Rigetti Computing shares fell about 7% in extended trading on Tuesday after the quantum computing company reported third-quarter revenue well below analysts’ forecasts. The stock traded at about $11.33 at the end of after-hours trading at 7:59 p.m. Eastern time, down about 7% from its regular-session close of $12.15. It had already fallen 6.4% during the regular session, from $12.98 on Monday.
Revenue for the quarter ended Sept. 30 was $1.4 million, the company said. Analysts had expected $3.5 million, according to the FactSet consensus cited by CNBC. Its operating loss was $33.2 million.
Rigetti said it expects 2026 revenue of about $20 million, assuming a customer, C-DAC, accepts a system and the related revenue is recognized in the fourth quarter. Analysts had expected $22.6 million, according to FactSet. Revenue for the first nine months of the year was $10.9 million, up from $5.2 million a year earlier.
The company ended September with $497.1 million in cash, cash equivalents and investments, and no debt. It said its 108-qubit system reached its goal of 99.5% median two-qubit gate fidelity, a measure of how accurately the machine performs operations.
…
That’s the story. … Thank you for listening to Cedar Global Markets. We’re supported by our partners, and you can learn more about the partner featured on this page. We’ll see you next time.
