Rigetti Computing Q3 revenue misses analyst expectations

Overview

• Quantum computing firm's Q3 revenue fell short of analyst expectations

• Company reported Q3 operating loss of $33.2 mln

• Company signed $100 mln R&D agreement with US Department of Commerce

Outlook

• Rigetti expects 2026 revenue of about $20 mln, contingent on C-DAC customer acceptance

Result Drivers

• SYSTEM PERFORMANCE - Co said Q3 progress included achieving 99.5% median two-qubit gate fidelity on its 108-qubit system, validating its chiplet-based architecture

• GOVERNMENT CONTRACT - Co signed $100 mln R&D agreement with U.S. Department of Commerce to support technology development

• TECHNOLOGY SPEED - Co highlighted gate speeds of 50-70 nanoseconds for its superconducting systems, citing competitive advantage over other modalities

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 4 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the semiconductors peer group is "buy"

• Wall Street's median 12-month price target for Rigetti Computing, Inc. is $25.00, about 92.6% above its November 9 closing price of $12.98

Reuters Recommended Reads

• Nov 9 - Quantum Computing Q3 swings to net loss on higher operating expenses, acquisitions

• Nov 10 - D-Wave Quantum Q3 revenue beats estimates on bookings growth

• Nov 9 - Quantum Q2 revenue beats estimates on strong storage demand, record backlog

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)