Rigetti Computing Reports 18% Revenue Decline and $200.97 Million Net Loss in Q3 2025

Rigetti Computing, Inc. reported a significant decline in financial performance for the third quarter of 2025, with revenues totaling $1.95 million, down 18% from $2.38 million in the same period last year. For the nine months ending September 30, 2025, revenue decreased by 39% to $5.22 million compared to $8.52 million in 2024. The company attributed this decline primarily to reduced revenue from collaborative research and professional services contracts, exacerbated by the expiration of the National Quantum Initiative Act in September 2023, which has yet to be reauthorized.

The company's operating expenses also increased, with total operating expenses rising to $20.95 million for the third quarter, a 13% increase from $18.55 million in the prior year. Research and development costs surged by 18% to $15.02 million, reflecting the company's ongoing investment in quantum computing technology. Despite these efforts, Rigetti reported a net loss of $200.97 million for the quarter, compared to a loss of $14.83 million in the same period last year. The substantial increase in net loss was largely driven by a $181.96 million loss from changes in the fair value of derivative warrant liabilities.

Operationally, Rigetti has made strides in its product offerings, including the launch of its 84-qubit Ankaa-3 system and the introduction of a 36-qubit modular system, Cepheus-1-36Q, which is now available on its Cloud Services Platform. The company also entered into a significant collaboration agreement with Quanta Computer, committing to invest at least $250 million in quantum computing over the next five years. This partnership aims to enhance Rigetti's product roadmap and expand its technological capabilities.

As of September 30, 2025, Rigetti's total assets stood at $630.27 million, a substantial increase from $284.79 million at the end of 2024, primarily due to a significant rise in available-for-sale investments. The company reported cash and cash equivalents of $26.13 million, down from $67.67 million at the end of 2024. Rigetti's accumulated deficit reached $752.75 million, reflecting its ongoing investment in research and development and operational expansion. Looking ahead, the company anticipates continued losses as it focuses on scaling its operations and advancing its technology, while also indicating that its existing cash and investments should suffice to meet operational needs for at least the next 12 months.