Rigetti Computing (RGTI) Q2 2025 Earnings
How Did RGTI Stock React to Q2 2025 Earnings?
S&P 500 over the same 30 days: +2.48%.
Did RGTI Beat Earnings? Q2 2025 Results
No. Rigetti Computing reported Q2 2025 earnings of $-0.13 a share on Aug 12, 2025, missing the $-0.04 consensus estimate by 225.0%. Revenue was $1.8M against a $1.9M estimate.
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.
- 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
“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.”
Rigetti Computing CEO, on the earnings call
What Was Rigetti Computing's Outlook in Q2 2025?
Rigetti expects to release its 100+ qubit chiplet-based system at 99.5% median two-qubit gate fidelity before the end of 2025. The company intends to use proceeds from its $350 million equity offering primarily for working capital, capital expenditures, and other general corporate purposes, and may also use a portion for strategic collaborations, acquisitions, or partnerships. Management expressed confidence in hitting end-of-year technology goals based on its chiplet approach and strong financial position.
RGTI YoY Financials
| Metric | Q2 2025 | Q2 2024 | Year over year |
|---|---|---|---|
| Revenue | $1.8M | $3.1M | −41.6% |
| Gross Profit | $566,000 | $2.0M | −71.6% |
| Operating Income | −$19.9M | −$26.0M | −23.6% |
Figures from SEC filings and company reports. Not investment advice.