RGTI's Q2 Revenues Soared 185.3% but Losses Widened: What Comes Next? Rigetti Computing, Inc. RGTI delivered a top-line beat in the second quarter of 2026 as on-premises quantum hardware sales accelerated. At the same time, higher research and operating costs pushed losses further into the red. The key question is whether that hardware traction can outpace the spending needed to improve fidelity, scale systems and support commercialization. Gross margin improved, but the operating loss widened, leaving the next large system delivery as an important test. RGTI's Q2 Revenue Beat Shows Hardware Demand Second-quarter revenues reached $5.1 million, up 185.3% from $1.8 million a year earlier and 4.7% above the Zacks Consensus Estimate. The increase came mainly from higher sales of 9-qubit Novera quantum computing systems and related products. Sales of quantum computers and quantum components contributed about $4.1 million of quarterly revenues. The first two 9-qubit systems delivered in 2026 went to commercial organizations, making on-premises hardware a larger part of Rigetti's revenue mix. Rigetti's Cost Growth Dulls the Revenue Surge Gross profit rose 286.6% year over year to $2.2 million as gross margin expanded about 1,120 basis points to 42.6%. The mix benefited from Novera system sales, which carry a higher gross-margin profile than collaborative research and professional services. The cost structure still dwarfed the revenue base. Research and development expenses increased 53.3% to $20.7 million, selling, general and administrative expenses rose 37.5% to $9.5 million and total operating expenses climbed 47.9% to $30.3 million. Operating loss widened to $28.1 million from $19.9 million. RGTI's Customer Mix Keeps Results Lumpy Customer concentration remained high in the quarter. Rigetti's largest customer represented 64% of revenues and another accounted for 16%. Management expects quarterly and annual revenues to fluctuate with contract mix, pricing, milestones and delivery schedules while development contracts and