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Rigetti Computing, Inc. (NASDAQ:RGTI) stock fell Tuesday after the quantum computing firm posted mixed quarterly results and outlined ambitious hardware milestones for the next two years.
Shares slipped after revenue came in below expectations, even as losses narrowed and the company strengthened its cash position.
Analysts continued to track Rigetti's technology roadmap and expansion strategy, including new international operations in Europe.
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Rigetti Computing reported quarterly losses of 3 cents per share, which beat the analyst estimate for losses of 4 cents.
Quarterly revenue reached $1.94 million, short of analyst estimates and down from $2.37 million a year ago. Rigetti continued to emphasize long-term development rather than near-term profitability.
Craig-Hallum analyst Richard Shannon reaffirmed a Buy rating and reiterated confidence in Rigetti's long-term outlook. The firm said investors should focus on execution and progress toward the company's next computing platform.
Rigetti expects to deploy a new quantum system with more than 150 qubits by late 2026. The company projects a median two-qubit fidelity of about 99.7% for that platform. A second system with more than 1,000 qubits is targeted for the end of 2027, with a higher expected fidelity rate.
As of early November, Rigetti held approximately $600 million in cash, equivalents and available-for-sale investments. Executives said current resources should support operations for at least 12 months based on internal forecasts.
The company plans to launch an Italian subsidiary in the coming months to expand hiring and partnerships across Europe. Leadership believes the new presence will help capture government-backed quantum initiatives and commercial demand.
Rigetti noted ongoing operating losses from heavy R&D and infrastructure spending. Management said the strategy remains focused on scaling technology and reaching performance targets that can support broader commercialization.
Price Action: RGTI shares are trading lower by 5.38% to $31.29 at last check Tuesday.
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Posted In: RGTI
