Rigetti Computing (RGTI) Q2 2026 earnings summary

Executive summary

• Achieved significant technical milestones, including the launch of the 108-qubit Cepheus-1-108Q system, high gate fidelities, and advances in chiplet-based modular quantum architectures.

• Signed a letter of intent with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding, supporting accelerated R&D and deeper government collaboration, subject to milestones and approvals.

• Expanded collaborations with HPE and the Pittsburgh Supercomputing Center for hybrid quantum-classical supercomputing solutions.

• Broadened customer adoption across cloud and on-premises channels, with new deployments in the U.S., U.K., India, Japan, and other regions.

• Revenue growth driven by increased sales of Novera and 108-qubit systems, with a shift from government to commercial customers.

Financial highlights

• Q2 2026 revenue was $5.1 million, up 185% year-over-year, driven by Novera QPU and system deliveries.

• Gross margin improved to 43% from 31% in Q2 2025, reflecting favorable contract mix and higher-margin product sales.

• Operating expenses rose to $30.3 million, mainly due to increased R&D and infrastructure investments.

• GAAP net loss was $52.6 million (vs. $39.7 million prior year); non-GAAP net loss was $16 million ($0.05/share) vs. $13.3 million ($0.04/share) last year.

• Cash, cash equivalents, and investments totaled $541.3 million at quarter end, with no debt.

Outlook and guidance

• Expect continued revenue variability due to timing of large system deliveries and government projects.

• Remain on track to recognize $8.4 million C-DAC order in Q4 2026.

• Focused on scaling to ~1,000 qubits, improving two-qubit gate fidelities to 99.9%, and reducing gate speeds below 40–50 nanoseconds within three years.

• Plan to update technology roadmap later in 2026 as more operational data becomes available.

• Ongoing investment in R&D and infrastructure is anticipated, with strategic U.S. government support potentially accelerating scaling.