"Our approach to scalability mirroring multi-chip architectures...is the cornerstone of our scaling strategy" - Subodh Kulkarni.
— Subodh Kulkarni
03Detailed Report
RGTI
Rigetti Computing Inc
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 29, 2026
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Executive Summary
Rigetti Computing Inc. (RGTI) reported a revenue of $2.4 million for Q3 2024, a decline of 22.94% from Q2 2024 and a decrease of 23.41% year-over-year. The reduction in revenue aligns with the company's ongoing shift towards more complex contract deliverables and the competitive dynamics inherent in quantum computing. Rigetti CEO Subodh Kulkarni emphasized the introduction of a modular architecture and upcoming product launches that will enhance scale and efficiency in quantum processing units (QPUs). Despite the challenges, management remains optimistic about the company's roadmap and cash reserves are projected to suffice until mid-2026, underpinning ongoing R&D investments.
Key Performance Indicators
Revenue
Decreasing
2.38M
QoQ: -22.94% | YoY: -23.41%
Gross Profit
Decreasing
1.20M
50.63% margin
QoQ: -39.50% | YoY: -46.98%
Operating Income
Increasing
-17.35M
QoQ: 7.84% | YoY: 3.05%
Net Income
Decreasing
-14.83M
QoQ: 19.42% | YoY: -33.23%
EPS
Decreasing
-0.08
QoQ: 8.85% | YoY: -53.71%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $2.4 million, YoY decrease of 23.41% (from $3.1 million) and QoQ decrease of 22.94% (from $3.1 million). Gross Profit: $1.2 million; Gross Margin: 51%, declining from 73% YoY due to lower-margin contracts. Net Loss: $14.8 million or $0.08 per share, improving from a net loss of $22.2 million YoY. Operating Expenses: $18.6 million, down from $19.1 million YoY, attributing partly to the end of certain contractual obligations. Cash and Cash Equivalents: $92.6 million. Current Ratio: 4.84, indicating strong coverage of current liabilities.
These metrics illustrate a company adjusting strategically while navigating evolving market dynamics, with a focus on long-term technological advancements.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
2.38M
-23.41%
-22.94%
Gross Profit
1.20M
-46.98%
-39.50%
Operating Income
-17.35M
3.05%
7.84%
Net Income
-14.83M
-33.23%
19.42%
EPS
-0.08
-53.71%
8.85%
Key Financial Ratios
Gross Profit Margin
Good
50.60%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Weak
-7.29%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-6.24%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.09%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.12%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
4.84
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.18
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-2.49x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.20x
Price-to-book ratio reasonable for profitable companies
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