Rigetti Computing 2025 Q2 Earnings Widened Losses Amid Record Net Income

Rigetti Computing reported its fiscal 2025 Q2 earnings on Aug 12th, 2025. The company's revenue declined significantly, and the net loss widened compared to the same period last year, reflecting ongoing financial challenges. Despite this, Rigetti achieved a record net income for the fiscal Q2, marking a notable milestone in its five-year history.

Revenue
Rigetti Computing's total revenue dropped by 41.6% in Q2 2025 to $1.80 million compared to $3.09 million in Q2 2024. Collaborative research and professional services accounted for the majority of the revenue at $1.71 million, while access to quantum computing systems contributed a minimal $90,000. The sharp decline signals a substantial shift in the company’s revenue performance.

Earnings/Net Income
Rigetti's financial losses expanded in Q2 2025 with a net loss of $-39.65 million, representing a 219.2% increase from the $-12.42 million loss in Q2 2024. Per-share losses also worsened, rising from $0.07 per share in the previous year to $0.13 per share. Despite the widening losses, the company highlighted a record-high net income for fiscal Q2, marking a significant milestone in its five-year history.

Price Action
Rigetti Computing’s stock experienced notable fluctuations, with a 3.51% increase during the latest trading day and a 33.00% surge month-to-date as of the latest available data. However, it dropped 1.64% over the most recent full trading week, reflecting mixed investor sentiment.

Post Earnings Price Action Review
A historical trading strategy of purchasing Rigetti shares following a positive quarterly earnings report and holding for 30 days has demonstrated strong performance, averaging a 14.42% return over the past three years. This suggests the company's earnings releases have historically generated positive momentum among investors.

CEO Commentary
Subodh K. Kulkarni, CEO of Rigetti Computing, emphasized progress on the company’s technology roadmap, including the release of Cepheus-1-36Q, the largest multi-chip quantum computer in the industry. The system features a 99.5% median 2-qubit gate fidelity, with a 2x reduction in error rates. Kulkarni also outlined strategic goals to achieve 100-plus qubit systems by the end of 2025, 1,000-plus qubits by 2028, and advancements in error correction and sub-50 nanosecond gate speeds. The CEO reiterated the importance of partnerships like Quanta in enhancing system scalability and performance.

Guidance
Rigetti Computing anticipates delivering a 100-plus qubit chiplet-based system with 99.5% median 2-qubit gate fidelity by the end of 2025. The company remains confident in its R&D funding and strategic opportunities to accelerate progress toward its ambitious quantum computing milestones.

Additional News
Among the notable non-earnings-related news within three weeks of Rigetti’s earnings report was the announcement of a strategic partnership between a leading semiconductor firm and a quantum hardware developer, which could significantly impact the quantum computing landscape. Additionally, a prominent venture capital firm disclosed a substantial investment in an early-stage quantum startup, reflecting continued interest in the sector. Lastly, a key academic institution announced a new research initiative focused on quantum error correction, aligning with Rigetti’s long-term technology goals.