Rigetti Q3 2026 earnings review
Quarter ended September 30, 2026
For information only, not investment advice. No rating or price target.
Rigetti Q3 2026 earnings review
Q3 revenue was $1.41M, and full-year 2026 revenue is expected to be approximately $20M.
Rigetti Computing, Inc. · Q3 2026 · Published Nov 11, 2026 · By DeepCell AI · Sources
1 · Rigetti (RGTI) Q3 2026 earnings review
Q3 revenue was $1.41M, and full-year 2026 revenue is expected to be approximately $20M
- 1.Revenue of $1.41M fell 27.5% year on year, below the $3.52M Yahoo Finance consensus
- 2.Non-GAAP diluted EPS was -$0.06, versus the -$0.05 Yahoo Finance consensus
- 3.That outlook of approximately $20M is below the $22.9M Yahoo Finance consensus
- 4.Cash and investments were $497.1M at Sep 30, 2026, and the company had no debt
- 5.Shares were +3.5% in pre-market at $12.57 as of 8:48 AM EST, not a close
Note: Full-year outlook wording is the company's: 2026 revenue expected to be approximately $20 million, assuming C-DAC customer acceptance and associated revenue recognition in the fourth quarter. Yahoo Finance consensus figures are dated Nov 10, 2026 (revenue average of 12 analysts; EPS estimate -$0.05). Pre-market is not a close.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; Yahoo Finance, Nov 10, 2026; CNBC, Nov 11, 2026 8:48 AM EST
2 · Executive summary
Q3 revenue was $1.41M and non-GAAP diluted EPS was -$0.06, both below the Yahoo Finance consensus (Nov 10, 2026)
Q3 2026 results vs. Yahoo Finance consensus (Nov 10, 2026)
| Metric | Actual | Consensus | Variance | Result |
|---|---|---|---|---|
| Q3 revenue | $1.41M | $3.52M | -$2.11M / -59.9% | Miss |
| Q3 non-GAAP diluted EPS | -$0.06 | -$0.05 | -$0.01 / +20.0% | Miss |
Share price, Nov 10 regular close to Nov 11 pre-market last
| Rigetti Computing (Nasdaq) | Nov 10 close, 4:00 PM EST | Nov 11 pre-market, 8:48 AM EST | Change ($) | Change (%) |
|---|---|---|---|---|
| RGTI | $12.15 | $12.57 | +$0.42 | +3.5% |
Both prices are from the CNBC quote page, fetched at 8:48 AM EST on Nov 11, 2026. The pre-market last is not a close. The Nov 10 regular close was $12.15, down 6.4% from the Nov 9 close of $12.98. CNBC does not state a reason for the move.
Note: The Yahoo Finance EPS estimate of -$0.05 is compared with official non-GAAP diluted EPS of -$0.06, because the Yahoo year-ago EPS of -$0.03 matches official non-GAAP diluted EPS for Q3 2025. Official GAAP diluted EPS was -$0.08.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; Yahoo Finance, Nov 10, 2026; CNBC, Nov 11, 2026 8:48 AM EST
3 · Q3 results vs. consensus
Full-year 2026 revenue is expected to be approximately $20M, below the Yahoo Finance consensus (Nov 10, 2026)
Note: The outlook of approximately $20 million assumes C-DAC customer acceptance and associated revenue recognition in the fourth quarter. Yahoo Finance full-year 2026 revenue consensus is the Nov 10, 2026 average of 13 analysts ($22.9 million). The company did not publish numerical quarterly earnings guidance.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; Yahoo Finance, Nov 10, 2026
4 · Guidance vs. consensus
Revenue fell 27.5% to $1.41M, while the GAAP operating loss widened to -$33.2M
- Revenue declinedRevenue fell 27.5% to $1.41M from $1.95M.
- Gross profit roseGAAP gross profit rose 112.1% to $0.86M, and gross margin widened to 60.7%.
- The net loss narrowedThe GAAP net loss narrowed to -$3.1M from -$201.0M, mainly because last year included a large warrant-liability charge.
Key figures
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $1.95M | $1.41M | (27.5%) |
| GAAP gross profit | $0.40M | $0.86M | 112.1% |
| Loss from operations | -$20.5M | -$33.2M | 61.5% |
| GAAP diluted EPS ($) | -$0.62 | -$0.08 | (87.1%) |
Note: The release rounds revenue to $1.4 million; the income statement shows $1.411 million. Nine-month revenue was $10.9 million, up approximately 110% from $5.2 million. Diluted GAAP net loss used in EPS is $28.428 million, wider than the $3.137 million net loss, because of the dilutive effect of warrants.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
5 · Q3 key financials
The 108-qubit system reached 99.5% median two-qubit fidelity, and a CHIPS Act award of up to $100M was signed
Technology milestone and funding award
As stated in Exhibit 99.1
| Metric | Q3 2026 |
|---|---|
| Median two-qubit fidelity, Cepheus-1-108Q | 99.5% |
| CHIPS Act award, up to | $100M |
In September 2026, Rigetti signed a definitive CHIPS Act agreement of up to $100 million with the U.S. Department of Commerce, which received a minority, non-controlling equity stake.“Our Cepheus-1-108Q system achieved our goal of 99.5% median two-qubit gate fidelity.” Dr. Subodh Kulkarni, CEO
Note: Cepheus-1-108Q is based on 12 interconnected 9-qubit chiplets. The release also cites 99.6% median two-qubit fidelity on an 80-qubit sublattice and 99.7% on a 50-qubit sublattice. The company is targeting a 300-plus-qubit system with about 99.7% median two-qubit fidelity by mid-2028.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
6 · Technology and awards
Revenue fell 27.5%, or -$0.54M, year on year
Revenue
$M, Q3 2025 vs Q3 2026
The release does not publish a current-period revenue split by product or customer
Note: Nine-month revenue of $10.949 million was up approximately 110% from $5.220 million. Full-year 2026 revenue guidance of approximately $20 million therefore implies a large fourth-quarter contribution, including assumed C-DAC acceptance.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
7 · Revenue
Nine-month revenue rose 109.8% to $10.9M
Note: The quarterly revenue chart is repeated here because the company does not publish a revenue mix by product, region or customer in Exhibit 99.1. The nine-month comparison is from the income statement.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
8 · Nine-month revenue
The GAAP operating loss widened 61.5% to -$33.2M
Note: The warrant-liability fair-value gain sits below operating loss and is not in this bridge. Cost of revenue declined, so gross profit increased even as quarterly revenue fell.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
9 · Operating loss bridge
GAAP gross margin widened to 60.7% from 20.7%
Note: The release does not attribute the gross-margin change to a stated mix or pricing factor. Operating margin remained deeply negative because operating expenses rose faster than gross profit.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
10 · Margin analysis
Nine-month cash used in operations was -$49.1M, and purchases of property and equipment were $42.6M
- Operating cash use increasedNine-month cash used in operating activities was -$49.1M, compared with -$43.6M a year earlier.
- Capital expenditure increasedNine-month purchases of property and equipment were $42.6M, up from $14.1M.
- Cash and investments remain largeCash, cash equivalents and available-for-sale investments were $497.1M at Sep 30, 2026.
Cash flow, nine months
| $M | Nine months 2025 | Nine months 2026 |
|---|---|---|
| Operating cash flow | -$43.6M | -$49.1M |
| Purchases of property and equipment | $14.1M | $42.6M |
Note: The Exhibit 99.1 cash-flow statement is for the nine months only. No quarterly cash-flow statement is presented in the release. The company had no debt.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
11 · Cash flow and financing
The company signed a CHIPS Act award of up to $100M and raised year-to-date capital expenditure to $42.6M
- CHIPS Act agreement signedIn September 2026, Rigetti signed a definitive agreement with the U.S. Department of Commerce for an award of up to $100M under the CHIPS Act.
- The award has three R&D programsThe award supports miniaturized readout electronics, expanded cryogenic capacity and fabrication capabilities for high-connectivity chip architectures.
- Equity stake was part of the awardAs a condition of the award, the Department received a minority, non-controlling equity stake in Rigetti.
Funding and capital expenditure
| Metric | Amount |
|---|---|
| CHIPS Act award, up to | $100M |
| Purchases of property and equipment, nine months | $42.6M |
| Cash and available-for-sale investments | $497.1M |
Note: The release does not state how much of the CHIPS Act award has been received or recognized. Funding is available in connection with the specified programs and conditions of the award.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
12 · Capital expenditure and awards
Cash and investments were $497.1M at Sep 30, 2026, and the company had no debt
- Cash was little changed, securities declinedCash and cash equivalents were $45.8M, and short- and long-term available-for-sale investments were $337.5M and $113.8M.
- Property and equipment increasedProperty and equipment, net, rose to $87.5M from $57.1M at year-end 2025.
- Warrant liabilities remainTotal derivative warrant liabilities were $53.1M, all classified as current, down from $102.6M at year-end.
Balance sheet
| $M | Dec 31, 2025 | Sep 30, 2026 |
|---|---|---|
| Cash and cash equivalents | $44.9M | $45.8M |
| Cash and available-for-sale investments | $589.8M | $497.1M |
| Property and equipment, net | $57.1M | $87.5M |
| Total stockholders equity | $546.2M | $542.0M |
Note: The release states cash, cash equivalents and available-for-sale investments of $497.1 million. The sum of the balance-sheet lines is $497.143 million. The company had no debt.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
13 · Balance sheet and debt
C-DAC acceptance, a wider cost base and warrant-liability swings are the main watch items
Indicator
What to watch
Implication
Latest reading
C-DAC customer acceptance
Guidance of approximately $20 million assumes fourth-quarter acceptance
Fourth-quarter revenue has to do most of the remaining work
FY guidance $20M
Operating expense growth
Research and development and SG&A both rose sharply year on year
Operating losses can stay wide even if fourth-quarter revenue rises
Operating expenses $34.0M
Low quarterly revenue run-rate
Q3 revenue of $1.411 million was below the $3.52 million Yahoo Finance consensus (Nov 10, 2026)
The guidance path depends on a small number of system acceptances
Q3 revenue $1.41M
CHIPS Act conditions
Up to $100 million is subject to the terms of the award
Funding may be delayed or smaller than the headline access
Access of up to $100 million
Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
14 · Key risks to guidance
Appendix: income statement items
| Claim | Evidence | Calculation |
|---|---|---|
| Revenue | $1.95M to $1.41M | 27.5% year on year |
| Gross profit | $0.40M to $0.86M | 112.1% year on year |
| Research and development | $15.0M to $25.5M | 69.7% year on year |
| Selling, general and administrative | $5.9M to $8.5M | 44.1% year on year |
Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
15 · Appendix: Income detail
Appendix: GAAP to non-GAAP items
| Claim | Evidence | Calculation |
|---|---|---|
| GAAP net loss | -$3.1M | Income statement |
| Stock-based compensation | $8.0M | Added back in the non-GAAP table |
| Change in fair value of warrants | $25.3M | A gain in Q3 2026, excluded from non-GAAP net loss |
| Non-GAAP net loss | -$20.5M | Non-GAAP diluted EPS -$0.06 |
Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
16 · Appendix: Non-GAAP items
Appendix: guidance and CHIPS Act award
| Claim | Evidence | Calculation |
|---|---|---|
| FY 2026 revenue guidance | Approximately $20M | Official wording; assumes C-DAC acceptance in Q4 |
| Yahoo Finance FY 2026 revenue consensus | $22.9M | Average of 13 analysts, Nov 10, 2026 |
| CHIPS Act award, up to | $100M | Definitive agreement signed in September 2026 |
| Median two-qubit fidelity, 108Q | 99.5% | Cepheus-1-108Q performance milestone |
Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
17 · Appendix: Outlook and awards
Appendix: cash and investments
| Claim | Evidence | Calculation |
|---|---|---|
| Cash and cash equivalents | $45.8M | Sep 30, 2026 |
| Short-term available-for-sale investments | $337.5M | Sep 30, 2026 |
| Long-term available-for-sale investments | $113.8M | Sep 30, 2026 |
| Cash and available-for-sale investments | $497.1M | Sum of the three balance-sheet lines |
Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
18 · Appendix: Liquidity
Appendix: income statement detail
Revenue and costs
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Revenue | $1.95M | $1.41M | (27.5%) |
| Cost of revenue | $1.54M | $0.55M | (64.1%) |
| Research and development | $15.0M | $25.5M | 69.7% |
| Selling, general and administrative | $5.9M | $8.5M | 44.1% |
Earnings
| $M unless noted | Q3 2025 | Q3 2026 | YoY |
|---|---|---|---|
| Loss from operations | -$20.5M | -$33.2M | 61.5% |
| Change in warrant liabilities | -$182.0M | $25.3M | n.m. |
| Net loss | -$201.0M | -$3.1M | (98.4%) |
| Non-GAAP net loss | -$10.7M | -$20.5M | 92.2% |
Note: n.m. means not meaningful. The warrant-liability item was a $182.0 million charge in Q3 2025 and a $25.3 million gain in Q3 2026.Source: Rigetti Computing Form 8-K Ex. 99.1, Nov 10, 2026; analysis of company data
19 · Appendix: Income statement
Appendix: sources
- Filing: Rigetti Computing Form 8-K, Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/1838359/000110465926125152/0001104659-26-125152-index.html
- Results release, Q3 2026 (Ex. 99.1) — https://www.sec.gov/Archives/edgar/data/1838359/000110465926125152/rgti-ex99d1.htm
- Investor relations — https://investors.rigetti.com/
- Consensus: Yahoo Finance, Nov 10, 2026 — https://finance.yahoo.com/quote/RGTI/analysis/
- Share price: CNBC RGTI quote, Nov 10, 2026 regular close $12.15 at 4:00 PM EST and Nov 11 pre-market last $12.57 at 8:48 AM EST — https://www.cnbc.com/quotes/RGTI
- Company figures are in U.S. dollars. Statement amounts originally in thousands were converted to millions. Non-GAAP figures follow the company's reconciliation tables.
- Chart and table values link to the model in the spreadsheet tabs of this file.
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20 · Sources
Important disclosures and disclaimer
For information only. This presentation is provided for information only. It is not investment, legal, tax or accounting advice, and it is not an offer, or a solicitation of an offer, to buy or sell any security.
No recommendation. It carries no rating, price target or buy, sell or hold view, and it was prepared without regard to any reader's investment objectives, financial situation or needs.
Sources and accuracy. Company figures come from Rigetti Computing's Form 8-K of November 10, 2026 (Exhibit 99.1). Consensus estimates (Yahoo Finance) and share prices (CNBC) are third-party data, credited on the sources page. We have not independently verified third-party data.
Basis of presentation. Figures are GAAP unless labelled non-GAAP, in U.S. dollars, for the quarters ended September 30, 2026 and 2025.
Forward-looking statements. Company commentary, consensus estimates and the watch items in this deck are forward-looking and may not be achieved. Readers should check the figures against the original filings.
Date of analysis. Share prices are the CNBC regular-session close at 4:00 PM EST on November 10, 2026, and the pre-market last at 8:48 AM EST on November 11, 2026. The pre-market last is not a close.
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21 · Disclosures
Sources
- Rigetti Computing Form 8-K Exhibit 99.1, Nov 10, 2026 — https://www.sec.gov/Archives/edgar/data/1838359/000110465926125152/rgti-ex99d1.htm Filing
- Rigetti Computing Form 8-K index, filed Nov 10, 2026 (accession 0001104659-26-125152) — https://www.sec.gov/Archives/edgar/data/1838359/000110465926125152/0001104659-26-125152-index.html Filing
- Rigetti investor relations — https://investors.rigetti.com/ Filing
- Yahoo Finance RGTI analysis, Nov 10, 2026 — https://finance.yahoo.com/quote/RGTI/analysis/ Filing
- CNBC RGTI quote: Nov 10, 2026 regular close $12.15 at 4:00 PM EST; Nov 11 pre-market last $12.57 at 8:48 AM EST — https://www.cnbc.com/quotes/RGTI Filing
Not investment advice; no rating or price target.
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