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Rigetti Computing Inc. Common Stock Earnings Recaps

RGTI Information Technology 3 recaps
Next earnings: November 9, 2026 (estimated) · full calendar
Q2 2026 Aug 9, 2026

Rigetti’s shares rose 6.9% following Q2 results, driven by progress on scaling its Cepheus-1-108Q quantum computing platform and strengthened strategic positioning through a potential $100 million U.S. Department of Commerce funding agreement.

Key takeaways
  • The Cepheus-1-108Q system remains one of the largest modular, gate-based quantum computers commercially available, operating at ~99.9% single-qubit and ~99.1% two-qubit gate fidelity with 60 ns gate speeds.
  • Execution on improving coherence times—currently 25 to 30 microseconds—is underway with advanced chip design and materials initiatives, including joint IP with Fermilab targeting 2-3x improvements over several years.
  • Investment continues in infrastructure to support scaling toward a 1,000-qubit system with goals of 99.9% two-qubit gate fidelity and gate speeds under 40 ns within roughly three years.
  • The memorandum of understanding with the U.S. Department of Commerce for up to $100 million over three years validates Rigetti’s superconducting chiplet architecture and could accelerate R&D efforts if finalized.
  • Expansion of collaborations with major partners like HPE and the Pittsburgh Supercomputing Center underscores increasing demand for hybrid quantum-classical high-performance computing solutions.
Full recap
Q1 2026 May 13, 2026

Rigetti's shares were essentially unchanged after earnings, reflecting a market verdict that progress on the new 108-qubit system and increasing customer adoption balanced with the absence of a clear catalyst or guidance update.

Key takeaways
  • Launched general availability of the Cepheus-1-108Q system, a 108-qubit modular quantum computer, now accessible through Rigetti Quantum Cloud Services, Amazon Bracket, Microsoft Azure Quantum, and qBraid.
  • Achieved median 2-qubit gate fidelity of approximately 99.1% and single qubit gate fidelity of 99.9% on Cepheus-1-108Q, with further improvements expected throughout 2026.
  • Continued sales growth in on-premises Novera QPU units, including a recent order from the University of Saskatchewan, supporting year-over-year revenue growth.
  • Highlighted partnerships with leading cloud providers as validation of technology and go-to-market strategy.
  • No explicit guidance updates or outlook revisions provided during the call.
Full recap
Q3 2025 Nov 12, 2025

Rigetti Computing reported a decline in revenues to $1.9 million in Q3 2025, impacted by the expiration of the National Quantum Initiative, but secured significant order backlogs and contracts that position the company for a stronger fourth quarter and beyond.

Key takeaways
  • Revenue decreased 21% year-over-year, down from $2.4 million in Q3 2024 due to expiration of key government initiatives.
  • Gross margins fell to 21%, significantly lower than 51% in the same quarter last year, primarily from lower-margin contracts.
  • Secured $5.7 million in sales for two upgradable 9-qubit Novera quantum systems and a $5.8 million contract for superconducting quantum networking with AFRL.
  • Continued development roadmap includes a 150-plus qubit system by end-2026 and a 1,000-plus qubit system by end-2027, solidifying technological leadership.
  • Expanded collaborations with academic institutions and government bodies highlight the growing maturity of the quantum ecosystem and commitment to public-private partnerships.
Full recap

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