March 14, 2026

Sutor Group Earnings Brief: Rigetti Computing Announces Financial Results for Q2 2025

Bob Sutor011 mins
A futuristic datacenter showing money floating over computers

What Happened?

On , Rigetti Computing announced its financial results for the Q2 2025 quarter ending June 30, 2025. See its press release for the full details.

TL;DR

  • In what is becoming a familiar pattern, the earnings reports of small public quantum computing companies are characterized by lackluster earnings, a lot of assets due to earlier stock appreciation and speculation followed by company at-the-market stock sales, and net income/loss and earnings per share that vary from quarter to quarter due to outstanding or resolved derivative warrant liabilities.
  • Revenue was up a bit from the last quarter but down over 40% year-to-year. Whatever else is going on per the company’s accomplishment announcements, it is not translating to significant and sustained sales growth.
  • Having a large bank account is nice, of course, and will allow a company to stay in business for the foreseeable future, but this must translate to sales of competitive quantum computing systems.

The Numbers

The revenue situation will become clear in the next section, but what troubles us is the significant drop in R&D expenses. Yes, this reduced operating expenses, but reducing R&D can damage your future commercial prospects. Rigetti has increased its R&D over the last four quarters, so we will see in the next quarter if this is a one-time aberration.

Rigetti Computing GAAP Quarterly Financial Results

Q2 2025Q1 2025Q/QQ2 2024Y/Y
Revenue ($M)1.8011.472↑ 22.4 %3.086↓ 41.6 %
Operating Expenses ($M)20.44822.074↓ 7.4 %18.075↑ 13.1 %
Research & Development ($M)13.52215.455↓ 12.5 %11.870↑ 13.9 %
Net Income (Loss) ($M)(39.654)42.619↓ 193.0 %(12.421)↑ 219.2 %
Diluted Earnings (Loss) Per Share ($)0.130.13–(0.07)↓ 285.7 %
Total Assets ($M)636.690269.138↑ 136.6 %162.412↑ 292.0 %

The Charts

While revenue increased slightly in Q2, it is still the second-lowest value over the last two years.


Q2 2025 Rigetti Computing earnings chart

In our opinion, Rigetti has done a good job historically at controlling its operating expenses. Although they and R&D were down in Q2, they are now back near their values at the end of 2024.


Q2 2025 Rigetti Computing earnings chart

Given the size of the assets, Rigetti can and should, in our opinion, start making some bold moves to shore up revenue and diversify. Will they follow the path of IonQ and start acquiring?


Q2 2025 Rigetti Computing earnings chart

Additional Thoughts

Rigetti introduced its 4-chip Cepheus-1-36Q thirty-six qubit system this quarter. While we’re all for networking small quantum processing units to make bigger ones, at 9 qubits, these chips are tiny. Yes, they have the 84-Qubit Ankaa™-3 System single-chip system, but this falls far short of what Google and especially IBM are doing with their devices.

We’ve been trying to come up with creative names for these 9-qubit quantum chiplets. Quiplets? Qublets? We acknowledge that Rigetti is currently developing the networking engineering for connecting multiple chips. We need to see, however, fidelities for qubit-to-qubit gates within the chips and across chips. A big table of all qubit-to-qubit CX or CZ fidelities would do nicely.

In its earnings press release, Rigetti said:

Rigetti expects to release its 100+ qubit chiplet-based system at 99.5% median two-qubit gate fidelity before the end of 2025.

In a company post, “The Rigetti 128-qubit chip and what it means for quantum,” on August 8, 2018, then CEO Chad Rigetti stated:

Today we’re sharing more details on our plans to build and deploy a 128-qubit system over the next 12 months …

We certainly wish them luck as we watch and wait.

Company Profile

Company

Rigetti Computing (RGTI)
Contact Email: press@rigetti.com
Contact Phone: +15102105550

Year Founded

2013

Headquarters

775 Heinz Avenue, Berkeley, California 94710, USA

Company Description

Generated with the aid of Perplexity on August 18, 2025

Rigetti Computing develops and manufactures superconducting quantum processors and full-stack quantum computing systems. Their technology centers on superconducting qubits integrated into quantum chips, which are controlled by custom-designed hardware and software architectures. They provide a cloud-based Quantum Cloud Services platform that enables hybrid quantum/classical computing through their Quil instruction language and developer tools. Rigetti collaborates on advancing quantum machine learning, quantum error correction, and multi-channel optical readout techniques for quantum processors. Their work primarily serves industries engaged in quantum computing research and development, focusing on enhancing quantum hardware performance and software integration.

Senior Leadership



Subodh KulkarniChief Executive Officer


David RivasChief Technology Officer


Jeffrey BertelsenChief Financial Officer


Andrew BestwickSenior Vice President, Quantum Systems


Jackie KaweckSenior Vice President, Human Resources

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