Rigetti Q2 revenue rises on quantum computing deployments
Rigetti Q2 revenue rises on quantum computing deployments
Overview
US quantum computing firm's Q2 revenue rose but slightly missed analyst expectations
Company posted a Q2 operating loss of $28.1 mln
Rigetti highlighted expanded collaborations and strong cash position with no debt
Outlook
Rigetti targets systems with ~1,000 qubits and 99.9% two-qubit gate fidelity in three years
Company says demand for on-premises quantum systems remains strong across government and research sectors
Rigetti expects potential $100 mln U.S. government funding to accelerate superconducting quantum R&D
Result Drivers
SYSTEM DEPLOYMENTS - Co said revenue growth was driven by demand for on-premises quantum computing systems from government, academic, and commercial customers
STRATEGIC COLLABORATIONS - Expanded collaboration with HPE and Pittsburgh Supercomputing Center cited as supporting demand for hybrid quantum-classical systems
TECHNOLOGY ADVANCEMENTS - Progress on gate fidelity, coherence, and chiplet-based scaling highlighted as key technology milestones
Company press release: ID:nGNXbC7JPJ
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Revenue | Slight Miss* | $5.10 mln | $5.15 mln (12 Analysts) |
Q2 Operating Income |
| -$28.10 mln |
|
*Applies to a deviation of less than 1%; not applicable for per-share numbers.
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the semiconductors peer group is "buy"
Wall Street's median 12-month price target for Rigetti Computing, Inc. is $30.00, about 78.8% above its August 5 closing price of $16.78
Reuters Recommended Reads
Aug 5 - IonQ Q2 revenue jumps 287%, hitting record high on quantum computer deployments
Aug 6 - D-Wave Quantum Q2 revenue misses analyst estimates
Aug 5 - Redwire Corporation beats Q2 revenue estimates on strong space and defense demand, reaffirms 2026 outlook
For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.
(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)