We have to lower our expectations
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Explosive activity in Righetti Computing ( RGTI ) stock has seen its CEO warn investors that it will take time for the company to post sustained sales growth and profits.
“Especially because of the hype that’s going on in the quantum computing space and some of the misrepresentations that are being made, including by people in the industry,” Righetti Computing CEO Subodh Kulkarni said on the Yahoo Finance Open Auction podcast (video above; listen below).
Kulkarni spoke to Yahoo Finance on Tuesday after attending a New York City conference at New York investment bank Needham.
“So I have to tell[investors]that now is not the time to talk about sales and sales growth because we are still in the technology development mode. We need to perfect the technology before we start seeing real material differences in it,” explained Kulkarni, an engineer by training.
The comments follow a series of feverish moves in quantum computing stocks, which have attracted brisk traders amid AI hype in recent months.
On Tuesday, shares of Rigetti Computing ( RGTI ) rose 48 percent on the day, D-Wave Quantum ( QBTS ) rose 23 percent and Quantum Computing ( QUBT ) jumped 14 percent.
Shares fell after Meta CEO Mark Zuckerberg said on Joe Rogan’s podcast that “very important” quantum computing could be “more than a decade away.” Zuck’s comments echoed sentiments made by Nvidia (NVDA) CEO Jensen Huang at CES last week.
Kulkarini, who has seen the company’s stock price rise more than 777 percent in the past year, said those big-name naysayers haven’t arrived. The company’s market cap is now over $2 billion, and its listing has been one of the most active on Yahoo Finance in recent months.
The problem is that Righetti has never been profitable with his quantum chipping efforts. It posted a $45 million loss through the third quarter of last year. Righetti also indicated in a recent filing that it may need more cash in the second quarter of 2026.
Read more: Why Nvidia’s sell-off ended up being overdone
Kulkarni pushed the company, which needed to raise more money.
“We always look at what we can do. And we don’t want to say we’re not going to do anything because things can change. But as of today, we don’t need to raise more money in the future,” Kulkarni said.
