Rigetti Computing (RGTI) Q4 2025 earnings summary

Executive summary

• Achieved 99.9% two-qubit gate fidelity at 28ns gate speed using a proprietary adiabatic CZ scheme, validating key technology milestones and advancing toward practical quantum advantage.

• Deployed multiple quantum systems to the cloud, including an 84-qubit monolithic chip and a 36-qubit chiplet-based system, validating chiplet tiling for scalability.

• Secured major orders: $8.4M from India's C-DAC for a 108-qubit system (deploying H2 2026), $5.7M for two 9-qubit Novera systems, and a Novera QPU order from a Japanese research organization.

• Expanded global reach with first QPU order in Japan and strengthened partnerships with Riverlane, NVIDIA, Quanta Computer, and QphoX, supporting an open modular architecture.

• Ended 2025 with $590M in cash and no debt, providing runway for long-term roadmap execution.

Financial highlights

• Q4 2025 revenue was $1.9M; full-year 2025 revenue reached $7.1M.

• Gross margin for Q4 2025 was 35%, impacted by contract mix and inclusion of lower-margin refrigeration systems.

• Q4 operating expenses were $23.2M, with R&D as the main cost driver.

• Q4 operating loss was $22.6M; non-GAAP net loss was $11.3M ($0.03/share), improved from $14M ($0.06/share) in Q4 2024.

• Year-end cash and equivalents totaled $590M, up from $217M at end of 2024; no debt.

Outlook and guidance

• 108-qubit system deployment targeted for end of March 2026 at 99.5% median two-qubit gate fidelity; 150+ qubit system with 99.7% fidelity expected by end of 2026.

• Roadmap aims for over 1,000 qubits at 99.8% fidelity by end of 2027, with chiplet architecture as the scaling foundation.

• Revenue from Novera sales ($5.7M) to be recognized across Q1 and Q2 2026; C-DAC order ($8.4M) to be recognized in H2 2026 upon system validation.

• Continued focus on government, national labs, and academic customers in 2026, with commercial interest expected to rise as quantum advantage nears.

• Anticipates significant Q1 year-over-year revenue growth, driven by shipment of Novera system orders.