RGTI earnings analysis
What we found in RGTI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Rigetti Computing reported strong growth in Q1 2026 with revenues of $4.4 million, significantly exceeding the estimated $3.95 million. However, the company recorded a net loss of $33.1 million, resulting in a diluted EPS loss of $0.06, which was worse than the estimated loss of $0.04. Operating expenses were notably high, leading to increased net cash used in operations.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Up Significantly
- Q1 2026 revenue increased to $4.4 million, up from $1.5 million in Q1 2025, representing an increase of $2.9 million.
- Interest Income Growth
- Interest income rose to $5.4 million in Q1 2026 from $2.2 million in Q1 2025, an increase of $3.2 million.
- Improved Cash Position
- Cash, cash equivalents and marketable securities totaled $569 million as of March 31, 2026.
- Investments in R&D
- R&D expenses increased by $4.5 million to $19.96 million, emphasizing the company's commitment to technology development.
- Strong Sales of Quantum Systems
- Revenue growth was driven by higher sales of 9-qubit Novera quantum computing systems.
- High Operating Cash Flow
- Despite high operating losses, net cash used in operating activities was $16.2 million, restructuring efforts aimed at future growth.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continued Operating Losses
- Net loss was $33.1 million for Q1 2026, a decline from the previous year's loss of $42.6 million.
- High Operating Expenses
- Operating expenses increased to $27.3 million, significantly impacting net income.
- Technology Development Risks
- Future technology milestones are uncertain, with potential impact on planned schedules for product advancements.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.06
- Gross margin
- 31.33%
- Operating margin
- -589.0%
- Segment
- Quantum Processing Units (QPUs)
- Segment
- Quantum Computing Systems
- Segment
- Quantum Computing as a Service (QCaaS)
What they said about what is next.
No specific numeric guidance provided; management remains cautious about future earnings.
The filing reads about the same as the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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