Rigetti Computing Inc. Common Stock Earnings Recaps
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.
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.