Rigetti Computing Inc (NAS:RGTI)

Q2 2026 Rigetti Computing Inc Earnings Call Transcript

Aug 6, 2026 / 09:00 PM GMT

Release Date Price: $16.53 (-1.49%)

Transcript 10-Q8-K

Key Points

Positve

Rigetti Computing Inc (RGTI) reported a significant year-over-year revenue increase to $5.1 million in Q2 2026, up from $1.8 million in the same period last year, driven by on-premises Novera QPU sales.
The company signed a letter of intent with the US Department of Commerce for up to $100 million in funding over three years, which validates its superconducting chiplet-based approach and strengthens its ability to invest in its roadmap.
Rigetti Computing Inc (RGTI) expanded its collaboration with HPE and the Pittsburgh Supercomputing Center to develop a hybrid quantum-classical supercomputer, positioning it for differentiated quantum-enhanced HPC solutions.
The company's CPS1108Q system remains one of the highest qubit-count gate-based quantum computers available, with a median single-qubit gate fidelity of approximately 99.9% and a median two-qubit gate fidelity of roughly 99.1%.
Rigetti Computing Inc (RGTI) is seeing growing commercial traction, with its first two 9-qubit systems delivered this year going to commercial organizations, indicating increased interest beyond government and academic sectors.
The company maintains a strong balance sheet with approximately $541.3 million in cash and investments and no debt, providing sufficient runway to execute its technology and system deployment milestones.

Negative

Rigetti Computing Inc (RGTI) continues to face significant operating losses, with a GAAP net loss of $52.6 million in Q2 2026, impacted by non-cash fair value adjustments to derivative warrant and earn-out liabilities.
Coherence times remain a primary constraint on fidelity, currently in the 25 to 30 microsecond range, and the company is still working on initiatives to double or triple those times over the next several years.
The $100 million Department of Commerce LOI is not yet a definitive agreement, and the final structure will include an equity stake for the department, which could lead to potential dilution for existing shareholders.
The company's revenue profile is highly variable and influenced by the timing of system deliveries and government-funded projects, making quarterly results unpredictable and reflecting the early-stage nature of the quantum computing market.
Rigetti Computing Inc (RGTI) acknowledges it is not yet close to quantum advantage, needing to reach approximately 1,000 physical qubits and 99.9% two-qubit gate fidelity before it can demonstrate value for tactical workloads.
The company is being deliberately cautious about deploying improvements to its 108-qubit system, such as the tantalum capping and design optimizations, to avoid inadvertently degrading performance, which could slow the pace of fidelity improvements.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

RGTI.OQ - Rigetti Computing, Inc.
Q2 2026 Rigetti Computing Inc Earnings Call
Aug 06, 2026 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day, and thank you for standing by. Welcome to the Rigetti Computing Second Quarter 2026 Financial Results Conference Call.

At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press *11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Subodh Kulkarni, CEO of Rigetti. Please go ahead.

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