Rigetti Computing's stock has lost 74.9% over the past year while the S&P 500 returned 17.1%, prompting the question of whether the drop is a buying opportunity. Revenue in the second quarter of fiscal 2026 rose 185.3% to $5.14 million, driven by on-premises Novera system sales, and an $8.4 million order for a 108-qubit system for C-DAC in India is expected to be booked in the fourth quarter of 2026. However, the operating loss over the four quarters to June reached $97.2 million, more than seven times revenue, and the shares trade at 291 times sales. Rigetti held $394 million in cash and short-term investments against $7.7 million of debt, but its quarterly sales can fluctuate and its diluted share count rose 159.3% between fiscal 2023 and fiscal 2026. The article concludes that the drop is a chance to buy only if Novera revenue keeps growing.
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