Core Insights - Rigetti Computing reported a fourth quarter adjusted loss of 3 cents per share, meeting expectations, but revenue of $1.87 million fell short of the consensus estimate of $2.3 million, representing a 17% decline year-over-year [1] - Analysts project Rigetti's revenue for full-year 2026 to reach $21.3 million, approximately tripling from the previous year, indicating potential growth in the quantum computing sector [1] - The company has secured significant contracts, including an $8.4 million order from India's Centre for Development of Advanced Computing and a $5.8 million contract with the Air Force Research Laboratory [1] Financial Performance - Rigetti's Q4 revenue was lower than expected, with management anticipating a significant increase in revenue for the March quarter due to the recognition of $5.7 million from Novera on-prem system sales [1] - The stock price of Rigetti fell over 4% following the earnings report, reflecting market reactions to the revenue miss [1] Market Context - Quantum computing stocks, including Rigetti, have experienced volatility, particularly in light of controversies surrounding Nvidia and the timeline for commercially viable quantum technology [1] - Rigetti's stock holds a Composite Rating of 19 out of a possible 99, indicating underperformance compared to top growth stocks, which typically have ratings of 90 or higher [1] - The Accumulation/Distribution Rating for Rigetti is C-plus, suggesting neutral trading activity over the past 13 weeks [1]

Financial Performance - Rigetti Computing reported net losses of $216.2 million and $201.0 million for the years ended December 31, 2025, and December 31, 2024, respectively, with an accumulated deficit of $771.0 million as of December 31, 2025[389]. - Revenue for the year ended December 31, 2025, decreased by $3.7 million to $7.1 million, a decline of 34% compared to 2024[410]. - The company reported a total gross profit of $2.1 million for 2025, down 64% from $5.7 million in 2024[410]. - The loss from operations increased by $16.2 million to $84.7 million, representing a 24% increase compared to 2024[410]. - Interest income rose significantly to $16.6 million in 2025, up 224% from $5.1 million in 2024, due to increased cash balances from equity offerings[424]. - As of December 31, 2025, the accumulated deficit reached $771.0 million, with net losses of $216.2 million for the year[433]. Research and Development - Research and development expenses are expected to increase as Rigetti continues to invest in quantum computing and superconducting quantum processors[407]. - Research and development expenses increased by $11.6 million to $61.3 million, a rise of 23% compared to the previous year[417]. Sales and Revenue Generation - The company anticipates generating revenue primarily from development contracts and sales of on-premises quantum processing units (QPUs) in the coming years[413]. - Revenue consists primarily of contracts for the sale of QPUs, quantum computing systems, and collaborative research services[470]. - Revenue related to subscription-based access to Rigetti quantum computing systems is recognized on a ratable basis over the subscription term[472]. - The company has determined that certain sales contracts for the Novera QPU contain material upgrade rights that have been deferred[480]. Expenses and Cash Flow - Selling, general and administrative expenses are anticipated to rise as the company grows its business and expands its customer base[408]. - Selling, general and administrative expenses increased by $0.9 million to $25.4 million, driven by higher costs related to proxy distribution and stock-based compensation[420]. - Net cash used in operating activities for the year ended December 31, 2025, was $58.5 million, primarily due to a net loss of $216.2 million, partially offset by non-cash expenses of $165.5 million[444]. - Cash used in investing activities increased by $324.9 million in 2025 compared to 2024, totaling $403.3 million, primarily due to higher purchases of available-for-sale securities[449]. - Cash provided by financing activities increased by $263.6 million in 2025, totaling $439.1 million, driven by net proceeds of $346.7 million from the ATM program[452]. Collaborations and Investments - Rigetti received purchase orders for two Novera systems totaling approximately $5.7 million, with delivery expected in the first half of 2026[395]. - In January 2026, Rigetti announced an $8.4 million purchase order for a 108-qubit quantum computer to be delivered to C-DAC, expected to be deployed in the second half of 2026[396]. - Rigetti entered into a Collaboration Agreement with Quanta, committing to invest at least $250 million over the next five years in quantum computing development[399]. - The company plans to invest at least $250 million in quantum computing over the next five years as part of its collaboration agreement with Quanta[439]. Market Position and Future Outlook - The company has not yet generated profits since its inception and has incurred significant operating losses[389]. - Rigetti's operating plan may change due to unknown factors, potentially requiring additional funds sooner than planned[390]. - The company qualifies as an emerging growth company (EGC) and plans to take advantage of the extended transition period for complying with new accounting standards until at least December 31, 2026[483]. - The company will no longer be eligible for scaled disclosures available to smaller reporting companies beginning with the Quarterly Report for the first quarter of 2026[483]. Fair Value and Liabilities - The change in fair value of warrant liabilities resulted in a loss of $150.6 million in 2025, compared to a loss of $90.2 million in 2024[426]. - The fair value of the derivative liability for Private Warrants decreased from $22.8 million in 2024 to $16.8 million in 2025[463]. - The fair value of the derivative liability for Public Warrants increased from $70.3 million in 2024 to $85.8 million in 2025[464]. - The earn-out liability for Sponsor Redemption-Based Vesting Shares was $10.4 million as of their vesting date on August 14, 2025[468]. - The total earn-out liability for Promote Sponsor Vesting Shares was $32.9 million as of their vesting date on February 6, 2025[468]. - As of December 31, 2025, all Sponsor Vesting Shares were fully vested, and the remaining liability balance was zero[469]. Performance Metrics - The company achieved a median two-qubit gate fidelity of 99.0% with the Ankaa-3 system and 99.6% with the Cepheus-1-36Q system, successfully halving error rates from previous models[391][392]. - The transaction price includes fixed consideration and estimates of variable consideration, with constraints on the amount of variable consideration included[479]. - The standalone selling price for performance obligations is determined based on observable selling prices or market conditions[478].

Market Overview - U.S. equity markets experienced a significant recovery on March 4, 2026, driven by resilient labor data and stabilizing energy prices, with major indices showing broad-based strength, particularly in the technology sector [1] - The VIX, a measure of market volatility, dropped over 10% to settle at 21.12, indicating a reduction in immediate panic among investors [1] Major Index Performance - The Nasdaq Composite surged 1.36% to finish at 22,823, while the S&P 500 climbed 0.83% to close at 6,873, recovering a significant portion of previous losses [2] - The Dow Jones Industrial Average added 308 points, or 0.64%, ending near 48,809, and small-cap stocks also rallied, with the Russell 2000 advancing 1.07% to 2,636 [2] Economic Data - The ADP National Employment Report indicated a rise of 63,000 private sector payrolls in February, surpassing the consensus estimate of 50,000, although January's data was revised down from 22,000 to 11,000 [4] - The JOLTS Job Openings report matched forecasts at 7.23 million, and the ISM Non-Manufacturing PMI remained steady at 53.5, suggesting continued expansion in the service sector [5] Corporate Developments - Alphabet's shares surged approximately 80% year-over-year, driven by its "Sovereign AI" strategy and advancements in AI efficiency [6] - Tesla's stock climbed 1.6% following a 55% increase in registrations in France and more than double in Portugal [7] - Amazon gained 3.1% on the day, while Ross Stores soared 7.4% on record revenue and strong guidance for 2026 [8] After-Hours Earnings Announcements - Broadcom is expected to report earnings per share of $1.67, reflecting a 19% year-over-year increase, with other companies like Okta and Veeva Systems also set to release results [9]

Financial Performance - Total revenues for Q4 2025 were $1.9 million, with a GAAP net loss of $18.2 million and a non-GAAP net loss of $11.3 million[9]. - For the full year 2025, total revenues reached $7.1 million, with a GAAP net loss of $216.2 million and a non-GAAP net loss of $50.5 million[9]. - Total revenue for the year ended December 31, 2025, was $7,088,000, a decrease of 34.3% compared to $10,790,000 in 2024[28]. - Gross profit for the year ended December 31, 2025, was $2,064,000, down 63.7% from $5,697,000 in 2024[28]. - The net loss for the year ended December 31, 2025, was $216,210,000, compared to a net loss of $200,988,000 in 2024, representing a 7.6% increase in losses[30]. - The company reported a non-GAAP net loss of $50,494,000 for the year ended December 31, 2025, compared to a non-GAAP net loss of $53,583,000 in 2024, indicating an improvement of 5.2%[33]. - The weighted average shares used to compute net loss per share increased to 309,763,000 in 2025 from 184,666,000 in 2024, reflecting a 67.5% increase[33]. Cash and Assets - Rigetti's cash, cash equivalents, and available-for-sale investments totaled $589.8 million as of December 31, 2025[9]. - Cash and cash equivalents decreased to $44,851,000 at the end of 2025 from $67,674,000 at the end of 2024, a decline of 33.8%[30]. - Total assets increased significantly to $666,574,000 in 2025, compared to $284,787,000 in 2024, marking a growth of 134%[26]. - Total liabilities decreased to $120,375,000 in 2025 from $158,198,000 in 2024, a reduction of 23.9%[26]. - The company raised $346,719,000 through At-The-Market (ATM) offerings in 2025, compared to $97,500,000 in 2024, representing a significant increase in financing activities[30]. Research and Development - Research and development expenses increased to $61,345,000 in 2025, up 23.2% from $49,750,000 in 2024[28]. - Rigetti achieved a two-qubit gate fidelity of 99.9% at a gate speed of 28 nanoseconds on a prototype platform, reflecting sustained progress in quantum technology[11]. - The company reported median two-qubit gate fidelities of 99.7% on its 9-qubit system, 99.6% on its 36-qubit system, and 99% on its 108-qubit system[11]. - Rigetti's chiplet-based architecture is designed to provide a scalable path toward large-scale quantum systems, enhancing control and reducing manufacturing complexity[12]. - The company is collaborating with Riverlane on error correction research, focusing on long-term scalability and practical quantum advantage[14]. Future Outlook - Rigetti secured an approximately $8.4 million purchase order for a 108-qubit on-premises quantum system from India's Centre for Development of Advanced Computing, expected to be deployed in H2 2026[7]. - The company anticipates significant year-over-year revenue growth in Q1 2026, driven by a portion of the previously announced $5.7 million Novera on-premises system purchase orders expected to ship in Q1[6]. - The company is set to deliver its first Novera QPU to a Japanese research organization in April 2026, marking its expansion into the Japanese market[10].

Core Insights - Rigetti Computing achieved significant advancements in quantum computing technology, including a two-qubit gate fidelity of 99.9% at a gate speed of 28 nanoseconds, indicating strong progress in their quantum-classical computing strategy [3][12]. Financial Performance - For Q4 2025, total revenues were $1.9 million, with an operating loss of $22.6 million and a GAAP net loss of $18.2 million, translating to a net loss per share of $(0.06) [9][30]. - For the full year 2025, total revenues amounted to $7.1 million, with a GAAP net loss of $216.2 million and a net loss per share of $(0.70) [9][30]. Business Developments - Rigetti secured an $8.4 million purchase order from India's Centre for Development of Advanced Computing for a 108-qubit on-premises quantum system, expected to be deployed in H2 2026 [7]. - The company anticipates significant revenue growth in Q1 2026, driven by previously announced orders totaling $5.7 million for Novera on-premises systems [6]. Technology Advancements - Rigetti's chiplet-based architecture is highlighted as a scalable solution for large-scale quantum systems, allowing for increased qubit counts while maintaining control over chip uniformity [5][13]. - The company continues to improve fidelity across its systems, achieving 99.9% one-qubit gate fidelity and median two-qubit gate fidelities of 99.7% on its 9-qubit system and 99.6% on its 36-qubit system [12]. Strategic Partnerships - Rigetti's ecosystem of partners, including Riverlane, NVIDIA, Quanta Computer, and QphoX, enhances its innovation capabilities across the quantum computing stack [5][6].

Core Insights - Rigetti Computing (RGTI) is establishing itself as a significant player in scalable superconducting quantum computing, with a clear technology roadmap and expanding strategic partnerships [1][2] Group 1: Technology and Partnerships - The company is progressing from smaller systems to 100+ qubit machines with enhanced gate fidelity, aiming for larger, fault-tolerant quantum systems in the future [1] - Rigetti's collaboration with India's Centre for Development of Advanced Computing (C-DAC) focuses on developing hybrid quantum-classical systems for national research [2] - An alliance with Quanta Computer includes over $100 million in planned investments from both parties over five years, which will aid in manufacturing scale-up and commercialization [2] Group 2: Commercial Developments - Rigetti is transitioning from research to early customer deployments, indicating increased market traction [3] - In September 2025, the company reported purchase orders totaling approximately $5.7 million for two 9-qubit Novera systems [3] - Recently, Rigetti secured an $8.4 million order for a 108-qubit quantum computer for C-DAC's Bengaluru center, marking a significant advancement in higher-qubit system deployment [3] Group 3: Financial Performance - In the third quarter, Rigetti generated $1.9 million in revenues, supported by government-funded programs and collaborative research projects [4] - The company ended the quarter with $446.9 million in cash, equivalents, and short-term investments, with no debt, bolstered by a $350 million equity raise in 2025 [4] - Rigetti's shares have increased by 12.3% over the past six months, contrasting with a 21.6% decline in the industry [8] Group 4: Valuation and Earnings Estimates - Rigetti trades at a price-to-book ratio of 15.05, which is above the industry average [11] - The Zacks Consensus Estimate for Rigetti's 2026 earnings suggests a substantial 74.3% improvement compared to the previous year [13]

Core Insights - Rigetti Computing is set to report its Q4 2025 results on March 4, with expectations of a revenue recovery following a dip in Q3 [1][3] - The company is recognized as a key player in the quantum computing sector alongside competitors like Ionq and D-Wave Quantum [1] Company Overview - Founded in 2013, Rigetti specializes in superconducting quantum computers and offers Quantum Computing-as-a-Service (QCaaS) through cloud platforms [2] - The current market capitalization of Rigetti is $5.83 billion, with the stock experiencing a 22% decline year-to-date but a 124% increase over the past year [3] Financial Performance - Analysts project Q4 revenue to be $2.46 million, with a loss per share of $0.05, an improvement from the previous year's loss of $0.08 per share [4] - In Q3, Rigetti reported revenue of $1.9 million, down from $2.4 million year-over-year, but losses narrowed to $0.03 per share from $0.07 [5] Research and Development - R&D expenses increased by approximately 18% year-over-year to $15 million, supporting the company's goal to deploy a 150+ qubit system by the end of 2026 and a 1,000+ qubit system by the end of 2027 [6]

Earnings Reports Overview - The fourth-quarter earnings season is ongoing, with major retailers, tech firms, and software giants reporting results this week [1] - AST SpaceMobile, Inc. (NASDAQ:ASTS) is expected to report Q4 results after the market closes on March 2 [1] Company-Specific Expectations - Wall Street anticipates AST SpaceMobile will report a quarterly loss of 16 cents per share on revenue of $41.11 million [2] - CrowdStrike Holdings, Inc. (NASDAQ:CRWD) is expected to report after the market closes on March 3, with a focus on achieving at least 50% year-over-year growth in net new ARR and confirming a 20% growth trajectory in fiscal 2027 [3] - Broadcom Inc. (NASDAQ:AVGO) is set to report Q1 results on March 4, with analysts expecting EPS of $2.02 on revenue of $19.14 billion, and investors will be looking for AI semiconductor revenue to reach $8.2 billion [4] Additional Earnings Releases - JD.com, Inc. (NASDAQ:JD) will release its results before the market opens on March 5, with Wall Street expecting a loss of 3 cents per share and revenue of $50.22 billion [5][6]

Core Viewpoint - Rigetti Computing's stock has shown strong gains despite broader market bearishness, rising 9.4% while the S&P 500 and Nasdaq Composite indices fell [1]. Group 1: Stock Performance - Rigetti's share price increased significantly, contrasting with a 0.4% decline in the S&P 500 and a 1% decline in the Nasdaq Composite [1]. - The current stock price is $17.52, with a market capitalization of $5.7 billion [5]. Group 2: Industry Context - The valuation gains for Rigetti were supported by positive indicators in the quantum computing sector, particularly following IonQ's better-than-expected fourth-quarter results [2]. - IonQ reported a non-GAAP loss of $0.20 per share on sales of $61.89 million, outperforming analyst expectations of a loss of $0.23 per share on revenue of $40.38 million [4]. - IonQ's guidance for sales between $225 million and $245 million this year also exceeded Wall Street's target of $192.6 million, positively impacting valuations across the quantum industry [6]. Group 3: Future Outlook - Rigetti is scheduled to report its fourth-quarter results on March 4, and there is pressure to meet or exceed performance expectations following IonQ's results [8]. - The stock is expected to experience high trading volatility in the near term, influenced by geopolitical factors [7].

Core Viewpoint - Rigetti Computing Inc (NASDAQ:RGTI) is experiencing a decline in stock price ahead of its earnings report, reflecting broader trends in the tech sector [1] Group 1: Upcoming Earnings - Rigetti's earnings report is scheduled for March 4, with analysts expecting a loss of 4 cents per share on revenue of $2.46 million, an improvement from a previous loss of 8 cents per share and revenue of $2.27 million [2] Group 2: Sector Performance - The performance of IonQ, which reported significant revenue growth, has raised expectations for Rigetti, as investors are looking for similar indicators of growth in the upcoming report [3] Group 3: Stock Performance - Rigetti shares have shown volatility, rising from approximately $7.50 to a peak of nearly $56.34 in late 2025, before falling back to the high-teens by February 2026, indicating a cooling momentum despite a positive long-term trend [5] - As of the latest data, Rigetti shares were down 9.76% at $16.82 [6]