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RGTIW

Rigetti Computing, Inc.

RGTIW

Rigetti Computing, Inc. • NASDAQ
$14.12 ▼ -0.93% (-0.13)
Market Cap $11.47 B
52w High $26.25
52w Low $14.07
Dividend Yield 0%
P/E -7.43
Volume 45.33K
Outstanding Shares 812.30M

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 Q4-2024Q1-2025Q2-2025Q3-2025
Access to quantum computing systems
Access to quantum computing systems
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Income statement: Rigetti is still very much in the “building” phase, not the “earning” phase. Revenue has stayed very small and flat for several years, so the business is not yet commercial at scale. At the same time, operating expenses are meaningfully higher than revenue, which leads to ongoing operating losses and negative net income every year. Losses also widened most recently, showing that spending on development, people, and infrastructure is still ramping faster than any revenue progress. In plain terms, this is a classic early-stage deep‑tech income statement: low sales, heavy R&D and overhead, and no sign yet of operating profitability.

Balance Sheet

Balance Sheet Balance sheet: The asset base has grown compared with a few years ago, reflecting investment in technology, facilities, and cash raised from investors. Cash has moved up and down but remains a key part of the balance sheet, which is important given the ongoing cash burn. Debt is present but relatively modest, suggesting the company relies more on equity funding than heavy borrowing. Equity has turned from negative a few years back to clearly positive, which indicates that capital raises have strengthened the balance sheet. Overall, the company has a better cushion than in the past, but it is still a small, capital‑intensive platform that will likely need continued funding if current loss levels persist.

Cash Flow

Cash Flow Cash flow: Rigetti consistently uses cash in its operations, with outflows that have been fairly steady over time. The business does not yet generate cash from customers, so salaries, R&D, and other costs are funded from the balance sheet rather than from profits. Free cash flow is also clearly negative, as the company adds capital spending on top of operating losses, even though its investment in physical assets is relatively modest. This pattern signals an ongoing cash burn profile typical of a deep‑tech R&D company. Future dilution or additional funding of some kind remains a key risk to monitor, as the path to self‑funding operations is not yet visible in the historical numbers.

Competitive Edge

Competitive Edge Competitive position: Rigetti operates in quantum computing, a field with huge potential but also intense competition from large, well‑funded players such as major cloud providers, chip companies, and research institutions. Its strategy centers on being vertically integrated (owning design, fabrication, software, and cloud access), which can be a differentiator. The in‑house fab and modular, multi‑chip architecture give it a distinctive technical profile and some intellectual property protection. However, the overall market is still very early, customer switching costs are low, and standards are not set, so any moat is still emerging rather than secure. In effect, Rigetti is a credible specialist in a race that many powerful contestants are running, with no guaranteed winners yet.

Innovation and R&D

Innovation and R&D Innovation & R&D: Rigetti is clearly an R&D‑heavy company. Its focus on superconducting qubits, modular chip architectures, tunable couplers, and its own fabrication facility shows a strong commitment to pushing the technology frontier rather than just packaging existing tools. The Novera on‑premise quantum unit, cloud‑based Quantum Cloud Services, and hybrid work with partners like Nvidia all point to a full‑stack vision that spans hardware, software, and integration with classical computing. This innovation engine is the main reason to pay attention to the company, but it also explains the persistent losses: most spending is going into long‑term technology bets whose commercial payoff is still uncertain in timing and scale.

Summary

Summary: Rigetti is a classic deep‑tech, pre‑scale business: its financials show tiny, flat revenue and sizable, ongoing losses, funded largely by equity, with modest debt and a strengthened but still relatively thin balance sheet. Cash flows are negative and steady, underscoring reliance on external capital until meaningful commercial traction appears. On the strategic side, the company has real technological depth, with in‑house fabrication, modular quantum processors, proprietary processes, and a full‑stack cloud and on‑premise offering. These give Rigetti a differentiated technical stance but do not yet translate into a clear, defensible economic moat in a field dominated by giants and fast‑moving research. Overall, Rigetti is positioned as a high‑risk, high‑uncertainty quantum computing specialist: strong on innovation and ambition, early and unproven on monetization and sustainability. The key variables to watch are: progress in qubit scale and quality, concrete commercial partnerships and use cases, and the company’s ability to manage cash and funding needs while it pursues its roadmap.