Rigetti Computing, Inc. (RGTI): Results of Operations and Financial Condition
Rigetti Computing, Inc. (RGTI) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Rigetti Computing Reports Second Quarter 2026 Financial Results Growing demand for Rigetti’s quantum systems, progress on the technology roadmap, and strategic U.S. government support BERKELEY, Calif., August 6, 2026 -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rige
How this was made
The 30-second read
Why it matters
The combination of quarterly financials, cash position, and new commercialization and funding milestones can drive repricing of execution risk and funding runway expectations. The technology metrics (gate fidelities and speeds) may support longer-horizon credibility but are less likely to move the stock as much as funding and deployment news.
Market read
Traders get a fresh quarterly print plus new catalysts (HPE/PSC hybrid system deployment and a Commerce LOI for up to $100M), with a near-term event risk around the scheduled earnings call.
What to watch
Operating loss remains large ($28.1M operating loss; GAAP net loss $52.6M), so traders should weigh burn-rate sensitivity even with $541.3M cash and no debt.
Rigetti Computing Reports Second Quarter 2026 Financial Results
Rigetti reported $5.1 million of revenue alongside a $28.1 million operating loss and $52.6 million GAAP net loss, while ending the quarter with $541.3 million of cash, cash equivalents and available-for-sale investments and no debt.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenuesGAAP | $5.1 million | – | – |
| Operating lossGAAP | $28.1 million | – | – |
| Net lossGAAP | $52.6 million | – | – |
| Net lossnon-GAAP | $16.0 million | – | – |
| Diluted net loss per shareGAAP | $0.16 | – | – |
| Diluted net loss per sharenon-GAAP | $0.05 | – | – |
| Cash, cash equivalents and available-for-sale investmentsGAAP | $541.3 million | – | – |
| Cepheus-1-108Q median single-qubit gate fidelityother | approximately 99.9% | – | – |
| Cepheus-1-108Q median two-qubit gate fidelityother | approximately 99.1% | – | – |
| Cepheus-1-108Q gate speedsother | approximately 60 nanosecond gate speeds | – | – |
| 9-qubit median two-qubit gate fidelitiesother | 99.8% | – | – |
| 36-qubit median two-qubit gate fidelitiesother | 99.6% | – | – |
Over roughly a three-year time horizon and over the next several years outlook
- NoteSystems with approximately 1,000 qubits, approximately 99.9% two-qubit gate fidelity, and gate speeds below 50 nanoseconds over roughly a three-year time horizon.
- NoteInvest up to $100 million in the United Kingdom over the next several years.
What drove it
- Rigetti will deliver a 9-qubit Novera™ quantum computing system to the Pittsburgh Supercomputing Center’s new TangleLab testbed, funded by a National Science Foundation grant.
- Rigetti is fulfilling recently announced on-premises systems, including Novera-based systems and the Company’s 108-qubit system program for C-DAC in India.
- In May 2026, Rigetti announced that it signed a letter of intent with the U.S. Department of Commerce for an award of up to $100 million in funding over three years to accelerate superconducting quantum computing R&D.
- The Company cited broadening engagement across government, academic, and commercial customers.
- Rigetti continued investments in dilution refrigeration capacity and related infrastructure supporting higher-qubit-count systems.
Concerns
- The company reported a $28.1 million operating loss and a $52.6 million GAAP net loss for the three months ended June 30, 2026.
- The Department of Commerce arrangement is a letter of intent for potential funding, and the letter contemplates that the Department would receive an equity stake in Rigetti consistent with the total amount of the funding.
- Management identified improving coherence time as a key factor in raising fidelity further.
- No revenue, margin, expense, or tax-rate financial guidance was provided in the supplied release text.
What to watch
- Progress toward systems with approximately 1,000 qubits, approximately 99.9% two-qubit gate fidelity, and gate speeds below 50 nanoseconds over roughly a three-year time horizon.
- Execution of the 9-qubit Novera™ deployment at Pittsburgh Supercomputing Center’s TangleLab testbed.
- Fulfillment of on-premises Novera-based systems and the 108-qubit system program for C-DAC in India.
- Whether the U.S. Department of Commerce letter of intent results in an award of up to $100 million in funding over three years.
- Progress on the planned investment of up to $100 million in the United Kingdom over the next several years.
Balance sheet and cash flow
- As of June 30, 2026, cash, cash equivalents and available-for-sale investments totaled $541.3 million.
- Rigetti ended the second quarter of 2026 with a strong cash position and no debt.
Analysis
Rigetti reported $5.1 million of total revenues for the three months ended June 30, 2026. The supplied release does not provide revenue by segment, customer, product, geography, or recurring versus systems mix. Management described broadening engagement across government, academic, and commercial customers and continued demand for on-premises systems from universities, national laboratories, and research organizations.
Profitability remained negative. Operating loss was $28.1 million, GAAP net loss was $52.6 million, and non-GAAP net loss was $16.0 million. GAAP diluted net loss per share was $0.16 and non-GAAP diluted net loss per share was $0.05. The release attributes the non-GAAP presentation to exclusions for stock-based compensation expense and changes in the fair value of derivative warrant and earn-out liabilities, but the supplied text does not include the reconciliation amounts or comparative-period results.
Liquidity was the principal financial offset to the losses. Cash, cash equivalents and available-for-sale investments totaled $541.3 million as of June 30, 2026, and the company stated it had no debt. Management said this position provides flexibility to invest behind the technology roadmap and customer opportunities. The release did not disclose operating cash flow, free cash flow, capital expenditures, share repurchases, dividends, or a debt balance.
Commercial activity centers on on-premises deployments and hybrid quantum-classical computing. Rigetti plans to deliver a 9-qubit Novera™ system to Pittsburgh Supercomputing Center’s TangleLab testbed and is fulfilling Novera-based systems and its 108-qubit system program for C-DAC in India. The company also cited a May 2026 letter of intent with the U.S. Department of Commerce for an award of up to $100 million in funding over three years, while noting that the arrangement contemplates an equity stake for the Department consistent with the total amount of funding.
Technology execution remains central to the reported strategy. Cepheus-1-108Q currently operates at approximately 99.9% median single-qubit gate fidelity, approximately 99.1% median two-qubit gate fidelity, and approximately 60 nanosecond gate speeds. Rigetti targets systems with approximately 1,000 qubits, approximately 99.9% two-qubit gate fidelity, and gate speeds below 50 nanoseconds over roughly a three-year time horizon. The company also plans to invest up to $100 million in the United Kingdom over the next several years. No conventional financial outlook was provided.
Management, verbatim
In the second quarter, we continued to execute on our strategy by focusing on our system performance, progressing our core technology roadmap, and broadening on-premises system deployments.
Dr. Subodh Kulkarni, Rigetti CEO
Our recently announced expanded collaboration with Hewlett Packard Enterprise Company (HPE) and the Pittsburgh Supercomputing Center to develop a hybrid quantum-classical supercomputer reflects growing demand for our approach and positions Rigetti to deliver differentiated quantum-enhanced high-performance computing (HPC) solutions.
Dr. Subodh Kulkarni, Rigetti CEO
In addition, our recently announced letter of intent with the U.S. Department of Commerce for up to $100 million in potential funding underscores the strategic importance of our platform and could help us accelerate key R&D programs aimed at scaling and advancing superconducting quantum computing.
Dr. Subodh Kulkarni, Rigetti CEO
Not in the filing
stated, not guessed- Prior-year and prior-quarter total revenue, operating loss, net loss, and diluted net loss per share.
- Year-over-year and quarter-over-quarter changes for reported financial metrics.
- Revenue by segment, product, customer type, geography, or recurring versus systems mix.
- Gross profit, gross margin, operating expenses, and tax expense or tax rate.
- GAAP and non-GAAP reconciliation table amounts, including stock-based compensation expense and changes in fair value of derivative warrant and earn-out liabilities.
- Operating cash flow, free cash flow, capital expenditures, and other cash-flow metrics.
- Share repurchases, dividends, and other capital-return amounts.
- Debt balance amount and maturity details.
- Financial revenue, gross-margin, operating-expense, and tax-rate guidance.
- Prior outlook for comparison with reported results.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Rigetti’s SEC 8-K (Item 2.02) with Q2 2026 financial results and business/technology updates, including partnerships and a U.S. government funding LOI.
Ticker impact
Rigetti reported Q2 2026 results (revenue $5.1M, GAAP net loss $52.6M) and disclosed a $100M U.S. Department of Commerce LOI plus HPE/PSC hybrid system plans.
Moderate upside bias on any market focus on the $100M LOI and system deployments, partially offset by continued large operating losses.
New primary disclosures include quarterly financials, cash balance ($541.3M, no debt), and specific partnership and government-funding terms. However, the LOI is not a finalized award and losses remain substantial, limiting conviction on magnitude/direction.
Market effects
Reinforces the narrative that superconducting quantum vendors can secure government-linked R&D support and enterprise testbed deployments.
Limited direct regional read-through beyond U.S. government and academic/national-lab ecosystem involvement.
UK investment plan and international deployments support a broader commercialization footprint, but the immediate catalysts are U.S.-centric.
Counterpoint
The $100M is an LOI with an equity-stake concept, not a guaranteed award, so the market may overprice near-term funding certainty.
Key entities
- companyRigetti Computing, Inc.
Nasdaq-listed full-stack quantum-classical computing company reporting Q2 2026 results and providing updates on partnerships, government funding, and technology milestones.
- companyHewlett Packard Enterprise Company (HPE)
Partnered with Rigetti on a hybrid quantum-classical supercomputer collaboration referenced in the filing.
- organizationPittsburgh Supercomputing Center (PSC)
Testbed deployment partner for a 9-qubit Novera system funded via an NSF grant, per the filing.
- governmentU.S. Department of Commerce
Entered into a letter of intent with Rigetti for up to $100M in potential funding over three years, with an equity-stake concept.
- governmentNational Science Foundation (NSF)
Funding source for the Pittsburgh Supercomputing Center testbed deployment referenced in the filing.
