1Q26 Results Meet Expectations As Company Brings 108-Qubit System Into General Availability. Customer Adoption Continues To Grow.

Research evidence excerpt

1Q26 Results Meet Expectations As Company Brings 108-Qubit System Into General Availability. Customer Adoption Continues To Grow.

Industrial Technology

Rigetti Computing, Inc. (RGTI)

EQUITY RESEARCH Company Update

May 11, 2026

1Q26 Results Meet Expectations As Company Brings Price: $20.51

Price Target: $30.00 108-Qubit System Into General Availability. Customer

Rating: Overweight Adoption Continues To Grow.

Key Statistics:

Symbol NASDAQ: RGTI For the March quarter, Rigetti Computing reported revenue of $4.4 million

52-Week Range 9.85 - 58.15 versus Cantor estimate of $3.2 million and FactSet consensus of $4.1

Market Cap 6,817.5 million. Non-GAAP net loss in the quarter was $14.7 million [($0.04)/share]

ADV (3 mo) 28,188,422 versus Cantor estimate of a loss of $12.3 million [($0.04)/sh] and consensus

Shares Out (M) 335.4 of a loss of $18.4 million [($0.04)/sh]. GAAP net income was $33.1 million

[$0.10/sh], which included $53.7 million of non-cash gains for the fair value

Research Analysts: change of derivative warrant liabilities. At the end of 1Q26, cash, cash

Troy Jensen equivalents, and available-for-sale investments totaled $569.0 million. We 212-915-1153

Troy.Jensen@cantor.com reiterate our Overweight rating and our 12-month price target of $30 (see

Kieran McCabe, CFA below).

917-755-3514

Kieran.McCabe@cantor.com Rigetti achieved several milestones in the quarter. First, its

Cepheus-1-108Q system reached general availability through Rigetti

REV ($M) Quantum Cloud Services, Amazon Bracket, Microsoft Azure Quantum, and

FYE Dec 2025A 2026E 2027E qBraid, 2) customer adoption continued to grow with Novera QPU sales

1Q $1.5 $4.4A $9.9 and system contracts supporting 1Q revenue growth, and 3), the company Prev - $3.2E -