Key Takeaways
- Rigetti reported second-quarter revenue of $5.14 million, surpassing analyst expectations of $5.09 million and significantly higher than the $1.8 million recorded in the prior-year period.
- Shares of RGTI climbed 4.9% on Friday, underperforming competitors IonQ (up 9.9%) and D-Wave Quantum (up 5.2%).
- Revenue from system and component sales reached $4.1 million of the total $5.14 million, marking a dramatic increase from zero in the year-ago quarter.
- The company’s operating loss expanded to $28.1 million compared to $20.4 million in Q2 2025.
- Rigetti closed the quarter with $541.3 million in cash reserves and maintains a debt-free balance sheet.
Rigetti Computing (RGTI) exceeded Wall Street’s second-quarter revenue projections on Thursday, propelling shares 4.9% higher on Friday as market participants welcomed the acceleration in system sales.
The quantum computing company delivered Q2 revenue of $5.14 million, narrowly topping the $5.09 million consensus estimate. This represents a substantial increase from the $1.8 million generated in the comparable quarter last year and marks sequential growth from the $4.4 million reported in Q1 2026.
RGTI shares advanced on Friday, though the gain was modest compared to industry counterparts. IonQ (IONQ) surged 9.9% while D-Wave Quantum (QBTS) added 5.2% during the same trading session.
Revenue from systems and components emerged as the quarter’s highlight. Wedbush Securities analyst Matt Bryson highlighted that these sales generated $4.1 million of the total $5.14 million in quarterly revenue, a sharp contrast to zero contributions from this segment in the prior-year period.
The company shipped both nine-qubit systems delivered this year to commercial customers, representing a milestone Wedbush had been anticipating. “We have been waiting on RGTI booking commercial revenues, and sales arrived faster than we had previously modeled,” Bryson stated.
The company is executing deliveries of systems built on its Novera processor architecture, including a significant contract with India’s Centre for Development of Advanced Computing (C-DAC). Chief Executive Subodh Kulkarni indicated that advance payments associated with the C-DAC agreement contributed to a nearly $2.5 million increase in deferred revenue during the first six months of the year.
Government-sourced revenue declined to 18% of total revenue from 92% in Q2 2025, while US-based revenue climbed to represent 80% of the total.
Operating Deficit Expands Amid Revenue Acceleration
Operating expenses totaled $30.3 million, exceeding the $25.8 million analyst projection. This elevated spending drove the operating loss to $28.1 million, substantially wider than the $20.4 million deficit recorded in Q2 2025.
Adjusted earnings per share showed a loss of $0.05, matching Wall Street expectations. Rigetti continues operating in the red as it channels resources into technological advancement.
While the expanding loss is notable, it’s important to recognize that D-Wave experienced a doubling of its operating loss during the identical timeframe.
Balance Sheet Strength Persists
The company concluded Q2 with $541.3 million in cash, cash equivalents, and available-for-sale securities, carrying zero debt obligations.
Wedbush’s Bryson maintained his Neutral stance on RGTI shares while reducing his price objective to $37 from $40.
In the previous month, Rigetti disclosed plans to supply a quantum computing system to the Pittsburgh Supercomputing Center, supported by National Science Foundation funding, expanding upon an established collaboration with Hewlett Packard Enterprise.
A letter of intent executed with the Commerce Department in May details $100 million in federal capital in return for an ownership position. Rigetti confirmed during Thursday’s earnings call that this arrangement remains pending finalization.
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