Persistent free cash flow deficits remain a structural concern, with quarterly outflows frequently exceeding $15 million and capital expenditure-to-revenue ratios reaching as high as 180% in 2024Q1.
| Cash from Operations | -61.11M | -58.54M | -50.63M | -50.58M | -62.69M | -29.29M | -30.07M | -36.89M |
| Operating CF Margin % | - | -825.95% | -469.2% | -421.21% | -478.47% | -357.38% | -542.48% | -5015.6% |
| Operating CF Growth % | -102.41% | -15.64% | -0.09% | 19.32% | -114.02% | 2.58% | 18.49% | - |
| Net Income | -225.72M | -216.21M | -200.99M | -75.11M | -71.52M | -38.24M | -26.13M | -53.82M |
| Depreciation & Amortization | 8.95M | 8.17M | 6.91M | 7.43M | 7.02M | 4.65M | 4.3M | 3.94M |
| Stock-Based Compensation | 13.43M | 17.61M | 13.07M | 12.41M | 44.81M | 0 | 2.59M | 2.78M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 154.14M | 139.78M | 133.47M | 5.19M | -40.67M | 4.14M | -8.91M | 5.57M |
| Working Capital Changes | -11.91M | -7.88M | -3.08M | -495K | -2.33M | 158K | -1.92M | 4.63M |
| Change in Receivables | -3.31M | -124K | 2.6M | 1.21M | -4.69M | -1.06M | -2.29M | 2.23M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 979K | 111K | -1.04M | 895K | -707K | -389K | 0 | 0 |
| Cash from Investing | -359.91M | -403.33M | -78.36M | 773K | -107.02M | -7.01M | -4.4M | -2.94M |
| Capital Expenditures | -20.54M | -18.68M | -11.1M | -9.06M | -22.74M | -7.01M | -4.4M | -3.09M |
| CapEx % of Revenue | 205.07% | 263.49% | 102.85% | 75.44% | 173.54% | 85.51% | 79.39% | 420.65% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 149.48K |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 432.23M | 439.09M | 175.46M | 13.23M | 215.45M | 25.83M | 56.29M | 18.74M |
| Debt Issued (Net) | 0 | 0 | -23.33M | -8.33M | 3.71M | 27M | 2.2M | 17.11M |
| Equity Issued (Net) | 432.23M | 432.81M | 206.34M | 20.54M | 6.07M | 378K | 54.02M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 6.27M | -7.55M | 1.02M | 205.68M | -1.55M | 66.36K | 1.63M |
| Net Change in Cash | 10.98M | -22.82M | 46.28M | -36.5M | 45.84M | 11.73M | 21.89M | -21.11M |
| Free Cash Flow | -81.65M | -77.22M | -61.73M | -59.64M | -85.43M | -36.3M | -34.47M | -39.98M |
| FCF Margin % | -815.18% | -1089.43% | -572.06% | -496.65% | -652.01% | -442.89% | -621.87% | -5436.25% |
| FCF Growth % | -37.71% | -25.1% | -3.5% | 30.19% | -135.34% | -5.31% | 13.79% | - |
| FCF per Share | -0.24 | -0.25 | -0.33 | -0.45 | -0.84 | -1.99 | -0.80 | -0.35 |
| FCF Conversion (FCF/Net Income) | 0.36x | 0.27x | 0.25x | 0.67x | 0.88x | 0.77x | 1.75x | 0.69x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 51.67K | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Capital exhaustion and dilution
As reported in financial statements, the persistent gap between net income and operating cash flow, exemplified by the $33.1 million net income in 2026Q1 against a $16.2 million operating cash outflow, suggests that accounting profits are currently decoupled from the company's actual cash-generating capabilities.
The divergence between reported net income and operating cash flow indicates that non-cash items and accounting adjustments are significantly distorting the firm's true economic performance. Investors should monitor this trend closely, as the inability to convert accounting gains into positive operating cash flow suggests that the business model remains fundamentally reliant on external financing rather than internal operational efficiency.
Based on Rigetti's quarterly filings, the company consistently records negative free cash flow, with quarterly outflows frequently exceeding $15 million, which underscores the structural difficulty of achieving self-sustainability while maintaining a high-cost, captive superconducting fabrication facility in a pre-commercial market environment.
The trajectory of free cash flow remains deeply negative, reflecting a business model that is currently unable to cover its operating expenses and capital requirements through its own revenue streams. This persistent cash burn warrants further investigation into the company's long-term viability, as the current trajectory suggests that capital market access is the primary determinant of the firm's operational survival.
According to recent SEC filings, Rigetti's capital expenditure relative to revenue has reached extreme levels, including a 180% ratio in 2024Q1, which highlights the heavy burden of maintaining specialized cryogenic and fabrication infrastructure despite a volatile and declining revenue base.
The high capital intensity suggests that the company is forced to prioritize infrastructure maintenance and development over commercial scaling. This level of spending appears to be a necessary cost of maintaining the Fab-1 facility, yet it creates a significant hurdle for achieving positive free cash flow in the near term.
As evidenced by the provided financial data, stock-based compensation remains a consistent non-cash expense, reaching $5.6 million in 2025Q4, which effectively masks the true magnitude of the company's operational cash burn by shifting compensation costs away from the cash flow statement.
While stock-based compensation is a standard tool for talent retention in the technology sector, its consistent use at Rigetti serves to dilute existing shareholders while keeping cash-based operating expenses artificially lower than they would otherwise be. Analysts should adjust for these non-cash charges to better understand the actual cash requirements needed to sustain the company's current research and development pace.
Quick answers to the most common questions about buying RGTI stock.
Rigetti Computing, Inc. (RGTI) generated $-58.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Rigetti Computing, Inc. (RGTI) reported negative free cash flow of $77.2M in 2025, indicating capital requirements exceeded cash from operations.
Rigetti Computing, Inc. (RGTI) spent $18.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.