Revenue Growth Driven by Novera Systems
Revenue increased 185% year-over-year to $5.1 million, driven by higher sales of 9-qubit Novera quantum computing systems and related products.
Source: 10-Q Item 2 MD&A
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's Q2 FY2026 10-Q reflects a period of accelerating revenue growth driven by sales of its Novera quantum computing systems, but operational losses continued to mount. Revenue more than doubled year-over-year, while gross margin improved significantly as the product mix shifted toward higher-margin hardware sales. However, research and development spending surged by 53% to support the company's technology roadmap, and a $29.6 million non-cash charge from warrant liability revaluation pushed the net loss to $52.6 million. The company's ability to fund its operations hinges on existing cash reserves and potential future capital raises, with a $100 million CHIPS Act award under negotiation providing a potential liquidity catalyst.
Cost of Revenue
$2.95M
+138.87% YoY
EPS (Diluted)
-$0.16
-23.08% YoY
Operating Income
-$28.06M
-41.14% YoY
Source: SEC XBRL
Rigetti Computing (RGTI) reported Q2 FY2026 revenue of $2.95M, up 138.9% year over year. RGTI's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 3 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Mar 2026 | -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% |
| Jun 2025 | -0.06 | -0.05 | Miss -18.9% |
Compiled by AI from 10-Q Item 2 of this filing
Revenue increased 185% year-over-year to $5.1 million, driven by higher sales of 9-qubit Novera quantum computing systems and related products.
Source: 10-Q Item 2 MD&A
Research and development expenses rose 53% to $20.7 million, due to increased headcount, stock-based compensation, and depreciation as the company advances toward fault-tolerant quantum computing.
Source: 10-Q Item 2 MD&A
Selling, general and administrative expenses grew 37% to $9.5 million, reflecting higher stock-based compensation and legal costs in support of business expansion.
Source: 10-Q Item 2 MD&A
A non-cash loss of $29.6 million was recorded from the change in fair value of derivative warrant liabilities, driven by fluctuations in the company's stock price during the quarter.
Source: 10-Q Item 2 MD&A
The company announced a Letter of Intent with the U.S. Department of Commerce for up to $100 million in CHIPS Act funding, contingent on milestones and definitive agreements, with potential equity dilution to the government.
Source: 10-Q Item 2 MD&A
Compiled by AI from 10-Q Item 1A of this filing · 3 high, 2 medium, 0 low
The company has a limited operating history and has previously failed to meet publicly announced milestones and changed its technology roadmap; there is no assurance future milestones will be achieved, which could materially impact commercialization.
Source: 10-Q Item 1A Risk Factors
The $100 million award is phased and contingent on achieving milestones; failure to meet milestones could result in withholding of funds and potential clawback of amounts already disbursed, undermining the expected financial support.
Source: 10-Q Item 1A Risk Factors
The agreement requires issuance of common stock to the Department of Commerce at a discount, causing immediate dilution; the Department retains shares even if funding is not fully drawn, and subsequent sales could depress the stock price.
Source: 10-Q Item 1A Risk Factors
The Department of Commerce Transaction remains subject to negotiation and execution of Definitive Award Documents, and there can be no assurance it will be consummated on the anticipated terms or at all, which could adversely affect the business.
Source: 10-Q Item 1A Risk Factors
The Definitive Award Documents will contain restrictive covenants that may limit strategic actions (e.g., M&A, IP transfers), require domestic production, and subject the company to extensive reporting obligations, potentially diverting management attention.
Source: 10-Q Item 1A Risk Factors
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Cost of Revenue $M | 2.95 $M | 1.24 $M | +138.87% |
Gross Profit $M | 2.19 $M | 0.57 $M | +286.57% |
Operating Income $M | -28.06 $M | -19.88 $M | -41.14% |
Net Income $M | -52.61 $M | -39.65 $M | -32.66% |
EPS (Basic) $ | -0.16 $ | -0.13 $ | -23.08% |
EPS (Diluted) $ | -0.16 $ | -0.13 $ | -23.08% |
R&D Expense $M | 20.73 $M | 13.52 $M | +53.29% |
SG&A Expense $M | 9.52 $M | 6.93 $M | +37.48% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
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.
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.