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
- • Strategic shift: emphasis on modular multi-chip architecture for scalability and rapid fidelity improvements (e.g., 99.6% two-qubit gate fidelity for Cepheus-1-36Q vs 99.0% for 84-qubit Ankaa-3)
- • Quantitative highlight: received purchase orders totaling $5.7 million for two upgradeable Novera QPU systems in 2025; 121 patents issued plus 160 pending as of Dec 2025
- • Noteworthy fact: new $250 million collaboration agreement with Quanta initiated in Feb 2025, including Quanta's $35 million equity purchase at $11.59 per share
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
- • Best segment: Collaborative research with $5.7M revenue in 2024; worst: Quantum system sales down sharply, including $1.6M Novera sales absent in 2025
- • Raised net $346.7M from ATM equity offering in Q2 2025; no debt interest expense in 2025 vs $3.3M in 2024 due to debt prepayment; R&D spend up 23% to $61.3M; no dividends or buybacks reported
- • Outlook: Continue losses as R&D and infrastructure investments grow; cash sufficient for 12+ months; risks from macroeconomic conditions and need for future capital highlighted
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
- • Operational risk: reliance on scarce components like dilution refrigerators and silicon wafers risks supply chain shortages affecting production and scalability
- • Competitive risk: tech giants Google, Microsoft, Amazon, IBM advancing quantum computing potentially outpacing Rigetti’s milestones and market traction
- • Financial risk: net losses $216.2M (2025) and $201.0M (2024) with $771.0M accumulated deficit; ongoing significant cash burn threatens operating continuity without additional capital
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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