Rigetti Computing (RGTI) Q4 2025 earnings summary

Executive summary

• Achieved 99.9% two-qubit gate fidelity at 28ns gate speed on prototype platform and 99.5% median two-qubit gate fidelity on a 108-qubit system, validating chiplet-based scaling and reinforcing leadership in superconducting gate-based quantum computing.

• Secured major international orders, including an $8.4M contract with India's C-DAC for a 108-qubit system, $5.7M in Novera system sales, and the first QPU order in Japan.

• Expanded global reach and partnerships with Riverlane, NVIDIA, Quanta Computer, and QphoX to advance error correction, hybrid quantum-AI integration, and system stability.

• Maintains a disciplined, long-term strategy focused on scale, fidelity, and ecosystem integration, with a clear roadmap toward quantum advantage within three years.

• Vertically integrated, full-stack development approach with proprietary manufacturing facility (Fab-1).

Financial highlights

• Q4 2025 revenue was $1.9M; full-year 2025 revenue reached $7.1M.

• Gross margin for Q4 2025 was 35%, or $652K on $1.9M revenue.

• Q4 operating expenses were $23.2M, with R&D as the main cost driver.

• Q4 2025 non-GAAP net loss was $11.3M ($0.03/share); full-year non-GAAP net loss was $50.5M.

• Ended 2025 with $590M in cash and equivalents, including $44.9M in cash and $398.7M in short-term investments, and no debt.

Outlook and guidance

• Expects to deploy the 108-qubit system with 99.5% median two-qubit gate fidelity by end of March 2026 and deliver a >150-qubit system with 99.7% fidelity by end of 2026.

• Revenue from the $8.4M C-DAC order will be recognized in the second half of 2026 upon system validation.

• Anticipates significant year-over-year revenue growth in Q1 2026 from Novera system deliveries and expects Novera QPU delivery in Japan by April 2026.