Supporting evidence

• LedgerRevenue declined 66.4% year-over-year, reflecting severe commercial headwinds
• LedgerRevenue +183% YoY (Q2 FY2026)
• EventRevenue Decline -66.4% YoY

• EventGuidance Unchanged
• EventNeutral Management Tone
• EventProvides significant funding for R&D, addressing key technical challenges in scaling and advancing quantum computers, and strengthens government partnership.
• EventIncreases customer access and validates chiplet-based architecture, positioning Rigetti as a leader in modular quantum systems.
• EventIndicates a delay in product rollout, potentially impacting revenue and market perception, but aims to ensure higher performance standards.
• InitiativeSecured significant funding and partnership with the U.S. Department of Commerce.
• InitiativeSystem released in response to customer interest, with continued improvements planned.
• InitiativeSuccessful in securing a major purchase order from C-DAC and establishing a subsidiary.
• InitiativeOngoing, supported by vertically integrated development and Fab-1.
• EventSevere revenue contraction of 66.4% YoY raises questions about commercial scalability and customer adoption of quantum systems
• EventHeavy reliance on U.S. government contracts creates customer concentration risk and exposure to federal budget and policy shifts