RGTI Nasdaq Services-Computer Programming Services Financials FY2021βFY2025
Rigetti Computing, Inc. had $7.1M of revenue in fiscal 2025, down 34.3% on the year before.
Last close Β· Oct 23, 2026
$11.52
0.3%Hi! I read Rigetti Computing, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
β34.3%
No. Sales fell 34.3% last year.
Does it make a profit?
β3,050.4%
No. It lost money last year.
Does profit turn into cash?
β1,089.4%
No. It spent more cash than it brought in.
How healthy are the accounts?
3 / 8
Weak. It passes 3 of 8 health tests.
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· Rigetti Computing, Inc. had $7.1M of revenue in fiscal 2025, down 34.3% on the year before. Its operating margin was β1,194.4%, down 559.5Β pts: of every 100 in sales, about β1,194 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· Rigetti Computing, Inc. lost $216M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$77.2M in fiscal 2025, β1,089.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $30.1M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$30.1M
7 insiders
Of sales under plans
40%
$12.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 9, 2026 | Subodh K KulkarniPresident and CEO, Director | Sold plan | 120,000 | $15.68 | $1.9M | Form 4 |
| Sep 3, 2026 | Jeffrey A. BertelsenChief Financial Officer | Sold plan | 25,000 | $15.00 | $0.4M | Form 4 |
| Aug 20, 2026 | Andrew Joseph BestwickChief Technology Officer | Sold | 5,791 | $16.81 | $0.1M | Form 4 |
| Aug 20, 2026 | Jeffrey A. BertelsenChief Financial Officer | Sold | 3,860 | $16.89 | $0.1M | Form 4 |
| Aug 20, 2026 | David RivasChief Operating Officer | Sold | 9,038 | $16.79 | $0.2M | Form 4 |
| Jun 22, 2026 | Ray O JohnsonDirector | Sold plan | 84,944 | $20.55 | $1.7M | Form 4 |
| Jun 8, 2026 | Ray O JohnsonDirector | Sold plan | 122,188 | $21.30 | $2.6M | Form 4 |
| Jun 1, 2026 | Subodh K KulkarniPresident and CEO, Director | Sold | 61,000 | $24.38 | $1.5M | Form 4 |
| May 29, 2026 | David RivasChief Technology Officer | Sold | 499,328 | $25.40 | $12.7M | Form 4 |
| May 28, 2026 | Subodh K KulkarniPresident and CEO, Director | Sold | 43,190 | $26.23 | $1.1M | Form 4 |
| May 22, 2026 | David RivasChief Technology Officer | Sold | 18,759 | $22.95 | $0.4M | Form 4 |
| May 22, 2026 | Jeffrey A. BertelsenChief Financial Officer | Sold | 3,682 | $22.95 | $0.1M | Form 4 |
| Mar 10, 2026 | Jeffrey A. BertelsenChief Financial Officer | Sold | 4,270 | $17.52 | $0.1M | Form 4 |
| Mar 10, 2026 | David RivasChief Technology Officer | Sold | 36,719 | $17.52 | $0.6M | Form 4 |
| Jan 2, 2026 | Alissa FitzgeraldDirector | Sold plan | 59,316 | $22.41 | $1.3M | Form 4 |
| Dec 9, 2025 | Michael S. CliftonDirector | Sold plan | 150,000 | $27.34 | $4.1M | Form 4 |
| Nov 20, 2025 | Jeffrey A. BertelsenChief Financial Officer | Sold | 3,702 | $26.35 | $0.1M | Form 4 |
| Nov 20, 2025 | David RivasChief Technology Officer | Sold | 41,935 | $26.34 | $1.1M | Form 4 |
| Oct 17, 2025 | Helene Gail SandfordDirector | Sold plan | 62,000 | $44.89 | $2.8M | Form 4 |
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Rigetti Computing, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $11.7M | $143M | $99.9M | $192M | $44.9M |
| Debt incl. finance leases | $27.6M | $28.9M | $22.1M | $0.0M | β |
| Debt / equity | β | 0.2x | 0.2x | 0.0x | β |
| Interest coverage | β | β20.6x | β12.5x | β21.0x | β |
| Current ratio | 2.4x | 7.1x | 3.7x | 17.4x | 37.4x |
| Quick ratio | 2.4x | 7.1x | 3.7x | 17.4x | 37.4x |
| Total assets | $46.4M | $203M | $160M | $285M | $667M |
| Total liabilities | $36.4M | $53.2M | $50.3M | $158M | $120M |
| Shareholders' equity | β$71.5M | $150M | $110M | $127M | $546M |
| Net debt (β = net cash) | $15.8M | β$114M | β$77.9M | β$192M | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Rigetti Computing, Inc. passes 3 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β |
| F-score | β / 3 | β / 6 | 3 / 9 | 3 / 9 | 3 / 8 |
| Accruals ratio | β47.8% | β7.1% | β13.5% | β67.6% | β33.1% |
| Altman Z'' | β15.83 | β0.82 | β4.74 | β2.64 | 4.50 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | β | $13.1M | $12.0M | $10.8M | $7.1M |
| Gross profit | β | $10.2M | $9.2M | $5.7M | $2.1M |
| Research and development | β | $60.0M | $52.8M | $49.8M | $61.3M |
| Operating income | β$4.9M | β$109M | β$72.3M | β$68.5M | β$84.7M |
| Interest expense | β | $5.3M | $5.8M | $3.3M | $0.0M |
| Pretax income | β | β$71.5M | β$75.1M | β$201M | β$216M |
| Income tax | β | $0.0M | $0.0M | $0.0M | $0.0M |
| Net income | β$23.2M | β$71.5M | β$75.1M | β$201M | β$216M |
| Diluted EPS | β | β$0.70 | β$0.57 | β$1.09 | β$0.70 |
| Diluted shares | β | 0.10B | 0.13B | 0.18B | 0.31B |
| Cash flow | |||||
| Cash from operations | β$1.0M | β$62.7M | β$50.6M | β$50.6M | β$58.5M |
| Capital expenditure | β | $22.7M | $9.1M | $11.1M | $18.7M |
| Free cash flow | β | β$85.4M | β$59.6M | β$61.7M | β$77.2M |
| Depreciation and amortization | β | $7.0M | $7.4M | $6.9M | $8.1M |
| Stock-based compensation | β | $44.8M | $12.4M | $13.1M | $17.6M |
| Balance sheet | |||||
| Cash and short-term investments | $11.7M | $143M | $99.9M | $192M | $44.9M |
| Total debt | $27.6M | $28.9M | $22.1M | $0.0M | β |
| Current assets | $18.1M | $154M | $108M | $207M | $455M |
| Current liabilities | $7.6M | $21.8M | $29.1M | $11.9M | $12.2M |
| Property and equipment, net | $22.5M | $39.5M | $44.5M | $44.6M | $57.1M |
| Goodwill | $5.4M | $0.0M | β | β | β |
| Total assets | $46.4M | $203M | $160M | $285M | $667M |
| Total liabilities | $36.4M | $53.2M | $50.3M | $158M | $120M |
| Shareholders' equity | β$71.5M | $150M | $110M | $127M | $546M |
| Margins | |||||
| Gross margin | β | 78.1% | 76.7% | 52.8% | 29.1% |
| Operating margin | β | β832.5% | β602.1% | β634.9% | β1,194.4% |
| EBITDA margin | β | β779.1% | β540.4% | β571.0% | β1,080.1% |
| Net margin | β | β545.9% | β625.5% | β1,862.7% | β3,050.4% |
| FCF margin | β | β652.0% | β496.7% | β572.1% | β1,089.4% |
| Returns | |||||
| Return on capital | β | β237.1% | β180.1% | β | β |
| Return on capital employed | β12.6% | β60.0% | β55.2% | β25.1% | β12.9% |
| Return on equity | β | β181.8% | β57.8% | β170.2% | β64.3% |
| Return on assets | β49.9% | β57.2% | β41.3% | β90.4% | β45.5% |
| Return on tangible equity | β | β47.6% | β68.5% | β158.8% | β39.6% |
| Growth | |||||
| Revenue growth | β | β | β8.3% | β10.1% | β34.3% |
| Share count change | β | β | 29.0% | 39.9% | 67.7% |
| Financial health | |||||
| Debt / equity | β | 0.2x | 0.2x | 0.0x | β |
| Interest coverage | β | β20.6x | β12.5x | β21.0x | β |
| Current ratio | 2.4x | 7.1x | 3.7x | 17.4x | 37.4x |
| Quick ratio | 2.4x | 7.1x | 3.7x | 17.4x | 37.4x |
| Capital allocation | |||||
| Capex / revenue | β | 173.5% | 75.4% | 102.9% | 263.5% |
| Stock comp / revenue | β | 342.0% | 103.3% | 121.1% | 248.4% |
| Quality scores | |||||
| Piotroski F-score | β | β | 3.0 | 3.0 | 3.0 |
| Altman Z'' | β15.8 | β0.8 | β4.7 | β2.6 | 4.5 |
| Accruals ratio | β47.8% | β7.1% | β13.5% | β67.6% | β33.1% |
Source: SEC EDGAR XBRL filings (CIK 0001838359). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
