Rigetti Computing reported its first-quarter 2025 earnings with total revenues of $1.5 million, falling short of the $2.56 million expected and representing a 52% year-over-year decline. The company posted an operating loss of $21.6 million and a net income of $42.6 million, which was largely driven by $62.1 million in non-cash gains from the revaluation of derivative warrants and earn-out liabilities. Rigetti's cash position strengthened to $237.7 million, aided by a $35 million investment from Quanta Computer. The company advanced its quantum research and development with government contracts totaling $5.48 million from the U.S. Air Force and £3.5 million from Innovate UK. Despite these developments, Rigetti's quantum computing services sales were only $140,000 in the quarter. The CEO acknowledged that quantum advantage remains at least three to four years away, with the sector still in an R&D phase. Following the earnings release, Rigetti's stock experienced volatility, initially dropping about 9% pre-market but then rising as much as 24% on the day amid active trading and options activity. Market observers noted the ongoing volatility and speculative trading patterns in quantum computing stocks, including Rigetti and peers such as IonQ, Qubitekk, and Quantum Brilliance.