RGTIRigetti Computing, Inc.

Services-Computer Programming Services

Revenue: $7M; 34% YoY
Operating margin: -1194.4%; 88% YoY
EBITDA: −$77M; 24% YoY
Market cap: $3.8B
Employees: 164; $43K revenue each
Net debt / EBITDA: —; $4M net debt
AI in 10-K: 3.5; mentions per 10K words

Takeover score 4 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCYes
248% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
0% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 2 of 4

Low revenue per employeeYes
$43K · 2nd pct
Bottom quartile of its SIC industry
Quiet on AINo
3.5 per 10K words · 74th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$35M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	—	$13M	$12M	$11M	$7M	34%
Operating income	−$5M	−$109M	−$72M	−$69M	−$85M	24%
Net income	−$23M	−$72M	−$75M	−$201M	−$216M	7.6%
Operating cash flow	−$962K	−$63M	−$51M	−$51M	−$59M	16%
Capex	—	$23M	$9M	$11M	$19M	68%
Stock-based comp	—	$45M	$12M	$13M	$18M	35%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Nov 27, 2024	Deer X & Co. L.P.	SC 13D/A	9.8%	Passive
Nov 19, 2024	Deer X & Co. L.P.	SC 13D/A	4.8%	Passive
Jan 26, 2023	Rigetti Chad	SC 13D/A	5.0%	Passive
Jan 12, 2023	Rigetti Chad	SC 13D/A	5.6%	Passive
Sep 2, 2022	Supernova Partners II, LLC	SC 13D/A	0.0%	Passive
Aug 31, 2022	Rigetti Chad	SC 13D/A	6.5%	Passive
Aug 22, 2022	Rigetti Chad	SC 13D/A	7.1%	Passive
Mar 14, 2022	Deer X & Co. L.P.	SC 13D	19.0%	Passive
Mar 14, 2022	Rigetti Chad	SC 13D	6.0%	Passive
Mar 14, 2022	Supernova Partners II, LLC	SC 13D	10.9%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $30M · 21
Net: −$30M

Pay vs performance

No pay-versus-performance disclosure yet.