Key Highlights
- Rigetti reported Q2 revenue of $5.14 million, surpassing analyst expectations of $5.09 million and representing significant growth from $1.8 million in the prior-year quarter.
- Shares of RGTI climbed 4.9% on Friday, underperforming competitors IonQ (+9.9%) and D-Wave (+5.2%).
- Revenue from system and component sales totaled $4.1 million of the $5.14 million quarterly revenue, a dramatic increase from zero in the same period last year.
- The company’s operating loss expanded to $28.1 million compared to $20.4 million in Q2 2025.
- Cash reserves stood at $541.3 million at quarter-end with zero outstanding debt.
Rigetti Computing (RGTI) exceeded Wall Street’s second-quarter revenue projections released Thursday, propelling shares 4.9% higher on Friday as market participants responded positively to accelerating system sales momentum.
The quantum computing firm delivered $5.14 million in second-quarter revenue, narrowly beating the consensus estimate of $5.09 million. This represents substantial year-over-year expansion from $1.8 million in the comparable 2024 quarter and sequential improvement from $4.4 million in Q1 2026.
RGTI advanced on Friday but underperformed relative to quantum computing competitors. IonQ (IONQ) jumped 9.9% while D-Wave Quantum (QBTS) increased 5.2% during the same trading session.
Revenue from systems and components emerged as the quarter’s primary growth driver. Wedbush Securities analyst Matt Bryson highlighted that these sales generated $4.1 million of total quarterly revenue, a stark contrast to zero contributions in the year-ago period.
The company delivered both nine-qubit systems this year to commercial customers, marking an important milestone. Wedbush had anticipated this transition. “We have been waiting on RGTI booking commercial revenues, and sales arrived faster than we had previously modeled,” Bryson stated.
The company is executing on Novera processor system orders, including a substantial contract with India’s Centre for Development of Advanced Computing (C-DAC). According to CEO Subodh Kulkarni, advance payments related to the C-DAC agreement increased deferred revenue by approximately $2.5 million during the first six months of the year.
Government-sourced revenue declined to 18% of total revenue from 92% in Q2 2025. Meanwhile, US-based revenue increased to represent 80% of the total.
Expanding Losses Accompany Revenue Expansion
Operating expenses reached $30.3 million, exceeding the $25.8 million projection. This resulted in an operating loss of $28.1 million, broader than the $20.4 million deficit recorded in Q2 2025.
The adjusted loss per share matched consensus expectations at $0.05. Rigetti maintains negative net income as it allocates capital toward technology development.
While the loss expansion is notable, D-Wave experienced a doubling of its operating loss during the identical timeframe.
Balance Sheet Shows Financial Flexibility
The company closed the second quarter holding $541.3 million in combined cash, cash equivalents, and available-for-sale investments, maintaining a debt-free balance sheet.
Wedbush’s Bryson maintained his Neutral stance on RGTI while reducing his price objective to $37 from $40.
In recent developments announced last month, Rigetti revealed plans to supply a quantum computing system to the Pittsburgh Supercomputing Center, supported by National Science Foundation funding and extending an existing collaboration with Hewlett Packard Enterprise.
A preliminary agreement with the Commerce Department executed in May details $100 million in federal support in return for company equity. Rigetti confirmed during Thursday’s earnings report that this arrangement remains pending finalization.
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