Rigetti Computing Earnings Call Transcripts
Fiscal Year 2026
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Quantum computing is advancing rapidly, driven by breakthroughs in error correction and significant government funding. Superconducting gate modality and modular chiplet architecture are key differentiators, with commercial viability expected in about three years. Strategic partnerships and manufacturing initiatives are positioning the industry for scalable growth.
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The company is advancing quantum computing with a chiplet-based, open modular architecture, recently deploying a 108-qubit system on major cloud platforms. Significant government and commercial traction is driving sales growth, while ongoing R&D focuses on scaling to 1,000 qubits and improving fidelity and coherence time.
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Revenue more than doubled year-over-year to $4.4M, driven by Novera QPU deliveries and strong customer adoption. The 108-qubit Cepheus-1-108Q system launched on major cloud platforms, with a robust balance sheet supporting a three-year roadmap to quantum advantage.
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Superconducting quantum technology is advancing rapidly, with recent fidelity gains and a flexible go-to-market approach. The roadmap targets 1,000 qubits and quantum advantage within three years, supported by strong partnerships and a robust financial position.
Fiscal Year 2025
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Achieved record 2-qubit gate fidelity and gate speed milestones, secured major international orders, and ended 2025 with $590M in cash. Revenue was $1.9M in Q4, with strong R&D investment and a clear roadmap to >1,000 qubits by 2027.
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Q3 2025 revenue declined year-over-year due to government contract timing, with gross margin dropping to 21%. Strong R&D and commercial momentum, new contracts, and a robust cash position support a roadmap targeting 1,000+ qubits by 2027 and quantum advantage by 2029.
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Achieved a major milestone with the release of Cepheus-1-36Q, the largest multi-chip quantum computer, and remain on track for a 100+ qubit system by year-end. Q2 revenue declined year-over-year due to government funding delays, but the balance sheet was strengthened by a $350 million equity raise.
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The meeting opened with introductions and a review of the agenda, followed by the presentation and approval of two proposals: the election of directors and the ratification of the auditor. No questions were raised, and all proposals passed, with results to be certified and reported.
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Q1 2025 revenue declined year-over-year due to lower-margin contracts, but net income turned positive from a large non-cash gain. Strategic wins include DARPA and AFOSR awards, a $35M investment from Quanta, and progress toward higher qubit systems.
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Quantum computing is advancing rapidly, with superconducting gate-based systems achieving high fidelity and scalability through modular chiplet architectures. Strategic partnerships, government funding, and a focus on error correction and hybrid computing are driving progress toward commercial and utility-scale quantum computers by 2033.
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The company is advancing superconducting gate-based quantum computing, achieving high fidelity and scalability through chiplet integration and open modular partnerships. With $500M in funding and strategic alliances, it targets commercialization and quantum advantage within 4–5 years.
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The conference highlighted advances in superconducting quantum technology, including improved fidelity, chiplet-based scaling, and real-time error correction. Increased government funding and industry milestones are expected to drive growth, with commercial applications anticipated in 3–5 years.
Fiscal Year 2024
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Q4 2024 saw a strategic partnership with Quanta Computer, major QPU sales, and the launch of the Ankaa-3 system. Revenue declined year-over-year, but a strong cash position and new investments support ambitious R&D and scaling goals, with commercial sales expected in several years.
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Q3 2024 revenue declined year-over-year, with gross margin impacted by a lower-margin contract, but net loss improved. The company advanced its modular quantum roadmap, demonstrated real-time error correction, and expects increased government funding and international opportunities.
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Q2 2024 revenue was $3.1M with a 64% gross margin, and net loss improved to $12.4M. Technical progress continues on the 84-qubit Ankaa-3 system, and government demand is driving a growing pipeline, with cash reserves sufficient through Q1 2026.
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The meeting covered board introductions, four key proposals, and voting procedures. All proposals, including director elections, a reverse stock split, and auditor ratification, were approved. No questions were raised, and voting results will be filed on Form 8-K.