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Rigetti Computing (RGTI) investor relations material
Rigetti Computing Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Q3 2025 revenue was $1.9–$1.95 million, down 18% year-over-year, with strong demand for on-premises quantum computers and R&D collaborations, including new contracts and partnerships with academic and government institutions.
Major technical milestones included the launch of the 84-qubit Ankaa-3 system, a 36-qubit modular system with 99.5% median two-qubit gate fidelity, and a roadmap targeting 1,000+ qubits at 99.8% fidelity by end of 2027.
Announced $5.7 million in purchase orders for two 9-qubit Novera systems and a $5.8 million, three-year contract with AFRL for quantum networking.
Entered a $250 million collaboration agreement with Quanta, completed a $350 million ATM equity offering, and raised $46.5 million from warrant exercises post-quarter.
Plans to open an Italian subsidiary to pursue European opportunities and expanded collaborations with C-DAC, Montana State University, and support for NVIDIA's NVQLink.
Financial highlights
Q3 2025 revenue was $1.9–$1.95 million, down from $2.4 million in Q3 2024, with gross margin at 20.7–21%.
Operating expenses rose to $21 million, driven by salary increases, new hires, and higher R&D costs.
Operating loss was $20.5 million, compared to $17.3 million in Q3 2024.
GAAP net loss for Q3 2025 was $201 million, primarily due to a $182 million non-cash warrant liability revaluation; non-GAAP net loss was $10.7 million ($0.03/share).
Cash, cash equivalents, and investments totaled $558.9 million at quarter-end, rising to $600 million by November 6, 2025, with no debt.
Outlook and guidance
Revenue from recent Novera system sales and the AFRL contract expected to benefit Q4 2025 and 2026.
Roadmap anticipates 100+ qubit chiplet-based system with 99.5% fidelity by end of 2025, 150+ qubits at 99.7% in 2026, and 1,000+ qubits at 99.8% in 2027; quantum advantage targeted between 2027 and 2029.
Gross margins expected to improve with future Novera sales, though variability remains due to contract mix.
Management expects continued operating losses as R&D and infrastructure investments persist; sufficient liquidity for at least 12 months, but additional capital may be sought.
How will 99.8% fidelity be achieved by 2027?
Novera upgrade path: What's the commercial strategy?
DARPA QBI Stage B: What are the next steps?
Bridge 99.8% fidelity to quantum advantage
Future fab investment strategy and scale
NQI reauthorization impact on future revenue
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Next Rigetti Computing earnings date
Q4 20255 Mar, 2026
Next Rigetti Computing earnings date
Q4 20255 Mar, 2026
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Frequently asked questions
Rigetti Computing Inc. is a technology company focused on developing quantum computing systems and software. The company specializes in building quantum processors and providing cloud-based access to its quantum computing platform, which is designed to solve complex computational problems beyond the capabilities of classical computers. Rigetti’s technology serves industries such as finance, pharmaceuticals, aerospace, and artificial intelligence, offering solutions for optimization, simulation, and machine learning. The company is headquartered in Berkeley, California, and its shares are listed on the NASDAQ.
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