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Earnings analysis · 10-Q

RGTI earnings analysis

Filed May 11, 2026 · Our reading of the company's report

The latest report

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…

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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.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $69 Operating expenses $620 Left as operating profit $-589

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Reported figures

Earnings per share
$-0.06
Segment
Quantum Processing Units (QPUs)
Segment
Quantum Computing Systems
Segment
Quantum Computing as a Service (QCaaS)

What stood out

  • 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.

What to watch

  • 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.

Management's outlook

No specific numeric guidance provided; management remains cautious about future earnings.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.