Rigetti Q3 Results: Revenue Miss, EPS Beat
Rigetti Q3 results show revenue below estimates and a narrow non-GAAP EPS beat; cash from warrant exercises and new orders shape near-term liquidity.
KEY TAKEAWAYS
- Revenue missed consensus at $1.9 million.
- Non-GAAP EPS narrowly beat forecasts with a $0.03 loss per share.
- Warrant exercises lifted cash to about $600 million, aiding runway with $5.7M orders and a $5.8M AFRL award.
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Rigetti Computing reported mixed third-quarter 2025 results on Nov. 10, 2025, with revenue falling short of estimates while non-GAAP earnings narrowly beat forecasts. The company also disclosed new commercial orders, a government contract, and an updated quantum technology roadmap.
Quarter Results, Liquidity, and Financials
Rigetti posted third-quarter revenue of $1.9 million, below the consensus estimate of $2.17 million. The quarter reflected ongoing investment in product development and research and development, with an operating loss of $20.5 million. GAAP net loss reached $201.0 million, while the non-GAAP net loss was $10.7 million. Per-share figures included a GAAP loss of $0.62 and a non-GAAP loss of $0.03, slightly better than the forecast range of $0.04 to $0.05.
At September 30, 2025, the company held $558.9 million in cash, cash equivalents, and available-for-sale investments. This amount rose to roughly $600 million by November 6 after $46.5 million in warrant exercises. The company did not provide explicit full-year financial guidance in the quarter’s release.
Orders, Contracts, and Technology Roadmap
During the quarter, Rigetti secured $5.7 million in purchase orders for two 9-qubit Novera systems, with delivery planned for the first half of 2026. It also won a $5.8 million, three-year contract from the Air Force Research Laboratory to support quantum networking efforts.
The company updated its technology roadmap, setting milestones for two-qubit gate fidelity and system scale: a 100+ qubit system with 99.5% fidelity by the end of 2025; a 150+ qubit system with 99.7% fidelity by the end of 2026; and a 1,000+ qubit system with 99.8% fidelity by the end of 2027. These orders and the government contract indicate early commercial traction and validation but remain modest relative to Rigetti’s overall spending.
Outlook and Near-Term Focus
Upcoming catalysts include the November 11 earnings webcast, initial Novera system deliveries in the first half of 2026, and progress toward the fidelity and qubit milestones outlined in the roadmap. Analysts will likely focus on the timing and revenue recognition of the Novera orders and AFRL contract, potential additional system orders, evidence of fidelity improvements consistent with targets, and any updated financial guidance given the company’s ongoing losses and substantial cash reserves.
Rigetti reported no new regulatory approvals, investigations, or material compliance disclosures for the quarter.
Rigetti’s third-quarter results showed a split outcome: revenue missed expectations while non-GAAP earnings slightly exceeded forecasts. The company’s strong cash position, boosted by recent warrant exercises, alongside modest commercial and government orders, supports near-term liquidity and validates early demand for its quantum systems. However, Rigetti remains in a capital-intensive phase focused on executing ambitious qubit-scaling and fidelity goals through 2027.
