Rigetti Computing (RGTI) missed on the delayed qualification, but the primary result should be a shift in, rather than a loss of revenue, Wedbush said in a note Wednesday after its Q3 results.
The report said revenue came entirely from collaborative research and services, with no system sales in the quarter, and government customers accounted for 81.5% of the total.
The note said technical milestones are more important than commercial wins at this stage, with Cepheus-1-108Q reaching 99.5% median two-qubit fidelity from 99.1% last quarter.
"Net, we continue to see steady incremental technical progress, strong leadership vision, and minimal reason to doubt RGTI will continue executing their plans," the note said.
Wedbush kept its outperform rating and $25 price target.
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