Rigetti Computing (RGTI) Q1 2026 earnings summary

Executive summary

• Achieved general availability of the 108-qubit Cepheus-1-108Q system, now accessible via major cloud platforms and on-premises deployments, marking the largest modular quantum computer on the market.

• Revenue for Q1 2026 increased 199% year-over-year to $4.4 million, driven by Novera QPU deliveries, system sales, and expanding customer adoption across government, academic, and commercial sectors.

• Maintained disciplined execution toward quantum advantage within three years, leveraging chiplet-based architecture, high-speed superconducting qubits, and ongoing fidelity improvements.

• Announced plans to invest up to $100 million in the UK to deploy a >1,000-qubit system within 3-4 years, supporting international expansion.

• Strong capital position with no debt and cash, cash equivalents, and investments totaling up to $569 million at quarter end.

Financial highlights

• Q1 2026 revenue was $4.4 million, up from $1.5 million in Q1 2025, primarily due to Novera QPU and system deliveries.

• Gross margin improved to 31%, slightly higher than 30% in Q1 2025, impacted by contract mix and third-party refrigeration.

• Operating expenses rose to $27.3 million, with R&D as the main cost driver; operating loss for Q1 2026 was $26.0 million.

• GAAP net income was $33.1 million, down from $42.6 million in Q1 2025, reflecting lower non-cash gains from fair value adjustments.

• Non-GAAP net loss was $14.7 million ($0.04/share), improved from $15.3 million ($0.05/share) in Q1 2025.

Outlook and guidance

• Expects remaining Novera QPU revenue from $5.7 million in orders to be recognized in Q2 2026.

• $8.4 million C-DAC order for a 108-qubit system in India expected to be recognized in Q4 2026.

• Near-term focus on driving Cepheus-1-108Q to 99.5% median two-qubit gate fidelity by year-end and scaling chiplet architecture to over 1,000 qubits.

• Anticipates continued revenue variability due to timing of system deliveries, government projects, and development contracts.

• Strong cash position and no debt provide flexibility for ongoing investment in technology and customer opportunities.