Rigetti Computing, Inc.

RGTI 10-K · FY 2025
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RGTI FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue From Contract With Customer Including Assessed Tax 7,088 10,790 -34.3%
Show Product Lines breakouts
Access to quantum computing systems 412 356 +15.7%
Collaborative research and professional services 6,676 8,044 -17.0%
Show Business Segments breakouts
Single reportable segment 7,088 10,790 -34.3%
Show Timing Of Transfer Of Good Or Service breakouts
Transferred Over Time 7,088 9,211 -23.0%
Cost of Revenue 5,024 5,093 -1.4%
Gross Profit 2,064 5,697 -63.8%
Research & Development 61,345 49,750 +23.3%
General & Administrative 25,379 24,457 +3.8%
Operating Expenses 86,724 74,207 +16.9%
Operating Income -84,660 -68,510 -23.6%
Interest Income 16,561 5,113 +223.9%
Fair Value Adjustment Of Warrants -150,629 -90,168 -67.1%
Show Class Of Warrant Or Right breakouts
Private Warrants -8.2 -26.8 +69.4%
Public Warrants -142.4 -63.3 -125.0%
Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 2,518 -43,742 +105.8%
Non-Operating Income (Expense) -131,550 -132,478 +0.7%
Income Before Taxes -216,210 -200,988 -7.6%
Net Income -216,210 -200,988 -7.6%
Show Business Segments breakouts
Single reportable segment -216,210 -200,988 -7.6%
Show Equity Components breakouts
Retained Earnings -216,210 -200,988 -7.6%
EPS (Basic) -0.7 -1.09 +35.8%
EPS (Diluted) -0.7 -1.09 +35.8%
Wtd Avg Shares (Basic) 309,763 184,666 +67.7%
Show Equity Components breakouts
Warrant 682,939 963,297 -29.1%
Wtd Avg Shares (Diluted) 309,763 184,666 +67.7%
Revenue (FY) — — —
Show Business Segments breakouts
Single reportable segment · Asia 189 739 -74.4%
Single reportable segment · Europe 3,167 3,725 -15.0%
Single reportable segment · Sales Revenue Net 7,088 10,790 -34.3%
Single reportable segment · US 3,732 6,326 -41.0%
Comprehensive Income -215,318 -201,127 -7.1%
Other Comprehensive Income (FY) — — —
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss 923 66 +1298.5%
Accumulated Other Comprehensive Income 892 -139 +741.7%
Accumulated Translation Adjustment -31 -205 +84.9%
Communications And Information Technology (FY) — — —
Show Business Segments breakouts
Single reportable segment 5,235 4,571 +14.5%
Depreciation And Amortization (FY) — — —
Show Business Segments breakouts
Single reportable segment 8,173 6,906 +18.3%
Labor And Related Expense (FY) — — —
Show Business Segments breakouts
Single reportable segment 32,717 28,838 +13.5%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 44,851 67,674 -33.7%
Debt Securities Available For Sale Excluding Accrued Interest Current 398,660 124,420 +220.4%
Show Financial Instrument breakouts
Available-for-sale investments - long-term 146,321 25,068 +483.7%
Available-for-sale investments - short-term 398,660 124,420 +220.4%
US treasury securities, long term 146,321 25,068 +483.7%
US treasury securities, short term 398,660 124,420 +220.4%
Show Cash And Cash Equivalents breakouts
Cash Equivalents 38,721 54,641 -29.1%
Money Market Funds 38,721 29,806 +29.9%
Accounts Receivable 2,551 2,427 +5.1%
Prepaid Expense Current 3,186 3,156 +1.0%
Other Assets Current 5,512 9,081 -39.3%
Total Current Assets 454,760 206,758 +119.9%
Non-Current Assets
Debt Securities Available For Sale Excluding Accrued Interest Noncurrent 146,321 25,068 +483.7%
Property, Plant & Equipment 57,051 44,643 +27.8%
Operating Lease Right-of-Use Assets 6,411 7,993 -19.8%
Total Assets 666,574 284,787 +134.1%
Other Assets
Other Assets 2,031 325 +524.9%
Current Liabilities
Accounts Payable 3,488 1,590 +119.4%
Accounts Payable And Other Accrued Liabilities Current 5,582 8,005 -30.3%
Deferred Revenue (Current) 847 113 +649.6%
Operating Lease Liability Current 2,235 2,159 +3.5%
Total Current Liabilities 12,152 11,867 +2.4%
Non-Current Liabilities
Contract With Customer Liability Noncurrent 698 698 0.0%
Operating Lease Liabilities 4,932 6,641 -25.7%
Derivative Liabilities Noncurrent 102,593 93,095 +10.2%
Total Liabilities 120,375 158,198 -23.9%
Stockholders' Equity
Common Stock 33 29 +13.8%
Additional Paid In Capital Common Stock 1,316,126 681,202 +93.2%
Accumulated Other Comprehensive Income 997 105 +849.5%
Retained Earnings -770,957 -554,747 -39.0%
Total Stockholders' Equity 546,199 126,589 +331.5%
Show Equity Components breakouts
Accumulated Net Unrealized Investment Gain Loss 1,000 77 +1198.7%
Accumulated Other Comprehensive Income 997 105 +849.5%
Accumulated Translation Adjustment -3 28 -110.7%
Additional Paid In Capital 1,316,126 681,202 +93.2%
Common Stock 33 29 +13.8%
Retained Earnings -770,957 -554,747 -39.0%
Total Liabilities & Equity 666,574 284,787 +134.1%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Net Income -216,210 -200,988 -7.6%
Depreciation 8,169 6,906 +18.3%
Stock-Based Compensation 17,605 13,069 +34.7%
Debt Securities Available For Sale Unrealized Gain Loss -9,918 -3,622 -173.8%
Non Cash Lease Expense 1,582 1,909 -17.1%
Change in Accounts Receivable -124 2,602 -104.8%
Change in Prepaid & Other Assets -4,440 -2,434 -82.4%
Change in Deferred Revenue 734 468 +56.8%
Change in Accounts Payable 111 -1,036 +110.7%
Increase Decrease In Accrued Expenses And Other Current Liabilities -4,163 -2,681 -55.3%
Net Cash from Operations -58,543 -50,627 -15.6%
Depreciation & Amortization 8.1 6.9 +17.4%
Investing Activities
Capital Expenditures -18,676 -11,098 -68.3%
Purchases of Investments -635,652 -224,764 -182.8%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 251,000 157,500 +59.4%
Net Cash from Investing -403,328 -78,362 -414.7%
Financing Activities
Proceeds From Issuance Of Common Stock (FY) — — —
Show Subsidiary Sale Of Stock breakouts
At The Market Offering Agreement 350 100 +250.0%
Registered direct offering 100 — —
Proceeds From Sale Of Common Stock From Sales Through At Market Offering 346,719 97,500 +255.6%
Proceeds From Sale Of Common Stock Through Registered Direct Offering (FY) — — —
Show Subsidiary Sale Of Stock breakouts
Registered direct offering 96 — —
Proceeds From Issuance Of Private Placement 35,000 — —
Payment Of Deferred Offering Costs -888 -1,833 +51.6%
Proceeds Payments Related To Tax Withholdings On Sell To Cover Equity Award Transactions 6,272 -6,272 +200.0%
Proceeds From Stock Options Exercised 1,992 552 +260.9%
Proceeds From Warrant Exercises 49,991 2 +2499450.0%
Show Class Of Warrant Or Right breakouts
Public Warrants 50 — —
Net Cash from Financing 439,086 175,459 +150.2%
Supplemental
Purchases Of Property And Equipment Recorded In Accounts Payable 2,254 466 +383.7%
Purchases Of Property And Equipment Recorded In Accrued Expense 259 150 +72.7%
Reclassification Of Earnout Liabilities To Additional Paid In Capital For Vesting Of Sponsor Vesting Shares 43,379 — —
Adjustment To Additional Paid In Capital Reclassification Of Derivative Liabilities Upon Exercise Of Public Warrants 141,130 — —
Unrealized Gain Loss On Investments 923 66 +1298.5%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -38 -188 +79.8%
Net Change in Cash -22,823 46,282 -149.3%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations 44,851 67,674 -33.7%

Values in thousands USD. Source: SEC EDGAR 10-K filing.

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