Why Did Rigetti Computing Analyst Cut His Price Forecast?

Core Insights - Rigetti Computing, Inc. reported first-quarter revenue of $1.47 million, which fell short of analyst expectations of $2.55 million, while earnings of 13 cents per share exceeded estimates for a loss of 6 cents per share [1] - Analyst N. Quinn Bolton lowered the price forecast from $17.00 to $15.00 but maintained a Buy rating [1] Revenue and Financial Performance - Revenue fell short of expectations due to pending reauthorization of the DOE Quantum Leadership Act [2] - Revenue estimates were revised down to $6.8 million for 2025 (from $13.5 million) and $15.0 million for 2026 (from $25.0 million) [4] Key Developments and Awards - DARPA selected Rigetti for its QBI program (Stage A) and the company received a $5.48 million AFOSR award for developing Alternating-Bias-Aided Annealing (ABAA) fabrication technology [2] - The company achieved optical control of superconducting qubits, which may reduce thermal load and physical footprint in future systems [3] - Rigetti is increasing its U.K. presence with three Innovate U.K. Quantum Mission Pilot Awards and completed a $35 million investment from Quanta Computer [3] Market Reaction - RGTI shares increased by 19.70% to $11.80 as of the last check on Wednesday [4]