Rigetti Computing (Nasdaq: RGTI) Q2 2026 revenue climbs to $5.1M

Rhea-AI Filing Summary

Rigetti Computing, Inc. reported second quarter 2026 revenue of $5.1 million, up from $1.8 million a year earlier, producing gross profit of $2.2 million. Operating expenses rose to $30.3 million, resulting in a GAAP net loss of $52.6 million, or $0.16 per share.

The company recorded a non‑GAAP net loss of about $16.0 million for the quarter. As of June 30, 2026, it held $27.8 million in cash, $365.9 million in short‑term investments and $147.6 million in long‑term investments, with no debt. Operating cash outflow for the first half was $32.0 million.

Rigetti highlighted growing demand for its superconducting quantum systems, including a 9‑qubit Novera system for the Pittsburgh Supercomputing Center and a 108‑qubit system program in India. It also signed a letter of intent with the U.S. Department of Commerce for potential funding of up to $100 million over three years in exchange for an equity stake, and continues to target systems of roughly 1,000 qubits with higher fidelities and faster gate speeds over about three years.

Positive

• Quarterly revenue increased to $5.1 million in Q2 2026 from $1.8 million in Q2 2025, consistent with management’s commentary about growing demand for its quantum systems and services.
• Rigetti ended Q2 2026 with $27.8 million in cash plus substantial short‑ and long‑term investments and no debt, which management says provides flexibility to invest in its technology roadmap and customer opportunities.
• A letter of intent with the U.S. Department of Commerce contemplates up to $100 million in CHIPS Act funding over three years, tied to an equity stake and focused on advancing superconducting quantum computing R&D.

Negative

• GAAP net loss widened to $52.6 million in Q2 2026 from $39.7 million a year earlier, driven by higher operating expenses and a $29.6 million loss from the change in fair value of derivative warrant liabilities.
• Net cash used in operating activities was $32.0 million in the first half of 2026, and capital expenditures of $16.4 million contributed to cash declining to $27.8 million from $44.9 million at December 31, 2025.
• Non‑GAAP net loss for the first half of 2026 was $30.7 million, slightly higher than the $28.6 million non‑GAAP net loss in the first half of 2025, indicating continued significant cash burn despite strong revenue growth.

Filing Explained

The LOI remains potential: no award or equity issuance is disclosed, but completed equity funding would dilute existing holders.

This August 6 Form 8-K furnishes second-quarter results and updates the signed Department of Commerce letter of intent; it does not report a completed award, definitive agreement, or equity issuance.

The letter of intent describes up to $100 million over three years in potential funding in exchange for an equity stake, so the disclosed consequence for existing common holders is conditional dilution rather than a completed ownership change.

The balance sheet reports 333,676,881 common shares issued and outstanding at June 30, 2026, versus 331,282,895 at December 31, 2025. Issuing additional shares increases the total share count and reduces an existing holder's percentage ownership absent offsetting changes.

The named resolution point is entry into definitive transaction agreements with the Department; the release says their timing and the possible securities issuance remain uncertain.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q2 2026 Revenue: $5,138 thousand Q2 2026 GAAP net loss: $52,606 thousand Q2 2026 Non-GAAP net loss: $15,984 thousand +5 more

8 metrics

Q2 2026 Revenue $5,138 thousand Three months ended June 30, 2026

Q2 2026 GAAP net loss $52,606 thousand Three months ended June 30, 2026

Q2 2026 Non-GAAP net loss $15,984 thousand Excludes stock-based compensation and fair-value changes

Cash and cash equivalents $27,763 thousand As of June 30, 2026

Available-for-sale investments, short-term $365,946 thousand As of June 30, 2026

Net cash used in operating activities $31,993 thousand Six months ended June 30, 2026

Potential DoC funding LOI up to $100,000 thousand Letter of intent over three years under CHIPS Act

Cepheus-1-108Q median two-qubit gate fidelity 99.1% Reported performance on Cepheus-1-108Q system

Key Terms

derivative warrant liabilities, non-GAAP net loss, two-qubit gate fidelity, chiplet-based technology, +2 more

6 terms

derivative warrant liabilities financial

"Change in fair value of derivative warrant liabilities"

Derivative warrant liabilities are the obligation a company records for outstanding warrants—contracts that give holders the right to receive cash or shares based on the company’s stock price. They matter to investors because these liabilities signal potential future cash outflows or share dilution that can reduce earnings per share, change available cash, and increase stock volatility; think of them as outstanding IOUs that may force a company to pay money or issue more shares.

non-GAAP net loss financial

"Reconciliation of Net Income (Loss) to Non-GAAP Net Loss"

Non-GAAP net loss is a company’s reported loss that has been adjusted by removing certain costs or one-time items that the company believes hide its core operating performance. Think of it like looking at a household budget but excluding an unusual repair or sale; it can show a clearer view of everyday results, which helps investors judge ongoing profitability, but it can also omit real expenses so it should be compared with the standard GAAP loss.

two-qubit gate fidelity technical

"approximately 99.1% median two-qubit gate fidelity"

Two-qubit gate fidelity measures how accurately a quantum computer performs a basic operation that links two quantum bits (qubits). Think of it like the success rate of a two-person handshake that must be precise for a larger task; higher fidelity means fewer errors, better chances of running useful algorithms, and lower cost to correct mistakes. Investors watch it because higher fidelity signals more reliable hardware and faster progress toward commercially valuable quantum computing.

chiplet-based technology technical

"Cepheus 36-qubit to 108-qubit systems are based on the Company’s proprietary chiplet-based technology"

A modular approach to making advanced computer chips by assembling multiple smaller silicon dies, called chiplets, into a single package instead of fabricating one large monolithic chip. It matters to investors because chiplets can lower manufacturing cost and risk, speed time to market, allow mixing of different technologies and process nodes, and improve yield—like building a complex device from Lego pieces rather than casting one big part.

CHIPS Act regulatory

"allocated under the CHIPS Research and Development Office Broad Agency Announcement pursuant to the CHIPS Act"

A Chips Act is government legislation or a public funding program aimed at boosting domestic semiconductor manufacturing, research and supply-chain resilience by offering grants, tax incentives, or rules to support chipmakers and equipment suppliers. For investors it matters because such programs can shift where chips are built, lower costs or risks for manufacturers, and create opportunities for firms that make chips, tools, or materials—much like a large, targeted construction subsidy that reshapes an industry’s landscape.

quantum advantage technical

"milestones that management has identified as most important on the path to quantum advantage"

Quantum advantage is when a quantum computer can perform a practical task faster, more accurately, or more cheaply than the best classical computers, producing a measurable business benefit rather than only a lab milestone. For investors it signals a step toward commercial products or services that could create new revenue streams or disrupt industries—like a new tool that lets a company solve problems competitors cannot—while also carrying significant technical and timing uncertainty.

Earnings Snapshot

Revenue: $5,138 thousand · Guidance included

quarter ended June 30, 2026

Revenue $5,138 thousand up from $1,801 thousand in Q2 2025

GAAP net income (loss) $(52,606) thousand vs $(39,654) thousand in Q2 2025

Non-GAAP net loss $15,984 thousand vs $13,286 thousand in Q2 2025

Net cash used in operating activities $31,993 thousand vs $29,820 thousand in the first half of 2025

Guidance

Management highlights a roadmap targeting systems with approximately 1,000 qubits, around 99.9% two-qubit gate fidelity and gate speeds below 50 nanoseconds over roughly three years.

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Understanding 8-K Material Events →

Available on EDGAR 08/06/2026 - 04:07 PM Accepted by SEC EDGAR 08/06/2026 - 04:05 PM Learn about SEC filing dates

FAQ

How did Rigetti Computing (RGTI) perform financially in Q2 2026?

Rigetti reported Q2 2026 revenue of $5,138 thousand and a GAAP net loss of $52,606 thousand. Non‑GAAP net loss was $15,984 thousand, reflecting adjustments for stock‑based compensation and fair‑value changes in derivative warrant and earn‑out liabilities.

What was Rigetti Computing (RGTI)'s cash position at June 30, 2026?

At June 30, 2026 Rigetti held $27,763 thousand in cash and cash equivalents, $365,946 thousand in short‑term available‑for‑sale investments and $147,586 thousand in long‑term available‑for‑sale investments, and reported no debt on its balance sheet.

What non-GAAP metrics did Rigetti Computing (RGTI) report for Q2 2026?

Rigetti reported non‑GAAP net loss of $15,984 thousand for Q2 2026 and $30,682 thousand for the first half. Non‑GAAP figures exclude stock‑based compensation, and changes in fair value of derivative warrant and earn‑out liabilities, aiming to highlight ongoing operating performance.

What is the U.S. Department of Commerce letter of intent with Rigetti Computing (RGTI)?

Rigetti signed a letter of intent for up to $100 million in funding over three years under a CHIPS Act program. The LOI contemplates the Department receiving an equity stake in Rigetti and focuses on R&D to scale and advance superconducting quantum computing.

What technology milestones did Rigetti Computing (RGTI) highlight in this report?

Rigetti reported ~99.9% median single‑qubit and ~99.1% median two‑qubit gate fidelity with ~60‑nanosecond gate speeds on its Cepheus‑1‑108Q system, and two‑qubit gate fidelities of 99.8% (9‑qubit) and 99.6% (36‑qubit), while targeting ~1,000‑qubit systems over about three years.

What strategic collaborations and deployments did Rigetti Computing (RGTI) discuss?

Rigetti emphasized an expanded collaboration with Hewlett Packard Enterprise and the Pittsburgh Supercomputing Center for a hybrid quantum‑classical supercomputer, on‑premises Novera and 108‑qubit system programs (including for C‑DAC in India), and a plan to invest up to $100 million in the UK.

NASDAQNASDAQ0001838359false0001838359us-gaap:WarrantMember2026-08-062026-08-060001838359us-gaap:CommonStockMember2026-08-062026-08-0600018383592026-08-062026-08-06

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT Pursuant
to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 6, 2026

RIGETTI COMPUTING, INC.

(Exact name of registrant as specified in its charter)

Delaware	001-40140	88-0950636
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

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775 Heinz Avenue, Berkeley, California	94710
(Address of principal executive offices)	(Zip Code)

​

(510) 210-5550

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	​ ​ ​	Trading symbol(s)	​ ​ ​	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	​	RGTI	​	The Nasdaq Capital Market
Warrants, each whole warrant exercisable for one share of Common Stock at an exercise price of $11.50 per share	​	RGTIW	​	The Nasdaq Capital Market

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

​

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Item 2.02.Results of Operations and Financial Condition.

On August 6, 2026, Rigetti Computing, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K (“Current Report”) and is hereby incorporated by reference.

The information included in Item 2.02 of this Current Report (including Exhibit 99.1 hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to liabilities of that section, and shall not be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended (“Securities Act”), except as expressly set forth by specific reference in such filing.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	​ ​ ​	Description
99.1	​	Press Release issued by Rigetti Computing, Inc. dated August 6, 2026
​	​	​
104	​	Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: August 6, 2026

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RIGETTI COMPUTING, INC.		​
​		​
By:	/s/ Jeffrey Bertelsen	​
​	Jeffrey Bertelsen	​
​	Chief Financial Officer	​

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Exhibit 99.1

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Rigetti Computing Reports Second Quarter 2026 Financial Results

Growing demand for Rigetti’s quantum systems, progress on the technology roadmap, and strategic U.S. government support

BERKELEY, Calif., August 6, 2026 -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced financial results for the second quarter ended June 30, 2026 and provided an update on recent business and technology milestones.

Second Quarter 2026 Financial Highlights

● Total revenues for the three months ended June 30, 2026 were $5.1 million

● Operating loss for the three months ended June 30, 2026 was $28.1 million

● For the three months ended June 30, 2026: GAAP net loss $52.6 million; non-GAAP net loss $16.0 million

● For the three months ended June 30, 2026: GAAP diluted net loss per share $0.16; non-GAAP diluted net loss per share $0.05

● As of June 30, 2026, cash, cash equivalents and available-for-sale investments totaled $541.3 million

“In the second quarter, we continued to execute on our strategy by focusing on our system performance, progressing our core technology roadmap, and broadening on-premises system deployments,” said Dr. Subodh Kulkarni, Rigetti CEO. “Our recently announced expanded collaboration with Hewlett Packard Enterprise Company (HPE) and the Pittsburgh Supercomputing Center to develop a hybrid quantum-classical supercomputer reflects growing demand for our approach and positions Rigetti to deliver differentiated quantum-enhanced high-performance computing (HPC) solutions.”

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“We are seeing broadening engagement across government, academic, and commercial customers, and we believe our open modular approach, superconducting gate-based architecture, and chiplet-based scaling strategy continue to differentiate Rigetti in the market. End users who leverage our systems over the cloud benefit from ease of use and consistent uptime, which we will continue to prioritize as quantum computing R&D progresses,” Dr. Kulkarni continued. “In addition, our recently announced letter of intent with the U.S. Department of Commerce for up to $100 million in potential funding underscores the strategic importance of our platform and could help us accelerate key R&D programs aimed at scaling and advancing superconducting quantum computing.”

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Rigetti ended the second quarter of 2026 with a strong cash position and no debt, providing flexibility to continue investing behind its technology roadmap and customer opportunities.

​

Business and Strategic Updates

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Hybrid-Quantum Classical Supercomputer with HPE and PSC

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Rigetti will deliver a 9-qubit Novera™ quantum computing system to the Pittsburgh Supercomputing Center’s new TangleLab testbed, funded by a National Science Foundation grant. The deployment builds on Rigetti’s strategic collaboration with HPE to advance the commercialization of quantum-enabled high-performance computing systems.      

Advancing On-Premises Quantum Computing Systems

Rigetti is fulfilling recently announced on-premises systems, including Novera-based systems and the Company’s 108-qubit system program for C-DAC in India. The Company also continues to see demand from universities, national laboratories, and research organizations for on-premises quantum computing systems that support direct hardware access, experimentation, and ecosystem development.

Strategic U.S. Government Letter of Intent

In May 2026, Rigetti announced that it signed a letter of intent with the U.S. Department of Commerce for an award of up to $100 million in funding over three years to accelerate superconducting quantum computing R&D. The funding is allocated under the CHIPS Research and Development Office Broad Agency Announcement pursuant to the CHIPS Act, and the LOI contemplates that the Department would receive an equity stake in Rigetti consistent with the total amount of the funding. Under the LOI, Rigetti would pursue R&D projects that address major technical challenges in scaling and advancing superconducting quantum computing.

Technology Milestones

Progress on Fidelity, Coherence, and Speed

Rigetti continued to make progress against the technology milestones that management has identified as most important on the path to quantum advantage, including qubit count, two-qubit gate fidelity, coherence time, and gate speed. Cepheus-1-108Q currently operates at approximately 99.9% median single-qubit gate fidelity, approximately 99.1% median two-qubit gate fidelity, and approximately 60 nanosecond gate speeds. At 9-qubit and 36-qubit level, Rigetti has demonstrated 99.8% and 99.6% median two-qubit gate fidelities, respectively.

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The Company remains focused on improving coherence time, which management has identified as a key factor in raising fidelity further. Rigetti is pursuing chip design, fabrication, materials, and process improvements. These efforts are intended to improve coherence time and support the Company’s goal of continued fidelity improvement as systems scale.

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Roadmap Toward Higher-Qubit Systems

Rigetti continues to target a path toward systems with approximately 1,000 qubits, approximately 99.9% two-qubit gate fidelity, and gate speeds below 50 nanoseconds over roughly a three-year time horizon. In support of that roadmap, the Company has continued investing in dilution refrigeration capacity and related infrastructure that can support higher-qubit-count systems. Rigetti believes its chiplet-based and open modular architecture provide a practical framework for scaling over time.

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International Expansion and UK Initiative

Rigetti continues to advance its previously announced plan to invest up to $100 million in the United Kingdom over the next several years to accelerate quantum computing development. The planned investment is intended to support physical system deployments, talent, and facilities in the UK and builds on Rigetti’s existing presence in the country, including its deployed 36-qubit system at the UK’s National Quantum Computing Centre.

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Conference Call and Webcast

Rigetti will host a conference call today, August 6, 2026, at 5:00 pm ET, or 2:00 pm PT, to discuss its second quarter 2026 financial results.

You can listen to a live audio webcast of the conference call at https://edge.media-server.com/mmc/p/9pedzvky 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/BI6483c92f267f4169a6d27a72dc7c5e58. 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. Rigetti quantum computing systems achieve gate speeds of 50-70 nanoseconds, which is about 10,000 times faster than trapped-ion systems and 100x faster than neutral-atom systems.

Rigetti sells on-premises 9-qubit to 108-qubit quantum computing systems, which support 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 2026 with Cepheus-1-108Q, based on twelve 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

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Rigetti Computing Media Contact:

press@rigetti.com

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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 income (loss) excluding stock-based compensation expenses, change in fair value of derivative warrant liabilities and change in fair value of earn-out liabilities 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 items 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. 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 second quarter 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.

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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 the belief that our open modular approach, superconducting gate-based architecture, and chiplet-based scaling strategy continue to differentiate Rigetti in the market; the potential funding of up to $100 million from our recently announced letter of intent with the U.S. Department of Commerce; the potential that funding from the U.S. Department of Commerce could help us accelerate key R&D programs aimed at scaling and advancing superconducting quantum computing; the potential that Rigetti will deliver a 9-qubit Novera™ quantum computing system to the Pittsburgh Supercomputing Center’s new TangleLab testbed; the intention to improve coherence time and support the Company’s goal of continued fidelity improvement as systems scale; the belief that its chiplet-based and open modular architecture provide a practical framework for scaling over time; the targeting of a path toward systems with approximately 1,000 qubits, approximately 99.9% two-qubit gate fidelity, and gate speeds below 50 nanoseconds over roughly a three-year time horizon; and its planned investment that is intended to support physical system deployments, talent, and facilities in the UK and to build on Rigetti’s existing presence in the UK, including its deployed 36-qubit system at the UK’s National Quantum Computing Centre. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: Company and the U.S. Department of Commerce’s ability to enter into definitive transaction agreements; the timing of entry into any such definitive transaction agreements; potential impact on the Company, its business and price of its securities with respect to the transactions contemplated by the LOI and definitive transaction agreements; the Company’s issuance of securities to the U.S. Department of Commerce pursuant to the transaction (including dilution to existing stockholders); the Company’s ability to achieve milestones, technological advancements, including with respect to its technology roadmap; Company’s ability to deliver products to customers in time or at all, including actions by customers, such as controls over their facilities and cancelling orders; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the success of the Company’s partnerships and collaborations; the Company’s ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and expansion plans; the expected use of proceeds from the Company’s past and future financings or other capital; the sufficiency of the Company’s cash resources; unfavorable conditions in the Company’s industry, the global economy or global supply chain, including

rising inflation and interest rates, deteriorating international trade relations, political turmoil, natural catastrophes, warfare, and terrorist attacks; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 and other documents filed by the Company from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its expectations.

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RIGETTI COMPUTING, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except number of shares and par value)

(unaudited)

​	​	​	​	​	​	​
​	​ ​ ​	June 30,		​	December 31,
​	​	2026		​ ​ ​	2025
Assets			​			​
Current assets:	​		​	​		​
Cash and cash equivalents	​	$	27,763	​	$	44,851
Available-for-sale investments - short-term	​	​	365,946	​	​	398,660
Accounts receivable	​	​	3,865	​	​	2,551
Prepaid expenses	​	​	4,215	​	​	3,186
Other current assets	​	​	12,601	​	​	5,512
Total current assets	​	​	414,390	​	​	454,760
Available-for-sale investments - long-term	​	​	147,586	​	​	146,321
Property and equipment, net	​	​	75,302	​	​	57,051
Operating lease right-of-use assets	​	​	6,929	​	​	6,411
Other assets	​	​	4,026	​	​	2,031
Total assets	​	$	648,233	​	$	666,574
​	​	​	​	​	​	​
Liabilities and Stockholders' Equity	​	​	​	​	​	​
Current liabilities:	​	​	​	​	​	​
Accounts payable	​	$	14,001	​	$	3,488
Accrued expenses and other current liabilities	​	​	6,676	​	​	5,582
Current derivative warrant liabilities	​	​	78,407	​	​	—
Current portion of deferred revenue	​	​	3,316	​	​	847
Current portion of operating lease liabilities	​	​	2,657	​	​	2,235
Total current liabilities	​	​	105,057	​	​	12,152
Deferred revenue, less current portion	​	​	698	​	​	698
Operating lease liabilities, less current portion	​	​	5,044	​	​	4,932
Derivative warrant liabilities	​	​	—	​	​	102,593
Total liabilities	​	​	110,799	​	​	120,375
Commitments and contingencies	​	​	​	​	​	​
Stockholders’ equity:	​	​	​	​	​	​
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding	​	​	—	​	​	—
Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 333,676,881 shares issued and outstanding at June 30, 2026 and 331,282,895 shares issued and outstanding at December 31, 2025	​	​	33	​	​	33
Additional paid-in capital	​	​	1,329,607	​	​	1,316,126
Accumulated other comprehensive (loss) income	​	​	(1,752)	​	​	997
Accumulated deficit	​	​	(790,454)	​	​	(770,957)
Total stockholders’ equity	​	​	537,434	​	​	546,199
Total liabilities and stockholders’ equity	​	$	648,233	​	$	666,574

​

​

RIGETTI COMPUTING, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

(unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended June 30,

Six Months Ended June 30,

​

​ ​ ​

2026

​

​

2025

​ ​ ​

2026

​ ​ ​

2025

Revenue

​

$

5,138

​

$

1,801

​

$

9,538

​

$

3,273

Cost of revenue

​

​

2,950

​

​

1,235

​

​

5,972

​

​

2,265

Total gross profit

​

2,188

​

​

566

​

​

3,566

​

​

1,008

Operating expenses:

​

​

​

​

​

​

​

​

​

​

​

​

Research and development

​

​

20,728

​

​

13,522

​

​

40,685

​

​

28,977

Selling, general and administrative

​

​

9,522

​

​

6,926

​

​

16,894

​

​

13,545

Total operating expenses

​

30,250

​

20,448

​

​

57,579

​

​

42,522

Loss from operations

​

(28,062)

​

(19,882)

​

​

(54,013)

​

​

(41,514)

Other income (expense), net:

​

​

​

​

​

​

​

​

​

​

​

​

Interest income

​

​

5,058

​

​

3,042

​

​

10,421

​

​

5,194

Change in fair value of derivative warrant liabilities

​

​

(29,602)

​

​

(20,557)

​

​

24,095

​

​

32,705

Change in fair value of earn-out liabilities

​

​

—

​

​

(2,257)

​

​

—

​

​

6,580

Total other income (expense), net

​

(24,544)

​

(19,772)

​

​

34,516

​

​

44,479

Net income (loss) before provision for income taxes

​

(52,606)

​

(39,654)

​

​

(19,497)

​

​

2,965

Provision for income taxes

​

—

​

—

​

​

—

​

​

—

Net income (loss)

​

$

(52,606)

​

$

(39,654)

​

$

(19,497)

​

$

2,965

Net loss available to common stockholders used in diluted loss per share

​

$

(52,606)

​

$

(39,654)

​

$

(43,592)

​

$

(1,398)

Net income (loss) per share attributable to common stockholders –  basic

​

$

(0.16)

​

$

(0.13)

​

$

(0.06)

​

$

0.01

Net loss per share attributable to common stockholders –  diluted

​

$

(0.16)

​

$

(0.13)

​

$

(0.13)

​

$

(0.00)

Weighted average shares used to compute net income (loss) per share attributable to common stockholders – basic and diluted

​

​

333,215

​

​

298,254

​

​

332,640

​

​

291,514

​

​

​

​

​

RIGETTI COMPUTING INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

(unaudited)

​	​	​	​	​	​	​
​	​	​
​		Six Months Ended June 30,
​	​ ​ ​	2026		​ ​ ​	2025
Cash flows from operating activities:	​	​	​			​
Net income (loss)	​	$	(19,497)	​	$	2,965
Adjustments to reconcile net income (loss) to net cash used in operating activities:	​	​	​	​	​	​
Depreciation and amortization	​	​	5,484	​	​	3,723
Stock-based compensation	​	​	12,910	​	​	7,728
Change in fair value of earn-out liabilities	​	​	—	​	​	(6,580)
Change in fair value of derivative warrant liabilities	​	​	(24,095)	​	​	(32,705)
Accretion of available-for-sale securities	​	​	(2,122)	​	​	(3,396)
Non-cash lease expense	​	​	903	​	​	776
Changes in operating assets and liabilities:	​	​	​	​	​	​
Accounts receivable	​	​	(1,314)	​	​	674
Prepaid expenses, other current assets and other assets	​	​	(9,846)	​	​	(836)
Deferred revenue	​	​	2,469	​	​	5
Accounts payable	​	​	2,649	​	​	618
Accrued expenses and operating lease liabilities	​	​	466	​	​	(2,792)
Net cash used in operating activities	​	​	(31,993)	​	​	(29,820)
Cash flows from investing activities:	​	​	​	​	​	​
Purchases of property and equipment	​	​	(16,404)	​	​	(8,214)
Purchases of available-for-sale securities	​	​	(189,605)	​	​	(438,518)
Maturities of available-for-sale securities	​	​	221,000	​	​	77,000
Net cash provided by (used in) investing activities	​	​	14,991	​	​	(369,732)
Cash flows from financing activities:	​	​	​	​	​	​
Proceeds from sale of common stock through At-The-Market (ATM) Offerings	​	​	—	​	​	346,719
Proceeds from sale of common stock from Quanta private placement transaction	​	​	—	​	​	35,000
Payments of offering costs	​	​	—	​	​	(798)
Net proceeds from tax withholdings on sell-to-cover equity award transactions	​	​	—	​	​	6,272
Proceeds from issuance of common stock upon exercise of stock options	​	​	381	​	​	1,443
Proceeds from issuance of common stock upon exercise of warrants	​	​	98	​	​	459
Net cash provided by financing activities	​	​	479	​	​	389,095
Effects of exchange rate changes on cash and cash equivalents	​	​	(565)	​	​	(34)
Net decrease in cash and cash equivalents	​	​	(17,088)	​	​	(10,491)
Cash and cash equivalents – beginning of period	​	​	44,851	​	​	67,674
Cash and cash equivalents – end of period	​	$	27,763	​	$	57,183
Supplemental disclosures of other cash flow information:	​	​	​	​	​	​
Non-cash investing and financing activities:	​	​	​	​	​	​
Purchases of property and equipment recorded in accounts payable	​	​	10,118	​	​	417
Purchases of property and equipment recorded in accrued expenses	​	​	—	​	​	11
Non-cash addition to operating lease right-of-use asset and liability	​	​	1,421	​	​	—
Reclassification of earn-out liabilities to additional paid-in capital for vesting of Promote Sponsor Vesting Shares	​	​	—	​	​	32,946
Reclassification of derivative liabilities to additional paid-in capital due to exercise of Public Warrants	​	​	92	​	​	274
Purchases of deferred offering costs in accounts payable	​	​	—	​	​	90
Unrealized (loss) gain on short term investments	​	​	(2,176)	​	​	57

​

​

​

RIGETTI COMPUTING INC.

Reconciliation of Net Income (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 June 30,

Six Months Ended June 30,

​

​ ​ ​

2026

​ ​ ​

2025

​ ​ ​

2026

​ ​ ​

2025

Net Income (loss) (GAAP Measure)

​

$

(52,606)

​

$

(39,654)

​

$

(19,497)

​

$

2,965

Excluding:

​

​

​

​

​

​

​

​

​

​

​

​

Stock-based compensation expense

​

​

7,020

​

​

3,554

​

​

12,910

​

​

7,728

Change in fair value of derivative warrant liabilities

​

​

29,602

​

​

20,557

​

​

(24,095)

​

​

(32,705)

Change in fair value of earn-out liabilities

​

​

—

​

​

2,257

​

​

—

​

​

(6,580)

Non-GAAP Net loss

​

$

(15,984)

​

$

(13,286)

​

$

(30,682)

​

$

(28,592)

Net income (loss) per share attributable to common stockholders-basic (GAAP Measure)

​

$

(0.16)

​

$

(0.13)

​

$

(0.06)

​

$

0.01

Net loss per share attributable to common stockholders-diluted (GAAP Measure)

​

$

(0.16)

​

$

(0.13)

​

$

(0.13)

​

$

(0.00)

Non-GAAP Net loss per share attributable to common stockholders -basic and diluted

​

$

(0.05)

​

$

(0.04)

​

$

(0.09)

​

$

(0.10)

Weighted average shares used to compute net loss per share attributable to common stockholders -basic and diluted

​

​

333,215

​

​

298,254

​

​

332,640

​

​

291,514

​

Filing Exhibits & Attachments

5 documents

Press Releases

• EX-99.1 EX-99.1 304.5 KB

Other Documents

• EX-101 EX-101.SCH 3.5 KB
• EX-101 EX-101.DEF 14.5 KB
• EX-101 EX-101.LAB 19.4 KB
• EX-101 EX-101.PRE 15.0 KB