Rigetti Beats Q2 Revenue Estimates as Hardware Sales Shift the Business

System shipments and better qubit fidelity lifted revenue while widening losses, two large buyers dominating sales, and a not‑yet‑final $100 million Commerce LOI increase near‑term execution risk.

Overview

Rigetti reported second‑quarter results after markets closed Thursday, Aug. 6, with revenue of about $5.14 million, an adjusted loss per share of $0.05, an operating loss near $28.1 million, and a GAAP net loss of roughly $52.6 million.
Hardware and related components generated roughly 80% of Q2 revenue, marking a clear shift from research services to on‑premise system sales and boosting gross margin through Novera system deliveries.
Two customers accounted for about 80% of the quarter’s revenue, creating a high concentration that can make quarter‑to‑quarter results lumpy and vulnerable to order delays or cancellations.
Management reported measurable technical gains on its Cepheus‑1‑108Q and smaller platforms, including ~99.9% median single‑qubit fidelity, ~99.1% median two‑qubit fidelity on the 108‑qubit system, and ~60‑nanosecond gate speeds.
Rigetti ended the quarter with $541.3 million in cash and no debt and confirmed the Commerce Department letter of intent for up to $100 million remains unfinalized, while shares slipped about 4% in after‑hours trading and analysts maintain a ‘Moderate Buy’ consensus amid recent insider sales.