Rigetti Computing Posts 1 9 Million In Q3 Revenue Has 600m In Cash

Bonisiwe Shabane

-Jan 2, 2026, 3:49 PM

rigetti computing posts 1 9 million in q3 revenue has 600m in cash

Written by Keith Speights for The Motley Fool-> Rigetti Computing's Q3 revenue miss is essentially meaningless. The company's most important financial metric is its cash position. Despite its large cash stockpile, Rigetti remains a high-risk bet. Rigetti Computing's (NASDAQ: RGTI) shares were up more than 200% year to date just weeks ago. However, since early October, the stock has plunged over 50%.

The company's disappointing third-quarter results accelerated the sell-off. Rigetti Computing (Nasdaq: RGTI) reported Q3 2025 results: total revenue $1.9M, operating loss $20.5M, GAAP net loss $201.0M and non-GAAP net loss $10.7M (GAAP EPS $(0.62); non-GAAP EPS $(0.03)). Balance sheet: $558.9M in cash, cash equivalents and AFS investments at Sept 30, 2025; proceeds of $46.5M from warrant exercises raised cash to ≈$600M as of Nov 6, 2025. Commercial and tech highlights: secured ≈$5.7M in purchase orders for two 9-qubit Novera systems; awarded a $5.8M AFRL contract; roadmap targets 100+ qubit (99.5% fidelity) by end-2025, 150+ qubit (99.7%) by end-2026 and 1,000+... On the day this news was published, RGTI declined 2.04%, reflecting a moderate negative market reaction. Argus tracked a trough of -13.8% from its starting point during tracking.

Our momentum scanner triggered 30 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $228M from the company's valuation, bringing the market cap to $10.95B at that time. Data tracked by StockTitan Argus on the day of publication. Rigetti Computing (RGTI) presented a complex financial picture in its third-quarter 2025 results, marked by a year-over-year revenue decline and a staggering GAAP loss driven by non-cash accounting charges. Despite these headwinds, the company significantly beat non-GAAP earnings expectations and showcased a massively fortified balance sheet, providing a multi-year runway to pursue its aggressive long-term technology goals. The most significant development for Rigetti is its exceptionally strong balance sheet.

Through aggressive and successful capital-raising activities during 2025, the company has amassed a formidable cash and investments position of approximately $600 million. This financial strength effectively de-risks its medium-term operational stability, providing a multi-year runway to execute its ambitious and capital-intensive technology roadmap without the immediate pressure of seeking further financing. This war chest was primarily built through At-The-Market (ATM) offerings, which accounted for nearly 90% of the financing raised in the first nine months of the year. Based on the company's current operational cash burn and capital expenditure rates, this robust cash position provides a runway of over seven years, a crucial competitive advantage that allows the company to focus on... While the balance sheet tells a story of financial strength, the income statement reveals ongoing operational challenges. Quarterly revenue declined by 18.1% year-over-year to $1.9 million.

More concerning is the evidence of negative operating leverage; for the first nine months of 2025, gross profit fell nearly 70% to $1.4 million as the cost of revenue remained stubbornly flat against a... This resulted in a severe compression of the year-to-date gross margin to 26.9%, down from 55.3% in the same period last year. Simultaneously, the company's operating loss widened to $20.5 million for the quarter, driven by a strategic 22% year-over-year increase in R&D spending. This disconnect between declining revenue and rising costs underscores that while Rigetti is investing heavily in its future, its current commercial activities are not yet on a path to profitability. Rigetti Computing reported third quarter 2025 earnings results, posting $1.9 million in revenue for the quarter, just a tiny uptick from the $1.8 million collected in Q2 2025, and a decline from the $2.4... The earnings release is here, and I’ll have more later from the earnings call, but other notable numbers: GAAP net loss for the quarter was $201 million, non-GAAP $10.7 million.

Also, at the end of Q3, Rigetti had cash in hand, cash equivalents, and “available for sale investments” equaling $558.9 million, though since the quarter has ended, proceeds of $46.5 million “were received from... 6. UPDATE: After looking over the earnings call transcript, there were a few other things of note: One was Rigetti CEO Subodh Kulkarni’s comment on Rigetti being left off the initial list of participants for Stage B of DARPA Quantum Benchmarking Initiative (QBI), announced late last week. Kulkarni, said during the earnings call, according to the Insider Monkey transcript, that Rigetti “received constructive feedback regarding our proposal, and we will continue to work with their team. We are optimistic that we will be chosen for Phase B in the coming months.”

This conforms to the view that some of the Stage A participants left off of the Stage B list still could be added based on making some adjustments to their submissions. During the analyst Q&A on the call, Kulkarni provided some further insight, saying, that the Stage B needs Rigetti is working to satisfy are in the area of “error corrections and some areas of... 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. 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.

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. 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. 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.

Rigetti Computing Posts 1 9 Million In Q3 Revenue Has 600m In Cash

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