Rigetti Computing, Inc.

Revenue was approximately $5.1 million in Q2 2026 versus $1.8 million in Q2 2025. Gross margin was approximately 43% versus 31% a year ago. Operating expenses were $30.3 million versus $20.4 million last year, and operating loss was $28.1 million versus $19.9 million. GAAP net loss was $52.6 million versus $39.7 million, while non-GAAP net loss was approximately $16 million, or $0.05 per diluted share, versus $13.3 million, or $0.04 per diluted share, in Q2 2025. Ending cash, cash equivalents and available-for-sale investments were approximately $541.3 million, with no debt. Management said the $8.4 million C-DAC order for an on-premises 108-qubit system in India is still expected to be recognized in Q4 after installation and acceptance testing, and 2026 capex is expected to be elevated versus prior years due to dilution refrigeration and fab equipment.

Subodh Kulkarni emphasized that the quarter validated Rigetti’s strategy of pairing technical progress with broader ecosystem access. He highlighted ongoing improvement work on coherence time, chip design and materials, and said the company remains focused on reaching quantum advantage in roughly 3 years through a modular chiplet architecture and higher-qubit systems. His tone was confident but cautious, repeatedly stressing deliberate testing so that upgrades do not degrade existing system performance.

Jeffrey Bertelsen said Q2 revenue growth was driven by previously announced Novera purchase orders, with the C-DAC project still expected to flow through in Q4. He noted gross margin variability from contract mix and pricing, and said elevated operating expenses and stock-based compensation reflected R&D investment in engineering headcount, fabrication, chip design, control electronics, and refrigeration/infrastructure. He also emphasized a strong balance sheet at approximately $541.3 million in cash and investments, no debt, elevated 2026 capex, and a disciplined capital framework that would apply equally if the Commerce LOI becomes definitive, while acknowledging potential dilution from any equity issuance.

Analysts focused heavily on coherence-time improvements, the DARPA QBI Phase B timeline, fab capacity, the HPE/PSC deployment, deferred revenue, optical interconnect opportunities, and the Commerce LOI milestones. Management said coherence time is currently in the 25 to 30 microsecond range and could improve by 2x to 3x near term, with fidelity expected to improve at the 108-qubit level before year-end; on DARPA, the company remains optimistic about entering Phase B soon despite leadership changes. Rigetti also said the Fremont fab has plenty of capacity, the HPE/PSC system will be a full Rigetti-built 9-qubit setup with delivery expected in 2027, deferred revenue mainly reflected C-DAC prepayments, and the Commerce funding structure is still being negotiated around milestones tied to accelerating the roadmap.