Rigetti Computing — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $1.4 million, down from $1.9 million in the same period in 2025.
• Total revenue for the nine months ended September 30, 2026, was $10.9 million, representing a 110% increase compared to $5.2 million in the first nine months of 2025.
• Operating loss for the three months ended September 30, 2026, was $33.2 million, compared to $20.5 million in the prior year period.
• GAAP net loss for the three months ended September 30, 2026, was $3.1 million, while non-GAAP net loss was $20.5 million.
• GAAP diluted net loss per share for the three months ended September 30, 2026, was $0.08; non-GAAP diluted net loss per share was $0.06.
• As of September 30, 2026, cash, cash equivalents, and available-for-sale investments totaled $497.1 million.
• The Company reported no debt as of September 30, 2026.
• Deferred revenue increased to $3.93 million (current $3.23 million, non-current $0.70 million) as of September 30, 2026, from $1.55 million (current $0.85 million, non-current $0.70 million) as of December 31, 2025.
• Net cash used in operating activities for the nine months ended September 30, 2026, was $49.1 million.

Guidance and Future Outlook:

• Full-year 2026 revenue is expected to be approximately $20 million, up significantly from 2025, assuming C-DAC customer acceptance and associated revenue recognition in the fourth quarter.
• The Company targets a 300-plus-qubit system with approximately 99.7% median two-qubit gate fidelity and gate speeds below 60 nanoseconds by mid-2028.
• Rigetti aims to achieve a system with approximately 1,000 qubits, approximately 99.9% two-qubit gate fidelity, and gate speeds below 50 nanoseconds within approximately three years.
• The Company plans to increase qubit density in a single fridge rather than networking multiple fridges for the 1,000+ qubit system to enable higher performance at lower cost.

Business Segments and Product Lines:

• The Cepheus-1-108Q system achieved 99.5% median two-qubit gate fidelity, validating the chiplet-based architecture.
• The Cepheus-1-108Q achieved 99.6% median two-qubit gate fidelity on an 80-qubit sublattice and 99.7% on a 50-qubit sublattice.
• The Cepheus-1-108Q is based on 12 interconnected 9-qubit chiplets.
• Rigetti sells on-premises 9-qubit to 108-qubit quantum computing systems, including the 9-qubit Novera QPU and the 36-qubit to 108-qubit Cepheus systems.
• The Company operates quantum computers over the cloud through its Rigetti Quantum Cloud Services (QCS) platform.
• Rigetti designs and manufactures chips in-house at Fab-1, the industry's first dedicated and integrated quantum device manufacturing facility.

Market and Competitive Landscape:

• Rigetti's superconducting systems achieve gate speeds of 50-70 nanoseconds, approximately 10,000 times faster than trapped-ion systems and 100 times faster than neutral-atom systems.
• The Company believes its combination of scale, fidelity, and speed could provide a platform for demonstrating quantum advantage.

Risks and Challenges:

• Forward-looking statements regarding technology milestones, product delivery, and revenue recognition are subject to risks including the ability to achieve milestones, technological advancements, and customer acceptance timing.
• Risks include the potential for customer actions such as facility controls or order cancellations, the ability to obtain government contracts, and the availability of government funding.
• Uncertainties include the potential of quantum computing, the success of partnerships, and the ability to accelerate development of multiple generations of quantum processors.
• External factors such as economic conditions, global supply chain issues, inflation, interest rates, and geopolitical events could adversely affect the business.

Management Commentary and Tone:

• CEO Dr. Subodh Kulkarni stated the Company delivered meaningful progress across system performance, technology development, and strategic execution.
• Management highlighted the validation of the chiplet-based approach through the 99.5% median two-qubit gate fidelity achievement on the 100-plus-qubit level.
• Management expressed confidence in the strong cash position and lack of debt providing flexibility to invest in the technology roadmap and customer opportunities.

Other Key Points:

• In September 2026, Rigetti signed a definitive agreement with the U.S. Department of Commerce for an award of up to $100 million under the CHIPS Act.
• The $100 million award supports three R&D programs: miniaturized readout electronics, expanded cryogenic capacity via a new cryostat architecture, and fabrication capabilities for high-connectivity chip architectures.
• As a condition of the CHIPS Act award, the U.S. Department of Commerce received a minority, non-controlling equity stake in Rigetti.
• The Company continues to invest in dilution refrigeration capacity and infrastructure to support higher-qubit-count systems.
• Rigetti deployed the industry's largest multi-chip quantum computer in 2026 with the Cepheus-1-108Q system.