8-K: Rigetti Reports Q4/FY25 Results, Advances Quantum Fidelity

Rigetti Computing announced its Q4 and full-year 2025 financial results, highlighting significant progress in quantum gate fidelity and new on-premises system orders.

Summary

• Total revenues for the three months ended December 31, 2025, were $1.9 million.
• Operating loss for the three months ended December 31, 2025, was $22.6 million.
• GAAP net loss for the three months ended December 31, 2025, was $18.2 million, or $(0.06) per share.
• Non-GAAP net loss for the three months ended December 31, 2025, was $11.3 million, or $(0.03) per share.
• Total revenues for the year ended December 31, 2025, were $7.1 million.
• GAAP net loss for the year ended December 31, 2025, was $216.2 million, or $(0.70) per share.
• Non-GAAP net loss for the year ended December 31, 2025, was $50.5 million, or $(0.16) per share.
• Cash, cash equivalents, and available-for-sale investments totaled $589.8 million as of December 31, 2025.
• Secured an approximately $8.4 million purchase order from India's Centre for Development of Advanced Computing (C-DAC) for a 108-qubit on-premises superconducting quantum computer, expected to be deployed in the second half of 2026.
• Continued to advance delivery of two previously announced Novera on-premises quantum systems totaling approximately $5.7 million in purchase orders, with a portion expected to ship in Q1 2026.
• Secured a purchase order for a Novera QPU from a Japanese research organization, with delivery expected in April 2026.
• Achieved a two-qubit gate fidelity as high as 99.9% at 28 nanosecond gate speed on a prototype platform.
• Reported median two-qubit gate fidelities of 99.7% on its 9-qubit system, 99.6% on its 36-qubit system, and 99% on its 108-qubit system (Cepheus-1-108Q).
• Demonstrated chiplet tiling as a practical approach to scaling quantum systems and made strong progress toward deployment of its 108-qubit chiplet-based system.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a mixed report; while financial performance shows continued losses and revenue decline, significant technological advancements and new customer orders in a nascent industry provide a positive long-term outlook.

Positives

• Strong cash position with $589.8 million in cash, cash equivalents, and available-for-sale investments as of December 31, 2025.
• Secured a significant approximately $8.4 million purchase order from India's C-DAC for a 108-qubit on-premises quantum computer.
• Continued momentum in Novera system deliveries, advancing two previously announced systems ($5.7 million) and securing a new Novera QPU order for Japan.
• Achieved a high two-qubit gate fidelity of 99.9% at 28 nanosecond gate speed on a prototype platform.
• Improved median two-qubit gate fidelities across various systems: 99.7% (9-qubit), 99.6% (36-qubit), and 99% (108-qubit Cepheus-1-108Q).
• Demonstrated chiplet tiling as a scalable architecture, which is critical for developing larger quantum systems.
• Anticipates significant first-quarter year-over-year revenue growth driven by Novera system shipments.

Negatives

• Total revenues decreased to $1.9 million in Q4 2025 from $2.3 million in Q4 2024, and to $7.1 million for FY 2025 from $10.8 million for FY 2024.
• Operating loss for Q4 2025 increased to $22.6 million from $18.5 million in Q4 2024, and full-year operating loss increased to $84.7 million from $68.5 million.
• GAAP net loss for FY 2025 increased to $216.2 million from $201.0 million for FY 2024.
• Net cash used in operating activities was $58.5 million for FY 2025, indicating continued cash burn.

Risks

• Ability to achieve milestones and technological advancements, including with respect to its technology roadmap.
• Ability to deliver products to customers in time or at all, including actions by customers, such as controls over their facilities and cancelling orders.
• Ability to obtain government contracts successfully and in a timely manner and the availability of government funding.
• The potential of quantum computing may not materialize as expected.
• The success of partnerships and collaborations is not guaranteed.
• Ability to accelerate development of multiple generations of quantum processors.
• Outcome of any legal proceedings that may be instituted against the Company or others.
• Ability to maintain relationships with customers and suppliers and attract and retain management and key employees.
• Costs related to operating as a public company.
• Changes in applicable laws or regulations.
• The possibility that the Company may be adversely affected by other economic, business, or competitive factors.
• Estimates of expenses and profitability may be inaccurate.
• The evolution of the markets in which the Company competes.
• The ability of the Company to implement its strategic initiatives and expansion plans.
• The expected use of proceeds from past and future financings or other capital.
• The sufficiency of the Company's cash resources.
• Unfavorable conditions in the Company's industry, the global economy or global supply chain, including rising inflation and interest rates, deteriorating international trade relations, political turmoil, natural catastrophes, warfare, and terrorist attacks.

Future Outlook

Rigetti anticipates significant first-quarter year-over-year revenue growth, driven by a portion of the previously announced $5.7 million Novera on-premises system purchase orders expected to ship in Q1 2026. The company remains focused on executing its roadmap, including the deployment of its 108-qubit system at 99.5% median two-qubit gate fidelity and advancing toward larger-scale systems to achieve practical quantum advantage.

Management Comments

• "In 2025, we made great progress across fidelity, scale, and system architecture." Dr. Subodh Kulkarni, Rigetti CEO.
• "Our focus continues to be on achieving practical quantum advantage, and over the past year we validated key elements of our strategy, including improved two-qubit gate fidelity across both monolithic and chiplet-based systems and continued momentum in scaling our superconducting quantum technology." Dr. Subodh Kulkarni, Rigetti CEO.
• "A critical enabler of this progress is our vertically integrated, full-stack development approach, where tightly coupled design, fabrication, and testing allow us to iterate faster, protect proprietary IP, and drive performance improvements as we scale beyond 100 qubits." Dr. Subodh Kulkarni, Rigetti CEO.
• "Demand for on-premises quantum systems from government and research institutions continues to grow." Dr. Subodh Kulkarni, Rigetti CEO.
• "Our recently announced order from India's Centre for Development of Advanced Computing reflects increasing engagement from national customers seeking direct access to quantum hardware integrated into high-performance computing environments." Dr. Subodh Kulkarni, Rigetti CEO.
• "Rigetti's open and modular architecture remains a core differentiator." Dr. Subodh Kulkarni, Rigetti CEO.
• "Our chiplet-based approach provides a practical and scalable path toward large-scale quantum systems, while our ecosystem of partners, including Riverlane, NVIDIA, Quanta Computer, and QphoX, allows us to innovate across the stack." Dr. Subodh Kulkarni, Rigetti CEO.
• "This architecture is reinforced by our dedicated quantum manufacturing facility (Fab-1), which accelerates our roadmap, supports proprietary innovation, and creates a durable competitive advantage as systems grow in scale and complexity." Dr. Subodh Kulkarni, Rigetti CEO.
• "Looking ahead, we remain focused on executing our roadmap, including the deployment of our 108-qubit system at 99.5% median two-qubit gate fidelity and advancing toward larger-scale systems as we work steadily toward quantum advantage." Dr. Subodh Kulkarni, Rigetti CEO.
• "We anticipate significant first-quarter year-over-year revenue growth driven by a portion of the previously announced $5.7 million Novera on-premises system purchase orders expected to ship in Q1." Dr. Subodh Kulkarni, Rigetti CEO.

Industry Context

StockSavvy.ai notes that Rigetti's focus on on-premises quantum systems for government and research institutions, exemplified by the C-DAC order, aligns with a growing trend of national entities seeking direct control and integration of quantum hardware into high-performance computing environments. The emphasis on chiplet architecture and partnerships with companies like Riverlane and NVIDIA reflects the industry's broader efforts to overcome scalability challenges and build a robust quantum ecosystem, positioning Rigetti as a key player in the full-stack quantum-classical computing space.

Comparison to Industry Standards

• Rigetti's current quantum computing systems achieve gate speeds of 50-70ns, which is about 1,000 times faster than other modalities such as ion traps and neutral atoms.
• The achieved two-qubit gate fidelity of 99.9% at 28 nanosecond gate speed on a prototype platform, along with median fidelities of 99.7% (9-qubit), 99.6% (36-qubit), and 99% (108-qubit), narrows the fidelity gap between superconducting systems and other quantum modalities.
• Rigetti deployed the industry's largest multi-chip quantum computer in 2025 with Cepheus-1-36Q, based on four 9-qubit chiplets tiled together.

Stakeholder Impact

• Shareholders: Experience continued dilution from capital raises and ongoing losses, but benefit from a strong cash position and technological progress that could drive future value.
• Customers (Government/Research Institutions): Benefit from new on-premises quantum systems (C-DAC, Novera) and improved gate fidelity, enabling advanced research and hybrid classical-quantum workloads.
• Employees: Continued employment and R&D opportunities in a growing quantum computing field.
• Partners (Riverlane, NVIDIA, Quanta Computer, QphoX): Strengthened collaboration on quantum ecosystem development and technology integration.

Next Steps

• Deployment of the 108-qubit system at 99.5% median two-qubit gate fidelity.
• Advancing toward larger-scale quantum systems to achieve quantum advantage.
• Deployment of the C-DAC 108-qubit on-premises system in the second half of 2026.
• Integration of the C-DAC system into C-DAC's high-performance computing environment to support hybrid classical-quantum workloads and quantum research initiatives.
• Shipment of a portion of the $5.7 million Novera on-premises system purchase orders in Q1 2026.
• Delivery of the Novera QPU to a Japanese research organization in April 2026.
• Continued collaboration with Riverlane on error correction research, focusing on system-level integration and long-term scalability.

Key Dates

Recommendation

While Rigetti continues to report significant financial losses and declining revenue, the company's substantial cash reserves, coupled with notable technological advancements in quantum gate fidelity and new strategic customer orders (like C-DAC), indicate a long-term growth potential in a high-risk, high-reward industry. The anticipated Q1 2026 revenue growth provides a near-term positive, but the path to profitability remains distant. A "Hold" recommendation reflects the balance between ongoing operational challenges and promising future prospects, suggesting investors monitor execution of the roadmap and further commercial traction.

Keywords

Quantum Computing, Rigetti, RGTI, Financial Results, Q4 2025, Full-Year 2025, Quantum Processor, Superconducting Qubits, Gate Fidelity, Chiplet Architecture, On-Premises Systems, C-DAC, Novera, Quantum Advantage, Fab-1