Rigetti Computing (NASDAQ:RGTI) Posts Quarterly Earnings Results, Meets Estimates

Rigetti Computing (NASDAQ:RGTI) posted its quarterly earnings results on Thursday. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05), FiscalAI reports. The company had revenue of $5.14 million during the quarter, compared to analyst estimates of $5.09 million. Rigetti Computing had a negative net margin of 2,189.54% and a negative return on equity of 17.82%.

Here are the key takeaways from Rigetti Computing’s conference call:

• Revenue rose to $5.1 million from $1.8 million year over year, driven by Novera QPU sales, while gross margin improved to approximately 43% from 31%.
• Rigetti remains on track to recognize the $8.4 million C-DAC 108-qubit system order in the fourth quarter and plans to deliver a full 9-qubit Novera system to the HPE/Pittsburgh Supercomputing Center hybrid-computing testbed in 2027.
• A Department of Commerce letter of intent could provide up to $100 million over three years to accelerate chiplet-based superconducting quantum computing development, although the funding is not yet definitive and would involve equity issuance.
• Rigetti reported median two-qubit fidelity of roughly 99.1% on its 108-qubit Cepheus system and expects further improvement before year-end; however, management acknowledged that customers are still primarily conducting research rather than commercially valuable quantum-advantage workloads.
• Operating expenses increased to $30.3 million and the non-GAAP net loss widened to approximately $16 million, while cash and investments declined to $541.3 million from $589.8 million at year-end as the company invests heavily in R&D, fabrication, and refrigeration infrastructure.

Rigetti Computing Price Performance

RGTI traded up $1.41 on Friday, hitting $17.94. The company had a trading volume of 29,936,801 shares, compared to its average volume of 21,786,144. Rigetti Computing has a 52-week low of $12.53 and a 52-week high of $58.15. The stock has a fifty day simple moving average of $18.28 and a 200-day simple moving average of $18.06. The firm has a market capitalization of $5.96 billion, a P/E ratio of -19.93 and a beta of 1.99.

Insider Buying and Selling at Rigetti Computing

In other Rigetti Computing news, CFO Jeffrey A. Bertelsen sold 3,682 shares of the company’s stock in a transaction that occurred on Friday, May 22nd. The stock was sold at an average price of $22.95, for a total transaction of $84,501.90. Following the transaction, the chief financial officer owned 171,927 shares in the company, valued at approximately $3,945,724.65. This represents a 2.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO David Rivas sold 499,328 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the transaction, the chief technology officer directly owned 325,945 shares of the company’s stock, valued at $8,279,003. This represents a 60.50% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 728,901 shares of company stock valued at $17,546,343. 1.60% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Rigetti Computing

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its stake in shares of Rigetti Computing by 1,632.5% in the 4th quarter. Victory Capital Management Inc. now owns 2,571,289 shares of the company’s stock worth $56,954,000 after acquiring an additional 2,422,873 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in Rigetti Computing during the second quarter worth about $21,887,000. Defiance ETFs LLC purchased a new stake in Rigetti Computing in the fourth quarter worth about $34,267,000. UBS Group AG grew its holdings in Rigetti Computing by 90.9% in the third quarter. UBS Group AG now owns 3,081,174 shares of the company’s stock worth $91,788,000 after purchasing an additional 1,467,483 shares during the period. Finally, Quadrature Capital Ltd increased its stake in shares of Rigetti Computing by 167.3% during the fourth quarter. Quadrature Capital Ltd now owns 2,205,943 shares of the company’s stock valued at $48,862,000 after purchasing an additional 1,380,804 shares in the last quarter. Hedge funds and other institutional investors own 35.38% of the company’s stock.

Trending Headlines about Rigetti Computing

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Commercial momentum is improving. Second-quarter revenue rose 185.3% year over year to approximately $5.14 million, slightly exceeding consensus expectations. Wedbush said shipments of Rigetti’s Novera quantum systems are driving a more commercial revenue mix, while other coverage highlighted major quantum-computing orders. Rigetti Computing Q2 Shows Commercial Mix Inflection Rigetti Stock Rises as Major Quantum Orders Fuel Growth
• Positive Sentiment: Analyst support added to the bullish case. Rosenblatt Securities reaffirmed its “buy” rating and maintained a $40 price target, implying substantial upside from the stock’s recent level. Broader investor interest in quantum-computing stocks is also being supported by expectations for progress toward a potential “quantum advantage” milestone in 2026. Rosenblatt Rating Update Quantum Computing Stocks With Analyst Upside
• Positive Sentiment: Rigetti reported technology and strategic progress. The company cited improving quantum performance, continued development of its technology roadmap, partnerships including Hewlett Packard Enterprise, and potential U.S. government research support of up to $100 million. It ended June with approximately $541.3 million in cash and no debt, providing financial flexibility. Rigetti Computing Reports Second Quarter Results

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on RGTI. Wall Street Zen lowered shares of Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday. Benchmark started coverage on shares of Rigetti Computing in a research note on Monday, July 27th. They set a “buy” rating and a $25.00 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a report on Friday. Northland Securities assumed coverage on Rigetti Computing in a research note on Monday, April 20th. They issued a “market perform” rating and a $20.00 target price on the stock. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $31.00 price target on shares of Rigetti Computing in a research note on Tuesday, May 12th. Seven equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Rigetti Computing presently has a consensus rating of “Moderate Buy” and an average target price of $30.67.

Rigetti Computing Company Profile

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.