Rigetti Computing, Inc. (RGTI) FY2025 10-K Annual Report
Rigetti Computing, Inc. (RGTI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 4, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Rigetti Computing, Inc. FY2025 10-K Analysis
Business Overview
- • Core business: development and operation of superconducting quantum computers with a full-stack vertically integrated model including chip design, manufacturing, and cloud delivery
- • New products: launched 36-qubit Cepheus-1-36Q modular multi-chip quantum computer and sold 108-qubit system to C-DAC for $8.4 million with deployment in 2026
Management Discussion & Analysis
- • Revenue $7.1M in 2025, down 34% YoY from $10.8M in 2024, driven by $3.7M decrease in development contracts and sales including no Novera sales in 2025
- • Gross profit $2.1M vs $5.7M, gross margin ~29.1% vs ~52.8% in 2024; operating loss widened 24% to $84.7M from $68.5M
Risk Factors
- • Regulatory risk: compliance requirements under Section 382 of the Internal Revenue Code limit use of $455.3M federal net operating loss carryforwards
- • Geopolitical/macroeconomic risk: global economic downturn, military conflicts, and related sanctions could impair capital raising and weaken product demand
Rigetti Computing, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$7M
▼ -34.3% YoY
Net Income
-$216M
▼ -7.6% YoY
Gross Margin
29.1%
▼ -2368bp YoY
Operating Margin
-1194.4%
▼ -55947bp YoY
Net Margin
-3050.4%
▼ -118764bp YoY
ROE
-39.6%
▲ +11919bp YoY
Total Assets
$667M
▲ +134.1% YoY
EPS (Diluted)
$-0.70
▲ +35.8% YoY
Operating Cash Flow
-$59M
▼ -15.6% YoY
Source: XBRL data from Rigetti Computing, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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