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Rigetti Computing (RGTI) investor relations material
Rigetti Computing Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved major technology milestones with the release of the industry's largest multi-chip quantum computers, including CPS-136Q and Cepheus-1-36Q, with 99.5% median two-qubit gate fidelity and general cloud availability.
Demonstrated a 2x reduction in two-qubit gate error rates compared to previous systems.
Raised $350M in an ATM equity offering and $35M from a private placement with Quanta, significantly strengthening liquidity.
Strategic partnership and collaboration agreements with Quanta and River Lane for hardware and error correction development, with both parties committing at least $250M each over five years.
Focus remains on R&D and technology milestones as the primary driver for long-term success.
Financial highlights
Q2 2025 revenue was $1.8M, down from $3.1M in Q2 2024, impacted by the expiration of the National Quantum Initiative and lower-margin contracts.
Gross margin declined to 31% from 64% year-over-year, with gross profit at $0.6M.
Operating expenses rose to $20.4M, mainly from increased R&D and SG&A costs.
Operating loss was $19.9M; net loss was $39.7M, including $22.8M in non-cash charges from derivative warrant and earn-out liabilities.
Ended Q2 2025 with $571.6M in cash, cash equivalents, and investments, and no debt.
Outlook and guidance
Plans to release a 100+ qubit chiplet-based system with 99.5% median two-qubit gate fidelity by year-end 2025.
Roadmap targets quantum advantage in four years, requiring 1,000+ qubits, 99.9% fidelity, error correction, and sub-50ns gate speeds.
Revenue expected to remain volatile, with development contracts and QPU sales as primary drivers.
No significant uplift in OpEx anticipated; R&D funding considered adequate for current milestones.
Existing liquidity expected to cover operating needs for at least the next 12 months.
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