Rigetti Computing (NASDAQ:RGTI) Posts Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Rigetti Computing (NASDAQ:RGTI) issued its quarterly earnings results on Wednesday. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02, FiscalAI reports. Rigetti Computing had a negative return on equity of 16.58% and a negative net margin of 3,111.92%.The firm had revenue of $1.87 million for the quarter, compared to analysts’ expectations of $2.33 million. The firm’s quarterly revenue was down 17.9% on a year-over-year basis.

Here are the key takeaways from Rigetti Computing’s conference call:

• Rigetti reported major technical progress, including a prototype achieving 99.9% two-qubit gate fidelity at a 28 ns gate speed and median two-qubit fidelities of ~99.7% (9Q), 99.6% (36Q) and 99% (108Q), demonstrating the viability of its proprietary adiabatic CZ gate and faster superconducting performance.
• The company secured on?premises orders that should boost 2026 revenue, notably an $8.4 million C?DAC 108?qubit order (rev?rec in H2 2026) and ~$5.7 million of Novera sales (partial rev?rec in Q1 and remainder in Q2 2026), plus a Novera QPU sale to a Japanese research organization shipping in April 2026.
• Rigetti emphasizes a durable manufacturing and scaling advantage via Fab?1 and a chiplet architecture, and is leveraging ecosystem partnerships (NVIDIA for NVQLink, Riverlane for error correction, QphoX for optical readout) to reduce execution risk and enable hybrid data?center integration.
• Q4 2025 results showed weak near?term commercial traction—revenue fell to $1.9 million (from $2.3M YoY), gross margin declined to 35% (vs. 44% prior year), and operating loss widened to $22.6 million, highlighting quarter?to?quarter variability and margin pressure from lower?margin government contracts.
• Management reiterated a cautious roadmap—on?track to declare the 108?qubit system customer?ready around end of March at ~99.5% median two?qubit fidelity, targeting >150 qubits (~99.7% median) by end?2026 and >1,000 qubits (~99.8% median) by end?2027, and estimates roughly three years to “commercially meaningful” quantum advantage.

Rigetti Computing Price Performance

NASDAQ RGTI opened at $16.97 on Friday. The stock has a market capitalization of $5.60 billion, a price-to-earnings ratio of -24.96 and a beta of 1.71. Rigetti Computing has a 1-year low of $6.86 and a 1-year high of $58.15. The business’s fifty day moving average price is $20.34 and its 200-day moving average price is $25.75.

Rigetti Computing News Roundup

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Rigetti reported major technical milestones (two-qubit gate fidelity up to ~99.9%, progress on chiplet tiling) and is advancing its 108?qubit system — milestones that support long-term competitive positioning and potential revenue expansion. Rigetti press release
• Positive Sentiment: Rigetti secured meaningful on?premises orders (?$8.4M from India’s C?DAC for a 108?qubit system plus ?$5.7M in Novera orders) and expects some shipments to drive Q1 revenue — tangible commercial traction for an early?stage quantum vendor. QuiverQuant summary
• Positive Sentiment: Balance sheet strength: cash, cash equivalents and available?for?sale investments totaled ~$589.8M at year?end, providing runway for R&D and execution while the company scales. Rigetti press release
• Neutral Sentiment: Q4 EPS modestly beat expectations (narrower loss: GAAP $(0.06)/non?GAAP $(0.03) vs. consensus loss), which shows improving per?share metrics even as scale remains limited. Zacks summary
• Neutral Sentiment: Management reiterated roadmap and technical details on the earnings call (fidelity, chiplet architecture, error?correction work) — important for long?term investors but not an immediate revenue fix. Earnings call transcript
• Negative Sentiment: Revenue missed expectations: Q4 revenue ~$1.87–1.9M vs. analyst estimates (~$2.3M), down ~18% year?over?year — weak top?line is the primary driver of today’s share weakness. Proactive Investors
• Negative Sentiment: Operating losses widened (Q4 operating loss ~$22.6M; FY GAAP net loss ~$216M) and margins contracted with higher operating expenses — raises near?term cash?burn and commercialization risk. Barron’s coverage
• Negative Sentiment: Wall Street reaction: shares dropped as investors digested the revenue miss and outlook uncertainty despite several firms maintaining “buy”/“outperform” ratings — analyst price targets were adjusted but remain well above the current price, creating mixed near?term sentiment. Seeking Alpha news

Analysts Set New Price Targets

A number of equities research analysts have recently commented on RGTI shares. Weiss Ratings reissued a “sell (d-)” rating on shares of Rigetti Computing in a research note on Monday, December 29th. Mizuho cut their price objective on shares of Rigetti Computing from $50.00 to $43.00 and set an “outperform” rating on the stock in a research report on Thursday. Wall Street Zen cut shares of Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday, February 21st. Needham & Company LLC dropped their target price on shares of Rigetti Computing from $51.00 to $31.00 and set a “buy” rating on the stock in a research note on Thursday. Finally, Alliance Global Partners reissued a “buy” rating on shares of Rigetti Computing in a research report on Tuesday, November 11th. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Rigetti Computing presently has a consensus rating of “Moderate Buy” and a consensus target price of $32.70.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of RGTI. State Street Corp grew its stake in shares of Rigetti Computing by 12.0% during the 2nd quarter. State Street Corp now owns 8,853,006 shares of the company’s stock valued at $104,997,000 after purchasing an additional 946,850 shares during the period. UBS Group AG boosted its holdings in shares of Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after buying an additional 1,467,483 shares during the last quarter. Northern Trust Corp grew its position in Rigetti Computing by 16.3% during the third quarter. Northern Trust Corp now owns 2,846,095 shares of the company’s stock valued at $84,785,000 after buying an additional 397,905 shares during the period. Charles Schwab Investment Management Inc. grew its position in Rigetti Computing by 3.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,795,388 shares of the company’s stock valued at $61,918,000 after buying an additional 84,994 shares during the period. Finally, Victory Capital Management Inc. increased its holdings in Rigetti Computing by 1,632.5% during the fourth quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock valued at $56,954,000 after buying an additional 2,422,873 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

About Rigetti Computing

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.