Rigetti Computing Stock Earnings Reports

Rigetti reported Q1 2026 results highlighting major product, commercial, and financial progress. Technically, the company launched its 108-qubit Cepheus-1-108Q (12 × 9-qubit chiplets) into general availability across Rigetti QCS, Amazon Braket, Microsoft Azure Quantum and qBraid, achieving median two-qubit gate fidelity ~99.1% and single-qubit fidelity ~99.9% with ~60 ns gate speeds; prototype work has demonstrated even higher fidelities (up to ~99.9% at 28 ns) using an adiabatic CZ scheme. Management says chiplet-based scaling addresses coupler coupling issues and shifts the primary limitation to coherence time, which they expect to improve through 2026. Commercially, Rigetti is seeing growing adoption across government, academic and early commercial customers, continued on-prem Novera QPU orders (helping year-over-year revenue growth), and an $8.4M C‑DAC system sale in India expected to be recognized in Q4. The company announced intent to invest up to $100M in the U.K. over several years to accelerate R&D and expand presence. Financially, Q1 revenue was $4.4M (vs. $1.5M Y/Y) driven by Novera/system deliveries; gross margin was 31%. Operating expenses rose to $27.3M; non-GAAP net loss was $14.7M ($0.04/share). Cash, cash equivalents and AFS investments were ~$569M at quarter end with no debt; management says this provides sufficient runway to execute the roadmap, including elevated near-term CapEx for refrigeration and infrastructure. Roadmap commitments: drive Cepheus‑1‑108Q to ~99.5% two‑qubit fidelity later in 2026, pursue higher‑qubit chiplet systems toward ~1,000 qubits and a target of ‘quantum advantage’ in roughly 3 years, using error‑mitigation evolving toward error‑correction/FTQC over a longer horizon. Management emphasizes disciplined capital allocation focused on R&D and organic execution.