Rigetti Computing Inc. (RGTI) — RQD Stock Rating Cockpit

Per the Roarable RQD rating, RGTI scores 33 out of 100 with a letter grade of E, labeled "Roarable Strong Sell — Forensic Risk / Avoid." The five pillars are:

• Fundamental Cash Engine: 7 / 20. Return on invested capital is -12.1% and FCF yield is -1.92%. For a prospective investor, this means the business is not currently generating cash returns on the capital deployed, so valuation depends on future cash generation that the source data does not show.
• Whale / 13F Flow: 5 / 20. This pillar reflects institutional accumulation and options positioning. The score is weak, indicating limited institutional conviction signaling in the source data.
• Insider Conviction: 5 / 20. This pillar reflects SEC Form 4 and Congressional PTR cluster flow. The score is weak, so insider activity is not providing a supportive signal.
• Macro Regime Fit: 5 / 20. Beta is 1.26, meaning the stock has been more volatile than the broader market per the market data. The sector-sensitivity score is weak, implying amplified exposure to market swings.
• Forensic Balance Sheet: 11 / 20. Altman Z-Score is 18.83, Piotroski F-Score is 4/9, and Debt/Equity is 0.09. This is the strongest pillar, indicating the balance sheet is less of a concern than cash generation.

Investor implications: The upside case rests on the balance sheet's relative strength and on the stock's price position far below its 52-week high. The valuation tradeoff is that forward P/E is 35 while trailing EPS is -0.65, so earnings-based valuation is not anchored to current profitability. The rating's verdict is cautionary; this is an educational reading of the scores, not personalized advice.

Rigetti Computing Inc. is a NASDAQ-listed issuer classified in the Technology sector, EDP Services industry. Per the company profile, it operates in EDP Services with a market capitalization of $4.0B. The source data does not describe its specific products, customers, or revenue model beyond the reported financial figures.

Per the SEC financials, revenue declined from $10.8M in FY 2024 to $7.1M in FY 2025 while net losses widened to $-216.2M. Gross margin is 29.1% and operating and net margins are each -60% per the market data, with ROIC at -12.1%. The Altman Z-Score is 18.83 and Piotroski F-Score is 4/9 per the Roarable RQD rating. Debt was $54.2M in FY 2025, down from $518.0M in FY 2023, and cash fell to $44.9M from $67.7M.

Per the recent news and catalysts section, six items cover RGTI, all from third-party outlets (Yahoo Finance, TradingView, The Motley Fool, Trefis). Five are tagged YELLOW under "MARKET WIRE" and one is tagged RED under "RISK WATCH." The RED item is a Yahoo Finance report headlined around loss concerns and an undervalued narrative. Other headlines reference stock valuation and book value questions, and general cautionary coverage. The source data does not provide concrete corporate catalysts such as product launches or contract wins. The Butterfly Supply-Chain Graph reports no supply-chain links and no proprietary signals.

Per the Butterfly Supply-Chain Graph, supply chain is listed as NONE, with no butterfly links and no proprietary signals. Upstream and downstream dependencies are not available in source data. Sector classification is Technology / EDP Services. A prospective investor should note that the absence of mapped links means second-order ripple effects cannot be assessed from these sources.

• What drives the revenue decline from $10.8M to $7.1M, and what revenue visibility exists going forward?
• What is the path to positive free cash flow given FCF of $-77.2M in FY 2025?
• Why is the P/E (TTM) and EV/EBITDA unavailable, and how should valuation be anchored absent earnings?
• What explains the drop in debt from $518.0M in FY 2023 to $54.2M in FY 2025, and how was it financed?
• What is the company's specific product and customer base, which the source data does not describe?