Q3 2025 Rigetti Computing Inc Earnings Call Transcript
Key Points
- Rigetti Computing Inc (RGTI) reported strong momentum in demand for its on-premises quantum computers and collaborations to advance R&D.
- The company is on track to deliver a 100+ qubit system with 99.5% median two-qubit gate fidelity by the end of 2025.
- Rigetti Computing Inc (RGTI) announced purchase orders totaling approximately $5.7 million for its Novera quantum computing systems.
- The company secured a three-year, $5.8 million contract from the Air Force Research Laboratory to advance superconducting quantum networking.
- Rigetti Computing Inc (RGTI) plans to open an Italian subsidiary to pursue business opportunities and talent in Italy.
- Revenues for the third quarter of 2025 were $1.9 million, down from $2.4 million in the third quarter of 2024.
- Gross margins decreased to 21% in the third quarter of 2025 from 51% in the same period of 2024.
- The company was not selected for Phase B of the DARPA Quantum Benchmarking Initiative, although it received constructive feedback.
- Operating loss for the third quarter of 2025 was $20.5 million, higher than the $17.3 million loss in the prior year period.
- The company faces challenges in achieving long-range coupling and error correction, which are critical for future quantum computing milestones.
Good day and thank you for standing by. Welcome to the Rigettti Computing third-quarter 2025 financial results conference call.(Operator Instructions) Please be advised that today's conference is being recorded.
I'd like to hand the conference over to your first speaker today, Dr. Subodh Kulkarni, CEO. Please go ahead.
Good morning and thank you for participating in Regeti's earnings conference call covering the third quarter ended September 30th, 2025.
Joining me today is Jeff Bertelson, our CFO, who will review our results in some detail following my overview. Our CTO David Rivas is also here to participate in the Q&A session. We'll be pleased to answer your questions at the conclusion of our remarks.
We would like to point out that this call andti's third quarter ended September 30th, 2025 press release contained forward-looking statements regarding current expectations, objectives, and underlying assumptions regarding our outlook and future
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