASH FLOW, PERIOD-OVER-PERIOD REVENUE GROWTH, AND A FAIR-VALUE RANGE ANCHORED TO CASH PER SHARE VS PRICE. THRESHOLDS ARE TUNABLE IN APP/VERDICT_ENGINE.PY. NOT A PREDICTION.
Every time an officer, director or big owner trades shares, the law makes them file a Form 4 within two business days. We read the actual filings: who traded, what kind of trade, how big, at what price.
EACH MONTH SHOWS OPEN-MARKET DOLLAR FLOW PARSED FROM FORM 4 FILINGS. GRANTS AND OPTION PAPER ARE EXCLUDED: THIS IS REAL MONEY IN AND OUT.
PEOPLE WITH THE BEST INFORMATION ABOUT THIS COMPANY ARE SELLING MORE THAN THEY BUY. NOT PROOF OF ANYTHING: EXECUTIVES SELL FOR MANY REASONS. BUT AT MICROCAP SCALE, IT RARELY SMELLS GOOD. "10B5-1 PLAN" MEANS THE TRADE WAS SCHEDULED UNDER A PRE-SET TRADING PLAN, DISCLOSED IN THE FILING'S OWN FOOTNOTES: PRE-PLANNED SALES CARRY LESS SIGNAL THAN SPUR-OF-THE-MOMENT ONES. SOURCE: FORM 4 FILINGS, PARSED FROM THE SEC'S OWN XML, LAST 10 FILINGS.
The company's most recent SEC paperwork, newest first.
SOURCE: THE COMPANY'S SEC FILING INDEX
Public records that most investors never check, cross-checked against what the company claims. This is where shells slip up.
SOURCES: PUBLIC DOMAIN REGISTRATION RECORDS (FOUND IN THE COMPANY'S OWN FILING SIGNATURES) · THE COMPANY'S SEC FILING INDEX · OFFICIAL US SANCTIONS LIST · QUARTERLY 13F FILINGS VIA EDGAR FULL-TEXT SEARCH · LEGAL-IDENTITY, SITE-HISTORY, CERTIFICATE, REGISTRANT-HISTORY AND DNS SLOTS STREAM IN FROM FREE PUBLIC REGISTRIES WITHOUT BLOCKING THIS PAGE.
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SOURCE: THE COMPANY'S SEC FILING INDEX
One Telegram message per material filing: dilution, going concern, delisting, insider dumps. No account, no email. Every line cites its SEC source. Leave anytime with /unwatch.
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