Rigetti Computing, Inc. Earnings Per Share Disclosure
(13) Net Loss Per Share
The following table sets forth the computation of basic and diluted net loss per share attributable to Common Stockholders (in thousands, except per share amounts):
Year Ended December 31, | ||||||
| 2025 | | 2024 | |||
Numerator: |
|
| | |||
Net loss | $ | (216,210) | $ | (200,988) | ||
Denominator: | ||||||
Weighted-average shares outstanding - basic and diluted | 309,763 | 184,666 | ||||
Net loss per share - basic and diluted | $ | (0.70) | $ | (1.09) | ||
The vesting condition for all 2,479,000 Promote Sponsor Vesting Shares was satisfied on February 6, 2025, and the vesting condition for all 580,273 Sponsor Redemption-Based Vesting Shares was satisfied on August 14, 2025. For the year ended December 31, 2025, the Promote Sponsor Vesting Shares and the Sponsor Redemption-Based Vesting Shares have been included in the computations of basic and diluted net loss per share from their respective vesting dates. The Promote Sponsor Vesting Shares and the Sponsor Redemption-Based Vesting Shares were not included in the computations of basic and diluted net loss per share for the year ended December 31, 2024, because the vesting conditions related to these shares had not been met.
The weighted-average common shares outstanding for the years ended December 31, 2025 and December 31, 2024 include 682,939 and 963,297 weighted-average shares for warrants having an exercise price of $0.01 per share each, respectively. The Company’s potential dilutive securities, which include stock options, restricted stock units and warrants have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same.
The Company excluded the following potential common shares from the computation of diluted net loss per share for the years ended December 31, 2025 and December 31, 2024:
| Year Ended December 31, | ||||
2025 | | 2024 | |||
Common Stock warrants (1) |
| 10,068,883 |
| 14,450,417 | |
Stock Options |
| 5,780,464 |
| 8,131,235 | |
Restricted Stock Units |
| 7,333,182 |
| 11,177,661 | |
| 23,182,529 |
| 33,759,313 | ||
| (1) | The number of outstanding warrants does not include unvested customer warrants for 1,340,310 shares as of each of December 31, 2025 and December 31, 2024. |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 4, 2026 | Showing above |
| 2024 | Mar 7, 2025 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.