Rigetti Q1 Revenue $4.4M Beats Estimates, Cepheus Launch

Rigetti Computing reported first-quarter 2026 revenue of $4.4 million, nearly tripling from $1.5 million a year earlier and surpassing analyst estimates of around $4 million. The quantum computing company, based in Berkeley, California, also announced the general availability of its new 108-qubit Cepheus-1108Q system, though it posted a wider operating loss of $26 million.

The revenue beat, disclosed after markets closed on May 11, 2026, stemmed primarily from deliveries of on-premises Novera quantum processing units and related government contracts, including one to the University of Saskatchewan. Gross margin edged up to 31 percent from 30 percent in the prior-year period. Adjusted earnings per share came in at a loss of 4 cents, aligning with expectations, while non-GAAP net loss narrowed slightly to $14.7 million from $15.3 million.

A GAAP net income of $33.1 million masked underlying challenges, driven by a $53.7 million non-cash gain from changes in derivative warrant liabilities. Operating expenses rose 23.5 percent to $27.3 million, with nearly $20 million allocated to research and development, engineering, and fabrication.

Chief Executive Subodh Kulkarni highlighted the...