TLDR
- Rigetti reported Q1 2026 revenue of $4.4 million, tripling year-over-year and beating the $4.09 million forecast.
- EPS came in at -$0.04, in line with analyst expectations.
- The Cepheus-1-108Q 108-qubit system launched in April and is now live on Amazon Braket and Microsoft Azure Quantum.
- Operating loss widened to $26 million, with nearly $20 million spent on R&D.
- Rigetti announced a $100 million UK investment to deploy a 1,000-qubit system within three to four years.
Rigetti Computing (RGTI) posted a revenue beat in Q1 2026 but saw its stock dip roughly 1.85% in after-hours trading, following an 8.3% gain during the regular session that closed at $18.59.
Revenue came in at $4.4 million, up 193% from $1.5 million in Q1 2025. That topped the analyst forecast of around $4.09–$4.13 million. The adjusted loss per share held at -$0.04, meeting expectations.
The stock had already rallied going into earnings, lifted by a broader move in quantum computing names. Peers IonQ (IONQ) and D-Wave Quantum (QBTS) closed up 15.5% and 6.5%, respectively, on the same day.
$RGTI (Rigetti Computing) #earnings are out: pic.twitter.com/sdPDSGDT4i
— The Earnings Correspondent (@earnings_guy) May 11, 2026
The muted after-hours reaction wasn’t a surprise. There wasn’t much in the report that caught anyone off guard.
Revenue growth was driven by Novera QPU deliveries and government contracts. Gross margin ticked up slightly to 31% from 30% in the same period last year.
Cepheus-1-108Q Now Live
The headline product news was the official launch of Rigetti’s Cepheus-1-108Q system in April. It’s now available on Amazon Braket, Microsoft Azure Quantum, and Rigetti’s own cloud platform.
This launch had been delayed from earlier in the year. Rigetti pushed the timeline in January to allow for more technical work before release.
CEO Subodh Kulkarni said the company expects the system to hit a median 99.5% two-qubit gate fidelity later this year, a key measure of how accurately the system performs quantum operations.
Operating expenses rose 23.5% year-over-year to $27.3 million. The operating loss widened to $26 million from $22 million a year ago. Of that, nearly $20 million went to R&D.
Rigetti ended Q1 with cash and available-for-sale investments of $5.69 million, or 87% of total assets. The company carries zero debt.
1,000-Qubit UK System on the Way
The bigger longer-term story is Rigetti’s $100 million investment in the UK, aimed at deploying a quantum computer there within three to four years.
That system is planned to feature more than 1,000 physical qubits — more than nine times the size of the current Cepheus system.
Rigetti had originally targeted a 1,000-qubit system by 2024 or 2025. Supply chain issues and technical hurdles pushed that back.
The company has since shifted its approach. Rather than racing to hit raw qubit numbers, Rigetti is now focused on performance benchmarks first, then scaling up.
Kulkarni was direct about this on the previous earnings call: “Our focus remains reaching true commercially meaningful quantum advantage, not headline milestones.”
Analysts project full-year 2026 revenue growth of around 220%, though profitability is not expected this year.
Non-GAAP net loss improved slightly to $14.7 million from $15.3 million in Q1 2025, a small but positive directional move.
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