TLDR
- Rigetti Computing reported a third-quarter adjusted loss of 3 cents per share on revenue of $1.9 million, beating analyst expectations of a 5-cent loss.
- Operating losses widened to $20.5 million in Q3 compared to $19.9 million in Q2 and $17.3 million in the year-ago quarter.
- The company secured two purchase orders worth $5.7 million for 9-qubit Novera quantum systems, with delivery expected in the first half of 2026.
- Rigetti maintains cash reserves of approximately $600 million and received $46.5 million from warrant exercises.
- The stock dropped 2% to $33.08 but remains up over 2,000% in the past year.
Rigetti Computing shares fell 2% to $33.08 following the release of third-quarter earnings. The Berkeley, California-based quantum computing company posted results that topped Wall Street forecasts but showed expanding operating losses.
The company reported an adjusted loss of 3 cents per share on revenue of $1.9 million. Analysts surveyed by FactSet had projected a loss of 5 cents per share on sales of $2.2 million.
For the full year, Rigetti expects to post a loss of 29 cents per share on revenue of $8.1 million. This compares to a loss of 36 cents per share on sales of $10.8 million in 2024.
$RGTI (Rigetti Computing) #earnings are out: pic.twitter.com/qms45UXbgZ
— The Earnings Correspondent (@earnings_guy) November 10, 2025
The stock has climbed more than 2,000% over the past 12 months. Rigetti shares are up 117% year-to-date, though they trail competitor D-Wave Quantum’s 250% gain.
CEO Subodh Kulkarni pointed to growing interest in the company’s on-premises quantum systems. He also highlighted Rigetti’s support for Nvidia’s NVQLink platform, which aims to integrate quantum computing with AI supercomputers.
Growing Losses Raise Questions
Third-quarter operating losses reached $20.5 million. That’s worse than the $19.9 million loss in Q2 and the $17.3 million loss from the year-ago quarter.
The company posted a GAAP net loss of $201.0 million for the quarter. The non-GAAP net loss came to $10.7 million.
These expanding losses stand in contrast to peers like IonQ, which reported revenue of $39.9 million last week. IonQ’s sales more than tripled from the prior year.
D-Wave Quantum also reported earnings last week. Its results disappointed investors, sending the stock lower despite strong year-to-date performance.
B. Riley Securities downgraded Rigetti to Neutral from Buy last week. The firm cited concerns about potential U.S. government funding delays that could affect sales.
Purchase Orders Signal Commercial Progress
Rigetti announced two purchase orders totaling $5.7 million at the end of September. The orders are for 9-qubit Novera quantum computing systems.
One system will go to an Asian technology manufacturing company. The other is headed to a California-based applied physics and AI startup.
Both systems are scheduled for delivery in the first half of 2026. The orders mark progress in Rigetti’s push beyond government contracts.
The company generates a large portion of its revenue from government work. Earlier this year, Rigetti landed a $5.8 million contract with the Air Force Research Laboratory to study quantum networking.
Rigetti has partnered with Montana State University and India’s Centre for Development of Advanced Computing on quantum hardware research. The company is also opening a subsidiary in Italy to expand its European presence.
Rigetti holds approximately $600 million in cash and investments as of November 6. This includes $46.5 million from warrant exercises.
The company has operated quantum computers over the cloud since 2017. It began selling on-premises systems in 2021.
The 9-qubit Novera quantum processing unit launched in 2023. It was designed to support a wider community of researchers.
Rigetti plans to deliver a 100+ qubit chiplet-based quantum system by the end of 2025. The system is expected to achieve 99.5% median two-qubit gate fidelity.
The roadmap calls for a 150+ qubit system by late 2026 with 99.7% median two-qubit gate fidelity. A 1,000+ qubit system is targeted for the end of 2027 with 99.8% median two-qubit gate fidelity.
Management will hold a conference call to discuss the results at 8:30 a.m. Eastern time on Tuesday.
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