The quarter was roughly in line on adjusted earnings but modestly light on revenue. Published estimates pointed to about $5.26 million of revenue and $0.05 of non-GAAP loss per share; Rigetti delivered $5.14 million and $0.05, respectively, making this a small revenue miss with an adjusted-EPS match.
| Metric | Q2 2026 | Q2 2025 | Market reference |
|---|---|---|---|
| Revenue | $5.138M (Income Statement) | $1.801M (Income Statement) | ~$5.26M published estimate |
| Gross profit | $2.188M (Income Statement) | $0.566M (Income Statement) | — |
| Operating loss | $(28.062)M (Income Statement) | $(19.882)M (Income Statement) | — |
| GAAP net loss | $(52.606)M (Income Statement) | $(39.654)M (Income Statement) | — |
| Non-GAAP net loss | $(15.984)M (Non-GAAP reconciliation) | $(13.286)M (Non-GAAP reconciliation) | ~$0.05 loss per share published estimate |
| Non-GAAP loss per share | $(0.05) (Non-GAAP reconciliation) | $(0.04) (Non-GAAP reconciliation) | ~$0.05 loss per share |
| Cash, cash equivalents and investments | $541.3M (Financial Highlights) | — | — |
Revenue growth is real, but it remains small relative to the spending base. Sales nearly tripled year over year to $5.1 million, and gross profit rose to $2.2 million, but operating expenses increased to $30.3 million, producing a $28.1 million operating loss. The business is expanding from a low base without yet showing operating leverage. (Income Statement)
The headline GAAP loss overstates the quarter’s operating deterioration, but the underlying loss still widened. The $52.6 million GAAP loss included a $29.6 million unfavorable change in derivative warrant liabilities, a non-cash mark-to-market item. Excluding that adjustment and stock compensation, non-GAAP net loss was $16.0 million versus $13.3 million a year earlier, so core spending pressure increased despite the revenue growth. (Income Statement; Non-GAAP reconciliation)
Liquidity is the clearest favorable feature, though the filing does not change the funding outlook. Rigetti ended June with $541.3 million in cash and investments and no debt, while six-month operating cash burn was $32.0 million and capital spending was $16.4 million. That provides substantial runway, but the $100 million Commerce Department support remains only a letter of intent, would involve an equity stake, and was already announced before this filing rather than newly secured here. (Financial Highlights; Cash Flow statement; Strategic U.S. Government Letter of Intent)
The net read is mildly worse than expected, not a fundamental reset. The revenue miss and higher underlying operating loss outweigh an adjusted-EPS result that merely met the roughly $0.05 expectation. Technology progress, HPE-related deployment activity, and customer interest support the longer-term narrative, but this filing adds limited new evidence of near-term commercialization beyond previously announced programs. (Business and Strategic Updates; Technology Milestones)
Read the original 8-K on SEC EDGAR ↗