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Sep 30, 2025
Rigetti Q3 2025 Earnings Report
Rigetti reported Q3 2025 results with continued investment in R&D and strategic collaborations to support future growth.
Key Takeaways
Rigetti posted a significant GAAP net loss in Q3 2025, though non-GAAP results were much improved. The company maintained a strong cash position and announced key customer wins and technical milestones.
GAAP net loss of $200,968,000, but non-GAAP net loss narrowed to $10,652,000.
Revenue came in at $1,947,000 for the quarter.
Rigetti secured $5.7M in purchase orders for two 9-qubit Novera™ systems.
Strong cash position with approximately $600M in liquidity as of early November.
Forward Guidance
Rigetti expects to maintain progress on its technology roadmap with expanded deployments and product capabilities in the coming years.
Positive Outlook
- 100+ qubit chiplet-based system with 99.5% fidelity on track for end of 2025
- Plans to deploy a 150+ qubit system with 99.7% fidelity by end of 2026
- Targeting 1,000+ qubit system with 99.8% fidelity by end of 2027
- Growing commercial interest with recent $5.7M in system orders
- Active collaborations with institutions like MSU, AFRL, and C-DAC
Challenges Ahead
- Not initially selected for Stage B of DARPA Quantum Benchmarking Initiative
- Ongoing high operating losses impacting profitability
- Revenue continues to decline year-over-year
- Heavy reliance on government and academic sector contracts
Historical Earnings Impact
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Avg. Return Before/After Earnings
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