The earnings call presented a mix of promising developments in technology and collaborations, offset by financial challenges such as revenue decline and decreased gross margins. While Rigetti's future roadmap and strategic partnerships show potential, current financial performance and setbacks such as exclusion from DARPA Phase B weigh on the sentiment.

Company Guidance

During the third quarter of 2025, Rigetti Computing announced significant advancements in its quantum computing roadmap, including plans to deploy a 100-plus qubit system by the end of 2025 with 99.5% median 2-qubit gate fidelity, a 150-plus qubit system by the end of 2026 with 99.7% fidelity, and a 1,000-plus qubit system by the end of 2027 with 99.8% fidelity. The company reported revenues of $1.9 million, down from $2.4 million in the third quarter of 2024, with gross margins declining to 21% from 51% year-over-year. They secured $5.7 million in purchase orders for two 9-qubit systems and a $5.8 million contract with the Air Force Research Laboratory for quantum networking. Rigetti's cash position stood at approximately $600 million as of early November 2025, following a $46.5 million increase from warrant exercises.

Strong Momentum in Quantum Computing Demand

Rigetti reported strong momentum in the demand for on-premises quantum computers and collaborations to advance R&D, with significant purchase orders totaling approximately $5.7 million for two 9-qubit Novera quantum computing systems.

Technological Roadmap and Achievements

Rigetti remains on track to deliver a 100-plus qubit chiplet-based quantum system with 99.5% median 2-qubit gate fidelity by the end of 2025. Future plans include a 150-plus qubit system by the end of 2026 and a 1,000-plus qubit system by the end of 2027.

New Collaborations and Contracts

Rigetti announced a 3-year $5.8 million contract with the Air Force Research Laboratory to advance superconducting quantum networking and new collaborations with the Center for Development of Advanced Computing and Montana State University.

Financial Strength

As of November 6, 2025, Rigetti reported approximately $600 million in cash, cash equivalents, and available-for-sale investments, with no debt.

Rigetti Computing (RGTI) Earnings, Revenues Date & History

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RGTI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 05, 2026	2025 (Q4)	-0.04 / -	-0.083	―	―	―
Nov 10, 2025	2025 (Q3)	-0.04 / -0.03	-0.08	62.50% (+0.05)	―
Aug 12, 2025	2025 (Q2)	-0.05 / -0.05	-0.07	22.86% (+0.02)	―
May 12, 2025	2025 (Q1)	-0.05 / -0.08	-0.14	45.71% (+0.06)	―
Mar 05, 2025	2024 (Q4)	-0.07 / -0.08	-0.09	7.78% (<+0.01)	―
Nov 12, 2024	2024 (Q3)	-0.07 / -0.08	-0.17	52.94% (+0.09)	―
Aug 08, 2024	2024 (Q2)	-0.07 / -0.07	-0.13	46.15% (+0.06)	―
May 09, 2024	2024 (Q1)	-0.09 / -0.14	-0.19	26.32% (+0.05)	―
Mar 14, 2024	2023 (Q4)	-0.10 / -0.09	-0.19	52.63% (+0.10)	―
Nov 09, 2023	2023 (Q3)	-0.10 / -0.17	-0.16	-6.25% (-0.01)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

RGTI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 10, 2025	$33.08	$31.40	-5.08%
Aug 12, 2025	$16.20	$17.24	+6.42%
May 12, 2025	$11.55	$9.86	-14.63%
Mar 05, 2025	$8.18	$8.51	+4.03%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.