Rigetti Computing sinks as Needham sees customer traction 'increasing' after Q1 results
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Rigetti Computing (RGTI) shares dropped 8.5% following Q1 results, despite Needham's view that customer traction is increasing. The company recognized less than half of the ~$5.7MM in orders for its 9-qubit Novera QPU systems, with expectations to recognize the rest in 2Q26. Rigetti shipped a Novera QPU to the University of Saskatchewan and anticipates revenue from a sale to a Japan-based organization in 2Q26. The company is on track to deliver its Cepheus-1-108Q to C-DAC in India by 4Q26. Needham maintains a Buy rating and a $31 price target on the stock.
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