Rigetti Computing, Inc. Q4 FY2025 earnings call

CEO emphasized quantum computing enhances classical computing, focus on superconducting gate-based. Made progress in fidelity, scale, architecture. Deployed multiple systems to cloud. Partnered with Riverlane, NVIDIA, QFOX. Secured orders from CDAC, Japanese research org, etc. Balance sheet with ~$590M cash.

For the fourth quarter of 2025, revenue was $1.9 million compared to $2.3 million in the fourth quarter of 2024. Gross margins for the fourth quarter were 35% compared to 44% in Q4 of last year. Total operating expenses for the fourth quarter were $23.2 million compared to $19.5 million in the same period last year. Operating loss for the fourth quarter was $22.6 million. Regarding NOVERA sales, ~$5.7 million with revenue recognition expected in first and second quarters of 2026. CDAC order revenue to be recognized in second half of 2026 after testing.

Expect to deploy 108-qubit system by end of March 2026 with 99.5% median two-qubit gate fidelity. Deploy 150+ qubit system by end of 2026 with 99.7% median two-qubit gate fidelity. Aim for 1000+ qubit system by end of 2027 with 99.8% median two-qubit gate fidelity. Focus on on-premises systems for government, labs, etc.

Forward-looking statements subject to risks like technical execution delays, market adoption challenges, competition in quantum computing, and uncertainties in meeting roadmap milestones.

Q: About 108 qubit system remaining items to deliver customer ready?

A: Addressed tunable coupler interactions, collecting data.

Q: FAB1 foundry offering?

A: Offer to select customers like DOE, DOD.

Q: Fidelity levels for 108 qubit system?

A: One-qubit 99.9%, two-qubit median ~99.5%.

Q: NVIDIA partnership progress?

A: Working on NVQ-Link for hybrid quantum ecosystem.

Q: M&A for roadmap?

A: Open to M&A but roadmap mostly organic.