Key Highlights

  • GAAP net loss was USD 3.1 million in the third quarter of 2026, against about USD 201 million a year earlier, mostly because of non-cash Fair Value changes on derivative Warrant and earn-out liabilities.
  • Operating loss widened to USD 33.2 million from USD 20.5 million as operating expenses rose to USD 34 million, with Research and Development at USD 25.5 million.
  • Third-quarter Revenue was USD 1.4 million versus USD 1.9 million, yet nine-month revenue reached USD 10.9 million against USD 5.2 million, already above the USD 7.1 million for all of 2025.
  • Cash, equivalents and available-for-sale investments were USD 497.1 million with no debt, and a September 4, 2026 Commerce Department agreement offers up to USD 100 million of funding.

Non-Cash Warrant Swings Flatter the Bottom Line

Rigetti Computing (NASDAQ:RGTI) filed its Quarterly Report and held its call on November 10, 2026. The company builds superconducting quantum computers and operates its own fabrication plant. Its net loss of USD 3.137 million was far smaller than USD 200.968 million a year earlier because fair value adjustments to warrant and earn-out liabilities swung sharply, according to management. Diluted GAAP loss per share was USD 0.08 against USD 0.62 in the filing, though the call cited USD 0.60. Non-GAAP net loss, excluding Stock Compensation and those adjustments, grew to about USD 20.5 million, or USD 0.06 per share, from USD 10.7 million, and the nine-month GAAP net loss was USD 22.6 million versus USD 198.0 million.

Lumpy Revenue and a USD 20 Million Full-Year Target

Quarterly revenue depends on a few system deliveries and development contracts, so management urges focus on year-to-date results. Gross Margin was about 61% versus 21%, though management said it swings with contract mix, pricing and the timing of hardware revenue. For 2026 management expects revenue of about USD 20 million, which assumes customer acceptance of the 108-qubit C-DAC system in the fourth quarter. That implies roughly USD 9 million in the fourth quarter (calculated from the USD 10.9 million nine-month total). Rigetti India received a USD 8.4 million purchase order for that system in January. Management also said its 108-qubit Cepheus system reached 99.5% median two-qubit gate fidelity.

Commerce Award, Equity Stake and Cash Burn

The Commerce Department agreed on September 4, 2026 to provide up to USD 100 million under the CHIPS Act, with USD 43.9 million available at signing and two later tranches tied to milestones. In return the department received 7,739,938 shares at an implied USD 12.92 a share, a minority stake. Cash fell to USD 497.1 million from USD 541.3 million at June 30 and USD 589.8 million at year-end. Capital spending was USD 42.6 million for nine months, and the accumulated Deficit is USD 793.6 million. Management targets a 300-plus qubit system by mid-2028 and says cash should last at least 12 months, while noting it may raise more capital sooner than planned.

Where Things Stand

The small loss is an accounting effect, not an operating improvement. Rigetti Computing (NASDAQ:RGTI) lost USD 33.2 million at the operating line, more than a year ago, while warrant and earn-out fair value changes did most of the work on net loss. Revenue is tiny and uneven, though nine-month sales doubled. A USD 497.1 million cash pile with no Debt and the government award give a long runway for research. The next markers are acceptance of the C-DAC system, fourth-quarter revenue against the USD 20 million target and milestone tranches.