[PART I — FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited H1 2025 financials show total assets surged to **$636.7 million** from financing, achieving **$3.0 million** net income despite revenue decline and wider operating loss [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets surged to **$636.7 million** driven by cash and investments, with equity increasing and liabilities decreasing Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $57,183 | $67,674 | | Available-for-sale investments | $514,459 | $149,488 | | Total current assets | $433,579 | $206,758 | | Total assets | $636,690 | $284,787 | | **Liabilities & Stockholders' Equity** | | | | Total current liabilities | $10,430 | $11,867 | | Derivative warrant liabilities | $60,116 | $93,095 | | Earn-out liabilities | $6,371 | $45,897 | | Total liabilities | $83,427 | $158,198 | | Total stockholders' equity | $553,263 | $126,589 | | Total liabilities and stockholders' equity | $636,690 | $284,787 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2025 revenue decreased and operating loss widened, but H1 2025 achieved **$3.0 million** net income primarily due to non-operating fair value gains Statement of Operations Summary (in thousands, except per share data) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $1,801 | $3,086 | $3,273 | $6,138 | | Gross Profit | $566 | $1,990 | $1,008 | $3,490 | | Loss from Operations | $(19,882) | $(16,085) | $(41,514) | $(32,670) | | Net Income (Loss) | $(39,654) | $(12,421) | $2,965 | $(33,194) | | Net Income (Loss) per Share - basic | $(0.13) | $(0.07) | $0.01 | $(0.21) | - The significant swing to **net income** for the six months ended June 30, 2025, was primarily due to **non-operating gains** from changes in the fair value of derivative warrant liabilities (**+$32.7M**) and earn-out liabilities (**+$6.6M**)[22](index=22&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) H1 2025 saw **$389.1 million** cash inflow from financing, offsetting operating and investing outflows, ending with **$57.2 million** cash and equivalents Cash Flow Summary for the Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(29,820) | $(26,656) | | Net cash used in investing activities | $(369,732) | $(7,033) | | Net cash provided by financing activities | $389,095 | $33,093 | | Net decrease in cash and cash equivalents | $(10,491) | $(708) | | Cash and cash equivalents – end of period | $57,183 | $20,684 | - **Financing activities** were the **primary source of cash**, with **$346.7 million** from an **ATM offering** and **$35.0 million** from a **private placement with Quanta**[27](index=27&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the anticipated loss of EGC status, significant financing activities including a **$350 million** ATM offering, a **$35 million** Quanta private placement, and high revenue concentration from government entities - The company will **lose its 'Emerging Growth Company' (EGC) and 'smaller reporting company' status** as of **December 31, 2025**, which will lead to **increased disclosure requirements and compliance costs**, including an **auditor's attestation on internal controls**[37](index=37&type=chunk) - In May 2025, the company completed an **At-the-Market (ATM) offering**, raising gross proceeds of **$350 million** from the sale of **30.3 million shares** at a weighted average price of **$11.55 per share**[95](index=95&type=chunk)[96](index=96&type=chunk) - A **collaboration agreement** was signed with **Quanta Computer Inc.** in February 2025, involving **mutual commitments to invest at least $250 million each** in quantum computing over **five years**, and Rigetti completed a **$35 million private placement** with Quanta[137](index=137&type=chunk)[138](index=138&type=chunk)[140](index=140&type=chunk) - Revenue is **highly concentrated**, with sales to **government entities** comprising **90.7% of total revenue** for the six months ended June 30, 2025, and **Four customers (B, C, D, F)** accounted for **95% of accounts receivable** as of June 30, 2025[126](index=126&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses H1 2025 revenue decline and wider operating loss, offset by non-cash gains leading to net income, with liquidity bolstered by **$350 million** ATM and **$35 million** private placement, alongside quantum computing milestones [Overview and Recent Developments](index=27&type=section&id=Overview%20and%20Recent%20Developments) Rigetti, building quantum computers, focuses on QPUs/QCaaS, with recent **$350 million** ATM offering, Quanta collaboration, and achieved **99.5%** two-qubit gate fidelity milestone - The company's **long-term business model** centers on revenue from sales of **quantum processing units (QPUs)** and **Quantum Computing as a Service (QCaaS)**, but the majority of current revenues are from **development contracts**[147](index=147&type=chunk) - On July 16, 2025, the company announced it achieved its **mid-year performance milestone** of **99.5% median two-qubit gate fidelity** on a **modular 36-qubit system** and expects to release a **100+ qubit chiplet-based system** with similar fidelity before the end of 2025[152](index=152&type=chunk) - The company completed a **$350 million At-the-Market (ATM) offering** in Q2 2025, raising net proceeds of **$346.7 million**[154](index=154&type=chunk) - A **collaboration agreement with Quanta** was established, involving a **$35 million private placement** and a commitment for each party to **invest at least $250 million** in quantum computing over five years[155](index=155&type=chunk)[157](index=157&type=chunk) [Results of Operations](index=32&type=section&id=Results%20of%20Operations) H1 2025 revenue decreased by **47%**, gross profit fell by **71%**, and operating expenses rose by **18%**, leading to a wider **$41.5 million** operating loss, though non-cash gains resulted in **$3.0 million** net income Comparison of Results for the Six Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | $ Change | % Change | | :--- | :--- | :--- | :--- | :--- | | Revenue | $3,273 | $6,138 | $(2,865) | (47)% | | Gross Profit | $1,008 | $3,490 | $(2,482) | (71)% | | Research and development | $28,977 | $23,341 | $5,636 | 24% | | Selling, general and administrative | $13,545 | $12,819 | $726 | 6% | | Loss from operations | $(41,514) | $(32,670) | $(8,844) | 27% | | Total other income (expense), net | $44,479 | $(524) | $45,003 | NM | | Net income (loss) | $2,965 | $(33,194) | $36,159 | (109)% | - The **decrease in revenue** was mainly due to **reductions in collaborative research and professional services contracts**, impacted by the **pending reauthorization of the National Quantum Initiative Act**[168](index=168&type=chunk) - The **increase in R&D expenses** was mainly due to a **$3.2 million increase in salaries and employee-related costs** and a **$1.1 million increase in stock-based compensation**[175](index=175&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) Despite historical losses and a **$551.8 million** accumulated deficit, management believes current liquidity, bolstered by **$389.1 million** from financing, is sufficient for 12 months, with future **$250 million** Quanta collaboration commitments - The company believes its existing cash, cash equivalents, and available-for-sale investments are **sufficient to meet operating needs for at least the next 12 months**[188](index=188&type=chunk) - Cash provided by **financing activities** totaled **$389.1 million** for the six months ended June 30, 2025, primarily from the **ATM offering** and the **Quanta private placement**[206](index=206&type=chunk) - **Long-term cash requirements** include a commitment to **invest at least $250.0 million** in quantum computing over a **five-year period** as part of the **Collaboration Agreement with Quanta**[192](index=192&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risks](index=35&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) As a smaller reporting company, the company is exempt from providing quantitative and qualitative disclosures about market risks - As a **smaller reporting company**, Rigetti is **not required to provide quantitative and qualitative disclosures about market risk**[217](index=217&type=chunk) [Item 4. Controls and Procedures](index=35&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of June 30, 2025, with no material changes in internal control over financial reporting - Management concluded that as of June 30, 2025, the company's disclosure controls and procedures were **effective at a reasonable assurance level**[219](index=219&type=chunk) - **No material changes in internal control over financial reporting** occurred during the quarter ended June 30, 2025[220](index=220&type=chunk) [PART II — OTHER INFORMATION](index=36&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any material legal proceedings - The company is **not currently involved in any material legal proceedings**[223](index=223&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) A key risk is the loss of 'emerging growth company' and 'smaller reporting company' status after **December 31, 2025**, leading to increased compliance requirements and costs - A new material risk is that the company will **lose its 'emerging growth company' (EGC) and 'smaller reporting company' status** as of **December 31, 2025**[225](index=225&type=chunk) - The loss of EGC status will subject the company to **increased compliance requirements**, such as **auditor attestation of internal controls** under Sarbanes-Oxley Act Section 404(b) and **more detailed executive compensation disclosures**, leading to **higher compliance costs**[226](index=226&type=chunk)[230](index=230&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=36&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during the period - None[227](index=227&type=chunk) [Item 5. Other Information](index=37&type=section&id=Item%205.%20Other%20Information) Two board members, Thomas Iannotti and Gail Sandford, adopted Rule 10b5-1 trading plans for common stock sales - On May 15, 2025, director **Thomas Iannotti** adopted a **trading plan** for the sale of **up to 200,000 shares** of Common Stock, scheduled to terminate by **August 13, 2026**[232](index=232&type=chunk) - On June 12, 2025, director **Gail Sandford** adopted a **trading plan** for the sale of shares, scheduled to terminate by **September 10, 2026**[233](index=233&type=chunk) [Item 6. Exhibits](index=38&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and interactive data files

[Rigetti Second Quarter 2025 Results Overview](index=1&type=section&id=Rigetti%20Second%20Quarter%202025%20Results%20Overview) This section provides an overview of Rigetti's financial performance, technological advancements, and business developments for Q2 2025 [Financial Highlights](index=1&type=section&id=Financial%20Highlights) For the second quarter ended June 30, 2025, Rigetti reported total revenues of $1.8 million and a net loss of $39.7 million, significantly impacted by a $22.8 million non-cash loss, ending the quarter with a strong cash position of $571.6 million Q2 2025 Financial Highlights (Three Months Ended June 30, 2025) | Metric | Value (USD) | | :--- | :--- | | Total Revenues | $1.8 million | | Total Operating Expenses | $20.4 million | | Operating Loss | $19.9 million | | Net Loss | $39.7 million | | Cash, Cash Equivalents & Investments | $571.6 million | - The net loss for Q2 2025 includes a significant non-cash loss of **$22.8 million** from the fair value change in derivative warrant and earn-out liabilities[7](index=7&type=chunk) [Technology Update](index=1&type=section&id=Technology%20Update) Rigetti announced the general availability of its Cepheus™-1-36Q, the industry's largest multi-chip quantum computer, demonstrating significant performance improvements and planning a 100+ qubit system by end of 2025 - The 36-qubit multi-chip quantum computer, Cepheus-1-36Q, is now generally available on the Rigetti Quantum Cloud Services Platform (QCS®) and will be available on Microsoft Azure[4](index=4&type=chunk) - Cepheus-1-36Q achieved a **2x reduction** in two-qubit gate error rate compared to the previous Ankaa™-3 system, reaching a median two-qubit gate fidelity of **99.5%**[4](index=4&type=chunk)[5](index=5&type=chunk) - Key technological features contributing to performance include a proprietary chiplet-based architecture, faster two-qubit gates, and an enhanced intermodule coupler design[8](index=8&type=chunk) - Rigetti plans to release a **100+ qubit** chiplet-based system at **99.5%** median two-qubit gate fidelity before the end of 2025[9](index=9&type=chunk) [Business Update](index=3&type=section&id=Business%20Update) During the second quarter of 2025, Rigetti significantly strengthened its financial position by completing a $350 million equity offering, holding approximately $571.6 million in cash, cash equivalents, and investments with no debt - Completed an at-the-market equity offering with **$350 million** in gross proceeds during Q2 2025[10](index=10&type=chunk) - As of June 30, 2025, the company had approximately **$571.6 million** in cash, cash equivalents, and available-for-sale investments with no debt[10](index=10&type=chunk) - Proceeds are intended for working capital, capital expenditures, and potential strategic collaborations or acquisitions[11](index=11&type=chunk) [Financial Statements](index=5&type=section&id=Financial%20Statements) This section presents Rigetti's condensed consolidated balance sheets, statements of operations, and statements of cash flows [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, Rigetti's total assets increased significantly to $636.7 million from $284.8 million at the end of 2024, driven by a substantial rise in cash and available-for-sale investments, while total liabilities decreased to $83.4 million, leading to total stockholders' equity growing to $553.3 million Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $57,183 | $67,674 | | Total current assets | $433,579 | $206,758 | | **Total assets** | **$636,690** | **$284,787** | | Total current liabilities | $10,430 | $11,867 | | **Total liabilities** | **$83,427** | **$158,198** | | **Total stockholders' equity** | **$553,263** | **$126,589** | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For the three months ended June 30, 2025, Rigetti's revenue decreased to $1.8 million from $3.1 million in the same period of 2024, resulting in a net loss of $39.7 million, or ($0.13) per share, primarily due to a $22.8 million non-cash charge and higher operating expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $1,801 | $3,086 | | Gross Profit | $566 | $1,990 | | Loss from Operations | $(19,882) | $(16,085) | | **Net Loss** | **$(39,654)** | **$(12,421)** | | Net Loss Per Share - basic | $(0.13) | $(0.07) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities was $29.8 million, investing activities used $369.7 million, and financing activities provided $389.1 million, resulting in a net decrease in cash and cash equivalents of $10.5 million Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(29,820) | $(26,656) | | Net cash used in investing activities | $(369,732) | $(7,033) | | Net cash provided by financing activities | $389,095 | $33,093 | | **Net decrease in cash and cash equivalents** | **$(10,491)** | **$(708)** | | Cash and cash equivalents – end of period | $57,183 | $20,684 | [Other Information](index=3&type=section&id=Other%20Information) This section provides details on the upcoming conference call and important cautionary language regarding forward-looking statements [Conference Call and Webcast](index=3&type=section&id=Conference%20Call%20and%20Webcast) Rigetti will host a conference call and webcast on August 12, 2025, at 5:00 pm ET to discuss its second quarter 2025 financial results, with participation and access details provided - A conference call to discuss Q2 2025 financial results is scheduled for August 12, 2025, at **5:00 pm ET**[12](index=12&type=chunk) - Instructions for accessing the live audio webcast and replay are available on the company's Investor Relations website[13](index=13&type=chunk) [Cautionary Language Concerning Forward-Looking Statements](index=4&type=section&id=Cautionary%20Language%20Concerning%20Forward-Looking%20Statements) This section contains standard cautionary language regarding forward-looking statements, advising readers that future expectations are subject to various risks and uncertainties that could cause actual results to differ materially - The report includes forward-looking statements regarding future performance, technology roadmap, and use of capital, which are inherently uncertain[17](index=17&type=chunk) - Readers are cautioned not to place undue reliance on these statements and are directed to the company's SEC filings for a detailed discussion of risks and uncertainties[17](index=17&type=chunk)

Core Insights - Rigetti Computing, Inc. reported its financial results for Q2 2025, highlighting significant advancements in quantum computing technology and a strong financial position following a $350 million equity raise [1][12]. Financial Performance - Total revenues for Q2 2025 were $1.8 million, a decrease from $3.1 million in Q2 2024 [9][23]. - Total operating expenses for Q2 2025 were $20.4 million, compared to $18.1 million in Q2 2024 [9][23]. - The operating loss for Q2 2025 was $19.9 million, up from a loss of $16.1 million in Q2 2024 [9][23]. - The net loss for Q2 2025 was $39.7 million, which included $22.8 million of non-cash losses related to derivative warrant and earn-out liabilities [9][23]. - As of June 30, 2025, the company had cash, cash equivalents, and available-for-sale investments totaling $571.6 million, with no debt [9][12]. Technology Advancements - Rigetti launched the Cepheus™-1-36Q, the industry's largest multi-chip quantum computer, achieving a 2x reduction in two-qubit gate error rate and a median two-qubit gate fidelity of 99.5% [4][5]. - The company emphasizes the superiority of superconducting qubits for quantum computing, citing their scalability and speed advantages over other modalities [6]. - Rigetti's proprietary chiplet-based architecture enhances performance and manufacturing efficiency, contributing to the recent technological advancements [10]. Business Strategy - The proceeds from the recent equity offering will primarily be used for working capital, capital expenditures, and potential strategic collaborations or acquisitions [12][13]. - Rigetti plans to release a 100+ qubit chiplet-based system by the end of 2025, maintaining a target of 99.5% median two-qubit gate fidelity [11]. Historical Context - Rigetti introduced the world's first multi-chip quantum processor in 2021, which laid the groundwork for the recent Cepheus-1-36Q [7]. - The company has been operating quantum computers over the cloud since 2017 and has expanded its offerings to include on-premises quantum computing systems [17].

Rigetti Computing Inc. RGTI isn't just riding a wave – it's surfing a quantum tide that's left skeptics scrambling for their slide rules. The stock, up a staggering 1,770% over the past year, now finds itself at a fascinating inflection point: Wall Street expects its second-quarter report to show a modest $1.88 million in revenue and a loss of just four cents per share, according to Benzinga Pro data. That's peanuts in the big-cap tech world, but for a quantum computing upstart, it's enough to make the mark ...

Core Insights - Rigetti Computing (RGTI) is advancing its quantum systems with a chiplet-based design, targeting a 4×9-qubit chiplet system and over 100 qubits with high fidelities by year-end, aligning with DARPA's Quantum Benchmarking Initiative [1][6] - A $35 million investment from Quanta Computer will enhance Rigetti's operational capabilities, allowing the company to focus on chiplet design while Quanta handles non-QPU hardware production [2][6] - Key milestones for 2025 include the demonstration of the 4×9 chiplet, DARPA's Phase B decision, and progress in Quanta's production [2][6] Company Updates - Rigetti's shares have increased by 4.7% year-to-date, while the industry has grown by 21.7% [5] - The company has a price-to-book ratio of 22.41, which is above the industry average, and carries a Value Score of F [8] - The Zacks Consensus Estimate for Rigetti's 2025 earnings indicates an 86.1% rise from the previous year [10] Earnings Estimates - Current quarter EPS estimate is -0.06, with a year-over-year growth estimate of 14.29% [11] - Next quarter EPS estimate is -0.08, with a year-over-year growth estimate of 25.00% [11] - Current year EPS estimate is -0.05, with a significant year-over-year growth estimate of 86.11% [11]

Core Insights - Rigetti Computing (RGTI) is set to release its second-quarter 2025 results on August 12, with a consensus estimate of a loss per share of 6 cents and revenues of $1.91 million, indicating a year-over-year growth of 14.3% in earnings but a decline of 38.2% in revenues [1][6] - The consensus for 2025 revenues is estimated at $8.8 million, reflecting an 18.6% year-over-year decline, while the loss per share is projected at 5 cents, suggesting an 86.1% growth year-over-year [2] Financial Performance - RGTI has an Earnings ESP of 0.00% and currently holds a Zacks Rank of 3 (Hold), indicating no strong expectation of beating estimates [4] - The company has had mixed results in the past four quarters, surpassing estimates once, missing once, and meeting expectations twice, leading to an average earnings surprise of negative 7.5% [2] Technological Advancements - Rigetti's 36-qubit Ankaa-class system achieved a two-qubit gate fidelity of 99.5%, which is expected to support the development of the Ankaa-3 system targeted for later in 2025 [5][6] - Early customer engagement with the 36-qubit system is underway, which is anticipated to accelerate product refinements and commercialization efforts [5] Business Development - The company is focusing on converting technological advancements into revenue-generating contracts, with ongoing work on government and research partnerships and exploration of commercial opportunities [7] - Management expects certain contracts and collaborations to progress in 2025, potentially strengthening the second half of the year [7] Financial Position - Rigetti ended the previous quarter with a solid cash position, supported by disciplined expense management and efforts to optimize its cost structure [8] - Investors should monitor revenue performance, operating expenses, and cash burn trends as indicators of the company's ability to sustain development without diluting shareholder value [8] Market Performance - Year-to-date, RGTI shares have gained 1.1%, while competitors IonQ and D-WAVE QUANTUM have seen gains of 0.1% and 101.1%, respectively, against a broader Internet Software industry increase of 23.5% [9] - RGTI trades at a Price-to-Book (P/B) ratio of 21.64, significantly higher than IonQ (9.29) and Quantum Computing Inc. (7.11), reflecting stronger growth expectations despite lower multiples from competitors [13] Investment Considerations - Rigetti's technological progress and customer engagement are promising for long-term positioning, but near-term upside appears reflected in the stock [18] - The company's ability to convert technical milestones into long-term contracts will be crucial for sustaining growth, with investors advised to watch for broader customer uptake and revenue visibility in the second half of the year [19]

Group 1 - Rigetti Computing's shares increased by 9.3% this week, outperforming the S&P 500 and Nasdaq-100, which rose by 2.4% and 3.7% respectively [1] - The rise in Rigetti's stock was influenced by news from researchers at the University of Southern California regarding a potential breakthrough in quantum computing [1] - Researchers identified a new type of particle called "neglectons," which may address significant challenges in quantum computing, particularly in error correction [2] Group 2 - The development of quantum computing remains highly experimental, with many hurdles still to overcome, including the fragility of quantum systems [2][4] - Despite the promising nature of Rigetti and the recent advancements, there is skepticism regarding the timeline for achieving viable quantum computing at scale, which could take many years or even decades [4] - Current valuations of Rigetti may not justify investment at this stage, indicating a cautious approach for potential investors [4]

Core Insights - Rigetti Computing (NASDAQ:RGTI) is expected to announce its earnings on August 12, 2025, with historical trends indicating a higher likelihood of negative one-day returns following earnings announcements [3][4] - The company is an early-stage quantum technology firm that has not yet achieved profitability, with analysts predicting a revenue contraction for Q2, estimating revenue at $1.87 million, down from $3.09 million in the same quarter last year [4][5] - Rigetti's current market capitalization stands at $4.5 billion, with total revenue of $9.2 million over the past twelve months, resulting in an operating loss of -$74 million and a net loss of -$138 million [5] Historical Performance - Over the past five years, Rigetti's stock has recorded a negative one-day return in 57% of earnings announcements, with a median loss of -6.9% and a maximum loss of -14.6% [3][4] - In the last three years, the percentage of positive one-day returns has increased to 42%, with a median of 7.8% for positive returns [8] Trading Strategies - Traders can position themselves based on historical probabilities before and after earnings reports, evaluating the relationship between immediate and medium-term returns [6][7] - Correlation data between one-day and subsequent five-day returns can provide insights for trading strategies, particularly if a positive one-day return is observed [9]

Core Insights - Rigetti Computing has achieved a significant technical milestone with its 36-qubit Ankaa system, demonstrating a two-qubit gate fidelity of 99.5%, the highest fidelity recorded for its quantum systems, validating its modular architecture and fabrication improvements [1][6] - Despite these advancements, Rigetti has not yet established a clear path to meaningful revenue growth, with its financial results indicating early stages of customer adoption and product-market fit [1][2] - The company plans to launch its 36-qubit system on August 15, 2025, and aims to release a 100+ qubit chiplet-based system targeting 99.5% median two-qubit gate fidelity by the end of 2025 [2] Industry Comparisons - D-Wave Quantum has focused on annealing-based quantum systems and has built early-stage commercial relationships in optimization-heavy industries, resulting in more consistent revenue from paying customers [3] - Quantum Computing Inc. is pursuing a software-centric model with its Qatalyst platform, which remains in early commercialization stages and faces challenges in proving real-world value [4] Financial Performance - Rigetti's shares have increased by 3.6% year-to-date, while the industry has grown by 21.5% [5] - The company has a price-to-book ratio of 22.41, which is above the industry average, and carries a Value Score of F [7] - The Zacks Consensus Estimate for Rigetti's 2025 earnings suggests an 86.1% increase from the previous year [8]

Core Viewpoint - Defiance ETFs has launched the Defiance 2X Daily Long Pure Quantum ETF (Ticker: QPUX), which aims to provide investors with 2X daily leveraged exposure to a selected group of quantum computing companies, highlighting the potential of this transformative technology sector [1][4]. Company Overview - Defiance ETFs, founded in 2018, specializes in thematic, income, and leveraged ETFs, positioning itself as a leader in ETF innovation [5]. ETF Structure and Strategy - QPUX seeks to deliver daily investment results of 200% of the daily performance of its equal-weighted Target Portfolio, which includes IONQ, Inc. (IONQ), Rigetti Computing, Inc. (RGTI), D-Wave Quantum Inc. (QBTS), and Quantum Computing Inc. (QUBT) [2][16]. - The portfolio is rebalanced daily to maintain equal weighting among the four companies [2][16]. - The ETF utilizes derivatives, including swaps and listed options, to achieve its leveraged exposure [3][17]. Industry Context - Quantum computing leverages advanced phenomena like superposition and entanglement, enabling faster and more efficient information processing compared to classical computing [4]. - The companies within QPUX's portfolio are focused on developing quantum hardware, software, and related technologies, positioning them to benefit from advancements in the industry [4].