Rigetti Computing, Inc. (RGTI)

Nasdaq: RGTI · Services-Computer Programming Services · Berkeley, CA · filing with the SEC since 2020

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Grade3.1

◀ Past 1.8● Present 3.5▶ Future 3.5

1 est.

Overview Business Financials Grade Forecast Sentiment Ownership People Filings Patents Chart

The grade of Rigetti Computing, Inc.

Nine metrics read from its own filings, by tense

Headline grade

3.1/10

◀ Past1.825% of the headline

● Present3.535% of the headline

▶ Future3.540% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.8/1025% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

1.3/10

Has it survived what it has been through?

9 warning events since 2020; the latest 2024-09-17.

weight 22% of this tense · 13th percentile among 34 sector filers · read for itself

From the record

Rigetti Computing, Inc.'s filings since 2020 show 9 warning events of 4 kinds: a notice about its exchange listing (8-K item 3.01, 4 times, the latest 2024-09-17); a warning not to rely on past financial statements (8-K item 4.02, 2 times, the latest 2022-11-14); an auditor change (8-K item 4.01, the latest 2022-03-07); a late-report notice (Form NT 10-K or NT 10-Q, 2 times, the latest 2022-11-14) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

1.1/10

What has it actually done, year after year?

-18.5% a year over 4 filed years; profitable in 0 of 4.

weight 45% of this tense · 11th percentile among 33 sector filers · read for its customers

From the record

Rigetti Computing, Inc.'s 4 filed years say what it did: revenue went from $13 million in fiscal 2022 to $7 million in fiscal 2025, down 18.5% a year; it rose in 0 of 3 years; the deepest fall was 46% from fiscal 2022 to fiscal 2025; net income was positive in 0 of 4 of those years (its annual reports).

What it rests on

revenue growth over the filed span-18.5%bottom 5% of its family
the share of years revenue rosebottom 3% of its family
the share of filed years with a profitbottom 15% of its family
the deepest fall from a revenue peak45.9%bottom 23% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

3.1/10

How has it treated the people who own it?

SI estimate 3.1/10, confidence 35 of 100 (one part).

weight 33% of this tense · 31st percentile among 32 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 31% of 32 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 32 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Rigetti Computing, Inc.'s shareholder treatment is put at 3.1 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 31% of 32 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.5/1035% of the headline grade · 3 of 3 filed

Financial health

as filed

4.1/10

Is it financially healthy right now?

ROE -40%: lost 40¢ per shareholder dollar. Leverage 18%: owes 18¢ per asset dollar.

weight 45% of this tense · 41st percentile among 31 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, Rigetti Computing, Inc. lost about 40 cents for every dollar of shareholders' money, and gross profitability: its products earned about 0 cents per dollar of everything the company owns. Leverage: it owed about 18 cents per dollar of assets, and net share issuance: its share count grew 67.7% over the year (the filed statements).

What it rests on

what it owes per dollar of assetstop 17% of its family
return on equitybottom 36% of its family
gross profit against assetsbottom 13% of its family
the share count against the year beforebottom 30% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

1.1/10

How strong is its position in its industry?

bottom 11% of 33 in its family; net margin -3050.4%.

weight 33% of this tense · 11th percentile among 33 sector filers · read for its customers

From the record

Rigetti Computing, Inc.'s standing among 33 graded names in its industry family: revenue of $7 million in fiscal 2025 ranks in the bottom 19% by size; a net margin of -3050.4% ranks in the bottom 8%; revenue growth of -18.5% a year over the last 3 filed years ranks in the bottom 8% (its annual reports).

What it rests on

revenue against the family$7.1Mbottom 19% of its family
net margin-3050.4%bottom 8% of its family
three-year revenue growth-18.5%bottom 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed

6.0/10

What are the people in charge doing?

top 41% of 11 in its family for leadership; chief executive since 2022.

weight 22% of this tense · 59th percentile among 11 sector filers · read for its shareholders

From the record

Rigetti Computing, Inc.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Kulkarni, Subodh K (President and CEO, as filed), filing under that title since 2022-12-14, 3.9 years (top 27% of its family); most of the 9 officers and directors filing now have filed since the record of its people begins (2022-03-11), a floor of 4.7 years the record cannot see past, so that part is not read; 7 officer or director changes were reported on Form 8-K since 2023-11-13, against the 9 people in charge now (bottom 46%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

officer and director changes on Form 8-K, against the people in charge7 in three years among 9 peoplebottom 46% of its family
the chief executive's years on the record3.9 yearstop 27% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

3.5/1040% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.6/10

How much room does it have to grow?

bottom 46% of 32 in its family for room to expand.

weight 22% of this tense · 46th percentile among 32 sector filers · read for itself

From the record

Rigetti Computing, Inc.'s room to grow, from the newest filed statements (fiscal 2025): cash of $45 million against no long-term debt tagged leaves 6.7% of its assets as net cash, bottom 47% of its family; cash from operations less capital spending is -1089.4% of revenue (bottom 11%); a gross margin of 29.1% (bottom 40%); research spending of 865.5% of revenue (top 12%) (its annual report).

What it rests on

cash less debt against assets6.7%bottom 47% of its family
cash from operations less capital spending against revenue-1089.4%bottom 11% of its family
gross margin29.1%bottom 40% of its family
research spending against revenue865.5%top 12% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

4.2/10

What could actually drive growth from here?

bottom 42% of 33 in its family for growth drivers.

weight 45% of this tense · 42nd percentile among 33 sector filers · read for its customers

From the record

Rigetti Computing, Inc.'s growth drivers, from the filed years to fiscal 2025: revenue grew -18.5% a year over the last three filed years against -18.5% over all 4, speeding up (top 32% of its family); the newest year grew -34.3% (bottom 17%); research spending grew 0.8% a year (bottom 43%); capital spending grew -6.3% a year (bottom 39%) (its annual reports). Rigetti Computing, Inc. reported 2 product lines in fiscal 2025: Collaborative Research and Other Professional Services at $7 million (94%), Access to Quantum Computing Systems at $412 thousand (6%); 1 of 2 grew against the year before (its annual report).

What it rests on

three-year growth against the whole span+0.0 points a yeartop 32% of its family
the newest year's revenue growth-34.3%bottom 17% of its family
three-year growth of research spending0.8%bottom 43% of its family
three-year growth of capital spending-6.3%bottom 39% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

1.9/10

Did its newest year beat what its own record pointed to?

bottom 19% of 29 in its family for expectations against reality.

weight 33% of this tense · 19th percentile among 29 sector filers · read for its shareholders

From the record

Rigetti Computing, Inc.'s newest year against its own record: revenue of $7 million in fiscal 2025 came in 27.6% below the $10 million its prior three years' pace pointed to (bottom 29% of its family); net income of $216 million against a prior three-year average of $116 million (bottom 19%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 9%) (its annual reports).

What it rests on

revenue against the prior three years' pace-27.6%bottom 29% of its family
net income against the prior three years' average-87%bottom 19% of its family
net margin against its prior averagedown more than 100 pointsbottom 9% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton RGTI · research, not advice