Revenue accelerated 185.3% year-over-year to $5.1M in 2026Q2, but gross margin swung to 42.6% from -92.1% in 2025Q4, while operating losses widened to -$28.1M as R&D spending of $20.7M outpaced gross profit.
Rigetti Computing, Inc. (RGTI) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Jan'21 | Jan'20 |
|---|
| Sales/Revenue | 13.35M | 7.09M | 10.79M | 12.01M | 13.1M | 8.2M | 5.54M | 735.48K |
| Revenue Growth % | 68.49% | -34.31% | -10.14% | -8.35% | 59.86% | 47.87% | 653.6% | - |
| Cost of Goods Sold | 13.72M | 13.19M | 5.09M | 2.8M | 2.87M | 6.27M | 1.49M | 288.16K |
| COGS % of Revenue | - | 186.13% | 47.2% | 23.32% | 21.93% | 76.55% | 26.91% | 39.18% |
| Gross Profit | -365K | -6.11M | 5.7M | 9.21M | 10.23M | 1.92M | 4.05M | 447.32K |
| Gross Margin % | -2.73% | -86.13% | 52.8% | 76.68% | 78.07% | 23.45% | 73.09% | 60.82% |
| Gross Profit Growth % | - | -207.16% | -38.13% | -9.98% | 432.21% | -52.55% | 805.61% | - |
| Operating Expenses | 96.79M | 78.56M | 74.21M | 81.5M | 119.31M | 36.05M | 39.14M | 48.15M |
| OpEx % of Revenue | - | 1108.28% | 687.74% | 678.74% | 910.62% | 439.86% | 706.21% | 6546.63% |
| Selling, General & Admin | 17.81M | 17.21M | 24.46M | 27.74M | 53.98M | 15.03M | 15.04M | 18.7M |
| SG&A % of Revenue | - | 242.8% | 226.66% | 231.05% | 412% | 183.34% | 271.41% | 2543.05% |
| Research & Development | 73.05M | 61.34M | 49.75M | 52.77M | 59.95M | 26.93M | 24.1M | 29.45M |
| R&D % of Revenue | - | 865.48% | 461.08% | 439.44% | 457.58% | 328.55% | 434.8% | 4003.58% |
| Other Operating Expenses | 1000K | 0 | 0 | 991K | 5.38M | -5.9M | 0 | 0 |
| Operating Income | -97.16M | -84.66M | -68.51M | -72.3M | -109.08M | -34.13M | -35.09M | -47.7M |
| Operating Margin % | -727.62% | -1194.41% | -634.94% | -602.06% | -832.54% | -416.41% | -633.13% | -6485.81% |
| Operating Income Growth % | - | -23.57% | 5.24% | 33.72% | -219.61% | 2.74% | 26.44% | - |
| EBITDA | -114.64M | -76.49M | -61.6M | -64.87M | -102.06M | -29.48M | -30.79M | -43.76M |
| EBITDA Margin % | -858.55% | -1079.16% | -570.94% | -540.21% | -778.99% | -359.66% | -555.56% | -5949.85% |
| EBITDA Growth % | -63.64% | -24.17% | 5.03% | 36.44% | -246.23% | 4.27% | 29.63% | - |
| D&A (Non-Cash Add-back) | 7.06M | 8.17M | 6.91M | 7.43M | 7.02M | 4.65M | 4.3M | 3.94M |
| EBIT | -238.67M | -216.21M | -197.73M | -69.33M | -66.23M | -35.78M | -35.09M | -47.7M |
| Net Interest Income | 21.79M | 16.56M | 1.86M | -703K | -2.85M | -2.46M | 0 | -670.85K |
| Interest Income | 21.79M | 16.56M | 5.11M | 5.08M | 2.43M | 10K | 0 | 670.85K |
| Interest Expense | 0 | 0 | 3.25M | 5.78M | 5.29M | 2.46M | 0 | 0 |
| Other Income/Expense | -141.51M | -131.55M | -132.48M | -2.81M | 37.56M | -4.11M | 8.96M | -6.11M |
| Pretax Income | -238.67M | -216.21M | -200.99M | -75.11M | -71.52M | -38.24M | -26.13M | -53.82M |
| Pretax Margin % | -1787.4% | -3050.37% | -1862.72% | -625.47% | -545.88% | -466.58% | -471.39% | -7317.15% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -238.67M | -216.21M | -200.99M | -75.11M | -71.52M | -38.24M | -17.21M | -53.82M |
| Net Margin % | -1787.4% | -3050.37% | -1862.72% | -625.47% | -545.88% | -466.58% | -310.42% | -7317.15% |
| Net Income Growth % | -44.8% | -7.57% | -167.6% | -5.01% | -87.03% | -122.26% | 68.03% | - |
| Net Income (Continuing) | -238.67M | -216.21M | -200.99M | -75.11M | -71.52M | -38.24M | -26.13M | -53.82M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.72 | -0.70 | -1.09 | -0.57 | -0.70 | -2.10 | -0.40 | -0.48 |
| EPS Growth % | -4.4% | 35.78% | -91.23% | 18.57% | 66.67% | -425% | 16.67% | - |
| EPS (Basic) | - | -0.70 | -1.09 | -0.57 | -0.70 | -2.10 | -0.40 | -0.48 |
| Diluted Shares Outstanding | 333.21M | 309.76M | 184.67M | 131.98M | 102.3M | 18.22M | 43.13M | 113.81M |
| Basic Shares Outstanding | 333.21M | 309.76M | 184.67M | 131.98M | 102.3M | 18.22M | 43.13M | 113.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying RGTI stock.
For fiscal year 2025, Rigetti Computing, Inc. (RGTI) reported total revenue of $7.1M. This represents a 863.7% increase compared to $0.7M in 2019.
Rigetti Computing, Inc. (RGTI) reported a net loss of $216.2M for the fiscal year ending 2025.
Rigetti Computing, Inc. (RGTI) reported an operating income of $-84.7M, resulting in an operating profit margin of -1194.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Rigetti Computing, Inc. (RGTI) generated $-6.1M in gross profit for the year, representing a gross profit margin of -86.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash burn and dilution
Metrics are mathematically derived from official filings.
Revenue Inflection Amidst Quantum Hype
RGTI's revenue surged 185.3% year-over-year in 2026Q2 to $5.1M, according to the latest quarterly report, marking a sharp acceleration from prior declines and signaling early commercial traction.
The 185.3% growth in 2026Q2 follows a 198.9% increase in 2026Q1, indicating a clear inflection from the contraction seen throughout 2024 and 2025. This acceleration appears driven by initial quantum computing system sales and government contracts, though the absolute revenue base remains minuscule at $5.1M. Investors should monitor whether this growth is sustainable or a one-time project-driven spike, as the peer set shows mixed revenue trajectories.
Gross Margin Volatility Masks Underlying Costs
Gross margin swung from -92.1% in 2025Q4 to 42.6% in 2026Q2, as reported in financial statements, reflecting erratic product mix and production inefficiencies typical of early-stage quantum hardware.
The dramatic swings in gross margin—from negative territory in 2025Q4 and 2026Q1 to positive in 2026Q2—suggest that RGTI's cost of goods sold is highly sensitive to volume and product mix. The 42.6% gross margin in 2026Q2 is below the 64.5% achieved in 2024Q2, indicating that scaling production has not yet delivered consistent margin expansion. This volatility implies limited pricing power and high fixed costs in manufacturing, which may persist until volumes reach critical mass.
Operating Leverage Still Elusive
Operating losses widened to -$28.1M in 2026Q2 despite revenue growth, as R&D spending of $20.7M outpaced gross profit, indicating that operating leverage has not yet materialized.
Even with revenue nearly tripling year-over-year, operating income deteriorated from -$16.1M in 2024Q2 to -$28.1M in 2026Q2. R&D expenses have grown consistently, from $9.7M in 2024Q1 to $20.7M in 2026Q2, reflecting heavy investment in technology development. This suggests that RGTI is prioritizing long-term innovation over near-term profitability, and investors should expect continued operating losses until R&D spending plateaus or revenue scales significantly.
Net Income Distorted by Non-Operating Items
Net income swung from -$201.0M in 2025Q3 to +$33.1M in 2026Q1, per SEC filings, driven by non-operating gains and losses, while stock-based compensation of $12.9M in 2026Q2 adds to dilution.
The extreme volatility in net income—ranging from -$201.0M to +$33.1M—is largely attributable to changes in fair value of warrant liabilities and other non-operating items, not core operations. Excluding these, operating losses remain the primary driver of cash burn. Stock-based compensation has risen to $12.9M in 2026Q2, exceeding revenue, which dilutes shareholders and raises questions about the quality of reported earnings. Investors should focus on operating cash flow rather than net income to assess underlying performance.
R&D Dominates Cost Structure
R&D expenses of $20.7M in 2026Q2 represent the largest cost line, exceeding total revenue by fourfold, as reported in the income statement, underscoring the company's heavy investment phase.
R&D spending has grown from $9.7M in 2024Q1 to $20.7M in 2026Q2, a 113% increase, while SG&A has been more variable, with some quarters showing zero SG&A (e.g., 2025Q1-Q3) due to reclassification or timing. This cost structure indicates that RGTI is channeling resources into technology development, which is essential for competitive positioning but pressures near-term profitability. The lack of consistent SG&A data suggests potential reporting inconsistencies that warrant further investigation.
Sustainability of Revenue Growth Questioned
Despite 185% revenue growth in 2026Q2, the absolute revenue of $5.1M remains trivial, and the company's cash burn of $52.6M net loss raises doubts about the durability of this trajectory.
Short-sellers would argue that RGTI's revenue growth is from a low base and may not be repeatable, given the lumpy nature of quantum contracts. The company's net loss of $52.6M in 2026Q2, coupled with negative operating cash flow, implies reliance on external financing, which could lead to dilution. Additionally, peer comparison shows that IonQ and D-Wave have larger revenue bases, and RGTI's gross margin is below D-Wave's 82.6%, suggesting competitive disadvantages. Investors should monitor order backlog and customer concentration to assess growth sustainability.