Shares of Rigetti Computing (NASDAQ: RGTI) fell over 11% in pre-market trading on Tuesday after the company reported first-quarter revenue that missed Wall Street expectations, overshadowing a surprise earnings beat.
The California-based quantum computing company posted adjusted earnings per share of $0.13 for Q1, beating analyst estimates of a $0.05 loss. However, revenue for the three months ended March 31, 2025, totaled $1.5 million, significantly below the $2.82 million consensus estimate and down 32% from $2.2 million in the same period last year.
Rigetti also posted a net income of $42.6 million for the quarter, which incorporated $62.1 million in non-cash gains resulting from changes in the fair value of derivative warrants and earn-out liabilities.
Despite the revenue miss, Rigetti maintained a strong cash position. As of March 31, 2025, it held $209.1 million in cash, cash equivalents, and available-for-sale investments—a figure that rose to $237.7 million by April 30, following the completion of a share purchase by Quanta Computer, Inc.
“Rigetti is proud to be awarded important government-funded projects in the U.S. and U.K. to advance our technology, demonstrating our continued leadership in superconducting quantum computing,” said Rigetti CEO Dr. Subodh Kulkarni.
Rigetti also highlighted recent business developments, including its selection to participate in DARPA’s Quantum Benchmarking Initiative and the award of three Innovate UK Quantum Mission Pilot Awards. The company also reported progress in its technical capabilities, including the successful demonstration of optical control of a superconducting qubit.
As of the latest update, Rigetti Computing (NASDAQ: RGTI) shares are down 11.60%, trading at $10.21.
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