Shares of Rigetti Computing (RGTI) fell in after-hours trading after the quantum computing company reported earnings for its first quarter of Fiscal Year 2026. Q1 revenue increased by about 200% year-over-year to $4.4 million, with support from new on‑premises quantum hardware sales. The topline also surpassed analysts’ expectations of $4.09 million.
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Trade RGTI with leverageMeanwhile, RGTI reported an adjusted loss per share of $0.04, which was in line with analysts’ consensus estimate. Further, the company reported an operating loss of $26.0 million, reflecting continued investment in system development and scaling.
The company ended the quarter with $569 million in cash and investments and no debt, giving it significant flexibility to fund R&D and future system deployments.
Rigetti Sees Momentum With New System Launch
A key highlight of the quarter was the general availability of Rigetti’s 108‑qubit Cepheus‑1‑108Q system. CEO Dr. Subodh Kulkarni called it “one of the most powerful generally available gate‑based quantum computers in the world,” and a key validation of the company’s modular, chiplet‑based architecture.
Also, Rigetti witnessed momentum in on‑premises deployments. During Q1, the company sold and shipped a 9-qubit Novera QPU to the University of Saskatchewan, which will anchor the institution’s first quantum computing system.
These hardware sales contributed to year‑over‑year revenue growth and point to the rising demand from academic, government, and research institutions seeking access to quantum hardware.
Is RGTI a Good Stock to Buy?
Wall Street has a Moderate Buy consensus rating on Rigetti Computing stock based on eight Buys and three Holds. The average RGTI stock price target of $30.67 indicates about 50.25% upside potential.
