Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
RGTI reported a 211.8% YoY surge in gross profit to $1.38M in Q1 2026, but operating losses widened to -$25.95M as R&D spending jumped 29.1%, while net income of $33.1M was driven by non-operating items rather than core operations.
Cost of Revenue
$3.02M
+193.40% YoY
EPS (Diluted)
-$0.06
-146.15% YoY
Operating Income
-$25.95M
-19.97% YoY
Source: SEC XBRL
Rigetti Computing (RGTI) reported Q1 FY2026 revenue of $3.02M, up 193.4% year over year. Operating cash flow was negative $16.22M. RGTI's fiscal Q1 FY2026 corresponds to calendar Q1 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | -0.05 | -0.05 | Miss -1.0% |
| Mar 2026This filing | -0.04 | -0.04 | Beat +4.1% |
| Dec 2025 | -0.03 | -0.03 | Beat +9.6% |
| Sep 2025 | -0.03 | -0.04 | Beat +31.4% |
Adjusted (non-GAAP) EPS of -$0.04 versus the -$0.04 analyst consensus — a +4.1% beat for Mar 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was -$0.06.
Compiled by AI from this SEC filing
Gross profit surged 211.8% YoY to $1.38M, with cost of revenue rising 193.4% to $3.02M, suggesting meaningful top-line growth in quantum computing services and products, though the absolute revenue scale remains small.
Source: 10-Q Income Statement (XBRL Financial Data)
Operating loss deepened to -$25.95M from -$21.63M a year ago (-20.0% YoY), primarily driven by a 29.1% increase in R&D expense to $19.96M, reflecting continued heavy investment in quantum technology development.
Source: 10-Q Income Statement (XBRL Financial Data)
Net income of $33.1M (down 22.3% YoY from $42.6M) significantly exceeded operating income, indicating substantial non-operating gains — likely from fair value adjustments, warrant revaluations, or investment income — masking the underlying operational cash burn.
Source: 10-Q Income Statement (XBRL Financial Data)
Total assets grew 141.8% YoY to $650.7M while stockholders' equity nearly tripled to $583.6M, strongly suggesting significant equity capital raises that bolstered the company's financial position and extended its operational runway.
Source: 10-Q Balance Sheet (XBRL Financial Data)
Operating cash flow remained negative at -$16.2M (worsening 18.8% YoY), confirming that the business is not yet self-funding and continues to rely on capital markets to finance operations and R&D activities.
Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Compiled by AI from this SEC filing · 3 high, 2 medium, 0 low
RGTI generated -$16.2M in operating cash flow in Q1 2026, worsening from -$13.7M a year ago. The company is not generating cash from its core business and must rely on external financing or asset sales to sustain operations, creating ongoing dilution risk for shareholders.
Source: 10-Q Cash Flow Statement (XBRL Financial Data)
Net income of $33.1M vastly exceeds operating income of -$25.95M, implying heavy reliance on non-recurring non-operating gains (e.g., warrant fair value changes, derivative revaluations). These gains are volatile and non-cash in nature, meaning reported profitability may not reflect sustainable earnings power.
Source: 10-Q Income Statement (XBRL Financial Data)
Current liabilities exploded 443.2% YoY to $61.9M, a dramatic increase that warrants scrutiny. While the current ratio remains healthy at 6.98x due to the large asset base, the nature and terms of these new current obligations could represent deferred revenue, short-term debt, or other near-term cash demands.
Source: 10-Q Balance Sheet (XBRL Financial Data)
Basic EPS was $0.10 while diluted EPS was -$0.06, a stark divergence indicating a large number of dilutive securities (warrants, options, convertible instruments) that, when included, flip EPS negative. This signals meaningful potential share dilution for existing investors.
Source: 10-Q Income Statement (XBRL Financial Data)
Total revenue (gross profit of $1.38M plus cost of revenue of $3.02M implies ~$4.4M in revenue) remains extremely small relative to the $650.7M asset base and $20M quarterly R&D spend. Achieving commercial scale in quantum computing requires sustained heavy investment with no guarantee of near-term revenue inflection.
Source: 10-Q Income Statement & Balance Sheet (XBRL Financial Data)
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Cost of Revenue $M | 3.02 $M | 1.03 $M | +193.40% |
Gross Profit $M | 1.38 $M | 0.44 $M | +211.76% |
Operating Income $M | -25.95 $M | -21.63 $M | -19.97% |
Net Income $M | 33.11 $M | 42.62 $M | -22.31% |
EPS (Basic) $ | 0.10 $ | 0.15 $ | -33.33% |
EPS (Diluted) $ | -0.06 $ | 0.13 $ | -146.15% |
R&D Expense $M | 19.96 $M | 15.46 $M | +29.13% |
SG&A Expense $M | 7.37 $M | 6.62 $M | +11.38% |
Answers draw on this SEC filing and the data on this page
RGTI revenue surged 185% in Q2 FY2026 on Novera product sales, but net loss widened to $52.6 million due to higher R&D and a non-cash warrant charge.
RGTI reported a significant gross profit decline of 63.8% to $2.1M in FY2025 while net losses widened to -$216.2M, though the company substantially strengthened its balance sheet via $439.1M in financing activities, growing total assets 134.1% to $666.6M to fund its quantum computing expansion.