Revenue: As of FY2025 Q4, the actual value is USD 1.868 M.

EPS: As of FY2025 Q4, the actual value is USD -0.06.

EBIT: As of FY2025 Q4, the actual value is USD -28.37 M.

Financial Highlights

Fourth Quarter 2025

• Total revenues were $1.9 million.
• Operating loss was - $22.6 million.
• GAAP net loss was - $18.2 million.
• Non-GAAP net loss was - $11.3 million.

Full-Year 2025

• Total revenues were $7.1 million.
• GAAP net loss was - $216.2 million.
• Non-GAAP net loss was - $50.5 million.
• Cash, cash equivalents and available-for-sale investments totaled $589.8 million as of December 31, 2025.

Detailed Financials (in thousands)

Three Months Ended December 31, 2025

• Revenue: $1,868.
• Cost of revenue: $1,216.
• Total gross profit: $652.
• Research and development expenses: $17,348.
• Selling, general and administrative expenses: $5,901.
• Total operating expenses: $23,249.
• Loss from operations: - $22,597.
• Interest income: $5,769.
• Change in fair value of derivative warrant liabilities: - $1,379.
• Total other income (expense), net: $4,390.
• Net loss: - $18,207.

Year Ended December 31, 2025

• Revenue: $7,088.
• Cost of revenue: $5,024.
• Total gross profit: $2,064.
• Research and development expenses: $61,345.
• Selling, general and administrative expenses: $25,379.
• Total operating expenses: $86,724.
• Loss from operations: - $84,660.
• Interest income: $16,561.
• Change in fair value of derivative warrant liabilities: - $150,629.
• Change in fair value of earn-out liabilities: $2,518.
• Total other income (expense), net: - $131,550.
• Net loss: - $216,210.

Cash Flow (in thousands)

Year Ended December 31, 2025

• Net cash used in operating activities: - $58,543.
• Purchases of property and equipment: - $18,676.
• Purchases of available-for-sale securities: - $635,652.
• Maturities of available-for-sale securities: $251,000.
• Net cash used in investing activities: - $403,328.
• Proceeds from sale of common stock through At-The-Market (ATM) Offerings: $346,719.
• Proceeds from sale of common stock from Quanta private placement transaction: $35,000.
• Proceeds from issuance of common stock upon exercise of warrants: $49,991.
• Net cash provided by financing activities: $439,086.
• Cash and cash equivalents – end of period: $44,851.

Operational Metrics

• RIGETTI COMPUTING, INC. demonstrated 99.9% two-qubit gate fidelity at 28 nanosecond gate speed on a prototype platform.
• The company achieved median two-qubit gate fidelities of 99.7% on its 9-qubit system, 99.6% on its 36-qubit system, and 99% on its 108-qubit system (Cepheus-1-108Q).
• RIGETTI COMPUTING, INC. announced an approximately $8.4 million purchase order from India’s Centre for Development of Advanced Computing (C-DAC) for a 108-qubit on-premises superconducting quantum computer, expected to be deployed in the second half of 2026.
• The company continued to advance delivery of two previously announced Novera on-premises quantum systems totaling approximately $5.7 million in purchase orders.
• A purchase order for a Novera QPU from a Japanese research organization was secured, with delivery expected in April 2026.

Outlook / Guidance

RIGETTI COMPUTING, INC. is focused on executing its roadmap, including deploying its 108-qubit system at 99.5% median two-qubit gate fidelity and advancing toward larger-scale systems. The company anticipates significant first-quarter year-over-year revenue growth, driven by a portion of the $5.7 million Novera on-premises system purchase orders expected to ship in Q1. The $8.4 million C-DAC 108-qubit system is expected to be deployed in the second half of 2026.