Rigetti Computing (RGTI) shares fell 2.7% in extended trading on Monday after the quantum computing firm posted third-quarter results and offered up a technology roadmap for next year and beyond.
For the period ending Sept. 30, Rigetti said it lost an adjusted $0.03 per share as revenue came in at $1.9M, down from $2.38M in the year-ago quarter. Analysts had expected the company to lose an adjusted $0.05 per share on $2.17M in revenue.
“This past quarter, we saw strong momentum with both the demand for our on-premises quantum computers and the development of collaborations to advance our own R&D and the quantum ecosystem more broadly,” Dr. Subodh Kulkarni, Rigetti CEO, said in a statement. “Rigetti’s open and modular architecture continues to allow us to integrate innovative solutions with our technology stack, including our Air Force Research Laboratory (AFRL)-funded project with QphoX and AFRL to advance superconducting quantum computer networking.”
Looking ahead to 2026 and 2027, Rigetti said it expects to deploy a 150+ qubit system around the end of 2026, with 99.7% median two-qubit gate fidelity. Around the end of 2027, it expects to deploy a 1,000+ qubit system with around 99.8% median two-qubit gate fidelity.
Rigetti also said that it had secured purchase orders for two quantum computing systems in September, totaling $5.7M. Delivery for both systems is expected to occur in the first-half of next year.
The company will host a conference call at 8:30 a.m. tomorrow morning to discuss the results.