Q2 25 EPS
$-0.13
MISS 225.00%
Est. $-0.04
Q2 25 Revenue
$1.8M
MISS 3.85%
Est. $1.9M
vs S&P Since Q2 25
+4.3%
BEATING MARKET
RGTI +18.2% vs S&P +13.9%
Market Reaction
Did RGTI Beat Earnings? Q2 2025 Results
Rigetti Computing delivered a broadly disappointing second quarter, missing on both the top and bottom lines as the quantum computing company grappled with sharply lower revenue and swelling losses. Revenue came in at $1.80 million for Q2 2025, falli… Read more Rigetti Computing delivered a broadly disappointing second quarter, missing on both the top and bottom lines as the quantum computing company grappled with sharply lower revenue and swelling losses. Revenue came in at $1.80 million for Q2 2025, falling 3.85% short of the $1.87 million consensus estimate and representing a steep 41.6% decline from the year-ago period, driven largely by reduced collaborative research and professional services activity. The earnings shortfall was even more pronounced, with EPS of -$0.13 coming in 225.00% below the -$0.04 consensus estimate, as a $22.80 million non-cash charge tied to fair value changes in derivative warrant and earn-out liabilities ballooned the net loss to $39.65 million. The quarter's headline technology story was the general availability of the Cepheus-1-36Q, Rigetti's 36-qubit multi-chip processor boasting 99.5% median two-qubit gate fidelity, a 2x improvement over its predecessor. Looking ahead, management is targeting a 100+ qubit chiplet-based system at the same fidelity level before year-end, backed by a substantially fortified balance sheet carrying $571.60 million in cash following a completed $350 million equity raise, leaving investors to weigh near-term revenue weakness against a well-funded technology roadmap.
Key Takeaways
- • Revenue decline from $3.1 million in Q2 2024 to $1.8 million in Q2 2025
- • Non-cash losses of $22.8 million from fair value changes in derivative warrant and earn-out liabilities significantly increased net loss
- • Completion of $350 million ATM equity offering strengthened cash position to $571.6 million
RGTI YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“We continue to achieve our ambitious roadmap goals, most recently by demonstrating the industry's largest multi-chip quantum computer with impressive performance. Our industry-leading proprietary chiplet approach to scaling and strong financial position makes us confident in hitting our end-of-year technology goals.”
— Subodh Kulkarni, Q2 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% |