Rigetti Computing Inc

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.