Rigetti(US:RGTI)2025-11-10 21:05Financial Performance - Total revenues for Q3 2025 were $1.9 million, with an operating loss of $20.5 million[9] - GAAP net loss for Q3 2025 was $201.0 million, resulting in a GAAP net loss per share of $(0.62)[9] - Non-GAAP net loss for Q3 2025 was $10.7 million, with a non-GAAP net loss per share of $(0.03)[9] - Total revenue for the three months ended September 30, 2025, was $1,947,000, a decrease of 18.1% compared to $2,378,000 for the same period in 2024[30] - Gross profit for the nine months ended September 30, 2025, was $1,412,000, down 70.0% from $4,694,000 in 2024[30] - Net loss for the three months ended September 30, 2025, was $200,968,000, compared to a net loss of $14,833,000 in 2024, representing a significant increase[30] - Non-GAAP net loss for the nine months ended September 30, 2025, was $39,244,000, compared to $39,553,000 in 2024[35] - The company reported a significant increase in stock-based compensation expense, totaling $12,027,000 for the nine months ended September 30, 2025, compared to $9,705,000 in 2024[35] - The weighted average shares used to compute net loss per share attributable to common stockholders increased to 325,024,000 for the three months ended September 30, 2025, from 188,389,000 in 2024[35] Cash and Assets - As of September 30, 2025, cash, cash equivalents, and available-for-sale investments totaled $558.9 million, increasing to approximately $600.0 million by November 6, 2025[9] - Cash and cash equivalents decreased to $26,133,000 as of September 30, 2025, from $67,674,000 at the beginning of the period[32] - Total assets increased to $630,274,000 as of September 30, 2025, compared to $284,787,000 at December 31, 2024[28] - Total liabilities rose to $258,448,000 as of September 30, 2025, up from $158,198,000 at December 31, 2024[28] Business Development and Collaborations - Rigetti secured purchase orders for two 9-qubit Novera™ quantum computing systems totaling approximately $5.7 million, with delivery expected in the first half of 2026[7] - The company plans to deploy a 150+ qubit system by the end of 2026 with an anticipated 99.7% median two-qubit gate fidelity, and a 1,000+ qubit system by the end of 2027 with an anticipated 99.8% median two-qubit gate fidelity[6] - Rigetti was awarded a $5.8 million contract from AFRL to advance superconducting quantum networking, collaborating with QphoX on the project[11] - Rigetti plans to open an Italian subsidiary to accelerate business opportunities and talent acquisition in Italy[10] - The company announced new collaborations with C-DAC in India and MSU to advance quantum computing research and workforce development[16][14] - Rigetti supports NVIDIA NVQLink, an open platform for AI supercomputer-quantum integration, to enhance hybrid computation development[13] Research and Development - Research and development expenses increased to $15,020,000 for the three months ended September 30, 2025, up 17.7% from $12,752,000 in 2024[30]