Rigetti Reports Revenue Dip Expands Partnerships And R D Ambitions

Bonisiwe Shabane

-Jan 2, 2026, 3:49 PM

rigetti reports revenue dip expands partnerships and r d ambitions

November 12, 2024 06:30 ET | Source: Rigetti Computing, Inc. Rigetti Computing, Inc. BERKELEY, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the third quarter ended September 30, 2024 and business updates, including updates to its technology roadmap. Roadmap updateThe Company plans to introduce a new modular system architecture in 2025.

By mid-year 2025, the Company expects to release a 36-qubit system based on four 9-qubit chips tiled together with a targeted 99.5% median 2-qubit fidelity. By the end of 2025, the Company expects to release a system with over 100 qubits with a targeted 99.5% median 2-qubit fidelity. Rigetti plans to develop the 336-qubit Lyra™ system thereafter. Rigetti remains on track to develop and deploy its anticipated 84-qubit Ankaa™-3 system with the goal of achieving a 99+% median 2-qubit gate fidelity by the end of 2024. We believe superconducting qubits have many advantages, including that they are fabricated using well-established semiconductor design and manufacturing techniques. Superconducting qubits also perform faster gate operations than other qubit modalities.

Rigetti’s system gate speeds consistently achieve an active duration of 60-80ns, which is four orders of magnitude faster than other modalities such as ion traps and pure atoms. System speed is an important factor to enable hybrid computing with current CPUs/GPUs. Rigetti Computing Reports Q3 Results, Expands Global Footprint and Quantum Partnerships Rigetti Computing (Nasdaq: RGTI) reported Q3 2025 revenue of $1.9M and a GAAP net loss of $201M, most of which stemmed from non-cash... The company ended the quarter with nearly $600M in cash, providing a strong runway for expansion and R&D. Key updates from the quarter include: 🔹 $5.7M in orders for two Novera™ quantum systems 🔹 $5.8M Air Force Research Lab contract to develop quantum networking with QphoX 🔹 Planned expansion into Italy to... Subodh Kulkarni.

Read via link in comments. Read here: https://thequantuminsider.com/2025/11/11/rigetti-reports-revenue-dip-expands-partnerships-and-rd-ambitions/ 'HPE and a consortium of seven other leading technology organizations today announced the formation of the Quantum Scaling Alliance, a global initiative dedicated to making quantum computing scalable, practical, and transformative across industries.' 'HPE and a consortium of seven other leading technology organizations today announced the formation of the Quantum Scaling Alliance, a global initiative dedicated to making quantum computing scalable, practical, and transformative across industries.' 'HPE and a consortium of seven other leading technology organizations today announced the formation of the Quantum Scaling Alliance, a global initiative dedicated to making quantum computing scalable, practical, and transformative across industries.' Daily stocks & crypto headlines, free to your inbox

By continuing, I agree to the Market Data Terms of Service and Privacy Statement Rigetti's top-line performance showed significant deterioration, with revenue contracting 41.6% year-over-year to $1.8 million. This marks a continuation of a challenging commercial environment for the company. However, after three consecutive quarters of sequential declines, revenue did see a modest 20% uptick from Q1 2025, a potential, albeit early, sign of stabilization. While the operating loss of -$19.9 million widened from the prior year, it represented a notable sequential improvement from the -$21.6 million loss in Q1 2025. This suggests that some measures of cost discipline are beginning to take hold, a crucial development as the company navigates its pre-commercial phase.

The chart below illustrates the diverging trends between the sharp revenue decline and the recent moderation in operating losses. Furthermore, the headline GAAP Net Loss of -$39.7 million, or -$0.13 per share, is distorted by significant non-cash items. The figure includes a $22.8 million loss from the change in fair value of derivative warrant and earn-out liabilities. This volatility, stemming from accounting adjustments rather than core operations, makes the GAAP net income an unreliable metric for assessing the company's fundamental performance, as visualized by the erratic swings compared to the more... The most significant event of the quarter was the radical transformation of Rigetti's balance sheet. Through an at-the-market offering and a private placement, the company raised approximately $385 million in gross proceeds.

This has swelled its cash, cash equivalents, and available-for-sale investments to a formidable $571.6 million, all while remaining completely debt-free. This massive capital buffer effectively de-risks the company from a liquidity standpoint, providing a multi-year runway to pursue its ambitious R&D roadmap without near-term financing pressures. However, this security came at the direct cost of significant shareholder dilution, with the weighted average basic share count increasing by 73.5% over the past year. Management has executed a classic deep-tech strategy: trading equity for time and the resources to innovate. Rigetti Computing RGTI enters the second half of 2025 with a balance sheet that stands out even within the capital-intensive quantum space. The company ended the third quarter with approximately $559 million in cash, and warrant exercises later pushed liquidity beyond $600 million.

That cash cushion gives Rigetti unusual freedom: it can press ahead with its technical roadmap without leaning on near-term equity dilution or debt. Management has been clear that existing resources comfortably cover upcoming milestones, including a 100+ qubit system with 99.5% fidelity and a 150+ qubit, 99.7% fidelity platform targeted for 2026. For investors, this level of liquidity reduces near-term financial risk while giving the company room to navigate lumpy revenue tied to government contracts and research programs. That said, Rigetti’s cost structure is clearly shifting as it gears up for more ambitious goals. Operating expenses climbed to roughly $21 million in the third quarter, reflecting heavier R&D investment through new engineering hires, higher compensation and stock-based incentives. This spending ramp aligns with the push toward a 1,000+ qubit, 99.8% fidelity system planned for 2027, along with work on chiplet architectures, fidelity scaling and hybrid-compute initiatives such as NVIDIA’s NVQLink integration.

Notably, the company frames this not as unchecked burn, but as targeted investment backed by a strong liquidity position. Taken together, Rigetti appears capable of sustaining elevated R&D intensity while still preserving enough financial flexibility to support manufacturing scale-up and future roadmap execution. IonQ IONQ continues to broaden its technical and commercial reach through acquisitions, most notably Oxford Ionics and Lightsynq. These deals add ion-trap expertise and photonic interconnect capabilities, while expanding IonQ’s intellectual property base to more than 1,000 assets. Strategically, this strengthens IonQ’s push toward more scalable systems and positions the company to play across both quantum computing and quantum networking. For investors, the takeaway is a gradual shift from a predominantly research-driven narrative toward deeper commercialization and ecosystem relevance.

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November 12, 2024 06:30 ET | Source: Rigetti Computing, Inc.

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Read Via Link In Comments. Read Here: Https://thequantuminsider.com/2025/11/11/rigetti-reports-revenue-dip-expands-partnerships-and-rd-ambitions/ 'HPE And