It has been about a month since the last earnings report for Rigetti Computing, Inc. (RGTI Quick QuoteRGTI - Free Report) . Shares have added about 3.3% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Rigetti Computing due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.

RGTI Q1 Earnings & Revenues Beat Estimates, Gross Margin Up

Rigetti reported first-quarter 2026 adjusted loss per share of 4 cents, narrower than the loss per share of 8 cents in the prior-year quarter. The metric also surpassed the Zacks Consensus Estimate of earnings by 20%.

GAAP loss per share in the reported quarter was 6 cents against the earnings per share of 13 cents in the prior-year quarter.

Rigetti’s Revenue Details

The company reported total revenues of $4.4 million, up 198.9% year over year. The top line surpassed the Zacks Consensus Estimate by 35.6%.

Rigetti’s first-quarter 2026 revenues were driven primarily by higher sales of its on-premises Novera quantum systems and broader customer adoption across academic, government and research institutions. The commercial rollout of its 108-qubit Cepheus-1-108Q system across major cloud platforms also supported top-line growth.

RGTI’s Margin Trend

In the quarter under review, RGTI’s gross profit improved 211.8% year over year to $1.4 million. The gross margin expanded 130 basis points to 31.3%.

Selling, general and administrative expenses increased 11.4% year over year to $7.4 million. Research and development expenses increased 29.1% year over year to $19.9 million. Total operating expenses of $27.3 million increased 23.8% year over year.

Operating loss for the quarter under review totaled $25.9 million compared with $21.6 million in the prior-year quarter.

RGTI’s Financial Position

RGTI exited the first quarter of 2026 with cash, cash equivalents and short-term available-for-sale investments of $418.2 million compared with $443.5 million at the end of the fourth quarter of 2025.

The company ended the quarter with no debts on its balance sheet.

Net cash used in operating activities at the end of the first quarter was $16.2 million compared with $13.7 million a year ago.

How Have Estimates Been Moving Since Then?

Analysts were quiet during the last two month period as none of them issued any earnings estimate revisions.

The consensus estimate has shifted -37.5% due to these changes.

VGM Scores

Currently, Rigetti Computing has a average Growth Score of C, however its Momentum Score is doing a bit better with a B. However, the stock was allocated a score of F on the value side, putting it in the lowest quintile for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Rigetti Computing has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

Performance of an Industry Player

Rigetti Computing belongs to the Zacks Internet - Software industry. Another stock from the same industry, Nice (NICE Quick QuoteNICE - Free Report) , has gained 2.2% over the past month. More than a month has passed since the company reported results for the quarter ended March 2026.

Nice reported revenues of $768.62 million in the last reported quarter, representing a year-over-year change of +9.8%. EPS of $2.64 for the same period compares with $2.87 a year ago.

Nice is expected to post earnings of $2.63 per share for the current quarter, representing a year-over-year change of -12.6%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.7%.

The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Nice. Also, the stock has a VGM Score of C.