Rigetti's earnings call highlighted significant strategic achievements, including participation in prestigious government projects and securing major investments, which suggest strong future potential. However, these are tempered by immediate financial challenges such as declining revenue, lower gross margins, and increased operating expenses, alongside dependency on government funding. Despite these challenges, the strategic developments and partnerships position Rigetti positively for future growth.

Company Guidance -

Q2 2025

During the Rigetti Computing First Quarter 2025 Financial Results Conference Call, CEO Subodh Kulkarni discussed several strategic initiatives and partnerships that are expected to drive the company's future growth. Rigetti has been selected for DARPA's Quantum Benchmarking Initiative, where it will advance to Stage A with a focus on developing a utility-scale quantum computer, combining its proprietary multi-chip architecture with scalable quantum error correction codes. This initiative is part of a broader effort to achieve utility-scale quantum computing, requiring over 10,000 physical qubits and high fidelity rates. Additionally, Rigetti has been awarded a $5.48 million AFOSR Award to develop its Alternating-Bias Assisted Annealing technology, which aims to improve chip fabrication. The firm also received three Innovate UK Quantum Mission Pilot Awards, with plans to upgrade its quantum computer at the National Quantum Computing Center to a 36-qubit system, enhancing error correction capabilities. Financially, Rigetti reported Q1 2025 revenues of $1.5 million, a decrease from $3.1 million the previous year, with gross margins falling from 49% to 30%, and an operating loss of $21.6 million. However, the company recorded a net income of $42.6 million, driven by favorable non-cash changes in derivative warrant and earn-out liabilities. Cash and equivalents stood at $237.7 million as of April 30, 2025. The call also highlighted a strategic investment by Quanta Computer, with Quanta purchasing $35 million worth of Rigetti common stock, further solidifying their collaboration.

Participation in DARPA's Quantum Benchmarking Initiative

Rigetti has been selected to participate in DARPA's Quantum Benchmarking Initiative, advancing to Stage A. The project is focused on developing a utility-scale quantum computer using proprietary multi-chip architecture with scalable quantum error correction codes.

Strategic Collaboration with Quanta Computer

Rigetti closed a $35 million investment from Quanta Computer, strengthening their strategic collaboration. Quanta will invest $250 million over five years in the non-QPU hardware portion of the stack.

AFOSR Award for Chip Fabrication Technology

Rigetti leads a $5.48 million consortium to further develop Alternating-Bias Assisted Annealing (ABAA) technology, collaborating with several prestigious institutions to improve chip fabrication.

Innovate UK Quantum Mission Pilot Awards

Rigetti received three Innovate UK Quantum Mission Pilot Awards to advance superconducting quantum computing, focusing on quantum error correction capabilities and upgrading their existing quantum computer.

Publication in Nature Physics

A joint paper with Harvard, MIT, and the University of Chicago on superconducting qubit control using light was published in Nature Physics, showcasing a promising approach to scaling qubit count systems.

Quantum Optimization Algorithm Success

Using Rigetti's 84-qubit Ankaa-3 system, Rigetti's quantum optimization algorithm achieved relative advantage against classical baselines on a power energy grid problem, highlighting potential quantum utility.

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
Aug 12, 2025	2025 (Q2)	-0.05 / -	-0.07	―	―	―
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)
Aug 10, 2023	2023 (Q2)	-0.14 / -0.13	-0.09	-44.44% (-0.04)
May 11, 2023	2023 (Q1)	-0.15 / -0.19	-0.2	5.00% (+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
May 12, 2025	$11.55	$9.86	-14.63%
Mar 05, 2025	$8.18	$8.51	+4.03%
Nov 12, 2024	$1.52	$1.49	-1.97%
Aug 08, 2024	$0.83	$0.79	-4.82%

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.