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Dec 31, 2025
Rigetti Q4 2025 Earnings Report
Rigetti reported modest Q4 revenue with continued heavy operating losses as the company invests in scaling its quantum computing platform.
Key Takeaways
Rigetti generated $1.87 million in Q4 2025 revenue while continuing to operate at a significant loss as it invests in quantum technology development. The company reported a GAAP net loss of $18.21 million and an operating loss of $22.60 million, while maintaining a strong balance sheet with nearly $589.8 million in cash and investments.
Q4 revenue totaled $1868000 compared with $2274000 in the prior year quarter.
Operating loss reached $22597000 as R&D and infrastructure investments remained high.
GAAP net loss was $18207000 while non-GAAP net loss was $11250000.
Rigetti ended the quarter with approximately $589800000 in cash, cash equivalents, and investments.
Forward Guidance
Rigetti expects strong year-over-year revenue growth in the first quarter driven by shipments of previously announced Novera quantum system purchase orders, while continuing to focus on advancing its quantum hardware roadmap and scaling system capabilities.
Positive Outlook
- Expected significant year-over-year revenue growth in Q1.
- Portion of $5700000 Novera system orders expected to ship in Q1.
- New $8400000 purchase order for a 108-qubit system from India’s C-DAC.
- Continued progress toward deployment of a 108-qubit quantum system.
- Strong balance sheet provides funding for ongoing R&D.
Challenges Ahead
- Commercial quantum computing revenue remains very small.
- Company continues to generate significant operating losses.
- Revenue can be highly dependent on timing of system shipments.
- Quantum advantage and large-scale systems remain long-term goals.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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