Rigetti Computing Reports 42% Revenue Decline in Q2 2025, Net Loss of $39.7 Million

Rigetti Computing, Inc. reported a significant decline in its financial performance for the second quarter of 2025, with revenues of $1.8 million, down 42% from $3.1 million in the same period last year. For the first half of 2025, the company generated $3.3 million in revenue, a 47% decrease compared to $6.1 million in the first half of 2024. The drop in revenue was primarily attributed to reduced income 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, totaling $20.4 million for the second quarter, up 13% from $18.1 million in the prior year. Research and development costs rose by 14% to $13.5 million, reflecting ongoing investments in technology and personnel. Despite these efforts, Rigetti reported a net loss of $39.7 million for the quarter, compared to a loss of $12.4 million in the same period last year. The net loss for the first half of 2025 was $2.9 million, a notable improvement from a loss of $33.2 million in the first half of 2024, largely due to non-cash income from changes in the fair value of derivative warrant and earn-out liabilities.

In terms of strategic developments, Rigetti announced a collaboration agreement with Quanta Computer Inc. in February 2025, committing both parties to invest at least $250 million in quantum computing over five years. This partnership aims to enhance Rigetti's product roadmap and manufacturing capabilities. Additionally, the company successfully completed an At-the-Market (ATM) offering, raising $346.7 million from the sale of 30.3 million shares, which will bolster its financial position and support ongoing operations.

Operationally, Rigetti's total assets increased to $636.7 million as of June 30, 2025, up from $284.8 million at the end of 2024, primarily due to the proceeds from the ATM offering. The company also reported a significant increase in its cash and cash equivalents, which stood at $57.2 million, down from $67.7 million at the end of the previous quarter. Rigetti's employee headcount has grown, reflecting its commitment to expanding its research and development capabilities.

Looking ahead, Rigetti aims to release a 100+ qubit chiplet-based system with a 99.5% median two-qubit gate fidelity by the end of 2025. The company remains focused on its long-term strategy of generating revenue through sales of quantum processing units (QPUs) and Quantum Computing as a Service (QCaaS) offerings, while continuing to navigate the challenges posed by market conditions and regulatory changes.