Rigetti reported $1.87 million in Q4 revenue, below the $2.37 million consensus, with a non-GAAP loss of $0.03 per share versus a $0.05 loss estimate. Full-year revenue totaled $7.1 million, non-GAAP net loss reached $50.5 million, GAAP net loss was $216.2 million, and year-end cash and equivalents stood at $589.8 million.

The company demonstrated 99.9% two-qubit gate fidelity at 28-nanosecond speed and plans multiple Novera system deliveries in 2026, including on-premise installations in H1 and a QPU sale to a Japanese research organization in April for Q2 revenue. Management reiterated its end-March deployment target for a 108-qubit system and projects expansion to over 150 qubits by end-2026 and beyond 1,000 qubits by 2027.

Jefferies maintained a Hold rating but cut its price target to $20 from $30, while Needham lowered its target to $31 from $51, both citing valuation pressure in the quantum computing sector. Analysts noted improving system sales cadence and technology progress but emphasized that execution remains key to unlocking the long-term roadmap.