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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.
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Q2 2025 earnings summary12 Aug, 2025

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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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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