Key insights
- Rigetti Computing reported a third-quarter revenue miss and weaker-than-expected full-year 2026 guidance, causing its shares to fall. The company posted revenue of $1.4 million, significantly below analyst estimates, and projected 2026 revenue of approximately $20 million, also below consensus. Despite progress in system performance and securing a $100 million CHIPS Act award, the financial results and outlook weighed on investor sentiment.
Investing.com -- Rigetti Computing Inc (NASDAQ: RGTI) reported third quarter results that missed analyst expectations on both earnings and revenue, with shares falling 8.7% in after-hours trading Tuesday.
The quantum computing company posted an adjusted loss of $0.06 per share for the third quarter, compared to the analyst estimate of a $0.05 loss. Revenue totaled $1.4 million, significantly below the consensus estimate of $3.7 million and down 28% from $1.9 million in the same quarter last year. The company also issued full-year 2026 revenue guidance of approximately $20 million, below the analyst consensus of $22.9 million. The revenue outlook assumes customer acceptance and associated revenue recognition from its C-DAC contract in the fourth quarter.
For the nine months ended September 30, 2026, revenue reached $10.9 million, up 110% from $5.2 million in the first nine months of 2025. The company reported a GAAP net loss of $3.1 million for the quarter and an adjusted net loss of $20.5 million. Operating loss for the quarter was $33.2 million.
"Rigetti delivered meaningful progress during the third quarter across system performance, technology development and strategic execution," said Dr. Subodh Kulkarni, Rigetti CEO. "Our Cepheus-1-108Q system achieved our goal of 99.5% median two-qubit gate fidelity, demonstrating continued performance improvement at the 100-plus-qubit level and further validating our chiplet-based approach to scaling superconducting quantum computers."
In September 2026, Rigetti signed a definitive agreement with the U.S. Department of Commerce for an award of up to $100 million under the CHIPS Act. The award supports three research and development programs focused on miniaturized readout electronics, expanded cryogenic capacity, and fabrication capabilities for high-connectivity chip architectures. As a condition of the award, the Department received a minority, non-controlling equity stake in Rigetti.
The company ended the quarter with $497.1 million in cash, cash equivalents and available-for-sale investments, with no debt.
Original Article