Earnings call transcript: Rigetti Computing misses Q3 2026 revenue forecast

Rigetti Computing announced a wider-than-expected loss and a significant revenue shortfall in the third quarter of 2026 on an earnings call. The company reported an adjusted loss of $0.06 per share, higher than the expected $0.05, and revenue of $1.41 million, much lower than the forecasted $3.67 million. Despite the disappointing numbers, Rigetti highlighted strong year-to-date growth, improved margins, and a major technology milestone.

The company's 108-qubit system achieved a 99.5% median two-qubit gate fidelity, a crucial technical achievement. Revenue for the first nine months of 2026 reached $10.9 million, up 110% year-over-year, indicating expanding commercial activity, although individual quarters remain volatile. The company's cash position at $497.1 million and no debt underscores a robust financial foundation.

Despite the solid balance sheet, analysts do not anticipate profitability this year, and the stock has experienced significant volatility, dropping 36% over the past six months and 63% over the past year.