Rigetti Computing Inc. (NASDAQ: RGTI) is a pioneering quantum computing company founded in 2013 and headquartered in Berkeley, California. The company specializes in developing superconducting quantum processors and offers cloud-based quantum computing services. In 2024, Rigetti reported annual revenues of approximately $10 million, reflecting a decline from the previous year. The company’s primary competitors include IonQ, D-Wave Quantum, and IBM Quantum.
In Q1 2025, Rigetti reported revenues of $1.5 million, a 51% decrease compared to $3.1 million in Q1 2024, falling short of the $2.6 million forecasted by analysts. Despite this, the company posted an adjusted profit of $0.13 per share, surpassing expectations of a $0.05 loss. This profit was primarily due to a $62.1 million non-cash gain related to the revaluation of derivative warrants and earn-out liabilities.
Rigetti’s revenue is primarily derived from government contracts and research collaborations. In Q1 2025, the company secured several significant contracts, including a $5.5 million grant from the U.S. Air Force and three awards from the U.K. government totaling £3.5 million. These contracts are milestone-based, leading to fluctuations in quarterly revenues.
Looking ahead, Rigetti has not provided specific revenue guidance for the next quarter or the full year. However, the company continues to focus on advancing its quantum technology and securing government contracts to support its growth. The recent $35 million investment from Quanta Computer has strengthened Rigetti’s cash position, providing additional resources for research and development.
Year-to-date, Rigetti’s stock has experienced significant volatility, with a decline of approximately 23% in 2025.Following the Q1 earnings release, the stock fell more than 8% in extended trading, reflecting investor concerns over the revenue miss despite the adjusted profit.
CEO Subodh Kulkarni emphasized the company’s commitment to advancing quantum computing technology through strategic partnerships and government collaborations. He highlighted the importance of the recent contracts and investments in positioning Rigetti for long-term success in the quantum computing industry.
The stock is consolidating on the weekly chart after a long markup stage 2 and should likely head lower to the $10 range.