$RGTIW

Rigetti Computing, Inc.

CIK:0001838359|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Revenue	$ 5,138	$ 1,801	$ 9,538	$ 3,273
Cost of revenue	2,950	1,235	5,972	2,265
Total gross profit	2,188	566	3,566	1,008
Operating expenses:
Research and development	20,728	13,522	40,685	28,977
Selling, general and administrative	9,522	6,926	16,894	13,545
Total operating expenses	30,250	20,448	57,579	42,522
Loss from operations	(28,062)	(19,882)	(54,013)	(41,514)
Other income (expense), net:
Interest income	5,058	3,042	10,421	5,194
Change in fair value of derivative warrant liabilities	(29,602)	(20,557)	24,095	32,705
Change in fair value of earn-out liabilities		(2,257)		6,580
Total other income (expense), net	(24,544)	(19,772)	34,516	44,479
Net income (loss) before provision for income taxes	(52,606)	(39,654)	(19,497)	2,965
Net income (loss)	(52,606)	(39,654)	(19,497)	2,965
Net loss available to common stockholders used in diluted loss per share	$ (52,606)	$ (39,654)	$ (43,592)	$ (1,398)
Net income (loss) per share attributable to common stockholders - basic (in $ per share)	$ (0.16)	$ (0.13)	$ (0.06)	$ 0.01
Net loss per share attributable to common stockholders - diluted (in $ per share)	$ (0.16)	$ (0.13)	$ (0.13)	$ 0
Weighted average shares used to compute net income (loss) per share attributable to common stockholders - basic (in shares)	333,215	298,254	332,640	291,514
Weighted average shares used to compute net income (loss) per share attributable to common stockholders - diluted (in shares)	333,215	298,254	332,640	291,514

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net income (loss)	$ (19,497)	$ 2,965
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	5,484	3,723
Stock-based compensation	12,910	7,728
Change in fair value of earn-out liabilities		(6,580)
Change in fair value of derivative warrant liabilities	(24,095)	(32,705)
Accretion of available-for-sale securities	(2,122)	(3,396)
Non-cash lease expense	903	776
Changes in operating assets and liabilities:
Accounts receivable	(1,314)	674
Prepaid expenses, other current assets and other assets	(9,846)	(836)
Deferred revenue	2,469	5
Accounts payable	2,649	618
Accrued expenses and operating lease liabilities	466	(2,792)
Net cash used in operating activities	(31,993)	(29,820)
Cash flows from investing activities:
Purchases of property and equipment	(16,404)	(8,214)
Purchases of available-for-sale securities	(189,605)	(438,518)
Maturities of available-for-sale securities	221,000	77,000
Net cash provided by (used in) investing activities	14,991	(369,732)
Cash flows from financing activities:
Proceeds from sale of common stock through At-The-Market (ATM) Offerings		346,719
Proceeds from sale of common stock from Quanta private placement transaction		35,000
Payments of offering costs		(798)
Net proceeds from tax withholdings on sell-to-cover equity award transactions		6,272
Proceeds from issuance of common stock upon exercise of stock options	381	1,443
Proceeds from issuance of common stock upon exercise of warrants	98	459
Net cash provided by financing activities	479	389,095
Effects of exchange rate changes on cash and cash equivalents	(565)	(34)
Net decrease in cash and cash equivalents	(17,088)	(10,491)
Cash and cash equivalents - beginning of period	44,851	67,674
Cash and cash equivalents - end of period	27,763	57,183
Non-cash investing and financing activities:
Purchases of property and equipment recorded in accounts payable	10,118	417
Purchases of property and equipment recorded in accrued expenses		11
Non-cash addition to operating lease right-of-use asset and liability	1,421
Reclassification of earn-out liabilities to additional paid-in capital for vesting of Promote Sponsor Vesting Shares		32,946
Reclassification of derivative liabilities to additional paid-in capital due to exercise of Public Warrants	92	274
Purchases of deferred offering costs in accounts payable		90
Unrealized (loss) gain on short term investments	$ (2,176)	$ 57

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 27,763	$ 44,851
Available-for-sale investments - short-term	365,946	398,660
Accounts receivable	3,865	2,551
Prepaid expenses	4,215	3,186
Other current assets	12,601	5,512
Total current assets	414,390	454,760
Available-for-sale investments - long-term	147,586	146,321
Property and equipment, net	75,302	57,051
Operating lease right-of-use assets	6,929	6,411
Other assets	4,026	2,031
Total assets	648,233	666,574
Current liabilities:
Accounts payable	14,001	3,488
Accrued expenses and other current liabilities	6,676	5,582
Current derivative warrant liabilities	78,407
Current portion of deferred revenue	3,316	847
Current portion of operating lease liabilities	2,657	2,235
Total current liabilities	105,057	12,152
Deferred revenue, less current portion	698	698
Operating lease liabilities, less current portion	5,044	4,932
Derivative warrant liabilities		102,593
Total liabilities	110,799	120,375
Commitments and contingencies (Note 16)
Stockholders' equity:
Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding
Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 333,676,881 shares issued and outstanding at June 30, 2026 and 331,282,895 shares issued and outstanding at December 31, 2025	33	33
Additional paid-in capital	1,329,607	1,316,126
Accumulated other comprehensive (loss) income	(1,752)	997
Accumulated deficit	(790,454)	(770,957)
Total stockholders' equity	537,434	546,199
Total liabilities and stockholders' equity	$ 648,233	$ 666,574