Rigetti Reports Q4 Revenue Miss and $589.8M Cash, Delays 108-Qubit Launch
Rigetti Computing reported Q4 revenue of $1.87 million, missing the $2.34 million estimate, and a loss of $0.03 while holding $589.8 million in cash. The firm delayed availability of its 108-qubit platform to late March and booked an $8.4 million C-DAC order, highlighting strong liquidity but uneven revenue.
1. Q4 Financial Performance
Rigetti Computing posted Q4 revenue of $1.87 million, below the $2.34 million analyst estimate, and recorded a non-GAAP net loss of $0.03 per share driven by the timing of system deliveries and government contract activity.
2. 108-Qubit Platform Update
The company deferred general availability of its 108-qubit system to late March after identifying tunable coupler interactions at higher scale, targeting median 2-qubit gate fidelity of 99.5% and 1-qubit fidelity of 99.9% on the Cepheus-1-108Q platform.
3. Major Customer Orders
Rigetti secured an $8.4 million order from India’s Centre for Development of Advanced Computing for a 108-qubit on-premises system slated for H2 2026, alongside $5.7 million of 9-qubit Novera orders and a confidential Japanese QPU purchase scheduled for April delivery.
4. Cash Position and Liquidity
The company ended 2025 with $589.8 million in cash, cash equivalents and investments, up from $217 million a year earlier, providing substantial runway amid lumpy revenue recognition and continued R&D spending.