Rigetti Computing Inc (NASDAQ:RGTI) shares are tumbling on Friday as the company prepares to report its earnings next week, amid a broader sell-off in the tech sector. Here’s what investors need to know.Rigetti Computing stock is taking a hit today. Why is RGTI stock dropping?Rigetti Earnings Due March 4Analysts are closely watching Rigetti’s upcoming earnings report scheduled for March 4, with expectations of a loss of 4 cents per share on revenue of $2.46 million. This follows a previous loss of 8 cents p ...

IonQ Inc. (NYSE:IONQ) fourth-quarter results have moved the quantum computing sector from a space of theoretical promise into a period of measurable commercial growth. IONQ stock is climbing. See the chart and price action here. IONQ Q4The company reported a massive revenue beat, bringing in $61.9 million for the fourth quarter. This figure represents a 429% increase compared to the previous year and significantly outpaced Wall Street's expectations. For the full year, IonQ hit $130 million in revenue, maki ...

证券研究报告 全球量子科技产业化加速推进中 ——量子科技专题报告（一） 行业投资评级：强于大市|维持 孙业亮/刘聪颖 中邮证券研究所 计算机团队 中邮证券 1 1 发布时间：2026-02-26 投资要点 全球高度重视量子科技，国际竞争激烈：量子科技已成为全球主要国家开展科技、经济等领域综合 国力竞争，维护国家技术主权与发展主动权的战略重点之一，对国防安全、信息安全等关键领域有深远影 响；截至2025年8月，全球30余个国家和地区制定或更新量子信息领域的发展战略规划或法案文件，投资 金额已超过350亿美元；"十五五"规划将量子科技列入未来产业布局的首位，政策体系持续完善。 量子计算多技术路线竞相发展，亮点成果不断涌现：近年来，在实验室环境下超导、离子阱、中性 原子、光量子等主要技术路线原理样机的量子比特规模和逻辑门保真度等均有明显提升，量子纠错在新型 编码方案研究和逻辑量子比特构建等方面取得重要科研成果，量子软件与云平台技术成熟度不断提升，应 用场景探索广泛开展，一旦规模、噪声和控制超过某些阈值，性能差距的跃升将转化为巨大经济效益。 后量子密码系统迁移势在必行：量子计算技术的飞速发展，给传统密码学带来前所未有 ...

Core Insights - Rigetti Computing (RGTI) is set to release its fourth-quarter and full-year 2025 results on March 4, 2026, which is anticipated to be a crucial update for investors assessing the company's recent commercial achievements and technical progress [1][9] Financial Performance - In the third quarter, RGTI's revenue fell by 18% year-over-year to $1.9 million, with a significant reduction in gross margin to 21% due to contract mix and pricing variability [1][2] - The company has secured $5.7 million in Novera system purchase orders and a $5.8 million AFRL contract, which are expected to positively impact fourth-quarter revenue [2] - The Zacks Consensus Estimate for Rigetti's 2026 earnings suggests a substantial 74.3% improvement compared to the previous year [12] Strategic Developments - Rigetti has revised the timeline for the general availability of its 108-qubit quantum computing system, Cepheus-1-108Q, now aiming for availability by the end of Q1 2026 [3] - Investors should monitor updates regarding DARPA Phase B engagement and developments related to NVIDIA's NVQLink hybrid computing ecosystem [4] Market Position and Valuation - Rigetti's shares have increased by 7.4% over the last six months, contrasting with an 18.2% decline in the industry [8] - The company currently has a price-to-book ratio of 14.13, which is above the industry average, and carries a Value Score of F [11]

Company Announcement - Rigetti Computing, Inc. will release its fourth quarter and full-year 2025 results on March 4, 2026, after market close [1] - A conference call to discuss the financial results and business operations will be held at 5:00 pm ET on the same day [1] Conference Call Details - The conference call is scheduled for Wednesday, March 4, 2026, at 5:00 pm ET / 2:00 pm PT [1] - A live audio webcast can be accessed via the provided webcast link or the Company's Investor Relations website [2] - A replay of the conference call will be available for one year following the conclusion of the call [2] Participation Instructions - To participate in the live call, registration is required through the provided link, which will yield dial-in numbers and a unique PIN [3] - If participants forget their PIN or lose the registration confirmation email, they can re-register to receive a new PIN [3] Company Overview - Rigetti is a pioneer in full-stack quantum computing, utilizing superconducting qubits, which are considered the leading qubit modality due to their maturity and fast gate speeds [4] - Current Rigetti quantum computing systems achieve gate speeds of 50-70 nanoseconds, approximately 1,000 times faster than other modalities like ion traps and neutral atoms [4] Product Offerings - Rigetti sells on-premises quantum computing systems ranging from 9-qubit to 180-qubit, supporting national laboratories and quantum computing centers [5] - The Cepheus systems, which range from 36-qubit to 108-qubit, are based on proprietary chiplet technology and include control electronics [5] - The 9-qubit Novera QPU is designed for high-performance, on-premises use, compatible with existing cryogenic and control systems [5] Cloud Services - The Company operates quantum computers through its Rigetti Quantum Cloud Services (QCS) platform, enabling global clients to pursue R&D [6] - Rigetti's proprietary quantum-classical infrastructure allows for high-performance integration with public and private clouds for practical quantum computing [6] Technological Advancements - Rigetti developed the first multi-chip quantum processor for scalable systems and deployed the largest multi-chip quantum computer in 2025 with Cepheus-1-36Q [7] - The Company designs and manufactures its chips in-house at Fab-1, the first dedicated quantum device manufacturing facility [7]

Company Performance - Rigetti Computing, Inc. (RGTI) closed at $15.59, reflecting a -3.09% change from the previous day, underperforming the S&P 500's 0.1% gain [1] - The stock has decreased by 37.2% over the past month, significantly lagging behind the Computer and Technology sector's loss of 4.05% and the S&P 500's loss of 1.43% [1] Upcoming Financial Results - The upcoming EPS for Rigetti Computing is projected at -$0.05, indicating a 37.50% increase compared to the same quarter last year [2] - Revenue is expected to be $2.67 million, representing a 17.67% increase from the year-ago quarter [2] Full Year Projections - For the full year, earnings are projected at -$0.68 per share and revenue at $7.89 million, reflecting changes of -88.89% and -26.88% respectively from the prior year [3] Analyst Estimates - Recent changes to analyst estimates for Rigetti Computing are important as they reflect short-term business trends, with upward revisions indicating analyst optimism about the company's operations [4] - The Zacks Rank system, which incorporates these estimate changes, currently assigns Rigetti Computing a rank of 3 (Hold) [6] Industry Context - The Internet - Software industry, part of the Computer and Technology sector, holds a Zacks Industry Rank of 87, placing it in the top 36% of all industries [7] - The Zacks Industry Rank assesses the strength of industry groups, with top-rated industries outperforming lower-rated ones by a factor of 2 to 1 [7]

Core Viewpoint - Rigetti Computing's shares have dropped 9.15% this week, reflecting valuation concerns and skepticism about its future performance in the quantum computing sector [1]. Group 1: Performance Overview - Rigetti's stock is down 27.36% year-to-date and 37.44% over the past month, with a peak of $58.15 in mid-October [1]. - The company has a market cap of $4.95 billion and trades at a 660x price-to-sales ratio, with trailing twelve-month revenue of $7.49 million [1]. - Despite a one-year return of 31.35%, recent momentum has reversed significantly [1]. Group 2: Analyst Downgrade - TD Cowen analyst Krish Sankar downgraded Rigetti to Hold, citing unrealistic revenue targets for 2027 and increased costs in the quantum computing field [1]. - The consensus price target for Rigetti is $38.85, indicating potential upside, but the downgrade has shifted market sentiment negatively [1]. - Current estimates for 2027 sales are projected at $45.39 million, with potential downward revisions expected following the downgrade [1]. Group 3: Execution Risks - Rigetti postponed the launch of its Cepheus-1-108Q quantum computer, raising concerns about its technical execution capabilities [1]. - The company reported Q3 revenue of $1.90 million, missing estimates of $2.21 million, and posted a net loss of $200.97 million [1]. - Year-over-year revenue declined by 18.1%, indicating challenges in achieving commercial success [1]. Group 4: Competitive Landscape - IonQ has widened the competitive gap by announcing a significant acquisition to bring quantum hardware manufacturing in-house, reporting Q3 revenue of $39.87 million, which is 20 times that of Rigetti [1]. - IonQ holds $3.5 billion in pro-forma cash after a $2 billion equity offering and has achieved a technical milestone of 99.99% two-qubit gate performance [1]. - The probability of the US government taking an equity stake in Rigetti by the end of 2026 is only 8.05%, compared to 50% for IonQ [1].

Core Insights - Rigetti Computing (RGTI) enters 2026 with a robust balance sheet, differentiating itself from peers reliant on frequent capital raises [1][2] - The company's liquidity exceeds $600 million, providing multi-year financial visibility and reducing near-term dilution risk [1][2] - Rigetti's resources are sufficient to fund planned system launches, including next-generation 100+ qubit platforms with approximately 99.5% fidelity and a 150+ qubit architecture [1][7] Financial Flexibility - Rigetti's revenue profile is uneven, primarily tied to government agencies and research institutions, making financial flexibility crucial [2] - Recent contract momentum and international engagement reinforce long-term relevance but do not mitigate quarterly volatility [2] - The strong balance sheet allows Rigetti to absorb delays and customization without external financing, enhancing its competitive position [2][3] Peer Updates - D-Wave Quantum (QBTS) achieved a technical milestone with scalable on-chip cryogenic control for gate-model quantum processors, reducing wiring complexity [4] - IonQ (IONQ) is deepening its relationship with the Korea Institute of Science and Technology Information by installing a next-generation 100-qubit system, highlighting its success with government-backed institutions [5] Price Performance and Valuation - Rigetti's shares have declined 16.6% over the last six months, compared to the industry's decline of 20.3% [6] - The company trades at a price-to-book ratio of 13.31, above the industry average, and carries a Value Score of F [9] - The Zacks Consensus Estimate for Rigetti's 2026 earnings indicates a significant 75.9% improvement from the previous year [10]

Core Viewpoint - Rigetti Computing is focused on developing quantum computing technology but faces significant competition and challenges, leading to a downgrade in its stock rating and concerns about its financial performance [2][6]. Group 1: Company Overview - Rigetti Computing (NASDAQ:RGTI) aims to revolutionize computing through quantum mechanics, targeting faster problem-solving capabilities compared to traditional computers [1]. - The company is currently trading at $16.46, with a market capitalization of approximately $5.43 billion [5]. Group 2: Financial Performance - Rigetti's shares have declined by 23% year-to-date, attributed to a reset in the company's roadmap and disappointing financial results [2][6]. - The company is experiencing declining revenue, compressed gross margins, and ongoing operating losses [4]. Group 3: Product Development and Contracts - The launch of Rigetti's 108-qubit Cepheus system has been delayed to early 2026, raising investor concerns [3]. - Despite setbacks, Rigetti has secured $8.4 million in contracts with India's C-DAC and the U.S. Air Force, providing some medium-term visibility [3][4]. - The company plans to achieve over 150 qubits by 2026 and exceed 1,000 qubits by 2027 [3]. Group 4: Market Sentiment - Cowen & Co. downgraded Rigetti to a "Hold" rating amid the stock's decline and concerns over its financial outlook [2][6]. - The stock has fluctuated between a low of $15.75 and a high of $17.09 in recent trading [5].

Core Insights - Amazon has evolved from an online bookstore to a multifaceted company, excelling in cloud services, quantum computing, and artificial intelligence [2] - Despite its strengths, Amazon's latest earnings report showed mixed results, leading to a decline in its share price [2] Group 1: Amazon's Business Segments - Amazon Web Services (AWS) is the most widely adopted cloud system globally, providing a range of services including compute, storage, developer tools, and security [3] - AWS accounts for 18% of Amazon's net sales over the past 12 months and is the fastest-growing revenue segment, with sales increasing by 24% in the fourth quarter of 2025 [4] - The North American segment sales rose by 10%, while international sales increased by 17% [4] Group 2: Quantum Computing Services - AWS offers quantum computing services through Amazon Braket, allowing users to access quantum computing without owning the hardware, which can cost over $10 million [5] - Braket connects users to quantum computers from competitors like D-Wave Quantum, IonQ, and Rigetti, positioning Amazon as a key player in the quantum computing industry [6]