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Investing.com -- Rigetti Computing, Inc. (NASDAQ:RGTI), a pioneer in quantum-classical computing, reported third quarter revenue that fell short of analyst expectations, sending shares down 2.4% in after-hours trading on Monday.
The quantum computing company posted third quarter revenue of $1.9 million, missing the analyst consensus estimate of $2.17 million. However, Rigetti reported a non-GAAP loss of -$0.03 per share, beating analyst expectations for a loss of -$0.05 per share. The company did not provide a YoY revenue comparison.
"This past quarter, we saw strong momentum with both the demand for our on-premises quantum computers and the development of collaborations to advance our own R&D and the quantum ecosystem more broadly," said Dr. Subodh Kulkarni, Rigetti CEO.
Despite the revenue miss, Rigetti announced it had secured purchase orders totaling approximately $5.7 million for two 9-qubit Novera quantum computing systems, with delivery expected in the first half of 2026. The company also remains on track to deliver its 100+ qubit chiplet-based quantum system with an anticipated 99.5% median two-qubit gate fidelity by the end of 2025.
Rigetti updated its technology roadmap, stating it expects to deploy a 150+ qubit system by around the end of 2026 with 99.7% median two-qubit gate fidelity, and a 1,000+ qubit system by around the end of 2027 with 99.8% median two-qubit gate fidelity.
The company reported a GAAP net loss of $201.0 million for the quarter, while its non-GAAP net loss was $10.7 million. As of September 30, 2025, Rigetti had $558.9 million in cash, cash equivalents and available-for-sale investments, which increased to approximately $600.0 million by November 6, 2025, following $46.5 million in proceeds from warrant exercises.
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