Rigetti Computing Reports Fourth Quarter and Full-Year 2025 Financial Results
Rhea-AI Summary
Rigetti (Nasdaq: RGTI) reported Q4 2025 and full-year results on March 4, 2026. Q4 revenue was $1.9 million and full-year revenue $7.1 million. GAAP net loss for 2025 was $216.2 million; non-GAAP net loss was $50.5 million. Cash, cash equivalents and investments were $589.8 million.
Key business updates: an ~$8.4 million C-DAC order for a 108-qubit on-premises system, $5.7 million of Novera orders, and claimed fidelity milestones including 99.9% two-qubit gate fidelity at 28ns on a prototype platform.
Positive
- Cash and investments of $589.8 million as of Dec 31, 2025
- C-DAC order of approximately $8.4 million for a 108-qubit system
- Novera purchase orders totaling approximately $5.7 million
- Prototype fidelity reach of 99.9% two-qubit gate fidelity at 28ns
Negative
- GAAP net loss of $216.2 million for full-year 2025
- Q4 operating loss of $22.6 million
- Q4 total revenue of only $1.9 million
News Market Reaction – RGTIW
On the day this news was published, RGTIW declined 8.58%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Demonstrates
BERKELEY, Calif., March 04, 2026 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the fourth quarter and year ended December 31, 2025.
Fourth Quarter and Full-Year 2025 Financial Highlights
- Total revenues for the three months ended December 31, 2025 were
$1.9 million - Operating loss for the three months ended December 31, 2025 was
$22.6 million - For the three months ended December 31, 2025: GAAP net loss
$18.2 million ; non-GAAP net loss$11.3 million - For the three months ended December 31, 2025: GAAP net loss per share
$(0.06) ; non-GAAP net loss per share$(0.03) - For the year ended December 31, 2025: Total revenues
$7.1 million ; GAAP net loss$216.2 million ; non-GAAP net loss$50.5 million ; GAAP net loss per share$(0.70) ; non-GAAP net loss per share$(0.16) - As of December 31, 2025, cash, cash equivalents and available-for-sale investments totaled
$589.8 million
“In 2025, we made great progress across fidelity, scale, and system architecture,” said Dr. Subodh Kulkarni, Rigetti CEO. “Our focus continues to be on achieving practical quantum advantage, and over the past year we validated key elements of our strategy, including improved two-qubit gate fidelity across both monolithic and chiplet-based systems and continued momentum in scaling our superconducting quantum technology. A critical enabler of this progress is our vertically integrated, full-stack development approach, where tightly coupled design, fabrication, and testing allow us to iterate faster, protect proprietary IP, and drive performance improvements as we scale beyond 100 qubits.
“Demand for on-premises quantum systems from government and research institutions continues to grow,” continued Dr. Kulkarni. “Our recently announced order from India’s Centre for Development of Advanced Computing reflects increasing engagement from national customers seeking direct access to quantum hardware integrated into high-performance computing environments. These deployments underscore Rigetti’s role as a long-term technology partner supporting hybrid classical-quantum computing.
“Rigetti’s open and modular architecture remains a core differentiator,” added Dr. Kulkarni. “Our chiplet-based approach provides a practical and scalable path toward large-scale quantum systems, while our ecosystem of partners, including Riverlane, NVIDIA, Quanta Computer, and QphoX, allows us to innovate across the stack. This architecture is reinforced by our dedicated quantum manufacturing facility (Fab-1), which accelerates our roadmap, supports proprietary innovation, and creates a durable competitive advantage as systems grow in scale and complexity.
“Looking ahead, we remain focused on executing our roadmap, including the deployment of our 108-qubit system at
Business and Strategic Updates
C-DAC orders a 108-qubit on-premises quantum system
Rigetti announced an approximately
Novera on-premises systems and QPU momentum
Rigetti continued to advance delivery of two previously announced Novera™ on-premises quantum systems totaling approximately
Rigetti has also secured a purchase order for a Novera QPU from a Japanese research organization, which will be the Company’s first QPU located in Japan. Delivery is expected in April 2026.
Technology Milestones
Continued fidelity improvements across monolithic and chiplet architectures
Rigetti recently achieved a two-qubit gate fidelity as high as
Demonstration of chiplet tiling as a scalable architecture
Rigetti continued to demonstrate chiplet tiling as a practical approach to scaling quantum systems beyond the limits of monolithic chip architectures. Chiplet-based systems enable Rigetti to increase qubit counts while maintaining control over chip uniformity, reducing manufacturing complexity, and improving fabrication yield, an approach the Company believes represents the most viable path toward large-scale quantum systems.
Progress toward deployment of a 108-qubit chiplet-based system
Rigetti made strong progress toward deployment of its 108-qubit chiplet-based quantum system, advancing both performance validation and system-level integration. During system testing, the Company identified tunable-coupler interactions between qubits that arise at higher qubit counts. The Company successfully implemented architectural refinements that improved system stability and control. These enhancements bolster our confidence in deploying a 108-qubit chiplet-based system and reinforce our path to customer readiness.
Ongoing research in error correction and system scalability
Rigetti continued collaborating with Riverlane on error correction research, focusing on system-level integration and long-term scalability. While fault-tolerant quantum computing remains a longer-term objective, Rigetti believes continued progress on fidelity, speed, and error mitigation techniques is critical to achieving practical quantum advantage.
Conference Call and Webcast
Rigetti will host a conference call today, March 4, 2026, at 5:00 pm ET, or 2:00 pm PT, to discuss its fourth quarter and full-year 2025 financial results.
You can listen to a live audio webcast of the conference call at https://edge.media-server.com/mmc/p/zsus5n72/ or the "Events & Presentations" section of the Company's Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.
To participate in the live call, you must register using the following link: https://register-conf.media-server.com/register/BIcb4c3e2d7f3f4134bb99bf9fb781e33b. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.
About Rigetti
Rigetti is a pioneer in full-stack quantum computing. Rigetti quantum computers are based on superconducting qubits, which are widely believed to be the leading qubit modality given their maturity, clear path to scaling, and fast gate speeds. Current Rigetti quantum computing systems achieve gate speeds of 50-70ns, which is about 1,000 times faster than other modalities such as ion traps and neutral atoms.
Rigetti sells on-premises 9-qubit to 108-qubit quantum computing systems, supporting national laboratories and quantum computing centers. Rigetti’s Cepheus 36-qubit to 108-qubit systems are based on the Company’s proprietary chiplet-based technology and include the Company’s control electronics. Rigetti’s 9-qubit Novera QPU supports a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems.
The Company operates quantum computers over the cloud through its Rigetti Quantum Cloud Services (QCS) platform, enabling global enterprise, government, and research clients to pursue R&D. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing.
Rigetti developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. Leveraging this proprietary technology, Rigetti deployed the industry’s largest multi-chip quantum computer in 2025 with Cepheus-1-36Q, based on four 9-qubit chiplets tiled together. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at https://www.rigetti.com/.
Contacts
Rigetti Computing Investor Contact:
IR@Rigetti.com
Rigetti Computing Media Contact:
press@rigetti.com
Non-GAAP Financial Measures
To supplement Rigetti’s consolidated financial statements presented in accordance with U.S. generally accepted accounting principles (GAAP), the Company uses certain non-GAAP financial measures, non-GAAP net loss and non-GAAP net loss per share attributable to common stockholders-basic and diluted. The Company believes that providing these non-GAAP financial measures enhances the Company’s and investors’ ability to compare the Company’s past financial performance with its current performance. Non-GAAP net loss is defined as GAAP net loss excluding stock- based compensation expenses, change in fair value of derivative warrant liabilities, change in fair value of earn-out liabilities and loss on extinguishment of debt and non-GAAP net loss per share attributable to common stockholders-basic and diluted is defined as non-GAAP net loss divided by the weighted average shares used to compute net loss per share attributable to common stockholders -basic and diluted. The Company excludes stock-based compensation expenses, change in fair value of derivative warrant liabilities and change in fair value of earn-out liabilities from non-GAAP net loss and non-GAAP net loss per share attributable to common stockholders - basic and diluted primarily because these are non-cash expenses that the Company believes are not reflective of ongoing operating results and such items may not be comparable from period to period due to changes in the fair market value of the Company’s common stock, which is influenced by external factors such as the volatility of public markets and the performance of the Company’s peers. The Company excludes loss on extinguishment of debt from non-GAAP net loss and non-GAAP net loss per share attributable to common stockholders – basic and diluted primarily because it is not reflective of our ongoing operating results. These non-GAAP financial measures, which are included in this press release and which may be referred to on the conference call discussing the Company’s fourth quarter and full year financial results, are provided as supplemental information to the financial measures presented in this press release and discussed on the conference call that are calculated and presented in accordance with GAAP. Non-GAAP financial measures should not be considered a substitute for, or superior to, financial measures determined or calculated in accordance with GAAP. The Company’s definitions of its non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies. For a reconciliation of each non-GAAP financial measure to its most directly comparable GAAP measure, please refer to the reconciliation tables at the end of this press release.
Cautionary Language and Forward-Looking Statements
Certain statements in this communication may be considered “forward-looking statements” within the meaning of the federal securities laws, including statements with respect to the Company’s expectations with respect to its future success and performance, including Rigetti’s role as a long-term technology partner supporting hybrid classical-quantum computing; belief that Rigetti’s chiplet-based approach provides a practical and scalable path toward large-scale quantum systems, while Rigetti’s ecosystem of partners, including Riverlane, NVIDIA, Quanta Computer, and QphoX, allows us to innovate across the stack; that FAB-1 will accelerate our roadmap, support proprietary innovation, and create a durable competitive advantage as systems grow in scale and complexity; anticipation that significant first-quarter year-over-year revenue growth will be driven by a portion of the previously announced
| RIGETTI COMPUTING, INC. CONSOLIDATED BALANCE SHEETS (in thousands, except share and per share amounts) (unaudited) | ||||||||
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 44,851 | $ | 67,674 | ||||
| Available-for-sale investments - short-term | 398,660 | 124,420 | ||||||
| Accounts receivable | 2,551 | 2,427 | ||||||
| Prepaid expenses | 3,186 | 3,156 | ||||||
| Other current assets | 5,512 | 9,081 | ||||||
| Total current assets | 454,760 | 206,758 | ||||||
| Available-for-sale investments - long-term | 146,321 | 25,068 | ||||||
| Property and equipment, net | 57,051 | 44,643 | ||||||
| Operating lease right-of-use assets | 6,411 | 7,993 | ||||||
| Other assets | 2,031 | 325 | ||||||
| Total assets | $ | 666,574 | $ | 284,787 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,488 | $ | 1,590 | ||||
| Accrued expenses and other current liabilities | 5,582 | 8,005 | ||||||
| Current portion of deferred revenue | 847 | 113 | ||||||
| Current portion of operating lease liabilities | 2,235 | 2,159 | ||||||
| Total current liabilities | 12,152 | 11,867 | ||||||
| Deferred revenue, less current portion | 698 | 698 | ||||||
| Operating lease liabilities, less current portion | 4,932 | 6,641 | ||||||
| Derivative warrant liabilities | 102,593 | 93,095 | ||||||
| Earn-out liabilities | — | 45,897 | ||||||
| Total liabilities | 120,375 | 158,198 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, par value | — | — | ||||||
| Common stock, par value | 33 | 29 | ||||||
| Additional paid-in capital | 1,316,126 | 681,202 | ||||||
| Accumulated other comprehensive income | 997 | 105 | ||||||
| Accumulated deficit | (770,957 | ) | (554,747 | ) | ||||
| Total stockholders’ equity | 546,199 | 126,589 | ||||||
| Total liabilities and stockholders’ equity | $ | 666,574 | $ | 284,787 | ||||
| RIGETTI COMPUTING, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except for per share data) (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 1,868 | $ | 2,274 | $ | 7,088 | $ | 10,790 | ||||||||
| Cost of revenue | 1,216 | 1,271 | 5,024 | 5,093 | ||||||||||||
| Total gross profit | 652 | 1,003 | 2,064 | 5,697 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 17,348 | 13,657 | 61,345 | 49,750 | ||||||||||||
| Selling, general and administrative | 5,901 | 5,840 | 25,379 | 24,457 | ||||||||||||
| Total operating expenses | 23,249 | 19,497 | 86,724 | 74,207 | ||||||||||||
| Loss from operations | (22,597 | ) | (18,494 | ) | (84,660 | ) | (68,510 | ) | ||||||||
| Other income (expense), net | ||||||||||||||||
| Interest expense | — | (446 | ) | — | (3,255 | ) | ||||||||||
| Interest income | 5,769 | 1,546 | 16,561 | 5,113 | ||||||||||||
| Change in fair value of derivative warrant liabilities | (1,379 | ) | (90,885 | ) | (150,629 | ) | (90,168 | ) | ||||||||
| Change in fair value of earn-out liabilities | — | (44,256 | ) | 2,518 | (43,742 | ) | ||||||||||
| Loss on extinguishment of debt | — | (426 | ) | — | (426 | ) | ||||||||||
| Total other income (expense), net | 4,390 | (134,467 | ) | (131,550 | ) | (132,478 | ) | |||||||||
| Net loss before provision for income taxes | (18,207 | ) | (152,961 | ) | (216,210 | ) | (200,988 | ) | ||||||||
| Provision for income taxes | — | — | — | — | ||||||||||||
| Net loss | $ | (18,207 | ) | $ | (152,961 | ) | $ | (216,210 | ) | $ | (200,988 | ) | ||||
| Net loss per share attributable to common stockholders – basic and diluted | $ | (0.06 | ) | $ | (0.68 | ) | $ | (0.70 | ) | $ | (1.09 | ) | ||||
| Weighted average shares used to compute net loss per share attributable to common stockholders – basic and diluted | 330,404 | 226,364 | 309,763 | 184,666 | ||||||||||||
| RIGETTI COMPUTING INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (unaudited) | ||||||||
| Year Ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (216,210 | ) | $ | (200,988 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 8,169 | 6,906 | ||||||
| Stock-based compensation | 17,605 | 13,069 | ||||||
| Change in fair value of earn-out liabilities | (2,518 | ) | 43,742 | |||||
| Change in fair value of derivative warrant liabilities | 150,629 | 90,168 | ||||||
| Accretion of available-for-sale securities | (9,918 | ) | (3,622 | ) | ||||
| Loss on extinguishment of debt | — | 426 | ||||||
| Amortization of debt issuance costs, commitment fees and accretion of final payment fees | — | 844 | ||||||
| Non-cash lease expense | 1,582 | 1,909 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (124 | ) | 2,602 | |||||
| Prepaid expenses, other current assets and other assets | (4,440 | ) | (2,434 | ) | ||||
| Deferred revenue | 734 | 468 | ||||||
| Accounts payable | 111 | (1,036 | ) | |||||
| Accrued expenses and operating lease liabilities | (4,163 | ) | (2,681 | ) | ||||
| Net cash used in operating activities | (58,543 | ) | (50,627 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of property and equipment | (18,676 | ) | (11,098 | ) | ||||
| Purchases of available-for-sale securities | (635,652 | ) | (224,764 | ) | ||||
| Maturities of available-for-sale securities | 251,000 | 157,500 | ||||||
| Net cash used in investing activities | (403,328 | ) | (78,362 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Payments of principal of notes payable | — | (23,328 | ) | |||||
| Proceeds from sale of common stock through Common Stock Purchase Agreement | — | 12,838 | ||||||
| Proceeds from sale of common stock through ATM Offerings | 346,719 | 97,500 | ||||||
| Proceeds from sale of common stock through registered direct offering | — | 96,000 | ||||||
| Proceeds from sale of common stock from Quanta private placement transaction | 35,000 | — | ||||||
| Payments of offering costs | (888 | ) | (1,833 | ) | ||||
| Net proceeds (payments) from tax withholdings on sell-to-cover equity award transactions | 6,272 | (6,272 | ) | |||||
| Proceeds from issuance of common stock upon exercise of stock options | 1,992 | 552 | ||||||
| Proceeds from issuance of common stock upon exercise of warrants | 49,991 | 2 | ||||||
| Net cash provided by financing activities | 439,086 | 175,459 | ||||||
| Effects of exchange rate changes on cash and cash equivalents | (38 | ) | (188 | ) | ||||
| Net decrease in cash and cash equivalents | (22,823 | ) | 46,282 | |||||
| Cash and cash equivalents – beginning of period | 67,674 | 21,392 | ||||||
| Cash and cash equivalents – end of period | $ | 44,851 | $ | 67,674 | ||||
| Supplemental disclosures of other cash flow information: | ||||||||
| Cash paid for interest | $ | — | $ | 2,350 | ||||
| Non-cash investing and financing activities: | ||||||||
| Purchases of property and equipment recorded in accounts payable | 2,254 | 466 | ||||||
| Purchases of property and equipment recorded in accrued expenses | 259 | 150 | ||||||
| Non-cash addition to operating lease right-of-use asset and liability | — | 2,268 | ||||||
| Reclassification of earn-out liabilities to additional paid-in capital for vesting of Sponsor Vesting Shares | 43,379 | — | ||||||
| Reclassification of derivative liabilities to additional paid-in capital due to exercise of Public Warrants | 141,130 | — | ||||||
| Unrealized gain on short term investments | 923 | 66 | ||||||
| RIGETTI COMPUTING INC. Reconciliation of Net Loss to Non-GAAP Net Loss and Calculation of Non-GAAP Net Loss per share attributable to common stockholders – basic and diluted (in thousands, except per share data) (unaudited) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Net loss (GAAP Measure) | $ | (18,207 | ) | $ | (152,961 | ) | $ | (216,210 | ) | $ | (200,988 | ) | ||||
| Excluding: | ||||||||||||||||
| Stock-based compensation expense | 5,578 | 3,364 | 17,605 | 13,069 | ||||||||||||
| Change in fair value of derivative warrant liabilities | 1,379 | 90,885 | 150,629 | 90,168 | ||||||||||||
| Change in fair value of earn-out liabilities | — | 44,256 | (2,518 | ) | 43,742 | |||||||||||
| Loss on extinguishment of debt | — | 426 | — | 426 | ||||||||||||
| Non-GAAP Net Loss | $ | (11,250 | ) | $ | (14,030 | ) | $ | (50,494 | ) | $ | (53,583 | ) | ||||
| Net loss per share attributable to common stockholders – basic and diluted (GAAP Measure) | $ | (0.06 | ) | $ | (0.68 | ) | $ | (0.70 | ) | $ | (1.09 | ) | ||||
| Non-GAAP Net loss per share attributable to common stockholders –basic and diluted | $ | (0.03 | ) | $ | (0.06 | ) | $ | (0.16 | ) | $ | (0.29 | ) | ||||
| Weighted average shares used to compute net loss per share attributable to common stockholders –basic and diluted | 330,404 | 226,364 | 309,763 | 184,666 | ||||||||||||
FAQ
What were Rigetti's (RGTI) Q4 2025 revenues and losses?
How much cash did Rigetti (RGTI) hold at year-end 2025?
What is the C-DAC order announced by Rigetti (RGTI) on March 4, 2026?
What fidelity milestones did Rigetti (RGTI) report in the March 4, 2026 release?
How will the $5.7 million Novera orders affect Rigetti's near-term revenue (RGTI)?
When does Rigetti (RGTI) expect deployment of the 108-qubit system sold to C-DAC?
