Rigetti Computing Inc. Common Stock Q3 2025 Earnings Recap

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.