TLDR
- Rigetti posted Q2 revenue of $5.14 million, beating the $5.09 million forecast and up sharply from $1.8 million a year ago.
- RGTI stock rose 4.9% on Friday, though it lagged behind peers IonQ (+9.9%) and D-Wave (+5.2%).
- System and component sales drove $4.1 million of the $5.14 million in revenue, up from zero a year ago.
- Operating loss widened to $28.1 million from $20.4 million in Q2 2025.
- Rigetti ended Q2 with $541.3 million in cash and no debt.
Rigetti Computing (RGTI) beat second-quarter revenue estimates on Thursday, sending the stock up 4.9% on Friday as investors reacted to growing system sales.
The company posted $5.14 million in Q2 revenue, just above the $5.09 million analysts expected. That’s a big jump from the $1.8 million reported in the same quarter last year and up from $4.4 million in Q1 2026.
RGTI gained ground on Friday but still trailed sector peers. IonQ (IONQ) climbed 9.9% and D-Wave Quantum (QBTS) rose 5.2% on the same day.
System and component sales were the real story this quarter. According to Wedbush Securities analyst Matt Bryson, those sales accounted for $4.1 million of the $5.14 million total, compared to zero a year ago.
Both nine-qubit systems delivered this year went to commercial buyers. That’s a shift Wedbush had been watching for. “We have been waiting on RGTI booking commercial revenues, and sales arrived faster than we had previously modeled,” Bryson wrote.
Rigetti is fulfilling orders for systems using its Novera processor, including a major order for India’s Centre for Development of Advanced Computing (C-DAC). CEO Subodh Kulkarni noted that prepayments from the C-DAC deal pushed deferred revenue up nearly $2.5 million in the first half of the year.
Government revenue dropped to 18% of total revenue from 92% in Q2 2025. US revenue rose to 80% of the total.
Losses Widen Despite Revenue Growth
Operating expenses came in at $30.3 million, ahead of the $25.8 million estimate. That pushed the operating loss to $28.1 million, wider than the $20.4 million loss reported in Q2 2025.
Adjusted loss per share was $0.05, in line with consensus. Rigetti continues to run at a net loss as it invests in its technology.
The loss widening is real, but it’s worth noting D-Wave doubled its operating loss in the same period.
Cash Position Remains Strong
Rigetti ended Q2 with $541.3 million in cash, cash equivalents, and available-for-sale investments, and no debt.
Wedbush’s Bryson kept his Neutral rating on RGTI but cut his price target to $37 from $40.
Last month, Rigetti announced plans to deliver a quantum computer to the Pittsburgh Supercomputing Center, backed by a National Science Foundation grant, building on an existing partnership with Hewlett Packard Enterprise.
A letter of intent with the Commerce Department, signed in May, outlines $100 million in federal funding in exchange for an equity stake. Rigetti confirmed Thursday that the agreement has not yet been finalized.
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