Rigetti Computing reported third-quarter revenue of just $1.4 million on Tuesday, far below the roughly $3.3 million Wall Street expected, after a quarter in which it delivered no quantum systems. Shares in the Berkeley-based quantum computing firm fell 6.4% in regular trading to $12.15, then dropped a further 7.5% in after-hours trading once the results were out.

The miss underlines how lumpy Rigetti's revenue remains while it depends on a small number of large system sales. Revenue in the second quarter had reached $5.1 million, helped by system deliveries that did not repeat in the third quarter.

Losses widen as spending continues

Rigetti posted an operating loss of $33.2 million for the three months to 30 September, and a net loss of $3.1 million on a GAAP basis, or $0.08 per share. On a non-GAAP basis the net loss was $20.5 million, or $0.06 per share. Revenue for the first nine months of 2026 totalled $10.9 million, more than double the $5.2 million reported in the same period of 2025.

The company ended September with $497.1 million in cash, cash equivalents and available-for-sale investments, and said it had no debt, giving it room to keep funding its technology roadmap and customer opportunities.

Outlook depends on a fourth-quarter delivery

Rigetti said it expects full-year 2026 revenue of about $20 million, up significantly from 2025, assuming customer acceptance of a system for C-DAC and the related revenue recognition in the fourth quarter. That makes the final three months of the year decisive for whether the company meets its own target.

Analysts still rate the stock a Strong Buy, according to TipRanks, but the quarter shows how much of Rigetti's near-term story rests on converting its order book into delivered systems and recognised revenue. Read Rigetti's third-quarter results release and TipRanks on why quantum stocks fell.