Rigetti Stock Falls After Q3 Revenue Drops to $1.4 Million

Shares of Rigetti Computing (RGTI) fell on Wednesday, November 11, 2026, after the quantum computing company reported third-quarter revenue of $1.4 million, down from $1.9 million a year earlier. Analysts had expected roughly $3.5 million, according to Yahoo Finance.

Rigetti released the results after the close on Tuesday, November 10, for the quarter ended September 30, 2026. The weak quarter stood out on a day when chip stocks and the Nasdaq were rallying.

Key numbers

Source: Rigetti Computing's earnings release. The analyst estimate of a 5-cent adjusted loss per share comes from Yahoo Finance.

Rigetti's small GAAP net loss looks better than its business is doing. It was helped by a $25.3 million non-cash gain from the change in value of its warrants, plus $4.8 million of interest income. Its operating loss, which tracks the core business, widened to $33.2 million as research and development spending rose to $25.5 million.

Outlook and cash

Rigetti said it expects about $20 million of revenue for 2026, a forecast that was below analysts' estimates, according to Seeking Alpha. That target assumes its customer C-DAC accepts a delivered system and the revenue is booked in the fourth quarter. Through the first nine months of 2026, revenue was $10.9 million, so the year depends heavily on that one deal.

The company had $497.1 million in cash and investments and no debt at the end of September. In September it signed an agreement with the U.S. Department of Commerce for an award of up to $100 million, which gave the government a minority, non-controlling stake.

On the technology side, Rigetti said its 108-qubit Cepheus-1-108Q system reached its goal of 99.5% median two-qubit gate fidelity, a measure of how accurately qubits work together. It is aiming for a system with more than 300 qubits by mid-2028.

Mixed day for quantum stocks

Not every quantum name fell. D-Wave Quantum (QBTS) rose on Wednesday after it reported revenue of $4.5 million, up 21% from a year earlier, Yahoo Finance said.

What it means for investors

Quantum computing stocks are priced largely on future hopes, and revenue is still tiny and lumpy, so a single delayed contract can swing a quarter. If you invest in high-risk themes like this, keeping each position small inside a diversified portfolio can limit the damage. Our guides to market cap and how to read an earnings report can help you size up stocks like these. For the broader market, see our midday market update.

This article is for information only and is not investment advice.