Rigetti Computing, Inc.RGTI
NasdaqCM•Technology•Computer Hardware
Rigetti Computing, Inc., through its subsidiaries, builds and operates quantum computers and the superconducting quantum processors the United States, the United Kingdom, rest of Europe, Asia, and internationally. The company offers quantum processing units (QPUs) and quantum computing systems to provide access to quantum computing systems through the cloud in the form of quantum computing as a service (QCaaS). It provides Novera, a 9-qubit chip QPU that features tunable couplers for fast two-qubit operations and a 5-qubit chip for testing single-qubit operations; Novera QPU that is based in fourth generation Ankaa-class architecture; 36-qubit Cepheus-1-36Q system, a multi-chip quantum computer; and 84-qubit Ankaa-3 quantum computer. The company also sells access to its quantum computers through QCaaS. In addition, the company offers Rigetti quantum cloud services, a platform that provides support for various range of programming capabilities, public or private clouds integration, and connectivity, as well as quantum operating system software that supports public and private cloud architectures. Further, it offers QCS Outpost, a distributed software environment for operating, administering, and monitoring the overall system; Rigetti Foundry Services that delivers superconducting quantum chips to advance and accelerate quantum information science and technology research and development; and professional services, such as algorithm development, benchmarking, quantum application programming, and software development. The company serves commercial enterprises, government organizations, and international government entities, as well as academia, defense laboratories, and national laboratories. Rigetti Computing, Inc. was founded in 2013 and is headquartered in Berkeley, California.
Rigetti Computing, Inc. (RGTI) reported trailing twelve months revenue of $10.02M as of March 2026, a 8.8% increase year-over-year. Quarterly revenue reached $4.40M, reflecting continued top-line momentum.
Rigetti Computing, Inc. reported a TTM net loss of $225.72M, with quarterly EBITDA of $-23.34M. The operating margin expanded from -1469.6% to -589.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (-589.8%) and net margin (752.5%) indicates tight cost control with minimal non-operating drag. Net margin has narrowed from 2895.3% a year ago, reflecting increased costs or interest expense.
RGTI trades at a P/S of 752.6x. The price-to-book ratio of 12.9x indicates a significant premium over book value.
The company reported negative free cash flow of $-20.63M, indicating cash consumption over the period. The balance sheet shows $650.68M in total assets with no in long-term debt against $583.60M in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are under pressure, averaging -936.5%. The business may lack pricing power or face rising costs.'
ROE is low or negative, suggesting limited competitive advantage or capital allocation challenges.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has been flat or declining over recent quarters, which may indicate eroding demand or competitive pressure.
Data-driven red flags and warnings across 21 quarters
The company posted negative operating margins in recent quarters — core operations are unprofitable.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
TTM revenue has contracted 26.9% — significant decline indicating deteriorating demand.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 28.8% — significant dilution, likely from stock compensation or capital raises.