Rigetti Computing, Inc.(NASDAQ:RGTI) 
Rigetti Computing, Inc. is a Berkeley, California-based developer of quantum integrated circuits used for quantum computers. The company also develops a cloud platform called Forest that enables programmers to write quantum algorithms.
Website: https://www.rigetti.com
Founded: 2013
Founder: Chad Rigetti
CEO: Subodh K Kulkarni
Sector: Technology
Industry: Computer Hardware
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At a glance:
- Early-Stage Quantum Hardware Company with R&D-Heavy Model: Rigetti is a quantum computing company focused on building superconducting quantum processors and related infrastructure; financial performance is typically dominated by research, engineering, and fabrication spending rather than mature product revenue.
- Revenue Often Driven by Government/Research Contracts and Partnerships: Commercial revenue for quantum computing remains nascent; the company’s near-term revenue base is generally supported by grants, government programs, and strategic partnerships while broader enterprise adoption develops.
- Operating Losses and Cash Burn Are Common for the Stage: As with many pre-scaled deep-tech hardware businesses, Rigetti has historically operated at a loss with material cash usage, making liquidity management and access to capital key factors to monitor.
- Key Execution Metric: Improving Qubit Performance and Scaling: Progress is typically judged by technical milestones—qubit count, fidelity, error rates, and system uptime—as well as the ability to manufacture and scale repeatable chips that can support more useful workloads.
- Competitive Landscape and Differentiation Matter: Rigetti competes with larger well-funded players and other startups; differentiation through hardware performance, software ecosystem, and go-to-market partnerships is critical to gaining share as the quantum market evolves.
Bull Thesis:
- Advancing Quantum Processor Performance: Rigetti continues to demonstrate progress in its quantum processing units (QPUs), with recent generations like Novera and Ankaa-2 showing increased qubit counts, improved fidelity, and longer coherence times. These advancements are crucial for tackling more complex computational problems and attracting sophisticated users and researchers.
- Strategic Partnerships and Government Contracts: The company has secured significant partnerships with government agencies (e.g., DARPA, AFRL) and national labs, validating its technology and providing stable revenue streams and funding for R&D. These collaborations are vital for long-term development, market credibility, and access to specialized expertise.
- Full-Stack Quantum Computing Platform: Rigetti offers a comprehensive full-stack solution, including its Forest SDK and Quantum Cloud Services (QCS), which makes its hardware more accessible and easier to integrate for developers and researchers. This integrated approach can accelerate adoption and foster a stronger ecosystem around its technology, lowering barriers to entry for users.
- Positioned in a High-Growth Emerging Market: As a pure-play quantum computing company, Rigetti is strategically positioned to capitalize on the rapidly expanding quantum computing market. Early mover advantage in specific superconducting qubit architectures could allow it to capture a significant share as the technology matures and practical applications become more prevalent.
Bear Thesis:
- Intense Competition from Well-Funded Giants: Rigetti faces formidable competition from tech giants like IBM and Google, as well as other well-capitalized quantum startups (e.g., IonQ, Quantinuum). These competitors often possess significantly larger R&D budgets, broader market reach, and established customer bases, potentially limiting Rigetti's market share and technological lead.
- Long Road to Commercial Viability and Profitability: Quantum computing remains largely in the research and development phase, with practical, commercially viable applications that generate substantial revenue still years away. Rigetti continues to incur significant operating losses and negative free cash flow, making profitability a distant prospect and requiring sustained investment.
- Significant Technological Hurdles and Scalability Challenges: Scaling quantum computers to fault-tolerant levels with thousands or millions of high-fidelity qubits presents immense engineering and scientific challenges. Rigetti, like all players, must overcome significant hurdles in error correction, qubit stability, and manufacturing processes, which could delay widespread adoption and commercialization.
- Risk of Shareholder Dilution and Need for Further Capital: Given the high burn rate associated with quantum R&D and the lack of substantial revenue, Rigetti will likely need to raise additional capital in the future. This could lead to further dilution for existing shareholders, impacting per-share value and potentially creating downward pressure on the stock price.
Main Competitors:
- IBM Quantum ($IBM) (IBM Quantum Experience, Qiskit), IBM is a major competitor, offering a full stack of quantum computing solutions based on superconducting transmon qubits (e.g., Osprey, Condor processors). They compete directly with Rigetti in hardware development, the breadth and maturity of their quantum software ecosystem (Qiskit), and providing quantum computing as a service through their cloud platform to enterprise and research clients globally.
- Google Quantum AI ($GOOGL) (Sycamore Processor, Cirq), Google's Quantum AI division is another significant competitor in the superconducting qubit space, known for its Sycamore processor. They compete with Rigetti by pushing the boundaries of superconducting qubit technology, developing their own quantum programming framework (Cirq), and attracting researchers and developers to their cloud-based quantum computing platform.
- IonQ, Inc. ($IONQ) (IonQ Aria, IonQ Forte), IonQ is a pure-play quantum computing company that utilizes trapped-ion technology, an alternative hardware modality to Rigetti's superconducting approach. They compete by offering their quantum computers via their own cloud and third-party platforms (like AWS Braket and Azure Quantum), emphasizing high fidelity, connectivity, and scalability of their trapped-ion qubits.
- Quantinuum (H-Series Quantum Computers, TKET), Formed from the merger of Honeywell Quantum Solutions and Cambridge Quantum Computing, Quantinuum is a leader in trapped-ion quantum computing (H-Series processors) and advanced quantum software (TKET). They compete with Rigetti on hardware performance (using a different qubit technology), sophisticated software optimization, and delivering full-stack quantum solutions for complex enterprise applications.
- Amazon Web Services (AWS) - Braket ($AMZN) (Amazon Braket), While Rigetti's hardware is available on Braket, AWS Braket itself functions as a competing quantum cloud platform. It aggregates access to various quantum hardware providers (including Rigetti's direct competitors like IonQ, Quantinuum, Pasqal, and OQC), offering a unified interface and development tools. Braket competes for the customer's choice of platform to access quantum computing resources, potentially diverting users from Rigetti's direct QCS offering.
Moat:
The quantum computing landscape is intensely competitive, with Rigetti Computing facing rivals across hardware development, software ecosystems, and cloud service delivery. Established tech giants like IBM and Google are formidable competitors, investing heavily in superconducting qubit technology and comprehensive full-stack solutions. Pure-play quantum companies such as IonQ and Quantinuum offer alternative hardware modalities (trapped-ion) and robust software stacks, vying for performance and application-specific advantages. Additionally, major cloud providers like AWS (with Braket) act as platform competitors, aggregating access to various quantum hardware, including Rigetti's rivals, and influencing customer choice for quantum computing access. Rigetti's competitive edge lies in its full-stack approach, proprietary superconducting qubit technology, and open-source Quil language, but it must continuously innovate to maintain its position against well-funded and diverse competitors.
Income Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenue | 1,947,000 | 1,801,000 | 1,472,000 | 2,274,000 | 2,378,000 | 3,086,000 | 3,052,000 | 3,376,000 | 3,105,000 | 3,327,000 | 2,201,000 | 6,060,000 | 2,804,000 | 2,134,000 | 2,104,000 | |||
yoy | -18.12% | -41.64% | -51.77% | -32.64% | -23.41% | -7.24% | 38.66% | -44.29% | 10.73% | 55.90% | 4.61% | |||||||
qoq | 8.11% | 22.35% | -35.27% | -4.37% | -22.94% | 1.11% | -9.60% | 8.73% | -6.67% | 51.16% | -63.68% | 116.12% | 31.40% | 1.43% | ||||
cost of revenue | 1,543,000 | 1,235,000 | 1,030,000 | 1,271,000 | 1,174,000 | 1,096,000 | 1,552,000 | 860,000 | 834,000 | 597,000 | 510,000 | 810,000 | 776,000 | 873,000 | 414,000 | |||
total gross profit | 404,000 | 566,000 | 442,000 | 1,003,000 | 1,204,000 | 1,990,000 | 1,500,000 | 2,516,000 | 2,271,000 | 2,730,000 | 1,691,000 | 5,250,000 | 2,028,000 | 1,261,000 | 1,690,000 | |||
yoy | -66.45% | -71.56% | -70.53% | -60.14% | -46.98% | -27.11% | -11.30% | -52.08% | 11.98% | 116.49% | 0.06% | |||||||
qoq | -28.62% | 28.05% | -55.93% | -16.69% | -39.50% | 32.67% | -40.38% | 10.79% | -16.81% | 61.44% | -67.79% | 158.88% | 60.82% | -25.38% | ||||
gross margin % | 20.75% | 31.43% | 30.03% | 44.11% | 50.63% | 64.48% | 49.15% | 74.53% | 73.14% | 82.06% | 76.83% | 86.63% | 72.33% | 59.09% | 80.32% | NaN% | NaN% | NaN% |
operating expenses: | ||||||||||||||||||
research and development | 15,020,000 | 13,522,000 | 15,455,000 | 13,657,000 | 12,752,000 | 11,870,000 | 11,471,000 | 12,787,000 | 13,056,000 | 13,219,000 | 13,707,000 | 15,912,000 | 17,365,000 | 12,634,000 | 12,449,000 | |||
selling, general and administrative | 5,933,000 | 6,926,000 | 6,619,000 | 5,840,000 | 5,798,000 | 6,205,000 | 6,614,000 | 6,936,000 | 6,047,000 | 5,747,000 | ||||||||
total operating expenses | 20,953,000 | 20,448,000 | 22,074,000 | 19,497,000 | 18,550,000 | 18,075,000 | 18,085,000 | 19,723,000 | 19,103,000 | 18,966,000 | 23,711,000 | 31,976,000 | 33,352,000 | 26,906,000 | 25,484,000 | |||
income from operations | -20,549,000 | -19,882,000 | -21,632,000 | -18,494,000 | -17,346,000 | -16,085,000 | -16,585,000 | -17,207,000 | -16,832,000 | -16,236,000 | -22,020,000 | -26,726,000 | -31,324,000 | -25,645,000 | -23,794,000 | -3,709,633 | -570,395 | -489,640 |
yoy | 18.47% | 23.61% | 30.43% | 7.48% | 3.05% | -0.93% | -24.68% | -35.62% | -46.26% | -36.69% | -7.46% | 620.45% | 5391.63% | 5137.52% | ||||
qoq | 3.35% | -8.09% | 16.97% | 6.62% | 7.84% | -3.01% | -3.61% | 2.23% | 3.67% | -26.27% | -17.61% | -14.68% | 22.14% | 7.78% | 541.41% | 550.36% | 16.49% | |
operating margin % | -1055.42% | -1103.94% | -1469.57% | -813.28% | -729.44% | -521.22% | -543.41% | -509.69% | -542.09% | -488.01% | -1000.45% | -441.02% | -1117.12% | -1201.73% | -1130.89% | -Infinity% | -Infinity% | -Infinity% |
other income | ||||||||||||||||||
interest expense | -446,000 | -733,000 | -969,000 | -1,107,000 | -1,268,000 | -1,473,000 | -1,574,000 | -1,464,000 | -1,475,000 | -1,436,000 | -1,205,000 | |||||||
interest income | 5,598,000 | 3,042,000 | 2,152,000 | 1,546,000 | 1,226,000 | 1,218,000 | 1,123,000 | 1,330,000 | 1,263,000 | 1,199,000 | 1,284,000 | 1,261,000 | 1,042,000 | |||||
change in fair value of derivative warrant liabilities | -181,955,000 | -20,557,000 | 53,262,000 | -90,885,000 | 1,200,000 | 2,100,000 | -2,583,000 | 3,160,000 | -3,442,000 | -5,000 | -873,000 | 2,279,000 | 8,103,000 | 8,687,000 | 5,822,000 | -20,527,750 | 5,230,000 | -1,961,250 |
change in fair value of earn-out liabilities | -4,062,000 | -2,257,000 | 8,837,000 | -44,256,000 | 820,000 | 1,315,000 | -1,621,000 | 1,413,000 | -1,731,000 | -350,000 | -281,000 | |||||||
total other income | -180,419,000 | -19,772,000 | 64,251,000 | 497,250 | 2,513,000 | 3,664,000 | -4,188,000 | 4,635,000 | -5,383,000 | -730,000 | -1,334,000 | 3,854,000 | 12,569,000 | 15,671,000 | 13,324,000 | |||
net loss before provision for income taxes | -200,968,000 | -152,961,000 | -14,833,000 | -12,421,000 | -20,773,000 | -12,572,000 | -22,215,000 | -16,966,000 | -23,354,000 | -22,872,000 | -18,755,000 | -9,974,000 | -10,470,000 | |||||
provision for income taxes | ||||||||||||||||||
net income | -200,968,000 | -39,654,000 | 42,619,000 | -152,961,000 | -14,833,000 | -12,421,000 | -20,773,000 | -12,572,000 | -22,215,000 | -16,966,000 | -23,354,000 | -22,872,000 | -18,755,000 | -9,974,000 | -10,470,000 | -24,230,061 | 4,664,815 | -2,445,737 |
yoy | 1254.87% | 219.25% | -305.17% | 1116.68% | -33.23% | -26.79% | -11.05% | -45.03% | 18.45% | 70.10% | 123.06% | -5.60% | -502.05% | 307.81% | ||||
qoq | 406.80% | -193.04% | -127.86% | 931.22% | 19.42% | -40.21% | 65.23% | -43.41% | 30.94% | -27.35% | 2.11% | 21.95% | 88.04% | -4.74% | -56.79% | -619.42% | -290.73% | |
net income margin % | -10321.93% | -2201.78% | 2895.31% | -6726.52% | -623.76% | -402.50% | -680.64% | -372.39% | -715.46% | -509.95% | -1061.06% | -377.43% | -668.87% | -467.39% | -497.62% | -Infinity% | Infinity% | -Infinity% |
net income per share | -0.62 | -0.13 | 0.15 | -0.81 | -0.08 | -0.07 | -0.14 | -0.09 | -0.17 | -0.13 | -0.19 | -0.19 | -0.16 | -0.09 | -0.2 | |||
weighted-average shares used for eps calculation | 325,024 | 298,254 | 284,698 | 184,666 | 188,389 | 171,903 | 151,855 | 131,977 | 133,866 | 128,515 | 124,778 | 102,300,852 | 118,571,295 | 114,096,390 | 53,691,948 | |||
net income before provision for income taxes | -39,654,000 | 42,619,000 | ||||||||||||||||
net loss available to common stockholders used in diluted earnings per share | -39,654 | |||||||||||||||||
net income available to common stockholders used in diluted earnings per share | 38,256 | |||||||||||||||||
restructuring | 991,000 | |||||||||||||||||
transaction costs | ||||||||||||||||||
sales and marketing | 518,000 | 1,426,000 | 1,960,000 | 1,487,000 | 1,475,000 | |||||||||||||
general and administrative | 8,495,000 | 9,261,000 | 14,027,000 | 12,785,000 | 11,560,000 | |||||||||||||
other income, net: | ||||||||||||||||||
change in fair value of earn-out liability | 1,789,000 | 4,860,000 | 8,024,000 | 9,634,000 | ||||||||||||||
other income , net: | ||||||||||||||||||
interest expense, net of interest income | -1,040,000 | |||||||||||||||||
transaction cost | -927,000 | |||||||||||||||||
other expense | ||||||||||||||||||
general and administrative expenses | 3,709,633 | 570,395 | 489,640 | |||||||||||||||
offering costs associated with derivative warrant liabilities | ||||||||||||||||||
income from investments held in trust account | 7,322 | 5,210 | 5,153 | |||||||||||||||
weighted-average number of class a ordinary shares | 34,500,000 | |||||||||||||||||
basic and diluted net income per share, class a | 0.005 | 0.11 | ||||||||||||||||
weighted-average number of class b ordinary shares, basic | 8,433,904 | 8,625,000 | ||||||||||||||||
weighted-average number of class b ordinary shares, diluted | 8,625,000 | 8,625,000 | ||||||||||||||||
basic and diluted net income per share, class b | 0.005 | 0.11 | ||||||||||||||||
weighted-average shares outstanding of class a ordinary shares subject to redemption, basic and diluted | 31,550,742 | |||||||||||||||||
basic and diluted net income per share, class a ordinary shares subject to redemption | ||||||||||||||||||
weighted-average shares outstanding of non-redeemable class a and class b ordinary shares, basic and diluted | 11,574,258 | |||||||||||||||||
basic and diluted net loss per share, non-redeemable class a and class b ordinary shares | -0.21 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
assets | |||||||||||||||||||
current assets: | |||||||||||||||||||
cash and cash equivalents | 26,133,000 | 57,183,000 | 37,162,000 | 67,674,000 | 20,286,000 | 20,684,000 | 35,098,000 | 21,392,000 | 41,757,000 | 21,712,000 | 26,117,000 | 57,888,000 | 73,837,000 | ||||||
available-for-sale investments - short-term | 420,850,000 | 368,556,000 | 171,966,000 | 124,420,000 | |||||||||||||||
accounts receivable | 2,277,000 | 1,753,000 | 1,068,000 | 2,427,000 | 6,384,000 | 5,232,000 | 4,706,000 | 5,029,000 | 2,996,000 | 7,629,000 | 5,320,000 | 6,235,000 | 2,295,000 | 2,572,000 | 1,261,000 | ||||
prepaid expenses | 3,658,000 | 3,056,000 | 2,124,000 | 3,156,000 | 346,246 | 360,684 | 414,746 | ||||||||||||
other current assets | 3,376,000 | 3,031,000 | 2,041,000 | 9,081,000 | |||||||||||||||
total current assets | 456,294,000 | 433,579,000 | 214,361,000 | 206,758,000 | 103,866,000 | 109,667,000 | 110,044,000 | 107,667,000 | 116,696,000 | 117,529,000 | 130,265,000 | 154,467,000 | 169,623,000 | 192,383,000 | 215,183,000 | 767,835 | 1,271,684 | 1,615,433 | 1,800,037 |
available-for-sale investments - long-term | 111,955,000 | 145,903,000 | 25,068,000 | ||||||||||||||||
property and equipment | 54,065,000 | 48,869,000 | 46,100,000 | 44,643,000 | 44,837,000 | 45,651,000 | 44,610,000 | 44,483,000 | 40,348,000 | 41,356,000 | 42,575,000 | 39,530,000 | 37,440,000 | 30,583,000 | 23,943,000 | ||||
operating lease right-of-use assets | 6,818,000 | 7,217,000 | 7,609,000 | 7,993,000 | 8,369,000 | 6,850,000 | 7,243,000 | 7,634,000 | 8,028,000 | 9,316,000 | |||||||||
other assets | 1,142,000 | 1,122,000 | 1,068,000 | 325,000 | 178,000 | 244,000 | 218,000 | 129,000 | 132,000 | 130,000 | 130,000 | 129,000 | 129,000 | 130,000 | 1,083,000 | ||||
total assets | 630,274,000 | 636,690,000 | 269,138,000 | 284,787,000 | 157,250,000 | 162,412,000 | 162,115,000 | 159,913,000 | 165,204,000 | 167,567,000 | 181,907,000 | 203,442,000 | 212,686,000 | 228,590,000 | 245,903,000 | 345,822,789 | 346,283,633 | 346,622,172 | 346,801,623 |
liabilities and stockholders' equity | |||||||||||||||||||
current liabilities: | |||||||||||||||||||
accounts payable | 3,279,000 | 2,159,000 | 3,401,000 | 1,590,000 | 1,604,000 | 1,843,000 | 3,822,000 | 5,772,000 | 1,447,000 | 947,000 | 1,664,000 | 1,938,000 | 1,726,000 | 1,517,000 | 3,453,000 | 314,094 | 150,000 | 53,620 | 65,450 |
accrued expenses and other current liabilities | 6,137,000 | 5,955,000 | 5,665,000 | 8,005,000 | 5,581,000 | 7,609,000 | 5,892,000 | 8,563,000 | 7,389,000 | 6,557,000 | 8,731,000 | 8,205,000 | 6,934,000 | 4,428,000 | 5,230,000 | ||||
current portion of deferred revenue | 118,000 | 147,000 | 113,000 | 472,000 | |||||||||||||||
current portion of operating lease liabilities | 2,218,000 | 2,198,000 | 2,179,000 | 2,159,000 | 2,142,000 | 2,234,000 | 2,219,000 | 2,210,000 | 2,212,000 | ||||||||||
total current liabilities | 11,634,000 | 10,430,000 | 11,392,000 | 11,867,000 | 21,460,000 | 25,564,000 | 24,876,000 | 29,052,000 | 23,042,000 | 21,352,000 | 22,989,000 | 21,752,000 | 16,305,000 | 11,279,000 | 11,567,000 | 4,236,719 | 995,252 | 768,605 | 458,750 |
deferred revenue, less current portion | 698,000 | 698,000 | 698,000 | 698,000 | |||||||||||||||
operating lease liabilities, less current portion | 5,379,000 | 5,812,000 | 6,230,000 | 6,641,000 | 7,040,000 | 5,455,000 | 5,880,000 | 6,297,000 | 6,705,000 | ||||||||||
derivative warrant liabilities | 240,737,000 | 60,116,000 | 39,576,000 | 93,095,000 | 2,210,000 | 3,410,000 | 5,510,000 | 2,927,000 | 6,087,000 | 2,645,000 | 2,640,000 | 1,767,000 | 4,046,000 | 8,944,000 | 24,001,000 | 30,987,750 | 10,460,000 | 15,690,000 | 13,728,750 |
earn-out liabilities | 6,371,000 | 4,114,000 | 45,897,000 | 1,641,000 | 2,461,000 | 3,776,000 | 2,155,000 | 3,568,000 | 1,837,000 | 1,487,000 | 1,206,000 | 2,995,000 | 8,925,000 | 16,949,000 | |||||
total liabilities | 258,448,000 | 83,427,000 | 62,010,000 | 158,198,000 | 34,412,000 | 40,254,000 | 46,538,000 | 50,325,000 | 52,513,000 | 49,205,000 | 52,441,000 | 53,218,000 | 46,781,000 | 54,765,000 | 80,473,000 | 47,299,469 | 23,530,252 | 28,533,605 | 26,267,320 |
commitments and contingencies | |||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||
preferred stock, par value 0.0001... | |||||||||||||||||||
common stock, par value 0.0001... | 33,000 | 32,000 | 29,000 | 29,000 | 19,000 | 17,000 | 16,000 | 14,000 | 14,000 | 13,000 | 12,000 | ||||||||
additional paid-in capital | 1,123,853,000 | 1,104,880,000 | 719,315,000 | 681,202,000 | 524,351,000 | 508,971,000 | 489,955,000 | 463,089,000 | 453,790,000 | 437,320,000 | 431,466,000 | 429,025,000 | 422,200,000 | 401,290,000 | 382,959,000 | 8,618,370 | 6,172,654 | ||
accumulated other comprehensive income | 690,000 | 133,000 | -88,000 | 105,000 | 254,000 | 123,000 | 138,000 | 244,000 | |||||||||||
accumulated deficit | -752,750,000 | -551,782,000 | -512,128,000 | -554,747,000 | -401,786,000 | -386,953,000 | -374,532,000 | -353,759,000 | -341,187,000 | -318,972,000 | -302,006,000 | -278,652,000 | -255,780,000 | -227,575,000 | -217,601,000 | -46,477,543 | -22,247,482 | -3,619,545 | -1,173,808 |
total stockholders’ equity | 371,826,000 | 553,263,000 | 207,128,000 | 126,589,000 | 122,838,000 | 122,158,000 | 115,577,000 | 109,588,000 | 112,691,000 | 118,362,000 | 129,466,000 | 150,224,000 | 165,905,000 | 173,825,000 | 165,430,000 | ||||
total liabilities and stockholders’ equity | 630,274,000 | 636,690,000 | 269,138,000 | 284,787,000 | 157,250,000 | 162,412,000 | 162,115,000 | 159,913,000 | 165,204,000 | 167,567,000 | 181,907,000 | ||||||||
current portion of debt | 11,247,000 | 13,042,000 | 12,814,000 | 12,164,000 | 11,522,000 | ||||||||||||||
debt, less current portion | 2,061,000 | 3,364,000 | 6,496,000 | 9,894,000 | |||||||||||||||
available-for-sale investments | 72,294,000 | 79,792,000 | 67,661,000 | 78,537,000 | 68,470,000 | 83,765,000 | 95,849,000 | 84,923,000 | 87,186,000 | ||||||||||
prepaid expenses and other current assets | 4,902,000 | 3,959,000 | 2,579,000 | 2,709,000 | 3,473,000 | 3,338,000 | 1,756,000 | 2,450,000 | 3,633,000 | 4,248,000 | 4,405,000 | ||||||||
deferred revenue | 886,000 | 836,000 | 129,000 | 343,000 | 833,000 | 559,000 | 961,000 | 811,000 | 1,108,000 | 519,000 | |||||||||
forward contract—assets | 1,085,000 | 1,129,000 | 1,543,000 | 2,740,000 | |||||||||||||||
deferred offering costs | 94,000 | 742,000 | 742,000 | 151,000 | |||||||||||||||
debt - net of current portion | 13,111,000 | 16,096,000 | 20,635,000 | 22,999,000 | |||||||||||||||
accumulated other comprehensive gain | 74,000 | 1,000 | -161,000 | -527,000 | 99,000 | 61,000 | |||||||||||||
operating lease – right-of-use assets | 8,552,000 | 8,937,000 | |||||||||||||||||
liabilities and stockholders’ equity | |||||||||||||||||||
debt - current portion | 10,666,000 | 8,303,000 | 6,834,000 | ||||||||||||||||
operating lease liabilities—current | 2,349,000 | 2,350,000 | |||||||||||||||||
operating lease liabilities - noncurrent | 7,275,000 | 7,858,000 | |||||||||||||||||
commitments and contingencies - note 18 | |||||||||||||||||||
debt – current portion | 9,685,000 | ||||||||||||||||||
debt – net of current portion | 17,846,000 | ||||||||||||||||||
operating lease liabilities – noncurrent | 7,479,000 | ||||||||||||||||||
accumulated other comprehensive loss | -6,000 | ||||||||||||||||||
forward contract - assets | 2,229,000 | 1,930,000 | |||||||||||||||||
restricted cash | 117,000 | 117,000 | 317,000 | ||||||||||||||||
goodwill | 5,377,000 | 5,377,000 | 5,377,000 | ||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders’ equity | |||||||||||||||||||
operating lease liabilities - current | 2,345,000 | ||||||||||||||||||
forward contract - liabilities | |||||||||||||||||||
other liabilities | 436,000 | 416,000 | 278,000 | ||||||||||||||||
redeemable convertible preferred stock*, par value 0.0001... | |||||||||||||||||||
stockholders’ equity | |||||||||||||||||||
common stock*, par value 0.0001... | 12,000 | 12,000 | 11,000 | 11,000 | |||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders’ equity | 203,442,000 | 212,686,000 | 228,590,000 | ||||||||||||||||
cash | 184,020,000 | 206,626,000 | 532,436 | 925,438 | 1,231,287 | 1,385,291 | |||||||||||||
debt—current portion | 4,226,000 | 2,365,000 | |||||||||||||||||
forward contract—liabilities | |||||||||||||||||||
debt—net of current portion | 25,201,000 | 27,678,000 | |||||||||||||||||
liabilities, redeemable convertible preferred stock and stockholders’ deficit | |||||||||||||||||||
convertible notes | |||||||||||||||||||
stockholders’ deficit: | |||||||||||||||||||
total liabilities, redeemable convertible preferred stock and stockholders’ deficit | 245,903,000 | ||||||||||||||||||
prepaid expenses – current | 235,399 | ||||||||||||||||||
prepaid expenses – long term | 35,683 | ||||||||||||||||||
investments held in trust account | 345,019,271 | 345,011,949 | 345,006,739 | 345,001,586 | |||||||||||||||
liabilities, class a ordinary shares subject to possible redemption and shareholders' equity | |||||||||||||||||||
accrued expenses | 3,922,625 | 845,252 | 714,605 | 393,300 | |||||||||||||||
deferred underwriting commissions | 12,075,000 | 12,075,000 | 12,075,000 | 12,075,000 | |||||||||||||||
class a ordinary shares subject to possible redemption, 0.0001 par value... | 345,000,000 | 345,000,000 | |||||||||||||||||
shareholders' equity | |||||||||||||||||||
preference shares, 0.0001 par value; 5,000,000 shares authorized; no shares issued or outstanding | |||||||||||||||||||
class a ordinary shares, 0.0001 par value... | 313,088,560 | 315,534,300 | |||||||||||||||||
class b ordinary shares, 0.0001 par value... | 863 | 863 | 863 | 863 | |||||||||||||||
total shareholders' equity | -46,476,680 | -22,246,619 | 5,000,007 | 5,000,003 | |||||||||||||||
total liabilities, class a ordinary shares subject to possible redemption and shareholders' equity | 345,822,789 | 346,283,633 | |||||||||||||||||
liabilities and shareholders' equity | |||||||||||||||||||
preference shares, 0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | |||||||||||||||||||
due from related party | 23,462 | ||||||||||||||||||
due to related party | 380 | 4,820 | |||||||||||||||||
total liabilities and shareholders' equity | 346,622,172 | 346,801,623 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | |||||||||||||||
net loss | -152,961,000 | -14,833,000 | -12,421,000 | -20,773,000 | -12,572,000 | -22,215,000 | -16,966,000 | -23,354,000 | -22,872,000 | -28,205,000 | -9,974,000 | -10,470,000 | |||
adjustments to reconcile net loss to net cash from operating activities: | |||||||||||||||
depreciation and amortization | 2,074,000 | 1,894,000 | 1,829,000 | 1,751,000 | 1,821,000 | 1,547,000 | 1,787,000 | 1,045,000 | 2,132,000 | 2,160,000 | 2,089,000 | 2,216,000 | 1,823,000 | 1,588,000 | 1,390,000 |
stock-based compensation | 4,299,000 | 3,554,000 | 4,174,000 | 3,364,000 | 3,427,000 | 3,287,000 | 2,991,000 | 3,682,000 | 3,669,000 | 3,355,000 | 1,703,000 | 7,169,000 | 15,121,000 | 11,041,000 | 11,481,000 |
change in fair value of earn-out liabilities | 4,062,000 | 2,257,000 | -8,837,000 | 44,256,000 | -820,000 | -1,315,000 | 1,621,000 | -1,413,000 | 1,731,000 | 350,000 | 281,000 | ||||
change in fair value of derivative warrant liabilities | 181,955,000 | 20,557,000 | -53,262,000 | 90,885,000 | -1,200,000 | -2,100,000 | 2,583,000 | -3,160,000 | 3,442,000 | 5,000 | 873,000 | -2,279,000 | -5,344,000 | -8,687,000 | -5,822,000 |
accretion of available-for-sale securities | -3,629,000 | -1,973,000 | -1,423,000 | -870,000 | -976,000 | -921,000 | -855,000 | -811,000 | -739,000 | -1,065,000 | -506,000 | -593,000 | |||
amortization of debt issuance costs, commitment fees and accretion of final payment fees | |||||||||||||||
non-cash lease expense | 399,000 | 392,000 | 384,000 | 376,000 | 749,000 | 393,000 | 391,000 | 394,000 | 524,000 | 385,000 | 379,000 | ||||
changes in operating assets and liabilities: | |||||||||||||||
accounts receivable | -524,000 | -685,000 | 1,359,000 | 3,957,000 | -1,152,000 | -526,000 | 323,000 | -2,033,000 | 4,633,000 | -2,309,000 | 915,000 | -3,939,000 | 277,000 | -1,312,000 | 282,000 |
prepaid expenses, other current assets and other assets | -1,010,000 | -2,215,000 | 1,379,000 | -479,000 | -934,000 | -1,456,000 | 435,000 | 768,000 | |||||||
deferred revenue | -118,000 | -29,000 | 34,000 | -75,000 | 50,000 | 707,000 | -214,000 | -129,000 | -361,000 | 274,000 | -402,000 | 150,000 | -297,000 | 589,000 | -466,000 |
accounts payable | -49,000 | -129,000 | 747,000 | -228,000 | 277,000 | -1,419,000 | 334,000 | 1,107,000 | 1,086,000 | -814,000 | -484,000 | -13,000 | 188,000 | -2,364,000 | 1,482,000 |
accrued expenses and operating lease liabilities | -313,000 | -138,000 | -2,654,000 | 951,000 | -2,030,000 | 458,000 | -2,060,000 | ||||||||
net cash from operating activities | -13,822,000 | -16,169,000 | -13,651,000 | -8,544,000 | -15,427,000 | -13,517,000 | -13,139,000 | -12,421,000 | -4,540,000 | -18,070,000 | -15,548,000 | -14,207,000 | -13,397,000 | -19,364,000 | -15,721,000 |
capital expenditures | -4,547,000 | -6,721,000 | -1,065,000 | -994,000 | -3,538,000 | -2,421,000 | 2,084,000 | -1,117,000 | -921,000 | -4,474,000 | -3,219,000 | -8,637,000 | -7,800,000 | -2,836,000 | |
free cash flows | -18,369,000 | -22,890,000 | -14,716,000 | -9,538,000 | -18,965,000 | -15,938,000 | -10,337,000 | -5,657,000 | -18,991,000 | -20,022,000 | -17,426,000 | -22,034,000 | -27,164,000 | -18,557,000 | |
cash flows from investing activities: | |||||||||||||||
purchases of property and equipment | -5,889,000 | -5,667,000 | -2,547,000 | -1,282,000 | -2,278,000 | -2,045,000 | -5,493,000 | -1,548,000 | -1,776,000 | -931,000 | -4,804,000 | -3,443,000 | -8,658,000 | -7,800,000 | -2,836,000 |
purchases of available-for-sale securities | -84,087,000 | -394,456,000 | -44,062,000 | -126,313,000 | -22,456,000 | -48,708,000 | -27,287,000 | -30,205,000 | -21,428,000 | -19,091,000 | -38,528,000 | 2,899,000 | |||
maturities of available-for-sale securities | 70,000,000 | 54,000,000 | 23,000,000 | 50,001,000 | 30,999,000 | 37,500,000 | 39,000,000 | 21,002,000 | 37,493,000 | 32,243,000 | 28,346,000 | ||||
net cash from investing activities | -19,976,000 | -346,123,000 | -23,609,000 | -77,594,000 | 6,265,000 | -13,253,000 | 6,220,000 | -10,751,000 | 14,289,000 | 12,221,000 | -14,986,000 | -544,000 | -95,844,000 | -7,800,000 | -2,836,000 |
cash flows from financing activities: | |||||||||||||||
payments of principal of notes payable | -3,292,000 | -3,154,000 | -3,045,000 | ||||||||||||
proceeds from sale of common stock through common stock purchase agreement | 5,493,000 | 12,703,000 | |||||||||||||
proceeds from sale of common stock through at-the-market (atm) offerings | 0 | ||||||||||||||
proceeds from sale of common stock from quanta private placement transaction | 0 | ||||||||||||||
payments of offering costs | -90,000 | -725,000 | -73,000 | -1,357,000 | -29,000 | -273,000 | -174,000 | ||||||||
net proceeds from tax withholdings on sell-to-cover equity award transactions | 0 | 0 | 6,272,000 | ||||||||||||
proceeds from issuance of common stock upon exercise of stock options | 366,000 | 1,116,000 | 327,000 | ||||||||||||
proceeds from issuance of common stock upon exercise of warrants | 2,541,000 | 50,000 | 409,000 | ||||||||||||
net cash from financing activities | 2,817,000 | 382,160,000 | 6,935,000 | 133,674,000 | 8,692,000 | 12,383,000 | 20,710,000 | 2,689,000 | 10,255,000 | 1,440,000 | -1,154,000 | -1,635,000 | -677,000 | 4,321,000 | 213,445,000 |
effects of exchange rate changes on cash and cash equivalents | -69,000 | 153,000 | -187,000 | -148,000 | 72,000 | -27,000 | -85,000 | 118,000 | 41,000 | 4,000 | -83,000 | ||||
net decrease in cash and cash equivalents | -31,050,000 | -398,000 | |||||||||||||
cash and cash equivalents – beginning of period | 0 | 0 | 67,674,000 | 0 | 0 | 0 | 21,392,000 | 0 | 0 | 0 | 57,888,000 | ||||
cash and cash equivalents – end of period | -31,050,000 | 20,021,000 | 37,162,000 | 47,388,000 | -398,000 | -14,414,000 | 35,098,000 | -20,365,000 | 20,045,000 | -4,405,000 | 26,117,000 | ||||
supplemental disclosures of other cash flow information: | |||||||||||||||
cash paid for interest | 293,000 | 553,000 | 693,000 | 811,000 | 1,041,000 | 969,000 | 1,258,000 | 1,072,000 | 1,080,000 | 1,031,000 | 830,000 | 878,000 | |||
non-cash investing and financing activities: | |||||||||||||||
capitalization of deferred costs to equity upon share issuance | 58,000 | 80,000 | 52,000 | 0 | 0 | 0 | 13,000 | 422,000 | 250,000 | ||||||
purchases of property and equipment recorded in accounts payable | 1,169,000 | -991,000 | 1,408,000 | 214,000 | -487,000 | -376,000 | 1,115,000 | 3,218,000 | 87,000 | 97,000 | 210,000 | 224,000 | 21,000 | ||
purchases of property and equipment recorded in accrued expenses | 173,000 | -63,000 | 74,000 | 74,000 | -773,000 | 414,000 | 572,000 | -87,000 | 120,000 | ||||||
non-cash addition to operating lease right-of-use asset and liability | |||||||||||||||
reclassification of earn-out liabilities to additional paid-in capital for vesting of promote sponsor vesting shares | 10,433,000 | 0 | 32,946,000 | ||||||||||||
reclassification of derivative liabilities to additional paid-in capital due to exercise of public warrants | 1,335,000 | 17,000 | 257,000 | ||||||||||||
unrealized gain on short term investments | 630,000 | 12,000 | 70,000 | 2,000 | -18,000 | ||||||||||
net income | -39,654,000 | 42,619,000 | |||||||||||||
adjustments to reconcile net income to net cash from operating activities: | |||||||||||||||
purchases of offering costs in accounts payable | |||||||||||||||
proceeds from sale of common stock through at-the-market (atm) offering | |||||||||||||||
net increase in cash and cash equivalents | -30,512,000 | 13,706,000 | -20,365,000 | 20,045,000 | -4,405,000 | -31,771,000 | |||||||||
purchases of deferred offering costs in accounts payable | 122,000 | -244,000 | 273,000 | ||||||||||||
unrealized losses on short term investments | -8,000 | ||||||||||||||
change in fair value of forward contract | 0 | 1,085,000 | 44,000 | 1,100,000 | -299,000 | -388,000 | |||||||||
impairment of deferred offering costs | 0 | 0 | 94,000 | 742,000 | |||||||||||
loss on extinguishment of debt | |||||||||||||||
principal repayments and prepayment and final payment fees of notes payable | |||||||||||||||
net payments of tax withholdings on sell-to-cover equity award transactions | |||||||||||||||
proceeds from sale of common stock through registered direct offering | |||||||||||||||
proceeds from issuance of common stock upon exercise of stock options and warrants | 471,000 | 15,000 | 8,000 | 60,000 | 124,000 | 99,000 | 152,000 | 751,000 | 78,000 | 315,000 | 5,073,000 | 602,000 | |||
non-cash addition to operating lease right-of-use assets and lease liability | 0 | ||||||||||||||
amortization of debt issuance costs, commitment fees and accretion of debt end-of-term liabilities | 194,000 | 249,000 | 298,000 | 353,000 | |||||||||||
proceeds from sale of common stock from sales through common stock purchase agreement | 0 | 0 | 12,838,000 | ||||||||||||
proceeds from sale of common stock from sales through at-the-market (atm) offering | 11,998,000 | 15,802,000 | 11,031,000 | ||||||||||||
goodwill impairment | |||||||||||||||
other liabilities | -437,000 | 20,000 | 79,000 | 43,000 | |||||||||||
proceeds from business combination, net of transaction costs paid | 0 | 0 | 0 | 225,604,000 | |||||||||||
transaction costs paid directly by rigetti | -422,000 | -992,000 | -697,000 | -16,731,000 | |||||||||||
proceeds from issuance of notes payable | 0 | 0 | |||||||||||||
payments of debt issuance costs | |||||||||||||||
payment of loan and security agreement exit fees | |||||||||||||||
initial fair value of earn-out liability acquired in merger | |||||||||||||||
initial fair value of private placement and public warrant liability acquired in merger | |||||||||||||||
reclassification of loan and security agreement warrants to equity | 0 | ||||||||||||||
settlement of the first tranche of forward contract | 0 | 0 | |||||||||||||
right-of-use assets recorded on adoption of asu 2016‑02 | |||||||||||||||
operating lease liabilities recorded on adoption of asu 2016‑02 | |||||||||||||||
lease liabilities arising from obtaining right-of-use assets | |||||||||||||||
accrued expenses and other current liabilities | 193,000 | -2,292,000 | 32,000 | 987,000 | 2,502,000 | -1,639,000 | 2,606,000 | ||||||||
payment on principal of notes payable | -2,547,000 | -1,060,000 | -1,798,000 | ||||||||||||
payments on debt issuance costs | 0 | 0 | -55,000 | -30,000 | |||||||||||
payment on loan and security agreement exit fees | 0 | 0 | 0 | -1,000,000 | |||||||||||
payments on deferred offering costs | 0 | 0 | -107,000 | ||||||||||||
unrealized gain short term investments | |||||||||||||||
amortization of debt issuance costs | 191,000 | 237,000 | -155,000 | 405,000 | 431,000 | 236,000 | |||||||||
accretion of debt commitment fee | |||||||||||||||
accretion of debt end-of-term liabilities | 24,000 | 72,000 | |||||||||||||
prepaid expenses and other current assets | -1,582,000 | 694,000 | 1,183,000 | 616,000 | 156,000 | -3,054,000 | |||||||||
other assets | 0 | -1,000 | -1,000 | 1,000 | 952,000 | -918,000 | |||||||||
supplemental disclosure of cash flow information | |||||||||||||||
supplemental disclosure of non-cash investing and financing activities: | |||||||||||||||
exercise of loan and security agreement warrants | |||||||||||||||
unrealized gain on short-term investments | 3,000 | 238,000 | |||||||||||||
accretion of debt commitment fee asset | 82,000 | ||||||||||||||
cash flows from operating activities | |||||||||||||||
change in fair value of earnout liability | -8,024,000 | -9,634,000 | |||||||||||||
amortization of debt commitment fee asset | |||||||||||||||
accretion of debt end of term liabilities | 46,000 | ||||||||||||||
cash flows from investing activities | |||||||||||||||
cash flows from financing activities | |||||||||||||||
payments on principal of notes payable | |||||||||||||||
effect of changes in exchange rate on cash and restricted cash | 320,000 | -265,000 | 37,000 | 9,000 | |||||||||||
net increase in cash, cash equivalents, and restricted cash | -16,066,000 | ||||||||||||||
cash, cash equivalents, and restricted cash at beginning of period | 0 | ||||||||||||||
cash, cash equivalents, and restricted cash at end of period | -16,066,000 | ||||||||||||||
supplemental disclosure of cash flow information: | |||||||||||||||
supplemental disclosure of non-cash financing activity: | |||||||||||||||
deferred offering costs in accounts payable and accrued expenses | |||||||||||||||
fair value of loan and security agreement warrant liability | 2,691,000 | ||||||||||||||
initial fair value of private placement and public warrants liability acquired in merger | |||||||||||||||
purchases of property and equipment recorded in accrued expense | |||||||||||||||
unrealized loss on short term investments | |||||||||||||||
right-of-use assets recorded on adoption of asu 2016-02 | |||||||||||||||
operating lease liabilities recorded on adoption of asu 2016-02 | |||||||||||||||
change in fair value of earn-out liability | |||||||||||||||
supplemental disclosure of non- cash financing and investing activities: | |||||||||||||||
fair value of earn-out liability | -6,170,000 | 0 | 26,583,000 | ||||||||||||
fair value of private placement and public warrants liability | 445,000 | ||||||||||||||
net increase in cash and restricted cash | -22,806,000 | 194,897,000 | |||||||||||||
cash and restricted cash at beginning of period | 0 | 12,046,000 | |||||||||||||
cash and restricted cash at end of period | -22,806,000 | 206,943,000 | |||||||||||||
change in fair value of forward contract—liabilities | -2,970,000 | ||||||||||||||
amortization of exit fee asset | 47,000 | ||||||||||||||
proceeds from issuance of debt and warrants | 5,000,000 | ||||||||||||||
fair value of private placement warrants liability | 22,487,000 | ||||||||||||||
adjustments to reconcile net income to cash from operating activities: | |||||||||||||||
offering costs associated with derivative liabilities | |||||||||||||||
income from investments held in trust account | |||||||||||||||
prepaid expenses | |||||||||||||||
accrued expenses | |||||||||||||||
cash deposited in trust account | |||||||||||||||
proceeds from note payable to related party | |||||||||||||||
repayment of note payable to related party | |||||||||||||||
proceeds received from initial public offering, gross | |||||||||||||||
proceeds received from private placement | |||||||||||||||
offering costs paid | |||||||||||||||
net change in cash | |||||||||||||||
cash - beginning of the period | |||||||||||||||
cash - end of the period | |||||||||||||||
supplemental disclosure of noncash financing activities: | |||||||||||||||
offering costs included in accrued expenses | |||||||||||||||
prepaid expenses paid by sponsor in exchange for issuance of class b ordinary shares | |||||||||||||||
deferred underwriting commissions | |||||||||||||||
accretion of class a ordinary shares to redemption amount | |||||||||||||||
• |