Rigetti Computing's Q2 2025 Results: Revenue Down 41.6%, Net Loss $39.7M Amid Quantum Computing Progress

Rigetti Computing's Q2 2025 results showed a 41.6% drop in revenue to $1.8 million and a net loss of $39.7 million, overshadowing its 99.5% median two-qubit gate fidelity in its 36-qubit Cepheus-1-36Q system. The company raised $350 million through an equity offering, boosting its cash to $571.6 million, but nearly doubled its share count, stoking dilution worries. Despite the market's reaction, management reiterated plans to launch a 100+ qubit system by year-end.

Rigetti Computing, Inc. (Nasdaq: RGTI), a pioneer in full-stack quantum-classical computing, announced its financial results for the second quarter ended June 30, 2025. The company reported total revenues of $1.8 million, a 41.6% drop from the previous quarter, and an operating loss of $19.9 million. The net loss for the period was $39.7 million, including $22.8 million of non-cash losses for the fair value change in the derivative warrant and earn-out liabilities [1].

The company's strong financial position was bolstered by a $350 million equity offering, which raised its cash reserves to $571.6 million. This funding will primarily be used for working capital, capital expenditures, and other general corporate purposes, with potential allocations for strategic collaborations, acquisitions, or partnerships [1].

Technologically, Rigetti made significant strides with the release of its 36-qubit Cepheus-1-36Q system, which achieved a 2x reduction in two-qubit gate error rates and a median two-qubit gate fidelity of 99.5%. This system is the industry's largest multi-chip quantum computer and is now available on the Rigetti Quantum Cloud Services Platform (QCS®) and Microsoft Azure [1].

Despite the financial challenges, Rigetti's CEO, Dr. Subodh Kulkarni, expressed confidence in hitting end-of-year technology goals and launching a 100+ qubit system by the end of 2025. The company's proprietary chiplet-based approach to scaling is expected to continue driving performance improvements and move the industry closer to quantum advantage and fault tolerance [1].

References:
[1] https://investors.rigetti.com/news-releases/news-release-details/rigetti-computing-reports-second-quarter-2025-financial-results