Rigetti Computing (RGTI) Q3 2026 earnings summary

Executive summary

• Cepheus-1-108Q achieved 99.5% median two-qubit gate fidelity across 108 qubits, supporting the chiplet-based scaling approach.

• A Department of Commerce agreement provides up to $100M for CHIPS Act quantum R&D, in exchange for a minority, non-controlling equity stake; no award funds had been received by quarter-end.

• 9M revenue rose to $10.949M from $5.220M; FY26 revenue guidance is ~$20M, conditional on C-DAC acceptance and Q4 revenue recognition.

Financial highlights

• Q3 revenue was $1.411M vs. $1.947M YoY; gross profit was $857K vs. $404K, with 61% gross margin.

• Q3 operating loss was $33.186M vs. $20.549M; 9M operating loss was $87.199M vs. $62.063M.

• Q3 GAAP net loss was $3.137M vs. $200.968M; 9M GAAP net loss was $22.634M vs. $198.003M.

• Q3 non-GAAP net loss was $20.468M vs. $10.652M; 9M non-GAAP net loss was $51.150M vs. $39.244M.

• 9M gross profit was $4.423M vs. $1.412M; R&D rose 50% to $66.180M and SG&A rose 31% to $25.442M.

Outlook and guidance

• FY26 revenue guidance is ~$20M, assuming C-DAC customer acceptance and related revenue recognition in Q4.

• Mid-2028 target: 300+ qubits, ~99.7% median two-qubit fidelity and gate speeds below 60 nanoseconds.

• Longer-term target within ~3 years: ~1,000 qubits, 99.9% median two-qubit fidelity and gate speeds below 50 nanoseconds.

• Priorities include real-time error correction, increased qubit density per refrigerator and infrastructure for larger systems; 2027 CapEx is expected to remain relatively consistent with 2026.