"Investors are watching Rigetti Computing ( NASDAQ: RGTI) ahead of its Q1 2026 earnings report due tonight, May 11, at 4:05 PM EST. A fresh order book and management's promise of a Q1 2026 revenue rebound make this the most loaded earnings report Rigetti has faced in a year."
"Rigetti's full-year 2025 revenue came in at $7.09 million, a 34.31% drop from 2024, and Q4 revenue of $1.87 million missed consensus by 21.68%. That marked a fourth straight quarter of missing revenue estimates. What management has announced since March: A $5.7 million Novera on-premises order with partial Q1 recognition; A $8.4 million C-DAC deal in India for H2 2026; End-of-March deployment of the 108-qubit Cepheus system at 99.5% median two-qubit fidelity."
"The single biggest line I'll be watching is revenue recognition timing on Novera. CFO Jeffrey Bertelsen told the Street to expect less than 50% of the $5.7 million in Q1, with the balance in Q2. The $4.13 million analyst consensus implies meaningful execution. One Reddit analyst flagged the disconnect bluntly: "Either someone knows something about a contract materializing or that estimate is just optimistic noise.""
"Investors will also watch gross margin. Q4 margin compressed to 35% from 44% a year earlier, and management warned Novera margins will run lower due to resold, diluted refrigeration units bundled into shipments. Additionally, the operating loss trajectory matters. FY2025 operating loss reached $84.66 million with free cash flow of -$77.22 million. Liquidity remains ample. Cash and investments closed 2025 at $589.83 million with zero debt, giving Rigetti years of runway at the current burn rate."
Rigetti Computing is set to report Q1 2026 earnings on May 11 at 4:05 PM EST, with investors watching a new order book and management guidance for a revenue rebound. Full-year 2025 revenue totaled $7.09 million, down 34.31% from 2024, and Q4 revenue of $1.87 million missed consensus by 21.68%, marking four consecutive quarters of revenue estimate misses. Since March, management announced a $5.7 million Novera on-premises order with partial Q1 recognition, an $8.4 million C-DAC deal in India for H2 2026, and deployment of a 108-qubit Cepheus system at 99.5% median two-qubit fidelity. Shares rose about 30.35% over the past month but remain down 14.49% year to date. Key watch items include Novera revenue recognition timing, gross margin impacts from resold refrigeration units, and operating loss and free cash flow trends, while liquidity remains strong with $589.83 million in cash and investments and zero debt.
Read at 24/7 Wall St.
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