Rigetti Computing reported a Q3 operating loss of $20.5 million, indicating ongoing financial challenges as it invested heavily in research and development. The company posted a GAAP net loss of $201 million in Q3 2025, significantly worsening from an adjusted net loss of $10.7 million, primarily due to changes in derivative warrant liabilities. Rigetti's Q3 2025 net loss increased sharply from $14.8 million a year earlier to $201 million, largely driven by a $149 million non-cash warrant liability expense. In Q2 2025, Rigetti reported a loss of 13 cents per share, which was larger than the analyst consensus estimate of a 6 cent loss per share. The company's revenue fell to $1.8 million in Q2 2025, down from $3.1 million in Q2 2024, reflecting a significant year-over-year decline. Rigetti's revenue for Q1 2025 also declined to $1.5 million, a 52% drop from the previous year, highlighting challenges in commercializing its quantum computing technology. Additionally, Rigetti's revenue for the first nine months of the year was reported at $5.2 million, a 63% decline from the prior-year period, underscoring weakening business performance despite past growth projections. The company raised $350 million in Q2 2025 through an equity offering, boosting its cash position to approximately $571.6 million, which is intended to support ongoing operations and research and development efforts.