Rigetti Computing, Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
RGTI$11.75+19.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-11.
0001104659-26-058641
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001104659-26-091993
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 98 previous paragraphs and 108 current paragraphs.
64 unchanged; 28 reworded; 16 added; 6 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 1 previous and 2 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (16)
Current report
Recent Developments – Department of Commerce Transaction
Current report
On May 21, 2026, we announced that our wholly-owned subsidiary, Rigetti & Co, LLC (“Rigetti Sub”) entered into a Letter of Intent (“LOI”) with the U.S. Department of Commerce (the “Department”) under the CHIPS Act of 2022, covering an award (the “Award”) of up to $100.0 million in the aggregate, to be disbursed to Rigetti Sub in multiple payments, with $19.9 million to be made available on or about the date of the Award (the “Award Date”), two subsequent potential payments of $22.2 million and $18.5 million, respectively, to be disbursed contingent on the satisfactory completion of certain project milestones, and subject to the Department’s approval, an additional potential $39.4 million that may be disbursed to Rigetti Sub for other project activities (collectively, the “Department of Commerce Transaction”).
Current report
The LOI contemplates that Rigetti Sub will develop intellectual property and equip facilities at multiple existing U.S. project sites to address key technical challenges to accelerate superconducting quantum computing, including conducting, at project facilities, research and development activities related to the miniaturization and integration of readout electronics and leveraging of new, larger cryostat architectures. The Department of Commerce Transaction is subject to the negotiation and execution of definitive award documentation (the “Definitive Award Documents”). The LOI provides that the period of performance of the Award (“Period of Performance”) terminates on the earlier of the completion of all project milestones and five (5) years from the Award Date. Additionally, the LOI requires that Rigetti Sub expend advance payments solely on eligible project costs as defined in the Definitive Award Documents. Under its terms, the LOI terminates upon the execution of the Definitive Award Documents or by mutual agreement of the parties.
Current report
Pursuant to the terms of the LOI, in exchange for receiving the Award, the Company will be required to issue shares of the Company’s Common Stock on the Award Date to the Department in the total aggregate potential amount of the Award, at an implied issuance price that is based on the lowest reported closing price per share on: (i) the date that the first draft of the LOI was transmitted from the Department to Rigetti Sub (May 5, 2026), (ii) the date that the LOI was executed by Rigetti Sub and the Department (May 20, 2026), and (iii) the Award Date, in each case, discounted by fifteen percent (15%). The LOI contemplates that, while held by the Department, the securities that the Company will issue pursuant to the Definitive Award Documents will be non-voting to the extent permitted by applicable law and freely transferable.
Current report
The LOI provides for certain data and intellectual property rights, domestic production, and research security requirements, including U.S. government license rights and restrictions on transfer of intellectual property developed using funds from the Award, U.S.-ownership and manufacturing requirements, and research security compliance and certification obligations. The LOI also provides the right to the Department to claw back up to the full disbursed Award amount for certain breaches involving intellectual property, domestic production, or research security requirements, or for failure to complete or abandonment of the project.
Current report
Pursuant to the LOI, the Company and the Department have agreed to negotiate in good faith to enter into Definitive Award Documents with respect to the Award within 60 days and no later than 90 days after the date of the LOI (unless otherwise extended by the Department). In the event that Definitive Award Documents are not executed and delivered by us during this period as a result of our failure to negotiate in good faith, then the Department has the right (but not the obligation) to unilaterally declare that the LOI is binding and will serve as the operative Definitive Award Document, issue the Award pursuant to the terms included in the LOI and receive the shares of Company Common Stock on the economic terms set forth in the LOI. The LOI further provides that, if we fail to provide such payment to the Department, the Department will be entitled to seek specific performance, damages, or otherwise seek or impose any other remedy available.
Current report
The Department of Commerce Transaction remains subject to the negotiation and execution of the Definitive Award Documents, the satisfaction of certain conditions, and final government approvals. There can be no assurance that the Department of Commerce Transaction will be consummated. Even if the Definitive Award Documents are executed, we may not receive the full amount of the Award as subsequent tranches are subject to the achievement of specified milestones, and previously disbursed amounts under the Award may be subject to claw back by the Department in certain circumstances as described above. See “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q for a discussion of risk factors relating to the Department of Commerce Transaction.
Current report
During the three and six months ended June 30, 2026, a significant portion of our revenue was derived from sales of on-premises 9-qubit Novera quantum computing systems and related products. These sales tend to have a higher gross margin profile than sales of collaborative research and professional services.
Current report
Research and development expenses increased by $7.2 million and $11.7 million for the three and six months ended June 30, 2026, respectively, when compared to the three and six months ended June 30, 2025, respectively.
Current report
The increase in research and development expenses for the three months ended June 30, 2026, when compared to the three months ended June 30, 2025, was mainly due to a $2.3 million increase in salaries and employee related costs, a $2.6 million increase in stock-based compensation, a $0.9 million increase in depreciation expenses, a $0.5 million increase in consulting services and a $0.9 million increase in all other research and development costs. The increase in research and development expenses for the six months ended June 30, 2026, when compared to the six months ended June 30, 2025, was mainly due to a $3.5 million increase in salaries and employee related costs, a $4.0 million increase in stock-based compensation, a $1.6 million increase in depreciation expenses, a $1.2 million increase in materials costs, a $0.5 million increase in consulting services and a $0.9 million increase in all other research and development costs.
Current report
The increase in salaries and employee related costs and stock-based compensation was due to additional hires, annual salary increases and stock-based compensation awards for existing employees. The increase in depreciation expense was due to additional
Current report
fixed assets being purchased and placed into service. The increases in consulting, materials and all other research and development costs was due to a ramp-up in our research and development activities related to our goals of achieving quantum advantage and large-scale fault tolerant quantum computing.
Current report
Selling, general and administrative expenses increased by $2.6 million and $3.3 million for the three and six months ended June 30, 2026, when compared to the three and six months ended June 30, 2025, respectively.
Current report
The increase in selling, general and administrative expenses for the three months ended June 30, 2026, when compared to the three months ended June 30, 2025, was mainly due to a $0.9 million increase in stock-based compensation, a $0.6 million increase in legal costs, a $0.5 million increase in consulting and lobbying costs and a $0.6 million increase in all other selling, general and administrative expenses. The increase in selling, general and administrative expenses for the six months ended June 30, 2026, when compared to the six months ended June 30, 2025, was mainly due to a $0.7 million increase in salaries and employee related costs, a $1.2 million increase in stock-based compensation, a $0.7 million increase in consulting and lobbying costs and a $0.7 million increase in all other selling, general and administrative expenses.
Current report
The increase in salaries and employee-related costs and stock-based compensation was mainly due to annual salary increases and stock-based compensation awards for existing employees. The increase in sales and marketing costs was due to increased investment in sales and marketing activities. The increase in all other selling, general and administrative expenses was due to an increase in employee recruitment, higher headcount and inflation, and typical fluctuations in expense levels.
Current report
Other income (expenses), net
Removed paragraphs (6)
Previous report
Quanta Collaboration Agreement
Previous report
In February 2025, our wholly-owned subsidiary entered into a Collaboration Agreement with Quanta, whereby the parties may enter into written statements of work from time to time pursuant to which Quanta will develop Covered Components (as defined in the Collaboration Agreement) listed in such statement of work that meet our specifications and requirements. In addition, the parties each agreed to invest at least $250 million, during the five year period following February 27, 2025, in the field of quantum computing, with our investment in furtherance of our product roadmap and Quanta’s investment towards personnel and capital expenditures for developing products and services and manufacturing capability in furtherance of our product roadmap. In connection with the Collaboration Agreement, on February 27, 2025, we entered into a Securities Purchase Agreement with Quanta, pursuant to which we agreed to sell and issue to Quanta in a private placement transaction 3,020,412 shares of our Common Stock at a price per share of approximately $11.59, for an aggregate value of approximately $35.0 million. The private placement transaction, which was subject to regulatory clearance, closed on April 29, 2025. For further information, see Note 14 “Collaborative Arrangements” to our unaudited condensed consolidated financial statementsfor the three months ended March 31, 2026 included elsewhere in this Quarterly Report on Form 10-Q.
Previous report
Research and development expenses increased by $4.5 million during the three months ended March 31, 2026, when compared to the three months ended March 31, 2025.
Previous report
The increase in research and development expenses was mainly due to increases in salaries, employee related costs and stock-based compensation for new hires and existing employees to remain competitive in the marketplace for talent. Salaries and employee related costs increased by $1.2 million and employee related stock-based compensation costs increased by $1.4 million during the three months ended March 31, 2026, when compared to the three months ended March 31, 2025. Costs for materials increased by $0.9 million and depreciation increased by $0.7 million during the three months ended March 31, 2026, when compared to the prior year period. All other research and development expenses increased by $0.3 million during the three months ended March 31, 2026, when compared to the three months ended March 31, 2025, to support our research and development efforts.
Previous report
Selling, general and administrative expenses increased by $0.8 million for the three months ended March 31, 2026, when compared to the three months ended March 31, 2025. Salaries, employee-related costs and stock-based compensation, mainly for existing employees, increased by $0.7 million during the three months ended March 31, 2026, when compared to the three months ended March 31, 2025. Legal expenses decreased by $0.6 million during the three months ended March 31, 2026, when compared to the prior year period. All other selling, general and administrative expenses increased by $0.7 million during the three months ended March 31, 2026, when compared to the three months ended March 31, 2025.
Reworded paragraphs (28)
Previous wording
We build quantum computers and the superconducting quantum processors that power them. We believe quantum computing represents one of the most transformative emerging capabilities in the world today. By leveraging quantum mechanics, we believe our quantum computers process information in fundamentally new, more powerful ways than classical computers. When scaled, it is anticipated that these systems will be poised to solve problems of staggering computational complexity at unprecedented speed. We are located and headquartered in Berkeley, California. We also operate in Fremont, California; London, United Kingdom; Adelaide, Australia; British Columbia, Canada; and Mumbai, India. Our revenue is derived primarily from operations in the United States and the United Kingdom.
Current wording
We build quantum computers and the superconducting quantum processors that power them. We believe quantum computing represents one of the most transformative emerging capabilities in the world today. By leveraging quantum mechanics, we believe our quantum computers process information in fundamentally new, more powerful ways than classical computers. When scaled, it is anticipated that these systems will be poised to solve problems of staggering computational complexity at unprecedented speed. We are located and headquartered in Berkeley, California. We also operate in Fremont, California; London, United Kingdom; Adelaide, Australia; British Columbia, Canada; and Thane, India. Our revenue is derived primarily from operations in the United States and the United Kingdom.
Previous wording
We are a vertically integrated company. We operate Fab-1, a wafer fabrication facility dedicated to prototyping and producing our quantum processors. Through Fab-1, we own the means of production of our breakthrough multi-chip quantum processor technology. We leverage our chips through a full-stack product development approach, from quantum chip design and manufacturing through cloud delivery. We believe this full-stack development approach offers both the fastest and lowest risk path to building commercially valuable quantum computers. We have been generating revenue since 2018 through partnerships with government agencies and commercial organizations; however, we have not yet generated profits. We have incurred significant operating losses since inception. Our net loss was $216.2 million for the year ended December 31, 2025. We incurred an operating loss for the three months ended March 31, 2026. We expect to continue to incur additional losses for the foreseeable future as we invest in research, development, and infrastructure consistent with our long-term business strategy. As of March 31, 2026, we had an accumulated deficit of $737.8 million.
Current wording
We are a vertically integrated company. We operate Fab-1, a wafer fabrication facility dedicated to prototyping and producing our quantum processors. Through Fab-1, we own the means of production of our breakthrough multi-chip quantum processor technology. We leverage our chips through a full-stack product development approach, from quantum chip design and manufacturing through cloud delivery. We believe this full-stack development approach offers both the fastest and lowest risk path to building commercially valuable quantum computers. We have been generating revenue since 2018 through partnerships with government agencies and commercial organizations; however, we have incurred significant operating losses since inception. Our net loss was $216.2 million for the year ended December 31, 2025. We incurred a loss from operations of $54.0 million for the six months ended June 30, 2026. We expect to continue to incur additional losses for the foreseeable future as we invest in research, development, and infrastructure consistent with our long-term business strategy. As of June 30, 2026, we had an accumulated deficit of $790.5 million.
Previous wording
Selling, general and administrative expenses include compensation, employee benefits, stock-based compensation, insurance, facility costs, professional service fees, and other general overhead costs other than those associated with research and development or sales of QPUs, quantum computing systems and providing development contracts, QCaaS offerings and other services. We expect selling, general and administrative expenses to increase as we grow our business, particularly to the extent we are able to demonstrate the usefulness of quantum computers and achieve broad quantum advantage, and subsequently enhance our product and service offerings, expand our customer base, and implement new marketing strategies.
Current wording
Selling, general and administrative expenses include compensation, employee benefits, stock-based compensation, insurance, facility costs, professional service fees, and other general overhead costs other than those associated with research and development or sales of QPUs, quantum computing systems and providing development contracts, QCaaS offerings and other services. We expect selling, general and administrative expenses to increase as we grow our business, particularly to the extent we are able to demonstrate the usefulness of quantum computers and achieve quantum advantage, and subsequently enhance our product and service offerings, expand our customer base, and implement new marketing strategies.
Previous wording
Comparison of the Three Months Ended March 31, 2026 and March 31, 2025
Current wording
Comparison of the Three and Six Months Ended June 30, 2026 and June 30, 2025
Previous wording
Revenue increased by $2.9 million for the three months ended March 31, 2026, when compared to the three months ended March 31, 2025, respectively. The increase was mainly due to higher sales of 9-qubit Novera™ quantum computing systems and related products.
Current wording
Revenue increased by $3.3 million and $6.3 million for the three and six months ended June 30, 2026, when compared to the three and six months ended June 30, 2025, respectively. The increases were mainly due to higher sales of 9-qubit Novera™ quantum computing systems and related products.
Previous wording
Cost of revenue increased by $2.0 million during the three months ended March 31, 2026, when compared to the three months ended March 31, 2025. The increase in cost of revenue was mainly due to the impact of higher revenue levels during this period.
Current wording
Cost of revenue increased by $1.7 million and $3.7 million for the three and six months ended June 30, 2026, when compared to the three and six months ended June 30, 2025, respectively. The increases in cost of revenue were mainly due to higher revenue levels during these periods.
Previous wording
We anticipate that research and development expenditures will grow in the future as we continue to focus on our technology roadmap and goals of achieving quantum advantage and large-scale fault tolerant quantum computing. In the future, we may seek to significantly increase our capital expenditures, including to upgrade our current chip fabrication facility, and possibly invest in a new quantum chip fabrication facility, which would require a significant amount of cash for capital expenditures and increase our depreciation expense in future years.
Current wording
We anticipate that research and development expenditures will grow in the future as we continue to focus on our technology roadmap and goals of achieving quantum advantage and large-scale fault tolerant quantum computing. In the future, we may seek to significantly increase our capital expenditures, including to upgrade our current chip fabrication facility, purchase additional dilution refrigeration equipment, and possibly invest in a new quantum chip fabrication facility, which would require a significant amount of cash for capital expenditures and increase our depreciation expense in future years.
Previous wording
Interest income was $5.4 million for the three months ended March 31, 2026, compared to $2.2 million for the three months ended March 31, 2025. The increase in interest income during the three months ended March 31, 2026, when compared to the three months ended March 31, 2025, was due to an increase in the balances of our invested cash and available-for-sale investments resulting from an equity offering and the Quanta private placement investment during the second quarter of 2025 and cash proceeds from warrant exercises in the fourth quarter of 2025. Fluctuations in the rates of interest earned on our investments also had an impact on interest income during these periods.
Current wording
Interest income was $5.1 million and $10.4 for the three and six months ended June 30, 2026, respectively, compared to $3.0 million and $5.2 million for the three and six months ended June 30, 2025, respectively. The increase in interest income during the three and six months ended June 30, 2026, when compared to the three and six months ended June 30, 2025, was due to an increase in the balances of our invested cash and available-for-sale investments resulting from an equity offering and the Quanta private placement investment during the second quarter of 2025, and cash proceeds from warrant exercises in the fourth quarter of 2025. Fluctuations in the rates of interest earned on our investments also had an impact on interest income during these periods.
Previous wording
A discussion of the change in the fair value of the warrant liabilities is included in Note 6 “Warrants” to our unaudited condensed consolidated financial statements for the three months ended March 31, 2026, included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
A discussion of the change in the fair value of the warrant liabilities is included in Note 6 “Warrants” to our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2026, included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
The change in fair value of our warrant liabilities for the three months ended March 31, 2026 was a gain of $53.7 million. The change in fair value of our warrant liabilities for the three months ended March 31, 2025 was a gain of $53.3 million. The change in fair value for the three months ended March 31, 2026 and March 31, 2025 was primarily due to fluctuations in our stock price.
Current wording
The change in fair value of our warrant liabilities for the three and six months ended June 30, 2026 was a loss of $29.6 million and a gain of $24.1 million, respectively. The change in fair value of our warrant liabilities for the three and six months ended June 30, 2025, was a loss of $20.6 million and a gain of $32.7 million, respectively. The change in fair value for the three and six months ended June 30, 2026 and June 30, 2025 was primarily due to fluctuations in our stock price.
Previous wording
A discussion of the change in the fair value of the earn-out liabilities is included in Note 7 “Earn-out Liabilities” to our unaudited condensed consolidated financial statements for the three months ended March 31, 2026, included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
A discussion of the change in the fair value of the earn-out liabilities is included in Note 7 “Earn-out Liabilities” to our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2026, included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
As of December 31, 2025 all of the earn-out liabilities were satisfied and the remaining liability balance was zero. The earn-out liabilities had no impact on our condensed consolidated financial statements for the three months ended March 31, 2026, and we do not expect the earn-out liabilities to have any impact on the consolidated financial statements in future periods.
Current wording
As of December 31, 2025 all of the earn-out liabilities were satisfied and the remaining liability balance was zero. The earn-out liabilities had no impact on our condensed consolidated financial statements for the three and six months ended June 30, 2026, and we do not expect the earn-out liabilities to have any impact on the consolidated financial statements in future periods.
Previous wording
The change in fair value of our earn-out liabilities for the three months ended March 31, 2025 was a gain of $8.8 million. The gain for the three months ended March 31, 2025 was primarily due to the change in our stock price and related share price volatility.
Current wording
The change in fair value of our earn-out liabilities for the three and six months ended June 30, 2025 was a loss of $2.3 million and gain of $6.6 million, respectively. The change in fair value for the three and six months ended June 30, 2025 was primarily due to fluctuations in our stock price.
Previous wording
We have incurred a cumulative pre-tax loss for the past three years. We expect to continue to incur losses for income tax purposes for the foreseeable future and will continue to carry a full valuation allowance for our deferred tax assets. Accordingly, we did not record a provision for income taxes for either the three months ended March 31, 2026 or the three months ended March 31, 2025.
Current wording
We have incurred a cumulative pre-tax loss for the past three years. We expect to continue to incur losses for income tax purposes for the foreseeable future and will continue to carry a full valuation allowance for our deferred tax assets. Accordingly, we did not record a provision for income taxes for either the three and six months ended June 30, 2026 or the three and six months ended June 30, 2025.
Previous wording
We have incurred net losses and negative cash flows since inception. Historically, we have financed our operations primarily through the sale and issuance of Common Stock, preferred stock, warrants, convertible notes, debt and revenues. During the year ended December 31, 2025, we incurred net a loss of $216.2 million. We incurred an operating loss for the three months ended March 31, 2026. As of March 31, 2026, we had an accumulated deficit of $737.8 million, and we expect to incur additional losses for the foreseeable future.
Current wording
We have incurred net losses and negative cash flows since inception. Historically, we have financed our operations primarily through the sale and issuance of Common Stock, preferred stock, warrants, convertible notes, debt and revenues. During the year ended December 31, 2025, we incurred net a loss of $216.2 million. We incurred a loss from operations of $54.0 million for the six months ended June 30, 2026. As of June 30, 2026, we had an accumulated deficit of $790.5 million, and we expect to incur additional losses for the foreseeable future.
Previous wording
Net cash used in operating activities during the three months ended March 31, 2025 was $13.7 million, primarily resulting from our net income of $42.6 million, reduced by non-cash income totaling $57.1 million. Changes in operating assets and liabilities had a $0.9 million positive impact on net cash used in operating activities during the three months ended March 31, 2025.
Current wording
Net cash used in operating activities during the six months ended June 30, 2026 was $32.0 million, primarily resulting from our net loss of $19.5 million, further reduced by non-cash income totaling $6.9 million. Changes in operating assets and liabilities had a $5.6 million unfavorable impact on the net cash used in operating activities during the six months ended June 30, 2026.
Previous wording
Net cash used in operating activities during the three months ended March 31, 2026 was $16.2 million, primarily resulting from our net income of $33.1 million, reduced by non-cash income totaling $46.2 million. Changes in operating assets and liabilities had a $3.2 million negative impact on net cash used in operating activities during the three months ended March 31, 2026.
Current wording
Net cash used in operating activities during the six months ended June 30, 2025 was $29.8 million, primarily resulting from our net income of $3.0 million, reduced by non-cash income totaling $30.5 million. Changes in operating assets and liabilities had a $2.3 million unfavorable impact on the net cash used in operating activities during six months ended June 30, 2025.
Previous wording
Cash used in operating activities increased by $2.5 million to $16.2 million during the three months ended March 31, 2026, from $13.7 million during the three months ended March 31, 2025. The $9.5 million decrease in our net income for the three months ended March 31, 2026, when compared to our net income for the three months ended March 31, 2025, was mostly due to higher operating expenses during the three months ended March 31, 2026 and higher non-cash income during the three months ended March 31, 2025. Non-cash income impacting our net income decreased by $10.9 million to $53.7 million during the three months ended March 31, 2026, when compared to the three months ended March 31, 2025. Operating assets and liabilities had a $2.3 million negative impact on the change in cash used in operating activities during thethree months ended March 31, 2026, when compared to thethree months ended March 31, 2025.
Current wording
Cash used in operating activities increased by $2.2 million to $32.0 million during the six months ended June 30, 2026, from $29.8 million during the six months ended June 30, 2025. The $22.5 million increase in our net loss for the six months ended June 30, 2026, when compared to our net income for the six months ended June 30, 2025, was mostly due to a reduction in non-cash income during the six months ended June 30, 2026. Non-cash income favorably impacting our net loss decreased by $23.5 million to $6.9 million during the six months ended June 30, 2026, when compared to the six months ended June 30, 2025. Higher operating expenses, offset in part by an increase in total gross profit and interest income also negatively impacted our net loss. Operating assets and liabilities had a $3.3 million unfavorable impact on the change in cash used in operating activities during thesix months ended June 30, 2026, when compared to thesix months ended June 30, 2025.
Previous wording
Cash Flows Used in Investing Activities
Current wording
Cash Flows Provided by (used in) Investing Activities
Previous wording
Cash provided by investing activities during the three months ended March 31, 2026 totaled $19.8 million, resulting from $125.0 million of maturities of available-for-sale securities, partially offset by $100.8 million of purchases of available-for-sale securities and $4.4 million of purchases of property and equipment.
Current wording
Cash provided by investing activities during the six months ended June 30, 2026 totaled $15.0 million, resulting from $221.0 million of maturities of available-for-sale securities, partially offset by $189.6 million of purchases of available-for-sale securities and $16.4 million of purchases of property and equipment.
Previous wording
Cash used in investing activities during the three months ended March 31, 2025 totaled $23.6 million, resulting from $44.1 million of purchases of available-for-sale securities and $2.5 million of purchases of property and equipment, partially offset by $23.0 million of maturities of available-for-sale securities.
Current wording
Cash used in investing activities during the six months ended June 30, 2025 totaled $369.7 million, resulting from $438.5 million of purchases of available-for-sale securities and $8.2 million of purchases of property and equipment, partially offset by $77.0 million of maturities of available-for-sale securities.
Previous wording
Net cash provided by investing activities during the three months ended March 31, 2026 increased by $43.4 million, when compared to the three months ended March 31, 2025, primarily due to higher maturities of available-for-sale securities, offset in part by higher purchases of available-for-sale securities.
Current wording
Net cash provided by investing activities during the six months ended June 30, 2026 increased by $384.7 million, when compared to the six months ended June 30, 2025, primarily due to a reduction in purchases of available-for-sale securities and higher maturities of available-for-sale securities, offset in part by higher purchases of property and equipment.
Previous wording
Cash provided by financing activities during the three months ended March 31, 2026 totaled less than $0.1 million, consisting of proceeds from the exercise of stock options and common stock warrants.
Current wording
Cash provided by financing activities during the six months ended June 30, 2026 totaled $0.5 million, consisting of proceeds from the exercise of stock options and common stock warrants.
Previous wording
Cash provided by financing activities during the three months ended March 31, 2025 totaled $6.9 million. We received proceeds of $6.3 million from tax withholdings on sell-to-cover tax equity award transactions, proceeds of $0.3 million from the exercise of stock options and proceeds of $0.4 million from the exercise of warrants. We paid $0.1 million for deferred offering costs.
Current wording
Cash provided by financing activities during thesix months ended June 30, 2025 totaled $389.1 million. We received net proceeds of $346.7 million from the sale of 30,309,780 shares of common stock pursuant to our ATM offering that was completed in the six months ended June 30, 2025. We received proceeds of $35.0 million from the sale of 3,020,412 shares of common stock from the private placement transaction with Quanta. We received proceeds of $6.3 million from tax withholdings on sell-to-cover tax equity award transactions, proceeds of $1.4 million from the exercise of stock options and proceeds of $0.5 million from the exercise of warrants. We also paid $0.8 million for offering costs.
Previous wording
Cash provided by financing activities decreased by $6.9 million during the three months ended March 31, 2026, when compared to thethree months ended March 31, 2025. The decrease was primarily due to the receipt of $6.3 million of proceeds from tax withholdings on sell-to-cover equity award transactions during the three months ended March 31, 2025, and lower proceeds from the exercise of stock options and common stock warrants during the three months ended March 31, 2026.
Current wording
Cash provided by financing activities decreased by $388.6 million during the six months ended June 30, 2026, when compared to thesix months ended June 30, 2025. The decrease was primarily due to lower proceeds from the sale of common stock. During the six months ended June 30, 2025, we received significant net proceeds from the sale of shares of common stock pursuant to an ATM offering and to Quanta. Lower proceeds from the exercise of stock options and common stock warrants and from tax withholdings on sell-to-cover tax equity award transactions during the six months ended June 30, 2026, when compared to the six months ended June 30, 2025, also contributed to the decrease.
Previous wording
We have purchase commitments in the form of open purchase orders, primarily for property and equipment. As of March 31, 2026, the total of these purchase commitments was $25.8 million, of which approximately $23.2 million is related to property and equipment. These amounts are primarily short-term in nature and are expected to be satisfied within the next year. In certain circumstances, the amount of our purchase commitments may change based on the expected timing of order fulfillment from our suppliers. For information regarding our non-cancellable lease obligations, see the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ending December 31, 2025. For information regarding the risks related to our manufacturing and supply chain and other risks, see the section titled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated under Part II “Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.
Current wording
We have purchase commitments in the form of open purchase orders, primarily for property and equipment. As of June 30, 2026, the total of these purchase commitments was $35.0 million, of which approximately $21.0 million is related to property and equipment. These amounts are primarily short-term in nature and are expected to be satisfied within the next year. In certain circumstances, the amount of our purchase commitments may change based on the expected timing of order fulfillment from our suppliers. For information regarding our non-cancellable lease obligations, see the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ending December 31, 2025, and Note 15 “Leases” to our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2026, included elsewhere in this Quarterly Report on Form 10-Q. For information regarding the risks related to our manufacturing and supply chain and other risks, see the section titled “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025, as updated under Part II “Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2 of our unaudited condensed consolidated financial statements for the three months ended March 31, 2026 included elsewhere in this Quarterly Report on Form 10-Q.
Current wording
A description of recently issued accounting pronouncements that may potentially impact our financial position and results of operations is disclosed in Note 2 of our unaudited condensed consolidated financial statements for the three and six months ended June 30, 2026 included elsewhere in this Quarterly Report on Form 10-Q.
Previous wording
We will remain an EGC under the JOBS Act until the earliest of (a) December 31, 2026, (b) the last date of our fiscal year in which we have total annual gross revenue of at least $1.235 billion, (c) the date on which we are deemed to be a “large accelerated filer” under the rules of the SEC or (d) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the previous three years. Under the current rules of the SEC, we were no longer eligible to take advantage of the scaled disclosures available to smaller reporting companies beginning with this Quarterly Report on Form 10-Q.
Current wording
We will remain an EGC under the JOBS Act until the earliest of (a) December 31, 2026, (b) the last date of our fiscal year in which we have total annual gross revenue of at least $1.235 billion, (c) the date on which we are deemed to be a “large accelerated filer” under the rules of the SEC or (d) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the previous three years.