Rigetti Computing Inc (NASDAQ:RGTI) Reports Mixed Q3 2025 Results, Misses Revenue Estimates

Rigetti Computing Inc (NASDAQ:RGTI) reported its financial results for the third quarter of 2025, delivering a mixed performance that has resulted in a muted market response. The company, a developer of full-stack quantum computing systems, beat analyst expectations on its bottom-line loss but fell short on revenue, creating a complex picture for investors.

Earnings and Revenue Versus Estimates

The company's performance against Wall Street estimates presents a tale of two metrics. While the loss was not as deep as feared, the top-line revenue failed to meet projections.

• Earnings Per Share (EPS): Rigetti reported a non-GAAP net loss per share of $0.03. This figure came in better than the analyst consensus estimate, which anticipated a loss of $0.0437 per share.
• Revenue: Total revenue for the quarter was $1.95 million. This missed the consensus revenue estimate of $2.21 million, representing a shortfall that appears to be weighing on investor sentiment.

The market's reaction has been negative in the immediate aftermath, with the stock trading lower. This suggests that investors are placing greater emphasis on the revenue miss than the narrower-than-expected loss, a common dynamic for growth-stage companies where sales growth is a primary valuation driver.

Financial and Operational Highlights

Beyond the headline earnings figures, the company's press release detailed several key financial and operational developments. The quarter was characterized by significant fundraising activity and continued investment in its core technology.

• Cash Position: The company strengthened its balance sheet considerably, ending the quarter with cash, cash equivalents, and available-for-sale investments of $558.9 million. This figure was further bolstered to approximately $600 million as of November 6, 2025, following proceeds from warrant exercises.
• GAAP vs. Non-GAAP Loss: A significant disparity exists between the company's GAAP and non-GAAP results. The GAAP net loss was substantial at $201.0 million, heavily impacted by non-cash charges related to changes in the fair value of derivative warrant and earn-out liabilities. The non-GAAP net loss, which excludes these items, was $10.7 million.
• Commercial Deals: Rigetti announced purchase orders totaling approximately $5.7 million for two of its 9-qubit Novera™ quantum systems, with delivery expected in the first half of 2026. This points to continued, albeit gradual, commercial adoption.

Technology Roadmap and Strategic Developments

A central focus of the earnings report was the reaffirmation and extension of Rigetti's technology roadmap, outlining ambitious targets for the coming years. The company also highlighted several strategic partnerships aimed at advancing the broader quantum ecosystem.

• 2025-2027 Roadmap: The company confirmed it is on track to deliver a 100+ qubit system by the end of 2025. Looking further ahead, it expects to deploy a 150+ qubit system by the end of 2026 and a 1,000+ qubit system by the end of 2027, with each generation targeting higher fidelity.
• Key Collaborations: Rigetti announced new or expanded partnerships with several institutions, including the Centre for Development of Advanced Computing (C-DAC) in India and Montana State University. It is also supporting NVIDIA's new NVQLink platform for integrating quantum computers with AI supercomputers.
• Government Contracts: The company, in collaboration with QphoX, was awarded a three-year, $5.8 million contract from the Air Force Research Laboratory (AFRL) to advance quantum networking technology.

Looking Ahead

The company did not provide a specific financial outlook for the next quarter or full year in its press release. This leaves investors to rely on existing analyst projections, which estimate Q4 2025 revenue of $2.74 million and a non-GAAP EPS loss of $0.044. For the full year 2025, analysts are modeling sales of $8.30 million. The absence of formal guidance is a neutral factor and does not inherently explain the stock's negative price action, which is more directly tied to the Q3 revenue miss.

For a detailed breakdown of historical earnings and future analyst estimates, you can review the data here.

Disclaimer: This article is for informational purposes only and does not constitute investment advice, financial analysis, or a recommendation to buy or sell any security. The information presented is based on publicly available sources and should not be relied upon as the sole basis for an investment decision.