Rigetti Computing (RGTI), a company working on advanced quantum computers, reported results for the second quarter of 2025. RGTI posted $1.8 million in revenue and a net loss of $39.7 million in Q2. Despite weak financials, the company’s cash position remains strong and it continues to make strong progress in the quantum computing space. RGTI announced the general availability of its multi-chip quantum computer, Cepheus-1-36Q.
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Following the earnings release, RGTI stock was 2.2% in the after-hours trading.
RGTI’s Q2 Performance
The company’s revenues declined 41.6% year-over-year and came slightly below the consensus estimate of $1.87 million. Also, RGTI’s loss per share of $0.13 was wider than $0.07 reported in the prior-year quarter and the Street’s expectations of $0.05 loss per share.
It must be noted that much of the company’s loss came from accounting changes related to its stock warrants.
Moving to the balance sheet, Rigetti’s cash position remains strong, thanks to a $350 million equity raise completed in June. The company now holds $571.6 million in cash and equivalents, with no debt.
RGTI’s Cepheus-1-36Q Hits General Availability
The key update by Rigetti was the release of Cepheus-1-36Q, its multi-chip quantum computer. Built from four chiplets, the system achieved a 99.5% median two-qubit gate fidelity, a major milestone that cuts error rates in half compared to its predecessor, Ankaa-3.
The company said it is now available on Rigetti’s cloud platform and is coming soon to Microsoft (MSFT) Azure.
Importantly, RGTI also disclosed expectations to launch a 100+ qubit system by 2025-end, maintaining the same high fidelity.
Is RGTI Stock a Good Buy?
Turning to Wall Street, Rigetti stock has a Strong Buy consensus rating based on seven Buys and one Hold assigned in the last three months. At $16.75, the average RGTI stock price target implies a 3.4% upside potential.
However, it’s worth noting that estimates will likely change following today’s earnings report.
