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Shares of Rigetti Computing Inc. (NASDAQ:RGTI) fell on Thursday — extending their recent slide — after the quantum computing company reported third-quarter results that paired narrower losses with a decline in revenue. The company also reiterated its long-term plan to scale its hardware, maintaining a focus on performance milestones rather than immediate revenue growth.
Market Reaction And Revenue Trends
Rigetti reported a quarterly loss of three cents per share, topping expectations for a deeper loss. Revenue reached $1.94 million, down from last year and short of forecasts, prompting a negative market reaction.
Analyst Outlook
Analysts remained divided as the company progressed deeper into its multi-year development cycle. Craig-Hallum's Richard Shannon reaffirmed a Buy rating, stressing that progress toward next-generation systems remains central to the bullish thesis.
B. Riley Securities' Craig Ellis stayed Neutral and cut his price target from $42 to $35. Benchmark analyst David Williams maintained a Buy rating but reduced his target from $50 to $40, reflecting tempered expectations after the quarter.
Also Read: Quantum Stock Tracker: IonQ, Rigetti, D-Wave Report Q3 Earnings
Hardware Roadmap Extends Into 2027
Rigetti expects to deliver a system with more than 150 qubits in 2026 and a platform with more than 1,000 qubits in 2027. CEO Dr. Subodh Kulkarni also said the 100-plus-qubit chiplet-based system remains on track for release by late 2025.
Cash Position And R&D Investment
The company reported about $600 million in cash and investments, which it believes provides at least a year of runway. Spending remains heavily focused on research and system development.
International Growth Plans
Rigetti plans to establish a subsidiary in Italy to expand hiring and strengthen access to European government-backed quantum initiatives and commercial partnerships.
Price Action: RGTI shares are trading 9.33% lower at $25.66 as of the last check on Thursday.
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Posted In: RGTI
