Quantum News Nexus

Rigetti Computing reported third quarter 2025 earnings results, posting $1.9 million in revenue for the quarter, just a tiny uptick from the $1.8 million collected in Q2 2025, and a decline from the $2.4 million reported in Q3 2024.

The earnings release is here, and I’ll have more later from the earnings call, but other notable numbers: GAAP net loss for the quarter was $201 million, non-GAAP $10.7 million. Also, at the end of Q3, Rigetti had cash in hand, cash equivalents, and “available for sale investments” equaling $558.9 million, though since the quarter has ended, proceeds of $46.5 million “were received from the exercise of warrants,” bringing the cash, etc., number up to more than $600 million as of Nov. 6.

UPDATE: After looking over the earnings call transcript, there were a few other things of note:

One was Rigetti CEO Subodh Kulkarni’s comment on Rigetti being left off the initial list of participants for Stage B of DARPA Quantum Benchmarking Initiative (QBI), announced late last week. Kulkarni, said during the earnings call, according to the Insider Monkey transcript, that Rigetti “received constructive feedback regarding our proposal, and we will continue to work with their team. We are optimistic that we will be chosen for Phase B in the coming months.”

This conforms to the view that some of the Stage A participants left off of the Stage B list still could be added based on making some adjustments to their submissions. During the analyst Q&A on the call, Kulkarni provided some further insight, saying, that the Stage B needs Rigetti is working to satisfy are in the area of “error corrections and some areas of long-range coupling, things that are important in the long term to get to a DARPA fault-tolerant quantum computing milestone in 2033.”

This is not too much of a surprise, as producing a fault tolerant quantum computer has not been as high on Rigetti’s list of priorities as the more near-term goal of “getting to quantum advantage in the next 3 to 5 years with 1,000 qubits and 99.9% 2-qubit gate fidelity [ gate speeds ] and with some error correction,” Kulkarni said. That target for quantum advantage, it should be noted, is a little bit later than what a few other companies are talking about.

Another interesting comment had to do with M&A, a topic Kulkarni has been asked about before. He suggested Rigetti is hopefully about continuing to meet it goals on its own, but “if we find someone who can help us accelerate our road map, we will absolutely be willing to take a look at that kind of a company,” he added.

In addition, while Rigetti is rare among quantum companies in that it has its own fab, Kulkarni was asked about the possibility of saving costs and improving Rigetti’s ability to reach its fidelity goals by using an outside fab. Though he said the idea has been explored, he added, “As of today, we haven’t found anyone who’s quite that capable of running the types of materials and processes that we run for superconducting gate-based quantum computing.”

Finally, Kulkarni also said that Rigetti plans to open an Italian subsidiary in the coming months. IonQ and D-Wave are involved with Q-Alliance there, and have both ramped up activities in Italy and around Europe. Now, Rigetti is jumping in, and it sure looks like there will be some competition to hire quantum talent in the region.

Overall, Rigetti has been getting hammered this week over its stock price sliding sharply in recent weeks, though it has not said or done anything differently than it had been. Perhaps investors are just taking some time to look at the reality of the company’s situation–that it does have a lot of cash, but it is spending a lot as well, and it technology will not fully ripen for at least a few years.

Image: Rigetti Novera QPU in Horizon Quantum’s office (Source: Horizon Quantum, Rigetti)

Quantum News Nexus is a new site from freelance writer and editor Dan O’Shea that covers quantum computing, quantum sensing, quantum networking, quantum-safe security, and more. You can find him on X @QuantumNewsGuy and doshea14@gmail.com.