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Investing.com -- Rigetti Computing, Inc. (NASDAQ:RGTI), a pioneer in quantum computing, reported second quarter earnings that missed analyst expectations as the company continues to invest in its quantum technology development despite widening losses.
The quantum computing firm reported second quarter revenue of $1.8 million, slightly below the analyst consensus estimate of $1.87 million. The company posted an adjusted EPS loss of -$0.13, significantly worse than the analyst estimate of -$0.05. Rigetti’s stock remained relatively flat following the announcement as investors weighed the company’s technological progress against its financial performance.
Rigetti announced the general availability of its Cepheus-1-36Q system, which it describes as "the industry’s largest multi-chip quantum computer." The system features four chiplets and has achieved a median two-qubit gate fidelity of 99.5%, representing a 2x reduction in error rate from its previous Ankaa-3 system.
"We continue to achieve our ambitious roadmap goals, most recently by demonstrating the industry’s largest multi-chip quantum computer with impressive performance," said Dr. Subodh Kulkarni, Rigetti CEO. "Our industry-leading proprietary chiplet approach to scaling and strong financial position makes us confident in hitting our end-of-year technology goals."
The company reported a net loss of $39.7 million for the quarter, which included $22.8 million in non-cash losses related to changes in fair value of derivative warrant and earn-out liabilities. Operating expenses were $20.4 million, resulting in an operating loss of $19.9 million.
Rigetti significantly strengthened its financial position during the quarter, completing a $350 million equity raise through its at-the-market offering program. As of June 30, 2025, the company had approximately $571.6 million in cash, cash equivalents and available-for-sale investments with no debt.
The company expects to release its 100+ qubit chiplet-based system with 99.5% median two-qubit gate fidelity before the end of 2025.
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