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Earnings Call Transcript Rigetti Computing Q2 2025 Sees Revenue Drop

Bonisiwe Shabane
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earnings call transcript rigetti computing q2 2025 sees revenue drop

Day and thank you for standing by. Welcome to the Rigetti Computing Second Quarter 2025 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press *11 on your telephone. You will then hear an automated message advising your hand is raised.

To withdraw your question, please press *11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speaker today, Dr. Subodh Kulkarni, Chief Executive Officer. Please go ahead. Good afternoon, and thank you for participating in Rigetti Computing's earnings conference call covering the second quarter ended June 30, 2025.

Joining me today is Jeff Bertelsen, our CFO, who will review our results in some detail following my overview. Our CTO, David Rivas, is also here to participate in the Q&A session. We will be pleased to answer your questions at the conclusion of our remarks. We would like to point out that this call and Rigetti Computing's second quarter ended June 30, 2025 press release contain forward-looking statements regarding current expectations, objectives, and underlying assumptions regarding our outlook and... These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described and are discussed in more detail in our Form 10-K for... These filings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

We urge you to review these discussions of risk factors. Today, I am pleased to report that we continue to achieve our ambitious roadmap goals and maintain our momentum on the technology front, most recently by demonstrating the industry's largest multi-chip quantum computer with... Our multi-chip quantum computer, CFIUS-1 36Q, the industry's largest multi-chip quantum computer, is released for general availability and deployed on the Rigetti Quantum Cloud Services platform, QCS, and will be available on Microsoft Azure... Just six months after our record performance with ANKA-3, we have once again hugged our error rates. With a median 2-qubit gate of 99.5%, CFIUS-1 36Q has achieved a 2x reduction in 2-qubit gate error rate from our previous ANKA-3 system. CFIUS-1 36Q is the first multi-chip quantum computer in the industry to achieve this level of performance.

With four chips, CFIUS-1 36Q contains the largest number of chiplets in a quantum computer and further validates our approach to scaling Rigetti Computing's quantum computers. It's our view that superconducting qubits are the leading modality for quantum computers due to their ability to scale and their ability to achieve gate speeds more than 1,000 times faster than other modalities... Our superconducting qubits leverage technologies like chiplets that have been maturing in the semiconductor industry for decades. Use of these well-established methods enables Rigetti to scale its quantum computers to higher levels of performance and qubit counts. This legacy of technology curve advancement continues with the CFIUS-1 36Q architecture and includes the following features that contribute to improved performance. Transitioning from a monolithic chip to chiplets enables greater control over chip uniformity, which in turn improves performance.

Leveraging chiplets also reduces manufacturing complexity and improves fabrication yield. Optimized 2-qubit gates enable faster gate times while reducing coherent errors, which improves fidelity and is important for executing quantum error correction techniques. The following is a summary of the Rigetti Computing, Inc. (RGTI) Q2 2025 Earnings Call Transcript: Rigetti reported Q2 2025 revenue of $1.8 million, significantly down from $3.1 million in Q2 2024. Gross margins for Q2 2025 were recorded at 31%, a decline from 64% in the previous year, attributed to variable pricing in development contracts, particularly with the U.K.'s NQCC.

Operational expenses increased to $20.4 million from $18.1 million due to salary hikes, new hires, and enhanced shareholder meeting costs. The operating loss widened to $19.9 million from $16.1 million year-over-year, with a net loss of $39.7 million compared to a net loss of $12.4 million in Q2 2024. Please use a PC Browser to access Register-Tadawul Rigetti Computing Q2 FY2025 Earnings Call Transcript Rigetti Computing, Inc. (NASDAQ:RGTI) reported its second-quarter financial results after the closing bell on Tuesday.

Below are the transcripts from the second quarter earnings call. This transcript is brought to you by Benzinga APIs. For real-time access to our entire catalog, please visit https://www.benzinga.com/apis/ for a consultation. Rigetti Computing (NASDAQ:RGTI) Q2 2025 Earnings: Revenue and EPS Miss Estimates, Shares Decline Rigetti Computing (NASDAQ:RGTI) reported its second-quarter 2025 financial results, falling short of analyst expectations on both revenue and earnings per share (EPS). The quantum computing company posted revenue of $1.8 million, missing the consensus estimate of $1.91 million.

Meanwhile, the net loss per share came in at -$0.056, worse than the anticipated -$0.0471. Following the earnings release, Rigetti’s stock declined in after-hours trading, dropping approximately 2.6%, reflecting investor disappointment with the results. Over the past month, shares had gained 27.4%, but the post-earnings reaction suggests concerns about the company’s near-term financial performance. The revenue miss and wider-than-expected loss likely contributed to the negative market response. While Rigetti maintains a strong cash position, investors may be scrutinizing the company’s ability to scale revenue alongside its technological advancements. Rigetti announced the general availability of its 36-qubit multi-chip quantum computer, Cepheus-1-36Q, which the company claims achieves a median two-qubit gate fidelity of 99.5%—a significant improvement over previous systems.

The company also reiterated its goal to release a 100+ qubit system by the end of 2025.

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Day And Thank You For Standing By. Welcome To The

Day and thank you for standing by. Welcome to the Rigetti Computing Second Quarter 2025 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press *11 on your telephone. You will then hear an automated message advising your ha...

To Withdraw Your Question, Please Press *11 Again. Please Be

To withdraw your question, please press *11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our speaker today, Dr. Subodh Kulkarni, Chief Executive Officer. Please go ahead. Good afternoon, and thank you for participating in Rigetti Computing's earnings conference call covering the second quarter ended June 30, 2025.

Joining Me Today Is Jeff Bertelsen, Our CFO, Who Will

Joining me today is Jeff Bertelsen, our CFO, who will review our results in some detail following my overview. Our CTO, David Rivas, is also here to participate in the Q&A session. We will be pleased to answer your questions at the conclusion of our remarks. We would like to point out that this call and Rigetti Computing's second quarter ended June 30, 2025 press release contain forward-looking st...

We Urge You To Review These Discussions Of Risk Factors.

We urge you to review these discussions of risk factors. Today, I am pleased to report that we continue to achieve our ambitious roadmap goals and maintain our momentum on the technology front, most recently by demonstrating the industry's largest multi-chip quantum computer with... Our multi-chip quantum computer, CFIUS-1 36Q, the industry's largest multi-chip quantum computer, is released for ge...

With Four Chips, CFIUS-1 36Q Contains The Largest Number Of

With four chips, CFIUS-1 36Q contains the largest number of chiplets in a quantum computer and further validates our approach to scaling Rigetti Computing's quantum computers. It's our view that superconducting qubits are the leading modality for quantum computers due to their ability to scale and their ability to achieve gate speeds more than 1,000 times faster than other modalities... Our superc...