Rigetti Computing (NASDAQ:RGTI) Releases Quarterly Earnings Results, Meets Expectations

Rigetti Computing (NASDAQ:RGTI) released its quarterly earnings data on Thursday. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05), FiscalAI reports. Rigetti Computing had a negative return on equity of 17.82% and a negative net margin of 2,189.54%.The firm had revenue of $5.14 million during the quarter, compared to analysts’ expectations of $5.09 million.

Here are the key takeaways from Rigetti Computing’s conference call:

• Revenue rose to $5.1 million from $1.8 million year over year, driven by Novera QPU sales, while gross margin improved to approximately 43% from 31%.
• Rigetti remains on track to recognize the $8.4 million C-DAC 108-qubit system order in the fourth quarter and plans to deliver a full 9-qubit Novera system to the HPE/Pittsburgh Supercomputing Center hybrid-computing testbed in 2027.
• A Department of Commerce letter of intent could provide up to $100 million over three years to accelerate chiplet-based superconducting quantum computing development, although the funding is not yet definitive and would involve equity issuance.
• Rigetti reported median two-qubit fidelity of roughly 99.1% on its 108-qubit Cepheus system and expects further improvement before year-end; however, management acknowledged that customers are still primarily conducting research rather than commercially valuable quantum-advantage workloads.
• Operating expenses increased to $30.3 million and the non-GAAP net loss widened to approximately $16 million, while cash and investments declined to $541.3 million from $589.8 million at year-end as the company invests heavily in R&D, fabrication, and refrigeration infrastructure.

Rigetti Computing Price Performance

Shares of NASDAQ RGTI traded up $1.41 during trading hours on Friday, hitting $17.94. 29,936,801 shares of the stock were exchanged, compared to its average volume of 21,786,144. Rigetti Computing has a one year low of $12.53 and a one year high of $58.15. The company’s 50 day moving average is $18.28 and its 200 day moving average is $18.06. The firm has a market capitalization of $5.96 billion, a P/E ratio of -19.93 and a beta of 1.99.

Insiders Place Their Bets

In other Rigetti Computing news, Director Ray O. Johnson sold 122,188 shares of the company’s stock in a transaction dated Monday, June 8th. The shares were sold at an average price of $21.30, for a total transaction of $2,602,604.40. Following the completion of the sale, the director directly owned 171,273 shares in the company, valued at $3,648,114.90. This represents a 41.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CTO David Rivas sold 499,328 shares of the firm’s stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $25.40, for a total value of $12,682,931.20. Following the completion of the sale, the chief technology officer directly owned 325,945 shares in the company, valued at approximately $8,279,003. This represents a 60.50% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 728,901 shares of company stock valued at $17,546,343 in the last quarter. Insiders own 1.60% of the company’s stock.

Institutional Trading of Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the business. Comerica Bank boosted its holdings in Rigetti Computing by 2.1% in the 3rd quarter. Comerica Bank now owns 31,901 shares of the company’s stock valued at $950,000 after purchasing an additional 653 shares during the period. CIBC Private Wealth Group LLC grew its position in Rigetti Computing by 39.2% in the 4th quarter. CIBC Private Wealth Group LLC now owns 2,774 shares of the company’s stock worth $61,000 after purchasing an additional 781 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Rigetti Computing by 180.3% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 1,334 shares of the company’s stock worth $30,000 after purchasing an additional 858 shares during the period. Parallel Advisors LLC increased its holdings in shares of Rigetti Computing by 403.2% during the 3rd quarter. Parallel Advisors LLC now owns 1,087 shares of the company’s stock worth $32,000 after purchasing an additional 871 shares during the period. Finally, Heritage Wealth Advisors raised its position in shares of Rigetti Computing by 454.3% during the fourth quarter. Heritage Wealth Advisors now owns 1,164 shares of the company’s stock valued at $26,000 after buying an additional 954 shares during the last quarter. Institutional investors own 35.38% of the company’s stock.

Key Stories Impacting Rigetti Computing

Here are the key news stories impacting Rigetti Computing this week:

• Positive Sentiment: Commercial momentum is improving. Second-quarter revenue rose 185.3% year over year to approximately $5.14 million, slightly exceeding consensus expectations. Wedbush said shipments of Rigetti’s Novera quantum systems are driving a more commercial revenue mix, while other coverage highlighted major quantum-computing orders. Rigetti Computing Q2 Shows Commercial Mix Inflection Rigetti Stock Rises as Major Quantum Orders Fuel Growth
• Positive Sentiment: Analyst support added to the bullish case. Rosenblatt Securities reaffirmed its “buy” rating and maintained a $40 price target, implying substantial upside from the stock’s recent level. Broader investor interest in quantum-computing stocks is also being supported by expectations for progress toward a potential “quantum advantage” milestone in 2026. Rosenblatt Rating Update Quantum Computing Stocks With Analyst Upside
• Positive Sentiment: Rigetti reported technology and strategic progress. The company cited improving quantum performance, continued development of its technology roadmap, partnerships including Hewlett Packard Enterprise, and potential U.S. government research support of up to $100 million. It ended June with approximately $541.3 million in cash and no debt, providing financial flexibility. Rigetti Computing Reports Second Quarter Results

Analysts Set New Price Targets

RGTI has been the subject of several research reports. Wall Street Zen lowered Rigetti Computing from a “hold” rating to a “sell” rating in a report on Saturday. Jefferies Financial Group reissued a “hold” rating and issued a $18.00 target price on shares of Rigetti Computing in a research report on Friday. Wedbush initiated coverage on shares of Rigetti Computing in a report on Monday, August 3rd. They set an “outperform” rating and a $40.00 price target on the stock. Northland Securities started coverage on shares of Rigetti Computing in a report on Monday, April 20th. They issued a “market perform” rating and a $20.00 price objective for the company. Finally, Rosenblatt Securities reissued a “buy” rating and set a $40.00 target price on shares of Rigetti Computing in a research report on Friday. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Rigetti Computing has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.

About Rigetti Computing

Rigetti Computing is a pioneering quantum computing company that designs and manufactures superconducting quantum processors alongside a complementary software stack. Founded in 2013 by CEO Chad Rigetti, the company has developed end-to-end quantum systems—from cryogenic hardware to control electronics—to advance the performance and scalability of quantum machines.

At the core of Rigetti’s offering is its Quantum Cloud Services (QCS) platform, which enables developers and enterprises to access quantum processing units (QPUs) and hybrid quantum-classical workflows via the cloud.