Rigetti Q4 2025 revenue of $1.9M misses; ~$590M cash, demonstrates 99.9% two-qubit fidelity on a prototype
On 2026-03-04 Rigetti Computing (Nasdaq: RGTI) reported Q4 2025 revenue of $1.9 million, down ~17% year over year and below the ~$2.32 million forecast, with an operating loss of $22.6 million and a GAAP net loss of $18.2 million; EODHD EPS was -$0.03 (in line). The company exited 2025 with approximately $590 million in cash and reported a prototype-platform demonstration of 99.9% two-qubit gate fidelity at a 28-nanosecond gate speed. Filed on Form 8-K (Item 2.02) and Form 10-K.
Revenue again declined and missed, keeping the operating line weak against a large cash cushion; the more notable item is the prototype 99.9% two-qubit fidelity at 28ns - a fidelity step beyond Rigetti's prior 99.5%, though demonstrated on a prototype rather than a shipped system, so it informs the roadmap rather than the quarter.
A ~$590M balance sheet funds Rigetti's chiplet-and-fidelity roadmap (following Cepheus-1-36Q and the C-DAC order); converting the 99.9%-fidelity prototype into deployed systems and revenue is the gap the market is watching.