Quarterly ResultMay 11, 2026, 04:14 PM
Rigetti Q1 Revenue $4.4M, 108-Qubit System Generally Available
AI Summary
Rigetti Computing reported Q1 2026 revenues of $4.4 million, a significant increase from the prior year, alongside a GAAP net income of $33.1 million and a non-GAAP net loss of $14.7 million. The company announced the general availability of its 108-qubit Cepheus-1-108Q system and plans to invest up to $100 million in the UK for quantum computing development. Rigetti also reported a strong cash position of $569.0 million with no debt.
Key Highlights
- Total revenues for Q1 2026 were $4.4 million, up from $1.472 million in Q1 2025.
- GAAP net income for Q1 2026 was $33.1 million, compared to $42.619 million in Q1 2025.
- Non-GAAP net loss for Q1 2026 was $14.7 million, an improvement from $15.306 million in Q1 2025.
- GAAP diluted net loss per share was $(0.06), compared to income of $0.13 in Q1 2025.
- Cash, cash equivalents, and available-for-sale investments totaled $569.0 million as of March 31, 2026.
- The 108-qubit Cepheus-1-108Q quantum computing system is now generally available.
- Rigetti plans to invest up to $100 million in the UK to deploy a >1,000-qubit system.
- Achieved median 99.8% two-qubit gate fidelity with 40 nanosecond gate speeds on its 9-qubit system.