Rigetti Q3 Revenue Falls to $1.4M, Operating Loss Widens as Net Loss Narrows
Rigetti Q3 revenue fell to $1.4 million from $1.947 million a year earlier as operating loss widened to $33.2 million, while GAAP net loss narrowed to $3.1 million on a warrant-liability gain.
Rigetti Computing (RGTI) reported third-quarter 2026 revenue of $1.4 million, down from $1.947 million a year earlier, and an operating loss of $33.2 million. GAAP net loss narrowed to $3.1 million from $200.968 million on a $25.291 million warrant-liability gain. GAAP diluted loss per share was $0.08 versus $0.62.
For the first nine months of 2026, revenue grew approximately 110% to $10.9 million from $5.2 million in the same period of 2025, and gross profit rose to $4.423 million from $1.412 million. Operating expenses for the quarter rose to $34.043 million from $20.953 million.
As of September 30, 2026, cash, cash equivalents and available-for-sale investments totaled $497.1 million, and the company had no debt. Rigetti said it expects approximately $20 million in full-year 2026 revenue, assuming C-DAC customer acceptance and associated fourth-quarter revenue recognition.
A definitive Commerce Department award provides up to $100 million for research and development, with the department receiving a minority, non-controlling equity stake. The award, signed in September 2026 under the CHIPS Act, supports miniaturized readout electronics, expanded cryogenic capacity through a new cryostat architecture, and fabrication capabilities for high-connectivity chip architectures.
On the technology side, Rigetti said its Cepheus-1-108Q system met its 99.5% median two-qubit gate fidelity milestone. The company targets a 300-plus-qubit system by mid-2028, with approximately 99.7% median two-qubit fidelity and sub-60-nanosecond gates, and approximately 1,000 qubits within about three years at roughly 99.9% two-qubit fidelity. Rigetti said it plans to increase qubit density in a single fridge rather than network multiple fridges together.
Rigetti shares were down about 6.4% in delayed trading at $12.15. The company reported the results after the market close on November 10, 2026.