Rigetti Computing (RGTI) just posted Q1 2026 results with revenue of about US$4.4 million, basic EPS of roughly US$0.10, and net income of around US$33.1 million, setting a clear new reference point for the story around this US$19.07 stock. Over the last few quarters, the company has seen revenue range from about US$1.47 million in Q1 2025 to US$2.27 million in Q4 2024, alongside basic EPS that has moved between a loss of roughly US$0.68 in Q4 2024 and a profit of about US$0.15 in Q1 2025. Investors are likely to focus on how these latest margins shape the balance between growth potential and persistent loss risk highlighted in recent forecasts.

See our full analysis for Rigetti Computing.

With the headline numbers on the table, the next step is to line them up against the widely followed narratives around Rigetti Computing's growth prospects, risk profile, and path toward more stable margins.

Revenue Jumps To US$4.4 Million Against Loss Making Trailing Year

• Q1 2026 revenue of about US$4.4 million sits against trailing twelve month revenue of roughly US$10.0 million and a trailing twelve month net loss of about US$225.7 million, so a single strong quarter is still set inside a loss making year.
• Consensus narrative leans on high expected revenue growth of about 47.4% a year, yet trailing twelve month basic EPS was a loss of roughly US$0.70, which means:
  • Forecast growth lines up with the recent step up from quarterly revenue in the US$1.5 million to US$2.3 million range in 2025 to US$4.4 million in Q1 2026. However, the trailing twelve month loss of around US$225.7 million shows that higher sales have not translated into positive earnings yet.
  • The consensus view that revenue can keep scaling while the company stays unprofitable is consistent with analysts not expecting profitability in the next three years. Results like Q1 2026 therefore need to be read as early momentum rather than a completed turn in the income statement.

EPS Swings Between Profits And Losses While Loss Trend Remains

• Basic EPS moved from a profit of about US$0.15 in Q1 2025, to losses as deep as roughly US$0.68 in Q4 2024 and US$0.62 in Q3 2025, then back to a profit of about US$0.10 in Q1 2026, yet on a trailing twelve month basis basic EPS is still a loss of around US$0.70.
• Bears argue that the business is structurally loss making, pointing to five year losses that have grown about 41.2% a year and forecasts for at least three more years of losses, and the current numbers fit that concern because:
  • Even with Q1 2026 net income of roughly US$33.1 million and earlier quarterly profits such as about US$42.6 million in Q1 2025, the trailing twelve month net loss of around US$225.7 million shows that profitable quarters have not yet offset heavier loss periods like Q3 2025, when net loss reached about US$201.0 million.
  • The pattern of sharp swings between profitable and loss making quarters, combined with continuing trailing twelve month losses and no profitability forecast within three years, supports the cautious view that earnings remain fragile despite occasional positive EPS prints.

On a quarter like this, where EPS turns positive after a run of losses, it helps to see how bullish analysts connect the dots between technology milestones, revenue growth and that bumpy profit path. 🐂 Rigetti Computing Bull Case

Premium P/B Multiple With Volatile Share Price

• Rigetti trades on a P/B of about 10.9x versus around 5.8x for the US semiconductor industry and roughly 9x for peers, while the current share price is US$19.07 and analysts reference a price target of about US$29.24. This leaves the stock on a premium multiple even before any gap to that target is considered.
• Critics highlight that this rich book valuation sits alongside ongoing losses and bumpier trading, and the risk data aligns with that argument in a few ways:
  • The company is expected to remain unprofitable for at least three years, and trailing twelve month net loss of around US$225.7 million means the market is paying a premium P/B multiple for a business that is still in heavy investment mode rather than one generating steady earnings.
  • Recent share price volatility and significant insider selling over the past three months add to the cautious stance, because they show that even with a premium P/B and strong revenue growth forecasts, not all stakeholders are treating the current valuation as a comfortable entry point.

Skeptics focus on that combination of premium P/B, large trailing losses and insider selling, and it is worth weighing those points carefully before leaning too hard on the growth story. 🐻 Rigetti Computing Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Rigetti Computing on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Seen enough to sense both the excitement and the worry around Rigetti? Move quickly, review the underlying data yourself, then weigh the 1 key reward and 3 important warning signs

See What Else Is Out There

Rigetti combines a premium P/B multiple, large trailing twelve month losses and volatile earnings, which leaves investors carrying significant risk for an unproven profit path.

If that trade off feels uncomfortable right now, shift some attention toward companies screened as 69 resilient stocks with low risk scores and see how more resilient profiles compare.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.