Rigetti Computing sinks as Needham sees customer traction 'increasing' after Q1 results

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Rigetti Computing (RGTI) shares declined 8.5% on Tuesday following its first-quarter earnings report. Investment firm Needham noted "increasing" customer traction, with the company recognizing less than half of its ~$5.7MM in orders for two 9-qubit Novera QPU systems, expecting the remainder in Q2 2026. Rigetti also shipped a Novera QPU to the University of Saskatchewan and anticipates recognizing revenue from a sale to a Japan-based organization in Q2 2026. The company is on track to deliver its Cepheus-1-108Q to India by Q4 2026.