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Sep 30
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.
Rigetti
Rigetti
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
- Large fluctuations in warrant liability affecting GAAP results