Rigetti Computing (RGTI) has reported mixed financial results for this year’s third quarter.
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The quantum computer company announced an earnings per share loss of $0.03, which beat Wall Street’s consensus estimate of a $0.04 loss. However, revenue in the quarter totaled $1.94 million, which missed analyst forecasts of $2.17 million. Sales were down from $2.37 million in the same period last year.
Looking ahead, Rigetti Computing said that it expects to deploy a 150-plus qubit system by or around the end of 2026 and anticipates deploying a 1,000+ qubit system by or around the end of 2027. Those deployments will dramatically increase the company’s computing capacity.
Rigetti Computing’s income statement. Source: The Fly
Management Comments
“This past quarter, we saw strong momentum with both the demand for our on-premises quantum computers and the development of collaborations to advance our own R&D and the quantum ecosystem more broadly,” said Rigetti Computing CEO Dr. Subodh Kulkarni in the company’s earnings release.
Dr. Kulkarni added: “On the technology front, we remain on track to deliver our 100+ qubit chiplet-based quantum system with an anticipated 99.5% median two-qubit gate fidelity by the end of 2025.” RGTI stock was down 2% in after-hours trading on news of its latest financial results. The share price has risen 117% this year.
Is RGTI Stock a Buy?
The stock of Rigetti Computing has a consensus Moderate Buy rating among seven Wall Street analysts. That rating is based on five Buy and two Hold recommendations issued in the last three months. The average RGTI price target of $32 implies 4.39% downside from current levels. These ratings could change after the company’s latest financial results.
