Rigetti Computing Q3 2025 revenue of $1.9M misses; $201M GAAP loss is non-cash, ~$600M cash, 1000+ qubit roadmap
Rigetti Computing (Nasdaq: RGTI) reported Q3 2025 revenue of $1.9 million on 2025-11-10, below the ~$2.17 million consensus, with a GAAP net loss of $201.0 million (including a ~$182 million non-cash derivative-warrant fair-value loss), a non-GAAP net loss of $10.7 million, an operating loss of $20.5 million, and $558.9 million in cash and investments (~$600M by early November). Rigetti also unveiled an aggressive roadmap toward 1,000+ qubits. EODHD recorded EPS of -$0.03 versus -$0.05. Filed on Form 10-Q and Form 8-K (Item 2.02).
Revenue missed and the headline GAAP loss is dominated by a non-cash warrant remeasurement, so the operating picture is a weak top line against a large cash cushion; the 1,000+ qubit roadmap is a forward-looking statement, not a delivered product, keeping the print in the below-median band.
A ~$600M cash position funds Rigetti's chiplet-scaling roadmap (following the August Cepheus-1-36Q GA) despite minimal revenue; execution against the 1,000-qubit target, not the income statement, is what the market is pricing.