IonQ (IONQ) delivered another strong beat-and-raise quarter in Q2, marking its fifth straight quarter of record results, Wedbush said in a report Thursday.

"We view these results as further validation of IONQ's commercial momentum and, more consequentially this quarter, of its execution against the technical roadmap," the note said.

The report also pointed to its growing remaining performance obligations metric, which rose to $485 million from $470 million in the previous quarter and $122 million a year earlier.

"We continue to view RPO expansion as one of the most important leading indicators of the company's ability to scale commercial revenues meaningfully over the next several years," the note said.

Wedbush kept its outperform rating with a price target of $75.

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