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Jun 30
Rigetti Q2 2025 Earnings Report
Reported a net loss with lower revenue but achieved significant technological advancements, including launching its largest multi-chip quantum computer.
Key Takeaways
Rigetti Computing posted Q2 2025 revenue of $1.8M, down from the prior year, with a net loss of $39.7M. The company highlighted the launch of Cepheus-1-36Q, the industry's largest multi-chip quantum computer, achieving a 2× reduction in error rates and 99.5% two-qubit gate fidelity. Operating expenses increased as R&D investments grew, while the company ended the quarter with a strong cash position after a $350M equity raise.
Revenue for Q2 2025 was $1.8M, with a net loss of $39.7M.
Launched Cepheus-1-36Q, achieving a 2× reduction in error rates and 99.5% two-qubit gate fidelity.
Completed $350M equity raise, ending quarter with $571.6M in cash, cash equivalents, and investments.
Plans to release a 100+ qubit system with 99.5% gate fidelity by year-end 2025.
Rigetti
Rigetti
Forward Guidance
Rigetti expects to continue technological momentum with plans to release a 100+ qubit chiplet-based quantum system at 99.5% median two-qubit gate fidelity before the end of 2025.
Positive Outlook
- 100+ qubit system planned for end of 2025.
- Maintaining 99.5% median two-qubit gate fidelity in next system.
- Strong cash reserves of $571.6M support roadmap execution.
- Proprietary chiplet-based architecture continues to improve performance.
- Superconducting qubits viewed as optimal for scaling and speed.
Challenges Ahead
- Continued net losses impacting profitability.
- Revenue decline compared to prior year.
- High operating expenses driven by R&D and SG&A costs.
- Dependence on successful execution of technology roadmap.
- Exposure to competitive and economic uncertainties in the quantum computing market.