Rigetti Computing (RGTI) Earnings Date & Reports

Key Takeaways

• Rigetti Computing (RGTI) is scheduled to report third-quarter 2026 results after the market close on November 10, 2026, with its conference call at 5:00 p.m. ET.
• Wall Street consensus calls for roughly $3.7 million in revenue and an adjusted loss of about $0.05 per share, though estimates vary by firm.
• Revenue is expected to climb roughly 89% year over year (YoY) but decline about 28% sequentially, reflecting the lumpy timing of high-value quantum system sales.
• Investors are watching the $8.4 million C-DAC order expected to be recognized in Q4 2026 and a letter of intent (LOI) for up to $100 million in U.S. Department of Commerce funding.
• The company entered the quarter with roughly $541 million in cash and investments and no debt, a cushion against continued operating losses.
• Analyst sentiment remains broadly positive, with nine buy ratings and an average price target near $26.69.
• For more context on Rigetti's Major News, Today's Price Move, Price Targets, and Forecast, explore these dedicated pages.
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Earnings Context and Why It Matters

Rigetti's quarterly earnings report offers a rare window into how a pioneer in full-stack superconducting quantum computing is translating technical milestones into commercial traction. The company designs and manufactures its own quantum processing units (QPUs), selling on-premises 9-qubit to 108-qubit systems and operating cloud-based access through its Rigetti Quantum Cloud Services platform. Because revenue is driven by infrequent, high-value orders from national laboratories, government agencies, and research institutions, results swing sharply from quarter to quarter. That volatility makes this report a key test of whether management's roadmap toward "quantum advantage" — and its rising research and development (R&D) spending — is keeping pace with investor expectations in an early-stage, capital-intensive sector.

Earnings Expectations

Consensus estimates point to third-quarter revenue of roughly $3.7 million, up about 89% YoY but down roughly 28% from the $5.13 million reported in the second quarter of 2026. The sequential decline reflects the timing of system deliveries and customer acceptance rather than weakening demand. Analysts expect an adjusted net loss of about $0.05 per share, roughly in line with the prior quarter's deficit. Notably, Zacks pegs its own revenue estimate lower, near $3.30 million, underscoring the wide range of views on delivery timing.

In the most recent quarter, Rigetti met expectations on both revenue and earnings per share (EPS), but shares fell after hours as operating expenses climbed 48% and the GAAP (Generally Accepted Accounting Principles) net loss widened. Management has flagged that the $8.4 million C-DAC order is unlikely to contribute until the fourth quarter, meaning the third quarter will lean heavily on on-premises Novera QPU sales and cloud usage.

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Market Reaction and Investor Sentiment

Sentiment heading into the print is mixed. Rigetti shares fell about 18.5% during the third quarter and were down roughly 50% year to date through early November, as investors weighed the sector's high cash burn against long-term promise. Still, sell-side positioning remains constructive: thirteen analysts rate the stock a buy or hold, including nine buys, with an average price target near $26.69 — well above recent trading levels around $13. B. Riley recently reaffirmed a buy rating but trimmed its target to $25 from $35. Key risk factors into earnings include the timing of large system deliveries, rising R&D and operating costs, and any slippage in the C-DAC or government-funding timelines.

Forward Outlook and Key Factors to Monitor

Beyond the headline numbers, investors should focus on delivery visibility and cost discipline. Management has indicated it expects to recognize the $8.4 million C-DAC order in the fourth quarter of 2026 following installation and performance acceptance testing, so commentary on that timeline will be closely watched.

Government and partnership progress is another critical lever. Rigetti has announced a letter of intent for up to $100 million in U.S. Department of Commerce funding over three years, plus plans to invest up to $100 million in the United Kingdom toward a 1,000-qubit system. A definitive agreement on the Commerce funding has not yet been reached, making any update meaningful.

Finally, watch technical milestones. Management is targeting roughly 99.5% two-qubit gate fidelity by year-end 2026 and, over a three-year horizon, about 1,000 qubits with 99.9% fidelity and gate speeds below 40 nanoseconds. With a strong cash position and no debt, Rigetti has runway to pursue these goals — but the market will be looking for evidence that spending is translating into scalable, repeatable revenue.

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