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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brian Kinstlinger | Alliance Global Partners | 7 (0%) |
| Craig Ellis | B. Riley Securities | 6 (0%) |
| Troy Jensen | Cantor Fitzgerald | 5 (0%) |
| Quinn Bolton | Needham | 5 (0%) |
| Steve Silverman | TD Cowen | 4 (0%) |
| Dave Williams | Benchmark | 4 (0%) |
| Tyler Anderson | Craig-Hallum | 4 (0%) |
| Krish Sankar | TD Cowen | 3 (0%) |
| Richard Shannon | Craig-Hallum | 3 (0%) |
| John McPeake | Rosenblatt Securities | 3 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| TD Cowen | 2 | 7 (0%) |
| Craig-Hallum | 2 | 7 (0%) |
| Needham | 2 | 7 (0%) |
| Alliance Global Partners | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2M | -32.6% | $-0.80 | -793.9% | — | -813.3% | -6726.5% | $-10M |
| FY2025 Q1 | $1M | -51.8% | $0.15 | +207.1% | — | -1469.6% | 2895.3% | $-16M |
| FY2025 Q2 | $2M | -41.6% | $-0.13 |
| 7 (0%) |
| B. Riley Securities | 1 | 6 (0%) |
| Cantor Fitzgerald | 1 | 5 (0%) |
| Benchmark | 1 | 4 (0%) |
| Rosenblatt Securities | 1 | 3 (0%) |
| -79.8% |
| — |
| -1103.9% |
| -2201.8% |
| $-22M |
| FY2025 Q3 | $2M | -18.1% | $-0.62 | -687.8% | — | -1055.4% | -10321.9% | $-20M |
| FY2025 Q4 | $2M | -17.9% | $-0.06 | +93.1% | — | -1209.7% | -974.7% | $-19M |
| FY2026 Q1 | $4M | +198.9% | $-0.06 | -140.9% | — | -589.8% | 752.5% | $-21M |
| FY2026 Q2 | $5M | +185.3% | $-0.16 | -23.1% | — | -546.2% | -1023.9% | $-28M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Rigetti's first-quarter revenue nearly tripled to $4.4 million from $1.5 million a year earlier, driven by on-premises Novera QPU deliveries and government and research projects, with gross margin roughly steady at 31%. GAAP net income of $33.1 million reflected a $53.7 million non-cash warrant and earn-out fair-value gain rather than operations; on a non-GAAP basis the net loss was $14.7 million, or $0.04 per diluted share, and the operating loss widened to $26 million on elevated R&D and CAPEX. The quarter's centerpiece was general availability of the 108-qubit Cepheus-1-108Q, the industry's largest modular system at roughly 99.1% median two-qubit fidelity, across Rigetti QCS, Amazon Braket, Microsoft Azure Quantum and qBraid. Rigetti also announced a plan to invest up to $100 million in the United Kingdom and ended the quarter with approximately $569 million of cash and no debt.
Innovation & R&D | Demand | Regulation Policy | Competitive Dynamics | Revenue Growth | Capital Allocation | Capex Investment | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 3 | 1 | 1 | 4 | ||||
| 2025Q1 | 4 | 2 | 1 | |||||
| 2025Q2 | 3 | 2 | 2 | 1 | 1 | 2 | ||
| 2025Q3 | 4 | 2 | 1 | 2 | 1 | 1 | ||
| 2025Q4 | 5 | 3 | 2 | 1 | ||||
| 2026Q1 | 5 | 2 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Innovation & R&D | 3 | 4 | 3 | 4 | 5 | 5 |
| Demand | 1 | 2 | 2 | 3 | 2 | |
| Regulation Policy | 1 | 2 | 2 | 1 | ||
| Competitive Dynamics | 4 | 2 | ||||
| Revenue Growth | 1 | 1 | 2 | |||
| Capital Allocation | 1 | 1 | 1 | |||
| Capex Investment | 1 | 1 | 1 | |||
| M&A | 2 |
What RGTI and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“IBM recently changed their architecture from fixed coupler to tunable coupler technology, so very similar to what we are doing right now.”
IBM moved to tunable-coupler architecture, converging with Rigetti's approach, a competitive read-through on IBM's superconducting roadmap.
“NVIDIA did announce an open source model NVIDIA Async to help out with calibration and bring up of quantum computers as well as error corrections.”
NVIDIA released an open-source model to aid quantum-computer calibration and error correction, which Rigetti is evaluating, a read-through for NVIDIA's quantum software push.
“AWS is the leader in cloud infrastructure, so extending our relationship with Amazon Bracket and now Azure Quantum and qBraid is an important validation of our technology and our go-to-market strategy.”
Rigetti extended distribution of its 108-qubit system to Microsoft Azure Quantum, a cloud-platform read-through for Microsoft's quantum services.
“Cepheus-1-108 is the first gate-based device on Amazon Bracket with more than 100 qubits offering improved fidelities that enable wider and deeper circuits for applications such as material science, optimization and quantum simulation.”
Rigetti's Cepheus-1-108Q is the first gate-based device above 100 qubits on Amazon Braket, a read-through for Amazon's cloud quantum-computing service.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
RGTI Rigetti Computing, Inc. | 8 | +198.9% | |
| ANET Arista Networks | 9 | +35.1% | |
| DELL Dell Technologies | 10 | +40.2% | |
| HPQ HP Inc. | 5 | +6.9% | |
| IONQ IonQ, Inc. | 9 | +754.7% | |
| NTAP NetApp | 8 | +4.4% | |
| QBTS D-Wave Quantum Inc. | 2 | -81.0% | |
| SMCI Supermicro | 7 | +122.7% | |
| STX Seagate Technology Holdings | 10 | +44.1% | |
| WDC Western Digital | 9 | +45.5% |