Financial Data and Key Metrics Changes - For Q4 2025, revenue was $1.9 million, down from $2.3 million in Q4 2024, influenced by system delivery timing and government contract activity [18] - Gross margins for Q4 were 35%, compared to 44% in Q4 2024, primarily driven by contract mix [18][19] - Total operating expenses for Q4 were $23.2 million, up from $19.5 million in the same period last year [19] - Operating loss for Q4 was $22.6 million, compared to $18.5 million in Q4 2024 [20] - GAAP net loss for Q4 was lower than the previous year due to non-cash changes in fair value of derivative liabilities [21] Business Line Data and Key Metrics Changes - The company achieved a 2-qubit gate fidelity of 99.9% at a gate speed of 28 nanoseconds on a prototype platform [7] - Median 2-qubit gate fidelities reported were 99.7% on a 9-qubit system, 99.6% on a 36-qubit system, and 99% on a 108-qubit system [7] - The company deployed multiple systems to the cloud, including an 84-qubit monolithic chip system and a 36-qubit chiplet-based system [8] Market Data and Key Metrics Changes - Increased demand for on-premises quantum systems, particularly from national governments and research institutions [9] - An $8.4 million order from India's C-DAC for a 108-qubit on-premises quantum computer is scheduled for deployment in the second half of 2026 [10] - Purchase orders totaling approximately $5.7 million for two 9-qubit Novera systems were announced, used as testbeds for quantum hardware research [11] Company Strategy and Development Direction - The company focuses on superconducting gate-based quantum computing for speed and scalability [6] - The strategy emphasizes achieving true quantum advantage rather than just meeting headline milestones [4] - The company operates Fab-1, the first dedicated quantum device manufacturing facility, which is seen as a competitive advantage [9] Management's Comments on Operating Environment and Future Outlook - The company expects to reach quantum advantage in approximately three years, requiring systems with 1,000 qubits and high fidelity [15] - 2026 will focus on executing and scaling, with a priority on deploying the 108-qubit system by the end of March [16] - The balance sheet is strong, with approximately $590 million in cash, providing flexibility for future operations [17] Other Important Information - The company maintains a disciplined approach to capital allocation, focusing on organic growth and evaluating M&A opportunities only if they accelerate the roadmap [24] - The quantum computing market remains research-driven, with most systems deployed to government labs and research centers [14] Q&A Session Summary Question: What are the key remaining gating items to deliver the 108-qubit system as a customer-ready system? - The company is on track to deploy the 108-qubit system around the end of March, addressing interactions between tunable couplers [27][28] Question: Would the company consider offering foundry or manufacturing capacity to others in the quantum computing industry? - The company already offers Fab-1 as a foundry to select customers, including government entities [29] Question: Can you clarify the fidelity levels for the 108-qubit system upon launch? - The 1-qubit gate fidelity will be 99.9%, and the 2-qubit gate fidelity is expected to be about 99.5% [33][34] Question: What is the status of the partnership with NVIDIA on NVQLink? - The partnership aims to integrate quantum systems with AI supercomputing, leveraging the speed of superconducting gate-based quantum computing [51] Question: What is the company's stance on potential M&A opportunities? - The company is open to M&A if it helps accelerate the roadmap but currently focuses on organic growth [57][59]

Financial Data and Key Metrics Changes - For Q4 2025, revenue was $1.9 million, down from $2.3 million in Q4 2024, influenced by system delivery timing and government contract activity [18] - Gross margins for Q4 were 35%, compared to 44% in the same period last year, primarily driven by contract mix [18][19] - Total operating expenses for Q4 were $23.2 million, up from $19.5 million in Q4 2024, with R&D spending concentrated on engineering and system integration [19][20] - GAAP net loss for Q4 2025 was lower than the previous year, while non-GAAP net loss was $11.3 million or $0.03 per share, compared to a net loss of $14 million or $0.06 per share in Q4 2024 [21] Business Line Data and Key Metrics Changes - The company achieved a 2-qubit gate fidelity of 99.9% at a gate speed of 28 nanoseconds, maintaining 99.9% 1-qubit gate fidelity [7][37] - Multiple systems were deployed to the cloud, including an 84-qubit monolithic chip system and a 36-qubit chiplet-based system [8] - The company received an $8.4 million order from India's C-DAC for a 108-qubit on-premises quantum computer, scheduled for deployment in H2 2026 [10] Market Data and Key Metrics Changes - Increased demand for on-premises quantum systems, particularly from national governments and research institutions [9] - The company is expanding into Japan with a purchase order for a Novera QPU scheduled for delivery in April 2026 [11] Company Strategy and Development Direction - The company focuses on superconducting gate-based quantum computing, emphasizing speed and scalability as key advantages [6] - The strategy includes achieving true quantum advantage, defined as outperforming classical systems on practical workloads [14] - The company plans to deploy a system with more than 150 qubits by the end of 2026, targeting 99.7% median two-qubit gate fidelity [15][92] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving quantum advantage within approximately three years, emphasizing the importance of precision and credibility in timelines [15] - The company exited the year with approximately $590 million in cash, providing flexibility to execute its roadmap [17] - Management highlighted the importance of patience and technical rigor in the long-term development of quantum computing [17] Other Important Information - The company operates Fab-1, the first dedicated quantum device manufacturing facility, which is seen as a competitive advantage [9] - The company is open to M&A opportunities that could accelerate its roadmap but does not rely on acquisitions for its core strategy [24][59] Q&A Session Summary Question: What are the key remaining gating items to deliver the 108-qubit system as a customer-ready system? - Management confirmed they are on track to deploy the 108-qubit system by the end of March, addressing interactions between tunable couplers [27][28] Question: Would the company consider offering foundry or manufacturing capacity to others in the quantum computing industry? - Management stated they already offer Fab-1 as a foundry to select customers, including government entities [29] Question: Can you clarify the fidelity levels for the 108-qubit system upon launch? - Management confirmed 1-qubit gate fidelity will be 99.9% and 2-qubit gate fidelity will be about 99.5% [33][34] Question: What is the status of the DARPA collaboration? - Management expressed confidence in progressing to Phase B of the DARPA program by the end of the year [38] Question: What is the expected gross margin for the Novera and C-DAC systems? - Management refrained from disclosing specific gross margins for competitive reasons but indicated that margins for Novera systems with dilution refrigeration would be lower [46][47] Question: What is the company's stance on government funding initiatives? - Management noted ongoing discussions at the U.S. government level for quantum computing support and highlighted existing funding from the DoD [67][68]

Financial Data and Key Metrics Changes - For Q4 2025, revenue was $1.9 million, down from $2.3 million in Q4 2024, influenced by system delivery timing and government contract activity [16] - Gross margins for Q4 were 35%, compared to 44% in the same period last year, primarily driven by contract mix [16] - Total operating expenses for Q4 were $23.2 million, up from $19.5 million in Q4 2024, with R&D spending concentrated on engineering and system integration [17] - GAAP net loss for Q4 2025 was lower than the previous year, while non-GAAP net loss was $11.3 million or $0.03 per share, compared to a loss of $14 million or $0.06 per share in Q4 2024 [18] Business Line Data and Key Metrics Changes - Rigetti achieved a 2-qubit gate fidelity of 99.9% at a gate speed of 28 nanoseconds, maintaining 99.9% 1-qubit gate fidelity [6] - The company deployed multiple systems to the cloud, including an 84-qubit monolithic chip system and a 36-qubit chiplet-based system [7] - Orders included an $8.4 million contract for a 108-qubit on-premises quantum computer for India's C-DAC and approximately $5.7 million for two 9-qubit Novera systems [9][10] Market Data and Key Metrics Changes - Increased demand for on-premises quantum systems, particularly from national governments and research institutions [8] - The quantum computing market remains research-driven, with most systems deployed to government labs and academic institutions [12] - The company expects significant year-over-year revenue growth driven by the Novera sales and the C-DAC order [19] Company Strategy and Development Direction - Rigetti's strategy focuses on superconducting gate-based quantum computing, emphasizing speed and scalability [5] - The company aims to achieve true quantum advantage by outperforming classical systems on practical workloads within three years [13] - Rigetti operates Fab-1, a dedicated quantum device manufacturing facility, which is seen as a competitive advantage [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving milestones for the 108-qubit system deployment by the end of March 2026 [25] - The company anticipates a focus on delivering on-premises systems across government and academic institutions in 2026 [14] - Management highlighted the importance of patience and technical rigor in the long-term development of quantum computing [15] Other Important Information - Rigetti ended the year with approximately $590 million in cash, providing flexibility for future operations [21] - The company does not plan to rely on acquisitions for its core strategy but remains open to M&A if it accelerates their roadmap [22][55] Q&A Session Summary Question: What are the key remaining gating items to deliver the 108-qubit system as a customer-ready system? - Management confirmed they are on track to deploy the system with 99.5% two-qubit gate fidelity and addressed interactions between tunable couplers [25] Question: Would Rigetti consider offering foundry or manufacturing capacity to others in the quantum computing industry? - Management stated they already offer Fab-1 as a foundry to select customers, including government entities [26] Question: Can you clarify the fidelity levels for the 108-qubit system upon launch? - Management confirmed 1-qubit gate fidelity will be 99.9% and 2-qubit gate fidelity will be about 99.5% [31] Question: What is the expected gross margin for the Novera and C-DAC systems? - Management refrained from disclosing specific gross margins but indicated that the Novera systems with dilution refrigeration would carry lower margins [43][45] Question: What is the status of the partnership with NVIDIA on NVQLink? - Management emphasized the importance of hybrid computing and the advantages of superconducting gate-based quantum systems in collaboration with NVIDIA [50] Question: What is the timeline for making decisions on building another fab? - Management indicated that the existing fab is sufficient for the next three years, with potential future needs being evaluated [61][63] Question: What is the outlook for government funding initiatives? - Management noted ongoing discussions and support for quantum computing initiatives from the U.S. and U.K. governments, as well as a significant order from the Indian government [65][66]

Core Insights - Rigetti Computing reported revenue that fell short of expectations and experienced a widening operating loss in the fourth quarter [1] Financial Performance - The company's revenue for the fourth quarter did not meet market expectations, indicating potential challenges in achieving growth targets [1] - The operating loss increased compared to previous periods, suggesting that the company is facing escalating costs or declining profitability [1]

Core Viewpoint - Rigetti Computing Inc. reported its fourth-quarter earnings, which missed revenue expectations, leading to a decline in stock price during extended trading hours [1][2]. Financial Performance - The company reported a quarterly loss of $0.03 per share, aligning with consensus estimates [2]. - Quarterly revenue was $1.87 million, falling short of the analyst consensus estimate of $2.34 million [2]. - As of December 31, 2025, Rigetti's cash, cash equivalents, and available-for-sale investments totaled $589.8 million [2]. Management Commentary - CEO Dr. Subodh Kulkarni highlighted significant progress in fidelity, scale, and system architecture during 2025 [3]. - There is a growing demand for on-premises quantum systems from government and research institutions, as noted by Dr. Kulkarni [3]. Stock Performance - Rigetti's stock price decreased by 3.21% to $17.19 in Wednesday's extended trading [3].

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]

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].

Industry Overview - Quantum computers are expected to revolutionize industries by performing complex calculations in minutes that would take centuries with traditional supercomputers [1] - The quantum computing market is projected to grow from $4 billion in 2024 to $72 billion by 2035, indicating significant investment opportunities for long-term investors [2] Company Analysis: D-Wave Quantum - D-Wave utilizes quantum annealing, which is effective for optimization problems but not suitable for general computing tasks [4] - The acquisition of Quantum Circuits enhances D-Wave's technology, allowing it to offer a more complete solution and potentially doubling its total addressable market [5] - D-Wave reported revenue of $24.6 million in 2025, a 179% increase from 2024, and has customer bookings of $32.8 million for 2026, indicating strong future revenue potential [6] Company Analysis: IonQ - IonQ is a strong investment option due to its comprehensive quantum computing platform, built through multiple acquisitions over the years [7]

A planned European Union fund to finance companies working on quantum computing, artificial intelligence and other deep tech fields has shortlisted management firms from France, Sweden and the UK. https://t.co/B31dYxevVf ...

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