TLDR
- Rigetti posted Q2 revenue of $5.14 million, beating the $5.09 million estimate and up from $1.8 million a year ago.
- RGTI stock fell 4.4% in after-hours trading despite the revenue beat.
- Operating loss widened to $28.1 million from $20.4 million in the year-ago quarter.
- EPS came in at a loss of $0.05, missing the Zacks estimate of a $0.03 loss.
- Rigetti holds $541.3 million in cash with no debt as of June 30.
Rigetti Computing posted Q2 revenue of $5.14 million, beating analyst forecasts of $5.09 million. That is a sharp jump from the $1.8 million reported in the same quarter last year. Despite the top-line beat, RGTI stock dropped 4.4% in after-hours trading Thursday.
$RGTI (Rigetti Computing) #earnings are out: pic.twitter.com/FWwcOp04T0
— The Earnings Correspondent (@earnings_guy) August 6, 2026
The stock has now lost about 24.2% year-to-date, underperforming the S&P 500, which is up 12.8% over the same period.
The revenue beat was driven in large part by accelerating quantum system sales. These on-premise systems can fetch millions of dollars each, making them a key revenue driver for the company.
Rigetti said it is currently fulfilling orders for systems using its Novera processor, including a major order to a research center in India. The company also plans to deliver a quantum computer to the Pittsburgh Supercomputing Center, backed by a National Science Foundation grant.
That deal builds on an existing partnership with Hewlett Packard Enterprise.
Losses Continue to Widen
Despite the revenue growth, losses deepened. Rigetti reported an operating loss of $28.1 million for Q2, up from $20.4 million in the same period last year.
Adjusted EPS came in at a loss of $0.05, which matched the year-ago figure but missed the Zacks consensus estimate of a $0.03 loss. That represents an earnings surprise of negative 66.67%.
On the positive side, Rigetti ended the quarter with no debt and $541.3 million in cash, cash equivalents, and available-for-sale investments.
For context, IonQ posted $80.1 million in revenue for its latest quarter. D-Wave Quantum slipped 0.1% in after-hours trading, while IonQ dipped 0.9%.
Federal Funding Agreement Still Pending
One key development to watch is a letter of intent with the Commerce Department, announced in May. Under the terms, Rigetti would receive $100 million in federal funding in exchange for an equity stake.
Rigetti confirmed Thursday that the agreement has not yet been finalized.
The company uses a superconducting quantum architecture and is pursuing a chiplet-based approach, which it hopes will make it easier to build larger systems without driving up error rates.
Earlier this year, Rigetti delayed the release of its Cepheus-1-108Q system while it worked to hit certain technical milestones.
Looking ahead, the current consensus EPS estimate is a loss of $0.05 on $3.92 million in revenue for the coming quarter, and a loss of $0.18 on $25.33 million in revenue for the full fiscal year.
Zacks currently rates RGTI a Hold (Rank 3), suggesting the stock is expected to perform in line with the market in the near term.
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