Q1 25 EPS
$0.13
BEAT +425.00%
Est. $-0.04
Q1 25 Revenue
$1.5M
MISS 42.29%
Est. $2.6M
vs S&P Since Q1 25
+67.3%
BEATING MARKET
RGTI +92.2% vs S&P +24.9%
Market Reaction
Did RGTI Beat Earnings? Q1 2025 Results
Rigetti Computing delivered a headline-grabbing but deeply misleading beat in Q1 2025, posting earnings per share of $0.13 against a consensus estimate of -$0.04, a 425.00% positive surprise, while simultaneously missing badly on revenue, which came … Read more Rigetti Computing delivered a headline-grabbing but deeply misleading beat in Q1 2025, posting earnings per share of $0.13 against a consensus estimate of -$0.04, a 425.00% positive surprise, while simultaneously missing badly on revenue, which came in at just $1.47 million versus the $2.55 million analysts expected, a -42.29% shortfall and a steep -51.8% decline from $3.05 million a year ago. The EPS figure is almost entirely illusory: the company's $42.62 million net income was driven by $62.10 million in non-cash gains tied to derivative warrant and earn-out liability revaluations, masking an operating loss that widened to $21.63 million as R&D spending climbed to $15.46 million from $11.47 million in Q1 2024. The revenue shortfall underscores the inherently lumpy commercialization cycle of early-stage quantum computing, though a $35 million strategic investment from Quanta Computer and a cash position of $209.10 million, later rising to $237.70 million, provide meaningful runway as Rigetti pursues government contracts and technical milestones to sustain long-term growth.
Key Takeaways
- • Non-cash gains of $62.1 million from change in fair value of derivative warrant and earn-out liabilities drove net income
- • Revenue decline due to lower quantum computing services and hardware revenue compared to prior year
- • Increased R&D spending reflecting investment in scaling qubit count systems
RGTI YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
“Rigetti is proud to be awarded important government-funded projects in the U.S. and U.K. to advance our technology, which demonstrates our continued leadership in superconducting quantum computing”
— Subodh Kulkarni, Q1 2025 Earnings Press Release
RGTI Earnings Trends
RGTI vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
RGTI EPS Trend
Earnings per share: estimate vs actual
RGTI Revenue Trend
Quarterly revenue: estimate vs actual
RGTI Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 BEAT | $-0.04 | $-0.04 | +6.76% | $4.4M | +6.60% |
| Q4 25 BEAT FY | $-0.03 | $-0.03 | +5.36% | $1.9M | -19.71% |
| FY Full Year | $-0.15 | $-0.16 | -10.34% | $7.1M | -6.80% |
| Q3 25 BEAT | $-0.04 | $-0.03 | +25.00% | $1.9M | -10.28% |
| Q2 25 MISS | $-0.04 | $-0.13 | -225.00% | $1.8M | -3.85% |
| Q1 25 BEAT | $-0.04 | $0.13 | +425.00% | $1.5M | -42.29% |