RGTI · Rigetti Computing, Inc.

Rigetti Computing reported first quarter 2026 financial results, with total revenues of $4.4 million, reflecting year-over-year growth driven by on-premises Novera QPU sales and international expansion. The company posted a GAAP net income of $33.1 million, which includes significant non-cash items such as changes in fair value of derivative warrant and earn-out liabilities. Excluding these items, non-GAAP net loss was $14.7 million, or $(0.04) per diluted share. Operating loss stood at $26.0 million, consistent with the company's investment phase. Rigetti ended the quarter with a robust cash position of $569.0 million and no debt, providing ample runway to fund its technology roadmap. Management highlighted the general availability of the 108-qubit Cepheus-1-108Q system, which is now accessible via Rigetti QCS, Amazon Braket, Microsoft Azure Quantum, and qBraid. The company also announced a planned investment of up to $100 million in the United Kingdom to deploy a 1,000+ qubit system over the next three to four years. On the technology front, Rigetti achieved a median 99.8% two-qubit gate fidelity with 40 nanosecond gate speeds on its 9-qubit system, and demonstrated fidelities as high as 99.9% on prototype systems. These advancements underscore progress in scaling and performance, though the company remains focused on disciplined execution toward quantum advantage. No forward guidance was provided in the release.