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Management Commentary After Earnings
Nov 10, 2025 4:16 PM
Live
CEO Dr. Subodh Kulkarni emphasized expanding collaboration breadth:
“We saw strong momentum with both demand for our on-premises quantum computers and new partnerships to advance our R&D and the broader ecosystem,” said Kulkarni, highlighting ties with AFRL, QphoX, and NVIDIA NVQLink.
Rigetti continues to leverage public-sector and academic partnerships as validation points for its modular architecture. However, the tone was measured rather than celebratory, reflecting that commercial scalability remains at least several quarters away.
Key Highlights
| Metric / Event | Detail | Why It Matters |
|---|---|---|
| Purchase Orders | $5.7M total for two 9-qubit Novera systems |
Confirms small but tangible system sales pipeline |
| AFRL Contract | $5.8M, 3-year superconducting networking project | Anchors U.S. defense-linked validation |
| New Collaborations | NVIDIA NVQLink, C-DAC (India), MSU | Expands Rigetti’s academic and ecosystem footprint |
| Cash Position | ~$600M as of Nov. 6, 2025 | Provides multi-year runway for roadmap execution |
Earnings Are In
Nov 10, 2025 4:14 PM
Live
Rigetti Computing reported Q3 2025 results showing revenue of $1.9 million, below Wall Street’s estimate of $2.17 million, and a non-GAAP EPS loss of $(0.03), slightly better than expectations of $(0.04).
| Metric | Actual | Estimate | Year-Ago | Surprise |
|---|---|---|---|---|
| Revenue | $1.9M | $2.17M | $3.1M | Miss |
| EPS (non-GAAP) | $(0.03) | $(0.04) | $(0.09) | Beat |
| Cash, Equivalents & Investments | $558.9M | — | — | — |
While the top and bottom lines don’t care much weight for RGTI, lets get into management updates next. The stock is initially down 3.87%
Rigetti Computing (Nasdaq: RGTI) reports after the close. The stock trades as a high-beta proxy on progress toward practical quantum advantage, so tonight’s focus is less about headline beats and more about proof points on chiplet-based scaling, fidelity, and speed. Management has framed a three-to-four-year journey to quantum advantage, with 2025 positioned as a year to cross the 100-plus-qubit threshold while sustaining 99.5% median two-qubit gate fidelity. Commercial momentum remains concentrated in government and research contracts, leaving quarterly revenue sensitive to program timing and U.S. policy flow.
What to Expect When Rigetti Reports
| Metric | Estimate | Year-Ago (Q3 2024) |
|---|---|---|
| Revenue | $2.17 million | $3.06 million |
| EPS (Normalized) | –$0.04 | –$0.09 |
| Full-Year 2025 Revenue | $8.13 million | $12.26 million |
| Full-Year 2025 EPS | –$0.18 | –$0.35 |
Key Areas to Watch
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Chiplet performance, fidelity, and speed- Management disclosed Cepheus-1-36Q, a four-chiplet system hitting 99.5% median two-qubit gate fidelity, plus a plan to release a 100-plus-qubit chiplet system at the same fidelity before year-end. They also indicated gate speeds are trending from ~70 ns toward the 50–60 ns range, with sub-50 ns as a target for data-center-class hybrid computing. Updates here are core to the thesis.
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Timeline to quantum advantage- Rigetti continues to frame the requirement set as roughly 1,000+ qubits, 99.9% two-qubit fidelity, <50-ns gate speeds, and real-time error correction, with a ~4-year path viewed as the fastest realistic industry timeline. Any acceleration signals or intermediate milestones will matter for sentiment.
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Government demand and policy cadence- Revenue is concentrated in U.S. and U.K. government research programs. Management pointed to the NQI reauthorization process and DARPA’s QBI program as important demand drivers, with near-term order timing influenced by appropriations. Tonight’s color on pipeline, on-prem opportunities, and program timing is key.
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Balance sheet, OpEx, and runway- Rigetti ended Q2 with ~$571.6 million in cash, cash equivalents and investments, no debt, and completed $350 million of ATM equity sales during the quarter. Expect discussion of OpEx trajectory and hiring pace versus R&D milestones, plus any guardrails on share count following the raise.
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Ecosystem and manufacturing partners- Watch progress with Quanta on control systems and broader hardware stack integration aimed at future higher-volume, lower-cost production. Clarity on when Quanta-built controls enter the flow and how that supports scaling past a few hundred qubits will be a useful leading indicator.
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