TLDR
- Rigetti (RGTI) closed Tuesday at $12.15, down 6.39%, then fell another 6.83% after hours to $11.32.
- Q3 revenue came in at $1.41 million, well below the $3.52 million estimate.
- The CFO said 2027 CapEx will look like 2026, not the lower 2024 and 2025 levels.
- The CEO wants investors to track technical milestones, not sales.
- Full-year revenue is still pegged at about $20 million, tied to the C-DAC deal.
Rigetti Computing (RGTI) closed Tuesday at $12.15, down 6.39%. The stock then dropped another 6.83% in after-hours trading to $11.32, according to Benzinga Pro.
The move came after the company reported third-quarter results that missed on both lines. Management also gave investors a look at its spending plans.
Revenue fell to $1.41 million from $1.95 million a year earlier. Analysts had expected $3.52 million.
RIGETTI COMPUTING $RGTI Q3’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $1.4M (Est. $3.5M) 🔴
🔹 Adj. EPS: -$0.06 (Est. -$0.05) 🔴
🔹 GAAP EPS: -$0.08Other Q3 Metrics:
🔹 Operating Expenses: $34.0M
🔹 Cash + Investments: $497.1M; no debtFY26 Guide:
🔹 Revenue: ~$20MAnnouncements:
🔹… pic.twitter.com/h6GZLo4Zqs— Wall St Engine (@wallstengine) November 10, 2026
The quarterly loss was 6 cents per share, wider than the 5-cent loss Wall Street had penciled in. Operating loss hit $33.2 million, and non-GAAP net loss was $20.5 million.
The CEO Says Look Past the Sales Line
CEO Subodh Kulkarni told Barron’s that investors should watch technical metrics instead. In his view, no one is yet building systems that beat classical computers on practical tasks.
“Sales are just for research applications,” he said. He called early talk of sales growth “a little premature.”
Rigetti still expects about $20 million in revenue for 2026, up from $7.1 million in 2025. That number depends on recognizing fourth-quarter revenue from the C-DAC system sold to India’s Centre for Development of Advanced Computing.
The C-DAC deal is worth $8.4 million and is the company’s largest to date. Kulkarni noted that one big sale can swing a quarter, and there is no promise of another one that size soon.
Peers reported larger numbers last week. IonQ and Quantinuum both posted more revenue than Rigetti, and D-Wave Quantum also reported Tuesday.
Spending Stays High Into 2027
On the earnings call, an analyst asked about the rise in capital spending. CFO Jeffrey Bertelsen pointed to bigger dilution refrigerators and gear for the Fab-1 facility.
He did not give a fourth-quarter CapEx figure. He did say 2027 spending should be “relatively consistent” with 2026.
“In 2027, I don’t think you’ll see it go back to where we were in 2025 and 2024,” Bertelsen said. The money is aimed at an intermediate milestone in 2028 and the longer goal of 1,000 qubits.
Rigetti plans to reach that 1,000-qubit level within three years. Kulkarni expects first commercial use of quantum computing in roughly that same window.
The company released its Cepheus-1-108Q system in April after a three-month delay. The “108” counts physical qubits, and Rigetti is sticking with that term.
Kulkarni said the industry is using “logical qubits” too early. “We don’t use that word, Google doesn’t use that word, Amazon doesn’t use that word,” he said.
Benzinga Edge Stock Rankings show a negative trend for RGTI across the short, medium and long term. Its Momentum score sits in the 4th percentile.
