Rigetti (RGTI) Earnings Report Says Its 108-Qubit Computer Hit the 99.5% Accuracy Goal

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Category	Value
108 qubits, Aug 2026 (99.1%)	9
108 qubits, Nov 2026 (99.5%)	5
36 qubits, Aug 2026 (99.6%)	4
9 qubits, Aug 2026 (99.8%)	2

Every company reporting the same week, with its date and time, is in StockTitan’s Earnings Calendar for the Week of November 9, 2026.

Sec.01Rigetti earnings and who buys its quantum computers

Revenue from July to September was $1.4 million, down from $5.1 million in the second quarter, according to Rigetti’s third quarter release. Sales of whole machines come in lumps, because one system can be most of a quarter’s revenue. Rigetti itself says its revenue is expected to vary in timing and size.

Its quarterly report for July to September shows no machine sales in the quarter. Research contracts and services, the old core of the business, brought in $1.3 million, and cloud access to its machines $0.1 million. In the second quarter, machines and their parts had been $4.1 million of $5.1 million.

The buyers changed with it. Government agencies paid for 81.5% of third quarter sales, against 18% in the second quarter, when one unnamed customer paid for 64%. In the third quarter the biggest customer, also unnamed, paid for 34%.

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Category	Value
Q1 2025	$1.5M
Q2 2025	$1.8M
Q3 2025	$1.9M
Q4 2025	$1.9M
Q1 2026	$4.4M
Q2 2026	$5.1M
Q3 2026	$1.4M

The buyers Rigetti has named are mostly labs. It sold a 9-qubit Novera processor to the University of Saskatchewan and took an order for another from a Japanese research group. Its biggest named order is a 108-qubit system for India’s Centre for Development of Advanced Computing (C-DAC), worth about $8.4 million. Rigetti’s outlook in its third quarter report assumes C-DAC accepts the system in the fourth quarter, when Rigetti would record the sale as revenue.

Rigetti’s outlook for the year rests on that order. It expects 2026 revenue of about $20 million, assuming that acceptance, against $10.9 million in the first nine months. Reaching it would take about $9.1 million in the fourth quarter, against $5.1 million in its best quarter of 2026 so far.

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Part	Value	Share
Research and services contracts	$1.27M	89.7%
Cloud access to its machines	$0.15M	10.3%

Sec.02Has Rigetti met its accuracy goal?

Fidelity measures how closely an operation on the chip matches what it was meant to do. A two-qubit operation links two qubits, and it is the hard one to get right. Errors pile up over a long calculation, so a bigger chip only helps if each step stays accurate. Rigetti names qubit count, two-qubit fidelity, coherence time (how long a qubit holds its state) and speed as the most important milestones on its path.

The promise is on the record. On November 10, 2025, Rigetti said it was “on track to deliver our 100+ qubit chiplet-based quantum system with an anticipated 99.5% median two-qubit gate fidelity by the end of 2025.” In January it delayed that 108-qubit machine, after it “encountered complexities with our tunable couplers,” the parts that link its qubits.

The machine went on sale on April 7, 2026, at a 99.1% median two-qubit fidelity. Rigetti said then that it expected 99.5% “later this year.” In its August 6 report the figure was still about 99.1%.

On August 19, Rigetti reorganized. Its chief technology officer became chief operating officer, and a new technology chief took over chip work, aimed at the 99.5% target on the 108-qubit system.

“Our Cepheus-1-108Q system achieved our goal of 99.5% median two-qubit gate fidelity,” chief executive Subodh Kulkarni said in the third quarter report. Cepheus-1-108Q is the 108-qubit system, so by Rigetti’s own measure the promise of a year ago is now kept. The release cites no outside test.

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Date	Event
Nov 10, 2025	Promises a 100-plus qubit system at 99.5% by the end of 2025
Jan 9, 2026	Delays the 108-qubit system; reports 99% on it
Apr 7, 2026	Launches the 108-qubit system at 99.1%; 99.5% expected later in 2026
Aug 6, 2026	Reports about 99.1% on the 108-qubit system
Aug 19, 2026	Reorganizes; names 99.5% on the 108-qubit system as the target
Nov 10, 2026	Reports 99.5% met; targets 300-plus qubits at about 99.7% by mid-2028

Smaller groups of qubits do better. Rigetti gave 99.6% for an 80-qubit part of the same chip and 99.7% for a 50-qubit part. In its August report, Rigetti gave 99.8% for its 9-qubit system and 99.6% for its 36-qubit system. The hard part is keeping that accuracy as more chips are tiled together.

The longer plan moved too. In November 2025 Rigetti also aimed for bigger systems around the end of 2026 and the end of 2027, and its 2026 results releases no longer repeat those dates. The one dated target left is a system of 300 or more qubits at about 99.7% by mid-2028, its third quarter report says. Beyond that, it aims for about 1,000 qubits within about three years.

Sec.03How long could Rigetti’s cash last?

Cash, cash equivalents and investments were $497.1 million at September 30, down from $541.3 million at June 30. Rigetti said in its release that it had no debt.

From July to September, the pile fell by $44.2 million, against $27.7 million from April to June. Most of the rise went to equipment, including the large refrigerators these machines run in. Equipment spending more than doubled from the second quarter.

Rigetti also signed a funding agreement with Washington, most of it conditional. Under a September 2026 agreement, the Department of Commerce makes $43.9 million available at the start. Rigetti draws on that money to pay for eligible project costs, spending each withdrawal within 30 days under the agreement, its quarterly report says. Two later payments come only if the department judges Rigetti’s project milestones met, and it can claw money back if projects fail.

In return, the U.S. government takes a stake. On September 8, 2026, Rigetti agreed to give the department 7,739,938 common shares for the award, valued at $12.92 each in the deal, with no warrants (rights to buy more shares later). The department may vote them only on a few matters, such as a merger.

Rigetti pays no dividend. In the first nine months of 2026, it raised no money through its at-the-market program, which sells new shares straight into the market. Option and warrant exercises brought in $0.8 million. Its cash flow statement shows no buybacks. Its share count grows through stock pay, option exercises and the government shares. It reached 342.7 million shares at September 30, up from 333.7 million at June 30, most of the rise being the 7.7 million government shares. About 8.7 million warrants give their holders the right to buy shares at $11.50 each until March 2, 2027.

Sec.04Is Rigetti profitable?

Gross profit, what was left of sales after the cost of making them, was $0.9 million. Operating costs were $34.0 million, and research and development took $25.5 million of them, by far the biggest cost.

Under standard accounting (GAAP), Rigetti’s net loss was $3.1 million, including a gain of $25.3 million on its warrants. Rigetti records its warrants at their market value, which moves mainly with its share price. The stock closed at $19.32 on June 30 and $15.74 on September 30, according to StockTitan’s Nasdaq data, and a lower warrant value counts as a gain. So the warrant line can add a large gain or loss in a quarter without any change in sales.

Per share, the loss was $0.08 on a diluted basis. That measure counts the shares the warrants could create and takes the warrant gain back out, so it is larger than the $0.01 basic loss per share.

Rigetti also reports an adjusted figure of its own, which leaves out stock pay and the warrant swings. On that basis it lost $20.5 million, or $0.06 a share, against $10.7 million a year earlier.

Sec.05Rigetti’s market cap compared with its cash

Rigetti had 342.7 million shares at September 30, and the stock closed at $12.15 on November 10, 2026, before the report came out, according to StockTitan’s Nasdaq data. Take away the September cash, and the other 88.1% of the value is the part not matched by cash and investments.

In after-hours trading, the stock was at $11.30 at 4:35 p.m. ET, 7.0% below that close, according to the same data. Trading is thinner after hours than during the regular session.

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Part	Value	Squares
Cash and investments, September 30	11.9%	12
Market value above September cash	88.1%	88

Sales over the four quarters to September added up to $12.8 million.

Rigetti says qubit count, fidelity, coherence and speed are the milestones on its path to quantum advantage, the point where its machines beat ordinary computers at useful work. Its cash and investments fell by $44.2 million from July to September while it worked toward them.

Sec.06Frequently asked questions