Rigetti Revenue Tops, Yet Losses Widen

Rigetti Computing (RGTI) reported fiscal 2026 Q2 earnings on August 7, 2026. While revenue slightly beat consensus estimates at $5.14 million against a $5.13 million expectation, adjusted EPS of -$0.05 matched forecasts. However, operating expenses exceeded estimates, and the company provided no upward guidance adjustments, citing ongoing R&D investments.

Revenue

The total revenue of Rigetti Computing increased by 185.3% to $5.14 million in 2026 Q2, up from $1.80 million in 2025 Q2. Sales of quantum computers and quantum components drove this growth, contributing $4.10 million, while collaborative research and professional services generated $952,000. Access to quantum computing systems added $88,000 to the total.

Earnings/Net Income

Rigetti Computing's losses deepened to $0.16 per share in 2026 Q2 from a loss of $0.13 per share in 2025 Q2 (23.1% wider loss). Meanwhile, the company's net loss widened to $-52.61 million in 2026 Q2, representing a 32.7% increase from the $-39.65 million loss recorded in 2025 Q2. The EPS result reflects a deterioration in profitability as operating expenses outpaced revenue growth.

Price Action

The stock price of Rigetti Computing has edged up 2.35% during the latest trading day, has jumped 11.24% during the most recent full trading week, and has edged down 0.12% month-to-date.

Post-Earnings Price Action Review

On the only clearly defined revenue-miss event in the dataset, RGTI did not behave like a clean “buy-the-miss, hold 30 days” setup. Using the latest earnings release on August 6, 2026, the stock closed at $19.32 that day and was at $17.94 on the 30th trading day later (August 7, 2026), for a -7.1% 30-trading-day return. The stock closed at $17.45 on the entry date of August 7, 2026, and exited at $17.94 thirty trading days later, resulting in a negative return. Although the dataset flags this as a small positive revenue surprise rather than a miss, the 30-day hold still turned negative. This case argues against a simple bullish mean reversion after earnings for RGTI, as the stock is clearly event-driven and sentiment-sensitive. Consequently, a rules-based strategy requires tighter filters around earnings direction, guidance, and liquidity.

CEO Commentary

Dr. Subodh Kulkarni, Rigetti CEO, emphasized execution on system performance and technology roadmap progress during the second quarter, noting broadening engagement across government, academic, and commercial sectors. He highlighted the strategic HPE-Pittsburgh Supercomputing Center collaboration for hybrid quantum-classical supercomputing as evidence of growing demand for Rigetti’s differentiated open modular architecture. Dr. Kulkarni expressed optimism regarding the potential $100 million U.S. Department of Commerce funding, stating it could accelerate key R&D programs to scale superconducting quantum computing. He affirmed commitment to cloud service uptime and ease of use while leveraging the company’s strong cash position and zero debt to fund ongoing investments in its chiplet-based scaling strategy.

Guidance

Rigetti targets a path toward systems with approximately 1,000 qubits, approximately 99.9% two-qubit gate fidelity, and gate speeds below 50 nanoseconds over a roughly three-year horizon. The company intends to improve coherence time through chip design, fabrication, and materials improvements to support continued fidelity gains as systems scale. Management expects the potential $100 million U.S. Department of Commerce funding, contingent on definitive agreements, to accelerate superconducting quantum computing R&D. Additionally, Rigetti plans to invest up to $100 million in the United Kingdom over the next several years to support physical deployments, talent, and facilities. The company believes its chiplet-based and open modular architecture provides a practical framework for scaling over time, aiming to deliver differentiated quantum-enhanced high-performance computing solutions.

Additional News

Wedbush Securities maintained a Neutral rating on Rigetti Computing, lowering its price target to $37 from $40. Analyst Matt Bryson noted that system and component sales contributed significantly to the quarter's results, with government revenue falling to 18% from 92% in the prior year period. Benchmark initiated coverage with a Buy rating and a $25 target, while California State Teachers’ Retirement System purchased 70,179 shares. The stock currently holds an average Moderate Buy rating among analysts with a $32 average price target. Positive sentiment persists regarding the company’s $541.3 million cash position and no debt, which supports its hybrid quantum-classical computing strategy through an NSF-backed testbed with Hewlett Packard Enterprise.