Filing Flows › Rigetti Computing (RGTI) › Q1 2025
Rigetti Computing (RGTI) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
Rigetti Computing (RGTI) reported revenue of $1.5M for the first quarter 2025 (Q1 2025), -52% from a year earlier and -35% from the quarter before.
Rigetti Computing, Q1 2025: revenue $1.5M (-52% year over year), net earnings $42.6M, operating cash flow −$13.7M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.5M | -35% | -52% |
| Operating profit | −$21.6M | — | — |
| Net earnings | $42.6M | — | — |
| Operating cash flow | −$13.7M | — | — |
What changed
Revenue was $1.5M in Q1 2025, down 52% year over year and down 35% from the previous quarter. Collaborative research, other professional services and related materials was the largest line at 90% of revenue. Collaborative research, other professional services and related materials lost $1.5M year over year (down 53%), 95% of the total change.
Gross margin was 30.0%, down 19.1 points from a year earlier. Operating costs exceeded revenue by $21.6M, an operating margin of -1469.6%. Operating expenses grew 22% against a revenue fall of 52%. The fastest-growing cost line was Research & development (+35%). Net earnings were $42.6M. The effective tax rate was 0.0%. Non-operating items added $64.3M, 151% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$13.7M. Non-cash charges added back $1.8M of depreciation and $4.2M of share-based compensation. Working capital and other items used $62.3M. Capital expenditures of $2.5M exceeded it, leaving free cash flow of −$16.2M.
Questions
What was Rigetti Computing's revenue in the first quarter 2025?
Rigetti Computing (RGTI) reported revenue of $1.5M for the first quarter 2025 (Q1 2025), -52% from a year earlier and -35% from the quarter before.
Source: Rigetti Computing 10-Q on SEC EDGAR.