Rigetti Computing, Inc.

The most useful starting point is the gap between reported numbers and management's narrative, which cannot be checked here because no MD&A, risk-factor, or news text is on file. What the numbers show is a net loss that widened from -$200.99 million in 2024 to -$216.21 million in 2025, and an operating loss that grew from -$68.51 million to -$84.66 million, while 2025 revenue growth was 0.0% year over year. The 2022 revenue figure of $13.1 million is the only revenue dollar amount in the data set, so sales scale cannot be traced across years from these facts. Operating cash flow of -$58.54 million in 2025 is the cash side of the same loss picture. On the scores: the Beneish M-Score is -2.998, below the -1.78 threshold, so it is not in the elevated manipulation-risk zone. This is a statistical screen, and a value below the line means the model did not flag the pattern, not that the reported figures have been verified. The Altman Z″-Score is 4.50, in the safe zone, meaning the balance-sheet-based model does not read the company as distressed. The Piotroski F-Score is 3 of 5 computable signals, meaning three of five computable checks on profitability, leverage and efficiency were passed and two were not. The Fog Index is not on file, so the readability of the MD&A cannot be assessed. Readers may want to look at the non-operating lines of the income statement in the 10-K to see what accounts for the roughly $131.55 million difference between the 2025 net loss and operating loss, and at the equity and debt notes to trace the rise in equity from $126.59 million to $546.2 million.

Catalyst.MD&A text is not on file, so this section relies on reported results. In 2025, revenue growth was 0.0% year over year while the operating loss widened to -$84.66 million from -$68.51 million in 2024. Total assets rose to $666.57 million from $284.79 million, and equity rose to $546.2 million from $126.59 million. Long-term debt was reported as $0 at the end of 2024, down from $9.89 million in 2023. Operating cash outflow reached -$58.54 million in 2025, compared with -$50.63 million in 2024. The data does not show what is driving the business or which programs make up revenue.

Hidden risk.The largest tension is the gap between the two loss measures. The 2025 net loss was -$216.21 million, while the operating loss was -$84.66 million, a difference of about $131.55 million that the data does not explain. Non-operating items can be large, so the headline loss may not reflect core operations alone. Cash tells a different story: 2025 operating cash flow of -$58.54 million is about 0.27 of the net loss, so most of the accounting loss was not a cash outflow. With no risk-factor text on file, these items cannot be tested against management's own description.