Overview
- Q3 revenue came in at $1.94 million, down about 20% year over year, with a loss of three cents per share that was narrower than expected as GAAP net loss widened to $200.97 million from $14.8 million.
- The stock fell roughly 9% on Thursday, extending a multi-day slide following the earnings update.
- Management reiterated its hardware roadmap, targeting a 100+ qubit chiplet-based system by late 2025, more than 150 qubits in 2026, and a 1,000+ qubit platform in 2027.
- Rigetti reported about $600 million in cash and investments, guiding to at least a year of runway while prioritizing research and system development over near-term revenue growth.
- Analyst views diverged, with Craig-Hallum maintaining a Buy, Benchmark trimming its target to $40 while staying Buy, and B. Riley cutting its target to $35 and holding Neutral.