Steady Roadmap Progress, More On-prem System Sales to Come in CY26

Research evidence excerpt

Steady Roadmap Progress, More On-prem System Sales to Come in CY26

Semiconductors

Rigetti Computing

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 11, 2026

Price: $20.51 (05/11/2026) Steady Roadmap Progress, More On-prem

Price Target: NA System Sales to Come in CY26

HOLD (2)

ESG SCORE: 59/100

Krish Sankar THE TD COWEN INSIGHT

415 646 7372

RGTI reported in-line C1Q rev of $4.4M primarily driven by QPU and system sales with more

krish.sankar@tdsecurities.com

on-prem hardware revs expected in C2Q ($4M+) and C4Q ($8M+ for C-DAC win). 108Q chip

Steven Chin is available, and 150Q+ chip is on track for year-end release. RGTI's roadmap is progressing

415 646 7374 steadily towards a quantum advantage, though well funded peers with full-stack strategies are

steven.chin@tdsecurities.com

seeing greater commercial traction NT.

Robert Mertens, CFA

646 562 1338 RGTI remains focused on achieving a quantum advantage (QA) in approx. 3 years, and, as

robert.mertens@tdsecurities.com such, the roadmap remains on track with the Cepheus-1-108Q chip introduction a month

Eddy Orabi ago and plans for a 150Q+ (qubit) chip by late CY26. RGTI was one of the early industry

415 646 7371 beneficiaries of hardware sales, and CY26's revenue rebound could be ~70% driven by

eddy.orabi@tdsecurities.com Novera QPU and full system sales. Government agencies and research organizations are still

the principal demand driver, and we believe commercial customer interest could be more

Key Data

material in the CY27+ timeframe as RGTI approaches QA and 99.9%+ 2Q median fidelity rate.

Symbol NASDAQ: RGTI

Investments in UK and Italy operations could open new avenues for revenue generation but

Beta: 1.80

may take time to show progress. Given product milestones in the coming 2 years, we model

52-Week Range: $56.34-$9.87