Key Takeaways
- Q1 2026 revenue reached $4.4 million, representing a threefold increase year-over-year and exceeding the $4.09 million consensus estimate.
- Loss per share of -$0.04 matched analyst projections.
- Cepheus-1-108Q, the company’s 108-qubit quantum system, went live in April on Amazon Braket and Microsoft Azure Quantum platforms.
- Operating losses expanded to $26 million, with research and development consuming approximately $20 million.
- A $100 million investment in the United Kingdom was unveiled, targeting deployment of a 1,000-qubit system in three to four years.
Rigetti Computing (RGTI) delivered better-than-expected Q1 2026 results but experienced a decline of approximately 1.85% in after-hours trading, following an 8.3% surge during regular market hours that ended at $18.59.
First-quarter revenue totaled $4.4 million, marking a 193% increase from the $1.5 million recorded in Q1 2025. This figure surpassed Wall Street estimates that ranged between $4.09 and $4.13 million. The adjusted earnings per share loss remained steady at -$0.04, aligning with consensus forecasts.
The share price had already climbed ahead of the earnings release, buoyed by momentum across the quantum computing sector. Competitors IonQ (IONQ) and D-Wave Quantum (QBTS) posted gains of 15.5% and 6.5%, respectively, during the same trading session.
The subdued post-market response was largely anticipated. The quarterly results contained few unexpected developments.
Revenue expansion was primarily fueled by Novera QPU shipments and federal government contracts. Gross profit margin improved marginally to 31% from 30% in the prior-year quarter.
Cepheus-1-108Q System Goes Live
The most significant product development was the commercial release of Rigetti’s Cepheus-1-108Q platform in April. The system is currently accessible through Amazon Braket, Microsoft Azure Quantum, and Rigetti’s proprietary cloud infrastructure.
This deployment had been postponed from an earlier target date. The company adjusted the schedule in January to allow for additional technical refinements prior to public availability.
Chief Executive Subodh Kulkarni indicated that the organization anticipates achieving a median two-qubit gate fidelity of 99.5% before year-end, a critical performance indicator measuring the precision of quantum computational operations.
Operational expenditures climbed 23.5% year-over-year to $27.3 million. The operating deficit grew to $26 million from $22 million in the comparable period. Research and development accounted for close to $20 million of that total.
Rigetti concluded the first quarter with cash and marketable securities totaling $5.69 million, representing 87% of total assets. The balance sheet remains debt-free.
Major UK Quantum Initiative Announced
The more substantial long-range development involves Rigetti’s $100 million commitment in the United Kingdom, designed to establish a quantum computing facility within a three-to-four-year timeframe.
The planned installation will incorporate over 1,000 physical qubits — representing more than a ninefold expansion from the existing Cepheus architecture.
Rigetti had previously set a goal of reaching 1,000 qubits by 2024 or 2025. Supply chain disruptions and engineering challenges delayed that objective.
The organization has subsequently modified its strategic direction. Instead of prioritizing qubit quantity alone, Rigetti now emphasizes performance metrics before pursuing scale.
Kulkarni addressed this philosophy clearly during the prior quarterly call: “Our focus remains reaching true commercially meaningful quantum advantage, not headline milestones.”
Wall Street forecasts suggest full-year 2026 revenue expansion of approximately 220%, although the company is not expected to achieve profitability during the current fiscal year.
Non-GAAP net loss showed modest improvement, declining to $14.7 million from $15.3 million in Q1 2025, representing a small but encouraging trend.
