Rigetti Computing’s stock dropped by 8% on Tuesday morning after the company reported that its income fell short of initial expectations for the quarter ending March 31, 2025.
The quantum computing firm generated revenues of $1.5 million, significantly below the $2.6 million anticipated by analysts. Its operating expenses reached $22.1 million, leading to an operating loss of $21.6 million during this timeframe.
Despite this, Rigetti reported a net income of $42.6 million for the quarter, largely attributed to a non-cash profit of $62.1 million linked to the revaluation of derivative warrants and acquired liabilities. After adjustments, the revenue showed $0.13 per share, recovering from a loss of $0.14 the year prior, while Wall Street had expected a loss of $0.05.
As of March 31, the company held cash, equivalents, and investments totaling $209.1 million, which increased to $237.7 million by the end of April, bolstered by a $35 million investment from a Taiwan-based quantum computer firm.
Rigetti remains committed to advancing superconducting quantum systems and has secured government-funded projects in both the US and the UK. The company expressed intentions to scale up its modular architecture over time toward a higher Qubit count.
