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RGTI

Rigetti Computing, Inc.

RGTI

Rigetti Computing, Inc. • NASDAQ
$25.57 ▲ 0.00% (+0.00)
Market Cap $8.44 B
52w High $58.15
52w Low $2.76
Dividend Yield 0%
P/E -17.51
Volume 10.52M
Outstanding Shares 330.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.947M ▲ $20.953M ▲ $-200.968M ▼ -10.322K% ▼ $-0.62 ▼ $-198.894M ▼
Q2-2025 $1.801M ▲ $20.448M ▼ $-39.654M ▼ -2.202K% ▼ $-0.13 ▼ $-17.988M ▲
Q1-2025 $1.472M ▼ $22.074M ▲ $42.619M ▲ 2.895K% ▲ $0.15 ▲ $-19.803M ▲
Q4-2024 $2.274M ▼ $19.497M ▲ $-152.961M ▼ -6.727K% ▼ $-0.8 ▼ $-150.764M ▼
Q3-2024 $2.378M $18.55M $-14.833M -623.759% $-0.079 $-12.279M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $446.983M ▲ $630.274M ▼ $258.448M ▲ $371.826M ▼
Q2-2025 $425.739M ▲ $636.69M ▲ $83.427M ▲ $553.263M ▲
Q1-2025 $209.128M ▲ $269.138M ▼ $62.01M ▼ $207.128M ▲
Q4-2024 $192.094M ▲ $284.787M ▲ $158.198M ▲ $126.589M ▲
Q3-2024 $92.58M $157.25M $34.412M $122.838M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-200.968M ▼ $-13.822M ▲ $-19.976M ▲ $2.817M ▼ $-31.05M ▼ $-19.711M ▲
Q2-2025 $-39.654M ▼ $-16.169M ▼ $-346.123M ▼ $382.16M ▲ $20.021M ▲ $-21.836M ▼
Q1-2025 $42.619M ▲ $-13.651M ▼ $-23.609M ▲ $6.935M ▼ $-30.512M ▼ $-16.198M ▼
Q4-2024 $-152.961M ▼ $-8.544M ▲ $-77.594M ▼ $133.674M ▲ $47.388M ▲ $-9.826M ▲
Q3-2024 $-14.833M $-15.427M $6.265M $8.692M $-398K $-17.705M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Access to quantum computing systems
Access to quantum computing systems
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Rigetti is still very much a development-stage company. Revenue has stayed very small for several years, while operating costs and R&D spending keep losses sizable. Profitability has not yet appeared on the horizon, and the most recent year shows a larger loss after a brief period of improvement. This pattern is typical of an early, research‑heavy hardware company: the business is focused on building technology and capabilities first, not on generating meaningful sales yet. The key question is how long this loss‑making phase will last before revenue can scale.

Balance Sheet

Balance Sheet The balance sheet shows a modest but improving capital base. Total assets have grown, and cash has been rebuilt from a weaker point a year earlier, likely through fundraising. Debt remains low, and shareholder equity has turned clearly positive after being strained in earlier years. This gives Rigetti some financial flexibility, but the absolute scale of resources is still small, which limits how long it can fund ongoing losses without additional capital. The company appears better positioned than a few years ago, but not yet comfortably financed for the long term given its strategy.

Cash Flow

Cash Flow Rigetti consistently spends more cash than it brings in, mainly to pay for R&D, staff, and equipment. Operating cash outflows have been steady and meaningful, and free cash flow is solidly negative every year. Capital spending is relatively modest, but even so, the business relies on outside financing to cover its cash burn. The good news is that cash usage has not exploded; the challenge is that, with limited revenue, any sustained increase in investment or delays in raising capital could quickly tighten liquidity.

Competitive Edge

Competitive Edge Rigetti holds an interesting niche in quantum computing but competes in an arena dominated by very large technology firms and government-backed efforts. Its strength lies in being a focused, full‑stack quantum company with its own fabrication facility and a clear strategy built around modular, superconducting processors. Cloud access via major platforms and relationships with labs and government agencies add credibility. However, its smaller scale, limited financial resources, and the presence of deep‑pocketed rivals like IBM, Google, and others make its long‑term competitive position uncertain. Success will depend on whether its modular approach can deliver performance and scalability that stand out in practice, not just on paper.

Innovation and R&D

Innovation and R&D Innovation is the heart of Rigetti’s story. The company is betting on a modular “chiplet” architecture and in‑house manufacturing to move quickly up the performance curve. It has laid out a detailed roadmap: multi‑chip systems in the near term, larger processors over 100 qubits, and eventually much larger platforms like the planned Lyra system. Rigetti is also pushing to improve the quality of its qubits and the reliability of operations, and it is partnering with specialists on error correction. All of this signals a heavy and ongoing commitment to R&D. The upside is potentially meaningful technological differentiation; the downside is that the payback is highly uncertain, and delays or technical setbacks could weigh heavily on a company of this size.

Summary

Rigetti is an early‑stage quantum computing company that is still very much in the build‑out phase: low revenue, high R&D spending, and persistent losses. Its balance sheet and recent cash rebuild give it some breathing room, but the business is not yet self‑funding and depends on access to capital markets to sustain its roadmap. Strategically, the company’s vertically integrated model, modular architecture, and cloud and government partnerships give it a credible seat at the quantum table. At the same time, it operates in a highly competitive, rapidly evolving field where larger players have far more financial and technical resources. The overall picture is of a company with ambitious technology and a clear plan, but with material execution, funding, and competitive risks that will likely remain front and center for some time.

NEWS

November 25, 2025 · 1:10 PM UTC

UPDATED: GraniteShares Expands YieldBOOST™ Lineup with Two New ETFs on Quantum Computing Leaders RGYY and QBY

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November 25, 2025 · 8:00 AM UTC

GraniteShares Expands YieldBOOST™ Lineup with Two New ETFs on Quantum Computing Leaders RGYY and QBYY

Read more

November 10, 2025 · 4:05 PM UTC

Rigetti Computing Reports Third Quarter 2025 Financial Results; Provides Technology Roadmap Updates for 2026 and 2027

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October 28, 2025 · 4:05 PM UTC

Rigetti Supports NVIDIA NVQLink, NVIDIA's New Open Platform for AI Supercomputer-Quantum Integration

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October 28, 2025 · 8:00 AM UTC

Rigetti Computing to Report Third Quarter 2025 Financial Results on November 10 and Host Conference Call on November 11, 2025

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