Rigetti Computing Reports 199% Revenue Growth to $4.4 Million in Latest Quarter

Rigetti Computing, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2026. The company generated revenue of $4.4 million, a substantial increase of 199% compared to $1.5 million in the same period last year. This growth was primarily driven by higher sales of its 9-qubit Novera™ quantum computing systems and related products. Despite the revenue increase, Rigetti reported a net income of $33.1 million, down from $42.6 million in the previous year, largely due to increased operating expenses and changes in the fair value of derivative warrant liabilities.

The company's operating expenses rose to $27.3 million, up 24% from $22.1 million in the prior year. Research and development costs accounted for a significant portion of this increase, climbing 29% to $20 million, reflecting the company's ongoing investment in quantum computing technology. Selling, general, and administrative expenses also increased by 11% to $7.4 million. The rise in expenses was attributed to higher salaries, employee-related costs, and stock-based compensation, as Rigetti continues to expand its workforce to support its growth initiatives.

In terms of operational metrics, Rigetti's customer base and product adoption appear to be expanding. The company has made strides in geographic expansion, with operations in multiple countries, including the United States, the United Kingdom, and India. Notably, Rigetti announced a purchase order for a 108-qubit quantum computer from C-DAC in India, expected to be deployed in the second half of 2026. Additionally, the company launched its 108-qubit quantum computing system, Cepheus™-1-108Q, which is now accessible via its Quantum Cloud Services platform and major cloud providers like Amazon and Microsoft.

Rigetti's financial position remains stable, with total assets of $650.7 million as of March 31, 2026, slightly down from $666.6 million at the end of 2025. The company reported cash and cash equivalents of $48.1 million, alongside available-for-sale investments totaling $520.8 million. Rigetti anticipates that its existing cash and investments will be sufficient to meet its operating needs for at least the next twelve months, although it may seek additional funding through equity or debt financing to support its growth strategy and ongoing research and development efforts.

Looking ahead, Rigetti remains focused on advancing its technology roadmap and achieving key milestones in quantum computing. The company acknowledges the inherent risks and uncertainties in its business, including market conditions and technological challenges, but is optimistic about its potential to capitalize on the growing demand for quantum computing solutions. Rigetti's strategic collaborations, such as the partnership with Quanta Computer, are expected to further enhance its capabilities and market position in the evolving quantum computing landscape.