Rigetti Q2 Revenue Rises to $5.1M, Slightly Misses Estimates; Operating Loss Widens
RGTI sits 26% above its 52-week low of $12.53.
Summary
Rigetti's Q2 revenue grew to $5.1 million, driven by on-premises quantum system deployments, but narrowly missed the $5.15 million consensus. The operating loss widened to $28.1 million from $25.95 million in Q1, reflecting ongoing heavy R&D investment. The company highlighted an expanded collaboration with HPE and the Pittsburgh Supercomputing Center for hybrid quantum-classical systems, and a potential $100 million in CHIPS Act funding to accelerate superconducting quantum R&D. Management targets systems with ~1,000 qubits and 99.9% two-qubit gate fidelity within three years, signaling ambitious technology milestones. With a strong cash position and no debt, Rigetti is well-funded to pursue its roadmap, but the slight revenue miss and widening losses may temper near-term sentiment.
At the time of this announcement, RGTI was trading at $15.78 on NASDAQ in the Technology sector, with a market capitalization of approximately $5.5B. The 52-week trading range was $12.53 to $58.15. This news item was assessed with neutral market sentiment and an importance score of 8 out of 10. Source: Reuters.