Rigetti Computing (RGTI) Q4 2025 earnings summary

Executive summary

• Achieved 99.9% two-qubit gate fidelity at 28ns gate speed using a proprietary adiabatic CZ scheme, validating key technology milestones and advancing toward practical quantum advantage.

• Deployed multiple quantum systems to the cloud, including 84-qubit and 36-qubit systems, and advanced chiplet-based architecture for scalability.

• Secured major orders: $8.4M from India's C-DAC for a 108-qubit system, $5.7M for two 9-qubit Novera systems, and expanded into Japan.

• Strengthened partnerships with Riverlane (error correction), NVIDIA (hybrid AI integration), QphoX (optical readout), and Quanta Computer, reinforcing an open modular ecosystem.

• Ended 2025 with $590M in cash, providing runway for long-term roadmap execution.

Financial highlights

• Q4 2025 revenue was $1.9M; full-year 2025 revenue reached $7.1M.

• Gross margin for Q4 was 35%, impacted by contract mix and inclusion of lower-margin refrigeration systems.

• Q4 operating expenses were $23.2M, with R&D as the main cost driver.

• Q4 operating loss was $22.6M; non-GAAP net loss was $11.3M or $0.03/share.

• Ended 2025 with $590M in cash and no debt.

Outlook and guidance

• Targeting deployment of a 108-qubit system at 99.5% median two-qubit gate fidelity by end of March 2026.

• Aiming to deploy a >150-qubit system with 99.7% median two-qubit gate fidelity by end of December 2026.

• Roadmap includes >1,000-qubit system with 99.8% median two-qubit gate fidelity by end of 2027.

• Expects significant year-over-year revenue growth in Q1 2026 from Novera system deliveries.

• Revenue from the $8.4M C-DAC order to be recognized in the second half of 2026 upon system validation.