Short answer
Rigetti Computing, Inc. (RGTI) filed its fiscal 2025 10-K annual report with the SEC on Mar 4, 2026. It reported revenue of $7M (−34.3% year over year) and net income of −$216M.
- Top risk flagged: Regulatory risk: compliance requirements under Section 382 of the Internal Revenue Code limit use of $455.3M federal net operating loss carryforwards
FY2025 key financial metrics · XBRL
- Revenue
- $7M
- −34.3% YoY
- Net income
- −$216M
- −7.6% YoY
- Operating margin
- -1194.4%
- −559.5 pp YoY
- Gross margin
- 29.1%
- −23.7 pp YoY
- EPS (diluted)
- −$0.70
- +35.8% YoY
- ROE
- -39.6%
- +119.2 pp YoY
- Operating cash flow
- −$59M
- −15.6% YoY
Source: XBRL data from the Rigetti Computing, Inc. (RGTI) FY2025 10-K on SEC EDGAR. USD.
Rigetti Computing, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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