NEW YORK, August 2, 2026, 15:06 EDT
- U.S. markets will not open on Sunday. Rigetti ended Friday’s session at $14.95, gaining 5.7% over the week.
- Second-quarter earnings are due on Thursday after markets close. Early projections for revenue are between $5.1 million and $5.3 million.
- Quantum-system access accounted for $55,000, representing 1.3% of revenue in the first quarter.
Rigetti Computing NASDAQ:RGTI heads into Thursday’s earnings presentation with a market capitalization of $5.01 billion. The company posted $4.4 million in revenue for the first quarter. The size of this disparity places a spotlight on revenue quality as the key issue.
As of March 31, cash and investments stood at $569 million, and the company reported no outstanding debt. Operating cash consumption for the first quarter reached $16.2 million, which would last about 35 quarters if spending continues at the current rate.
The calculation does not include capital expenditures or any rise in cash burn, and is not company guidance. However, the balance sheet allows management time to establish consistent sales.
Systems and components accounted for 69.2% of first-quarter sales, while research and professional services represented 29.5% of the revenue mix.
| Rigetti Q1 2026 revenue line | Revenue | Share |
|---|---|---|
| Quantum computing equipment and parts | $3.046 million | 69.2% |
| Research and consulting services | $1.299 million | 29.5% |
| Quantum system access | $0.055 million | 1.3% |
| Total | $4.400 million | 100.0% |
Access revenue, the nearest disclosed indicator for recurring system usage, accounted for just $55,000. Thursday’s results will indicate if that revenue stream is experiencing growth.
Rigetti is scheduled to release results after Thursday’s session and will host a call at 5 p.m. ET. Early estimates suggest revenue between $5.1 million and $5.3 million. Projected losses are in the range of three to six cents per share. Revenue of $5.1 million would mark an increase of about 16% from the prior quarter.
The main company development last week was announced on Monday. Rigetti is set to deliver a 9-qubit Novera processor to a testbed in Pittsburgh. Hewlett Packard Enterprise NYSE:HPE will assist in constructing the hybrid platform. The initiative is backed by a $5 million National Science Foundation grant, though Rigetti has not revealed the value of its own contract.
Chief Executive Subodh Kulkarni said, “We are excited to have a Novera at the core of TangleLab.” The installation serves to technically validate the system but does not generate significant revenue at this stage. Rigetti Investors
The stock trajectory demonstrated the rapid turnaround in sentiment. Rigetti shares shifted by at least 7% over four straight sessions.
| Session | Closing price | Daily change |
|---|---|---|
| July 27 | $15.64 | up 10.5% |
| July 28 | $14.52 | down 7.2% |
| July 29 | $13.22 | down 9.0% |
| July 30 | $14.86 | up 12.4% |
| July 31 | $14.95 | up 0.6% |
Rigetti advanced 5.7% over the week, lagging other publicly traded quantum companies. IonQ NYSE:IONQ, D-Wave Quantum NASDAQ:QBTS and Quantum Computing Inc. NASDAQ:QUBT all gained no less than 9%. D-Wave switched its listing to Nasdaq on July 27.
| Company | July 24 close | July 31 close | Weekly move |
|---|---|---|---|
| Rigetti | $14.15 | $14.95 | up 5.7% |
| IonQ | $32.84 | $36.44 | up 11.0% |
| D-Wave Quantum | $16.21 | $18.08 | up 11.5% |
| Quantum Computing Inc. | $7.43 | $8.10 | up 9.0% |
IonQ received a catalyst on Friday after U.S. regulators approved its $1.8 billion chip-foundry purchase. This means peer movements did not directly reflect Rigetti.
Valuations present a contrasting perspective. The table below annualizes revenue from the first quarter and relies on Friday’s market capitalizations. This serves as an indicative metric rather than a projection. Gross liquidity refers to cash and investments prior to deducting liabilities.
| Company | Q1 revenue | Market value | Market value / annualized Q1 sales | Gross liquidity / market value |
|---|---|---|---|---|
| Rigetti | $4.4 million | $5.01 billion | 285 times | 11% |
| IonQ | $64.7 million | $13.53 billion | 52 times | 23% |
| D-Wave Quantum | $2.9 million | $6.64 billion | 573 times | 9% |
| Quantum Computing Inc. | $3.7 million | $1.81 billion | 123 times | 77% |
Rigetti trades at a lower price than D-Wave using this basic sales metric. However, it is much more expensive compared with IonQ and Quantum Computing. Quantum Computing’s quarterly revenue received a lift from two acquisitions, which makes comparisons less direct.
Key numbers to watch Thursday include product revenue, access revenue, and operating cash usage. Remaining performance obligations as of March 31 stood at $2.8 million. Deployment of an $8.4 million C-DAC system is anticipated in the second half.
Risks: Rigetti relies on achieving key milestones and securing funding from the public sector. Slower progress, order cancellations, or technical underperformance may push revenue further out. Increased spending would reduce the perceived cash runway.
A slight earnings outperformance may not resolve the debate. Investors want consistent hardware revenue and a broader access stream. Cash provides a buffer. The valuation requires evidence.
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