Traders should monitor Q1 2026 revenue closely for signs of the anticipated turnaround. The stock may react positively to confirmation of Novera system shipments and progress on the C-DAC deployment, but sustained losses remain a risk.
Price Chart
Executive Summary
Rigetti Computing reported Q4 and full-year 2025 financial results with declining revenue and significant net losses, but highlighted strong forward-looking revenue visibility with $14.1 million in announced system purchase orders, including an $8.4 million order from India's C-DAC. Despite worsening fundamentals, the company emphasized technological progress and expects significant YoY revenue growth in Q1 2026 from near-term shipments.
Key Financial Metrics
Key Facts
- Q4 2025 revenue was $1.9 million, down from $2.3 million in Q4 2024 (-17.8% YoY)
- Full-year 2025 revenue was $7.1 million, down 34% from $10.8 million in 2024
- GAAP net loss for 2025 was $216.2 million, compared to $201.0 million in 2024
- Company secured $8.4 million purchase order from India’s C-DAC for a 108-qubit on-premises system, delivery expected in H2 2026
- Novera system orders totaling $5.7 million expected to ship partially in Q1 2026, driving anticipated significant YoY revenue growth
- Cash, cash equivalents, and investments totaled $589.8 million as of December 31, 2025
Financial Impact
Revenue declined 34% YoY to $7.1 million in 2025, with GAAP net loss widening to $216.2 million. However, $14.1 million in announced purchase orders provide near-term revenue visibility.
Risk Factors
- Continued revenue decline and widening losses despite high cash balance
- Execution risk on technology roadmap and delivery timelines for large orders
- Heavy reliance on future government and research contracts for revenue growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3249723 |
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| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | Insider Cluster | $15.16 $15.99 | ▼ −5.47% | ▼ −5.97% | $15.59 (−2.84%) |
Sep 8, 2026 24d ago | 8-K | $15.81 $15.27 | ▼ −3.42% | ▼ −2.75% | $15.59 (−1.39%) |
Aug 20, 2026 6w ago | Insider Cluster | $17.91 $15.59 | ▲ +12.95% | ▲ +13.43% | $15.59 (+12.95%) |
Aug 20, 2026 6w ago | 8-K | $16.07 $16.44 | ▲ +2.33% | ▲ +1.22% | $15.59 (−2.96%) |
Jun 22, 2026 14w ago | 144 | $21.28 $19.44 | ▼ −8.65% | ▼ −9.66% | $15.59 (−26.74%) |
Jun 16, 2026 15w ago | Insider Cluster | $20.64 $21.28 | ▲ +3.10% | ▲ +5.33% | $15.59 (−24.47%) |
Jun 11, 2026 16w ago | Institutional Cluster | $20.63 $20.25 | ▼ −1.87% | ▼ −2.30% | $15.59 (−24.43%) |
Jun 10, 2026 16w ago | Insider Cluster | $19.45 $20.64 | ▼ −6.15% | ▼ −2.71% | $15.59 (+19.83%) |
May 26, 2026 18w ago | Insider Cluster | $24.62 $26.88 | ▲ +9.18% | ▲ +7.97% | $15.59 (−36.68%) |
May 21, 2026 19w ago | Press Release | $22.04 $27.03 | ▲ +22.64% | ▲ +21.04% | $15.59 (−29.26%) |
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