Rigetti Computing, Inc. (RGTI) SEC Filings & Earnings Calls

Funding subject to milestone achievement; government receives minority equity stake causing dilution.

“Company’s issuance of securities to the Department... dilution to existing stockholders”

Quantum computing industry still early-stage; technical and commercial risks remain.

“forward-looking statements... risks and uncertainties”

Execution risk in scaling quantum system deployments

“Newly created COO role and dedicated Systems Delivery organization indicate need to manage scaling complexity.”

Early-stage company with significant operating losses and dependence on technology roadmap execution

“Operating loss $28.1M on revenue of $5.1M; GAAP net loss $52.6M”

Milestone dependency for funding

“There can be no assurance that such milestones will be achieved on the expected timeline, or at all.” · word for word

Dilution from share issuance to Department of Commerce

“existing common stockholders will experience dilution of their ownership positions in connection with any such issuance.” · word for word

Technology roadmap uncertainty

“We have in the past failed to meet publicly announced milestones and may fail to meet projected technological milestones in the future.” · word for word

Operating loss remains significant at $26M, indicating ongoing cash burn despite revenue growth.

“Operating loss for the three months ended March 31, 2026 was $26.0 million” · word for word

Non-GAAP net loss of $14.7M shows underlying unprofitability.

“non-GAAP net loss $14.7 million” · word for word

Revenue volatility

“Revenue is expected to vary in terms of timing and size, resulting in significant fluctuations in revenue levels in future periods.” · word for word

Continued operating losses

“We have incurred net losses and negative cash flows since inception. We incurred an operating loss for the three months ended March 31, 2026.” · word for word

Dependence on future capital

“We may need to seek additional funds sooner than planned, through public or private equity or debt financings or other sources.” · word for word

No material risk signals identified; routine lease agreement.

Technology risk: fidelity improvement needed to reach quantum advantage; competition from other modalities

“plans to continue to improve fidelity... reach quantum advantage in about three years”

Revenue Decline and Dependence on Development Contracts

“Revenue decreased by $3.7 million for the year ended December 31, 2025, when compared to the year ended December 31, 2024. The decrease was mainly due to a $1.4 million reduction in revenue from collaborative research and professional services contracts, and a $2.4 million reduction in revenue from sales of collaborative research materials and quantum comput” · word for word

Continued Operating Losses

“Our net losses were $216.2 million and $201.0 million for the years ended December 31, 2025 and December 31, 2024, respectively. As of December 31, 2025, we had an accumulated deficit of $771.0 million.” · word for word

Dependence on Government Funding

“Our revenue has been negatively impacted by expiration of the National Quantum Initiative Act in September 2023 and its pending reauthorization in the United States Congress.” · word for word

Warrant Liability Volatility

“The change in fair value of warrant liabilities for the year ended December 31, 2025 was a loss of $150.6 million, compared to a loss of $90.2 million for the year ended December 31, 2024.” · word for word

Significant operating losses and cash burn.

“Operating loss $22.6M in Q4; GAAP net loss $216.2M for full year.”

Technology and commercialization risks.

“Quantum computing is still emerging; customer orders are limited.”

Execution risk: deployment scheduled for H2 2026; potential delays.

“Scheduled to be deployed in the second half of 2026.” · word for word

Product roadmap delay may impact customer confidence and revenue timing

“Cepheus-1-108Q is now expected to reach general availability around the end of the first quarter of 2026. We encountered complexities with our tunable couplers.” · word for word

Significant operating losses and reliance on cash reserves.

“Operating loss for the three months ended September 30 was $20.5 million; GAAP net loss $201.0 million” · word for word

Revenue concentration and variability

“Revenue is expected to vary in terms of timing and size, resulting in significant fluctuations in revenue levels in future periods.” · word for word

Continued operating losses

“We have incurred net losses and negative cash flows since inception.” · word for word

Dependence on government funding

“Our revenue has been negatively impacted by expiration of the National Quantum Initiative Act in September 2023 and its pending reauthorization.” · word for word