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Call sheet · Q2'26

Rigetti Computing (RGTI)

Q2'26 earnings call · held August 6, 2026 · compared with the Q1'26 call · management-credibility review
7/12
Disclosure score
2 medium, 1 low flags
Financial quality
Bottom line
Rigetti reported higher revenue and gross margin, while the 108-qubit median two-qubit fidelity remained approximately 99.1%. The measurable next test is the later-2026 target of about 99.5%. Management described work on other systems to protect cloud uptime. Treat Commerce funding as conditional until definitive terms are signed, and use the cash-flow statement rather than liquidity-balance changes to judge cash consumption.

The 30-second version

  • The next technical test is performance on the larger system
  • Potential funding is not committed cash
  • Read the cash-flow statement, not just the balance change

What changed this quarter

MetricQ1'26Q2'26Change
Revenue$4.4M vs $1.5M YoY$5.1M vs $1.8M YoY+16% QoQ, YoY growth decelerated to +183% from +193%
Gross margin31% vs 30% YoY43% vs 31% YoY+12 percentage points; monitor contract and product mix
Operating expenses$27.3M vs $22.1M YoY$30.3M vs $20.4M YoYAbout +11% QoQ, below approximately 16% revenue growth; dollars still far exceed revenue
Stock-based compensation$5.9M (134% of revenue)$7.0M (137% of revenue)SBC still exceeds total revenue, dilution burden rising
Operating loss$26.0M$28.1M+8% wider
GAAP net income/loss+$33.1M net income (incl. $53.7M non-cash warrant gain)-$52.6M net loss$85.7M sequential swing; inspect the fair-value and operating-result bridge
Non-GAAP net loss / EPS$14.7M / $0.04$16.0M / $0.05Normalized loss widened even excluding SBC/warrants
Cash, equivalents & investments$569.0M (down from $589.8M YE25)$541.3MDown $27.7M sequentially; not a direct measure of operating or free cash flow
108Q flagship two-qubit gate fidelity~99.1%~99.1%, unchangedReported median unchanged; the year-end target remained pending
Coherence time25-30 microseconds; management discussed doubling or tripling to support higher fidelity25-30 microseconds; prepared remarks said several years, while Q&A said near termClarify the differing time horizons rather than infer one precise revised deadline

Accountability tracked

5 new promises made3 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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