Gross margins have exhibited extreme volatility, swinging from a positive 64.5% in 2024Q2 to a negative 92.1% by 2025Q4, reflecting the high costs of maintaining quantum systems.
| Sales/Revenue | 10.02M | 7.09M | 10.79M | 12.01M | 13.1M | 8.2M | 5.54M | 735.48K |
| Revenue Growth % | 8.75% | -34.31% | -10.14% | -8.35% | 59.86% | 47.87% | 653.6% | - |
| Cost of Goods Sold | 12M | 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 | -1.99M | -6.11M | 5.7M | 9.21M | 10.23M | 1.92M | 4.05M | 447.32K |
| Gross Margin % | -19.84% | -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 | 86.99M | 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 | 8.29M | 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 | 65.85M | 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 | 2M | 0 | 0 | 991K | 5.38M | -5.9M | 0 | 0 |
| Operating Income | -88.98M | -84.66M | -68.51M | -72.3M | -109.08M | -34.13M | -35.09M | -47.7M |
| Operating Margin % | -888.37% | -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 | -80.02M | -76.49M | -61.6M | -64.87M | -102.06M | -29.48M | -30.79M | -43.76M |
| EBITDA Margin % | -798.96% | -1079.16% | -570.94% | -540.21% | -778.99% | -359.66% | -555.56% | -5949.85% |
| EBITDA Growth % | -20.14% | -24.17% | 5.03% | 36.44% | -246.23% | 4.27% | 29.63% | - |
| D&A (Non-Cash Add-back) | 8.96M | 8.17M | 6.91M | 7.43M | 7.02M | 4.65M | 4.3M | 3.94M |
| EBIT | -269.4M | -84.66M | -197.73M | -69.33M | -66.23M | -35.78M | -35.09M | -47.7M |
| Net Interest Income | 19.77M | 16.56M | 1.86M | -703K | -2.85M | -2.46M | 0 | -670.85K |
| Interest Income | 19.77M | 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 | -136.74M | -131.55M | -132.48M | -2.81M | 37.56M | -4.11M | 8.96M | -6.11M |
| Pretax Income | -225.72M | -216.21M | -200.99M | -75.11M | -71.52M | -38.24M | -26.13M | -53.82M |
| Pretax Margin % | -2253.59% | -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 | -225.72M | -216.21M | -200.99M | -75.11M | -71.52M | -38.24M | -17.21M | -53.82M |
| Net Margin % | -2253.59% | -3050.37% | -1862.72% | -625.47% | -545.88% | -466.58% | -310.42% | -7317.15% |
| Net Income Growth % | -64.05% | -7.57% | -167.6% | -5.01% | -87.03% | -122.26% | 68.03% | - |
| Net Income (Continuing) | -225.72M | -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) | -0.67 | -0.70 | -1.09 | -0.57 | -0.70 | -2.10 | -0.40 | -0.48 |
| EPS Growth % | -8.18% | 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 | 335.44M | 309.76M | 184.67M | 131.98M | 102.3M | 18.22M | 43.13M | 113.81M |
| Basic Shares Outstanding | 332.06M | 309.76M | 184.67M | 131.98M | 102.3M | 18.22M | 43.13M | 113.81M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Capital exhaustion and dilution
As reported in recent financial filings, Rigetti's revenue trajectory remains highly erratic, with a 34.31% year-over-year contraction highlighting the company's struggle to transition from project-based government research contracts to a sustainable, recurring commercial model within the competitive quantum computing hardware landscape.
The revenue profile appears heavily dependent on non-recurring milestone payments, which creates significant quarter-to-quarter instability. This lack of consistent growth suggests that the company has yet to achieve the commercial traction necessary to validate its cloud-based service model.
Based on the company's quarterly income statements, gross margins have fluctuated wildly from a positive 64.5% in 2024Q2 to a negative 92.1% by 2025Q4, indicating that the direct costs of maintaining quantum systems frequently overwhelm the limited revenue generated from current service contracts.
The extreme swings in gross margin suggest that the company's cost structure is not yet optimized for scale, likely due to the high fixed costs of cryogenic maintenance and specialized labor. Investors should monitor whether these margins stabilize as the company attempts to move toward more standardized cloud delivery.
According to historical income statement data, Rigetti's operating margin of -1194.41% underscores a profound lack of operating leverage, as research and development expenditures continue to dwarf revenue, leaving the company entirely reliant on external capital to fund its ongoing technical development efforts.
The persistent gap between operating expenses and revenue indicates that the company is currently in a deep R&D phase where scaling operations has not yet yielded efficiency gains. The inability to scale operating income faster than gross profit suggests that the business model remains fundamentally unproven at this stage.
As evidenced by the provided financial data, reported net income is frequently impacted by significant non-operating fluctuations and stock-based compensation, which reached $5.6 million in 2025Q4, complicating the assessment of the company's core operational performance and true underlying cash burn rate.
The presence of large, non-recurring swings in net income suggests that headline earnings figures are poor indicators of operational health. Analysts should focus on the cash burn and the dilutive impact of stock-based compensation to better understand the company's actual financial runway.
Based on reported figures, research and development remains the primary driver of the company's cost structure, consistently consuming the vast majority of available resources and highlighting the capital-intensive nature of maintaining a captive superconducting fabrication facility in a highly competitive industry.
The company's expense discipline appears secondary to the necessity of funding its technical roadmap, which leaves little room for operational flexibility. This cost structure implies that any delay in technical milestones could lead to a rapid depletion of cash reserves, necessitating further dilutive financing.
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.