Rigetti Computing reported Q3 2026 revenue of $1.41 million on November 10, 61.7% below the $3.68 million consensus of 12 analysts and $0.39 million below our $1.8 million forecast.
No hardware this quarter. Both 9-qubit Novera systems Rigetti planned for 2026 shipped in the first half, bringing $3.05 million and $4.10 million of hardware revenue in Q1 and Q2. The 10-Q shows no hardware sales in Q3; revenue came from research contracts ($1.27 million) and cloud access ($0.15 million).
The margin flatters a small quarter. The gross margin was 60.7%, on just $0.55 million of cost of revenue. Operating expenses rose to $34.0 million, with research and development up 69.7% from a year earlier, to $25.5 million.
Q4 is one machine. Rigetti expects 2026 revenue of about $20 million, assuming the $8.4 million 108-qubit system for C-DAC in Bengaluru passes customer acceptance in Q4. With $10.95 million booked in nine months, that leaves about $0.65 million for everything else in the quarter.
The cost is already on the books. The 10-Q shows about $4.8 million of capitalized costs for a future system delivery. If they belong to the C-DAC machine, the sale carries at most about a 43% gross margin.
The cushion. Cash and investments were $497.1 million, with no debt. If acceptance slips into January, 2026 revenue would land near $12.4 million.
The full comparison: Rigetti Computing (RGTI) Q3 2026 Earnings: Our Forecast vs the Results.
Sources: https://equibles.com/research/rigetti-computing-rgti-q3-2026-earnings-our-forecast-vs-the-results
Comments
Log in or sign up to join the conversation.