Core Insights - Rigetti Computing has sold a 9-qubit Novera QPU to the University of Saskatchewan, marking a significant step in the establishment of the university's first quantum computing system [1] - The Novera QPU will be central to the research conducted at the Centre for Quantum Topology and its Applications (quanTA), which aims to advance quantum science and technology [1][2] Company Overview - Rigetti Computing is recognized as a pioneer in full-stack quantum computing, focusing on superconducting qubits, which are considered the leading modality for quantum computing due to their scalability and speed [8] - The company manufactures its quantum processors at Fab-1, the first dedicated facility for integrated quantum device manufacturing [7][12] Product Details - The Novera QPU will be integrated into a quantum computing testbed that includes hardware from various partners within the Novera QPU Partner Program, ensuring compatibility and enhancing research capabilities [5] - Rigetti offers a range of quantum computing systems from 9-qubit to 108-qubit configurations, utilizing its modular Cepheus architecture [6][9] Strategic Goals - The establishment of the quantum computing system at USask is aimed at making Western Canada a competitive player in quantum science and technology development [3] - The initiative is expected to foster innovative research in various fields, including quantum materials and algorithms, positioning USask as a key player in global quantum research [4][3]

Core Insights - Rigetti Computing is focused on advancing superconducting gate-based quantum computing, emphasizing technical validation and disciplined execution in 2025 [2][3] Technical Developments - The company has deployed multiple systems to the cloud, including an 84-qubit monolithic chip system and a 36-qubit chiplet-based system, demonstrating the practicality of chiplet tiling [1] - Rigetti achieved a prototype result with 2-qubit gate fidelity as high as 99.9% at a 28-nanosecond gate speed, while maintaining 99.9% 1-qubit gate fidelity [1] - Median 2-qubit gate fidelities reported are 99.7% for a 9-qubit system, 99.6% for a 36-qubit system, and 99% for the 108-qubit system named Cepheus-1-108Q [1][6] Financial Overview - Rigetti reported Q4 2025 revenue of $1.9 million, down from $2.3 million in the prior year, with gross margin at 35% compared to 44% a year earlier [13] - Total operating expenses for Q4 were $23.2 million, up from $19.5 million a year ago, with a significant portion allocated to R&D [14] - The company ended 2025 with approximately $590 million in cash and investments, a significant increase from about $217 million at the end of 2024 [17] Customer Orders and Partnerships - Rigetti is building an on-premises order pipeline, including an $8.4 million order from India's C-DAC for a 108-qubit system and approximately $5.7 million in orders for two 9-qubit Novera systems [4][10] - The company is collaborating with Riverlane on quantum error correction and with NVIDIA to integrate quantum systems with AI supercomputing [16] Deployment Updates - The general availability of the Cepheus-1-108Q has been delayed to address stability issues, with a target deployment around the end of March, aiming for approximately 99.5% median 2-qubit fidelity and 99.9% 1-qubit fidelity [5][7]

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]

Investor Presentation January 2026 Cautionary Notes Forward Looking Statements: Certain statements in this presentation may be considered forward-looking statements, including statements with respect to the Company's outlook and expectations, including expectations with respect to a plan to deliver 108Q chiplet-based system at 99.5% median 2Q gate fidelity around the end of Q1 2026 and to reach 1,000+Q at 99.9% median 2Q median fidelity at <50 ns gate speed in 3-5 years to enable quantum advantage; an antic ...

Company Overview - Rigetti Computing, Inc. is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 [2] - The company serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform [2] - In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts ranging from 24 to 84 [2] - The company's 9-qubit Novera QPU was introduced in 2023, designed for high-performance, on-premises use [2] - Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems [2] - The company designs and manufactures its chips in-house at Fab-1, the first dedicated and integrated quantum device manufacturing facility [2] Upcoming Events - CEO Dr. Subodh Kulkarni and CFO Jeff Bertelsen will host one-on-one meetings at the 28th Annual Needham Growth Conference on January 13, 2026 [1] - Dr. Kulkarni will participate in a fireside chat during the same event [1] - Investors can view a live webcast of the event and a replay will be available for 90 days following the conclusion [1]

Core Viewpoint - Rigetti Computing is preparing to release its third-quarter 2025 results, with expectations of a loss per share of 5 cents and revenues of $2.39 million, indicating a year-over-year growth of 37.5% in earnings but only a modest revenue growth of 0.4% [2][3]. Financial Performance - The consensus estimate for 2025 revenues is $8.7 million, reflecting a decline of 19.7% year over year, while the loss per share is expected to be 9 cents, suggesting a year-over-year growth of 75% [4]. - Rigetti has had mixed performance in the past four quarters, surpassing the consensus estimate once, missing once, and meeting expectations twice, resulting in an average earnings surprise of negative 10.8% [4]. Earnings Analysis - Rigetti has an Earnings ESP of 0.00%, indicating no expected earnings surprise for the upcoming report [5]. - The company currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [6]. Market and Operational Factors - The third-quarter performance is likely to be influenced by uncertainties in U.S. public-sector funding, particularly due to the expiration of the National Quantum Initiative [7]. - Rigetti's rollout of the Cepheus-1-36Q quantum system is expected to provide early benefits, with strong technical gains and increased experimentation among customers [8]. Cash Position and Valuation - Rigetti has over $570 million in cash and no debt, positioning it well for continued system development and stable margin execution [9]. - Year-to-date, Rigetti's shares have gained 125.1%, outperforming the broader Internet Software industry, which advanced 10.2% [12]. Long-Term Strategy - Rigetti aims to deliver a 100+ qubit chiplet-based system with approximately 99.5% fidelity by the end of 2025, with a long-term goal of achieving a 1,000-qubit system [13]. - The company is focusing on building an ecosystem through partnerships, such as the collaboration with Quanta Computer Inc., which includes significant financial commitments from both parties [17][18]. Commercial Developments - Recent orders for the Novera QPU systems indicate growing demand for quantum systems beyond government labs, with potential for broader enterprise adoption in the future [15][16]. - The integration of Novera with NVIDIA's DGX Quantum platform highlights Rigetti's efforts in hybrid quantum-classical workflows [18]. Investment Outlook - The upcoming third-quarter results are expected to reflect steady progress rather than a major financial turning point, supporting a hold view for investors [19]. - While Rigetti's balance sheet allows for continued investment, visibility into larger commercial demand remains limited, suggesting a cautious approach for prospective investors [21].

Core Insights - Rigetti Computing (RGTI) is expected to release its third-quarter 2025 results on November 10, with a consensus estimate for loss per share at 5 cents and revenues at $2.39 million, indicating a year-over-year growth of 37.5% in earnings but only a modest revenue growth of 0.4% [1][2] Financial Performance - The consensus for 2025 revenues is $8.7 million, reflecting a decline of 19.7% year over year, while the loss per share is estimated at 9 cents, suggesting a year-over-year growth of 75% [2] - RGTI has had mixed performance in the past four quarters, surpassing estimates once, missing once, and meeting expectations twice, resulting in an average earnings surprise of negative 10.8% [2] Earnings Estimates - The earnings estimates for the upcoming quarters remain stable, with the loss per share projected at -0.05 for Q1, -0.04 for Q2, -0.09 for F1, and -0.17 for F2 [3] Market Position and Valuation - RGTI currently holds a Zacks Rank of 3 (Hold), with an Earnings ESP of 0.00%, indicating lower chances of beating estimates [5][6] - Year-to-date, RGTI shares have gained 125.1%, outperforming the broader Internet Software industry, which advanced 10.2% [11] Strategic Developments - The third-quarter results are likely to be influenced by U.S. public-sector funding uncertainties, particularly due to the expiration of the National Quantum Initiative [7] - Rigetti's rollout of the Cepheus-1-36Q, the largest multichip quantum system, is expected to provide early benefits, with strong technical gains and access through Rigetti QCS and Microsoft Azure [8][9] - The company has over $570 million in cash and no debt, positioning it well for continued system development [9] Long-Term Vision - Rigetti aims to deliver a 100+ qubit chiplet-based system with approximately 99.5% two-qubit gate fidelity by the end of 2025, with a long-term goal of achieving a 1,000-qubit system [15] - Recent orders for Novera QPU systems indicate growing demand for quantum systems beyond government labs, suggesting potential for broader enterprise adoption [16][17] Partnerships and Collaborations - A strategic collaboration with Quanta Computer Inc. involves over $100 million in commitments from both partners, supporting manufacturing scale and system commercialization [18] - Integration with NVIDIA's DGX Quantum platform highlights Rigetti's focus on hybrid quantum-classical workflows, enhancing its ecosystem [18] Future Outlook - The upcoming third-quarter results are expected to reflect steady progress on Rigetti's chiplet-based roadmap, with continued focus on fidelity metrics and system deliveries rather than just near-term revenues [19][21] - While the balance sheet provides a cushion for ongoing investments, visibility into larger commercial demand remains limited, suggesting a cautious approach for prospective investors [21]

Core Insights - Rigetti Computing has entered a collaboration with Montana State University (MSU) to enhance quantum computing research and innovation [2][5] - The opening of QCORE, MSU's new research center, features a 9-qubit Novera QPU, marking MSU as the first academic institution with an on-premises Rigetti quantum computer [2][4] - The partnership aims to focus on various initiatives, including research on quantum hardware, workforce development, and co-development of quantum technologies [5][6] Company Overview - Rigetti is recognized as a pioneer in full-stack quantum computing, having operated quantum computers over the cloud since 2017 [7] - The company began selling on-premises quantum computing systems in 2021, with qubit counts ranging from 24 to 84 [7] - Rigetti's Novera QPU, introduced in 2023, is designed for high-performance integration with existing systems and supports a broader R&D community [7] Strategic Initiatives - The collaboration with MSU will include strategic and technical support for QCORE, emphasizing the importance of public-private partnerships in advancing quantum technologies [5][6] - Rigetti's research efforts will also involve partnerships with the Air Force Research Lab to develop customized quantum systems for networking hardware [6] - The Novera QPU is manufactured at Rigetti's Fab-1, the first dedicated quantum device manufacturing facility in the industry [6][7]