Rigetti Computing reported total revenue of $1.9 million for the fourth quarter of 2025, a 4% decline from $2.3 million in the same period a year earlier. The figure fell short of consensus estimates of $2.32 million to $2.39 million, largely because the company’s revenue mix shifted toward lower‑margin government contracts and the timing of system deliveries was delayed.
The company posted a non‑GAAP net loss of $50.5 million for the quarter, translating to a non‑GAAP net loss per share of $0.03. The loss reflects continued heavy investment in research and development, but the earnings per share remained in line with analyst expectations, indicating that cost control measures are partially offsetting the high operating expenses.
Cash, cash equivalents, and available‑for‑sale investments totaled $589.8 million at year‑end, giving Rigetti a substantial runway to fund its R&D pipeline and potential capital raises.
Rigetti’s 108‑qubit system, named Cepheus‑1‑108Q, is slated for deployment at India’s Centre for Development of Advanced Computing in the second half of 2026. Management reaffirmed a general availability target for the system at the end of the first quarter of 2026, with a deployment date of March 2026 for the C‑Dac order.
The company highlighted a two‑qubit gate fidelity of 99.9% at a 28‑nanosecond gate speed on a prototype platform, a milestone that demonstrates progress toward practical quantum advantage.
Guidance for the next quarter remains unchanged. Management emphasized continued investment in research and development while noting the need for additional capital to support scaling of its chiplet architecture.
"In 2025, we made great progress across fidelity, scale, and system architecture. Our focus continues to be on achieving practical quantum advantage, and over the past year we validated key elements of our strategy, including improved two‑qubit gate fidelity across both monolithic and chiplet‑based systems and continued momentum in scaling our superconducting quantum technology," said Dr. Subodh Kulkarni, CEO.
Investors focused on the revenue miss, margin contraction, and valuation concerns, leading to a muted market response. The company’s strong cash position and technological milestones provide a positive backdrop, but the continued operating losses and lumpy government‑contract revenue remain headwinds for near‑term profitability.
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