Just caught Rigetti's Q4 earnings and honestly it's giving mixed signals. They beat on the adjusted loss per share front - came in at 3 cents versus expectations of 5 cents, so that's something. But here's the thing that caught my attention: revenues dropped hard. Q4 hit $1.9M, down nearly 18% year over year, and they actually missed consensus on that metric by 30%. That's the kind of margin of error you don't want to see.

Looking at the full year numbers, 2025 revenues came in at $7.1M, which is down 34% from 2024. The operating loss expanded to $22.6M for the quarter compared to $18.5M the year before. Gross margin got absolutely hammered too - contracted 920 basis points down to 34.9%. Meanwhile R&D spending jumped 27% year over year to $17.3M. So they're burning more cash on development while revenue is cratering. That's not exactly a recipe for confidence, which probably explains why the stock tanked 4.3% in after-hours trading.

On the positive side though, they've got serious cash on hand - $443.5M with zero debt, so they're not going anywhere. And there's legit momentum in their order book. They landed an $8.4M order from India's C-DAC for a 108-qubit system, plus another $5.7M in Novera system orders. Just scored their first QPU deployment in Japan too. The tech progress looks solid - hitting 99.9% two-qubit gate fidelity at 28 nanoseconds is no joke. But the margin of error between their cash runway and revenue trajectory is definitely something to watch closely here.