RGTI // Rigetti Computing Inc.

DES <GO> NASDAQ CIK 0001838359 ↗

Technology • EDP Services

$12.06 ▼ -0.34 (-2.74%)

MKT CAP: $4.03B • VOL: 12.51M

52W L $11 52W H $44

ALTMAN Z

18.83 SAFE

PIOTROSKI

4 / 9

RGTI // ROARABLE RATING & 5-PILLAR RQD CONFIDENCE 02:00 EST DETERMINISTIC ENGINE

PRIOR: RQD 56/100 [D+] (+0 PT) • UNCHANGED AS OF 2026-11-01

ROARABLE D+

RQD CONFIDENCE

56 / 100 +0D

5 X 20-PT QUANT PILLARS

E 0 D 35 C 59 B 70 A 86+

Roarable Sell — Weak Fundamentals / Trim

01 MASSIVE / SEC XBRL

Forensic Fundamentals

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

02 OPRA GEX + SEC 13F

Whale & Options Flow

10 / 20

NEUTRAL

NET GEX +0% • CALL SWEEP 52% • P/C 1.00

03 SEC FORM 4 (90D)

Insider Conviction

[LOCKED] FLAGGED

UNLOCK BELOW TO REVEAL

04 FRED 90D r-MATRIX

Macro Regime Fit

14 / 20

SOLID

TAILWIND • r(10Y)=+0.00 (+23bp) • r(OAS)=+0.00

05 10-K REDLINE AUDIT

Forensic 10-K Risk

13 / 20

SOLID

20 BASE - 7 DEDUCT • 0 CRIT / 0 MED • STABLE

ALERT

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SIG <GO> CROSS-FEED TRIANGULATION // PROPRIETARY ANOMALY ENGINE (1 ACTIVE ON RGTI)

STAGE 2 DETERMINISTIC Z-SCORE + STAGE 3 GEEK DESK BRIEF ALL MARKET ANOMALIES <SIG>

▼ BEARISH // F-RATED EARNINGS MIRAGE // ACCRUAL WATCHSIFTER 02 // ACCRUAL & RECEIVABLES FORENSICS

SEVERITY: 94/100 Z-SCORE: +5.77σ

RGTI Flagged: Cash Conversion Gap +8.1% as Receivables Bloat Surges +229.0% vs Rev

CASH CONVERSION GAP

+8.1% (NI vs OCF)

RECEIVABLES / WC BLOAT

+229.0% VS REV

60D C-SUITE FORM 4 SALES

0 OPEN-MKT DUMPS

[GEEK DESK FORENSIC NOTE // SEC XBRL × FORM 4 CROSS-CHECK]

SEC EDGAR XBRL CompanyFacts10-K/10-Q Working Capital ScheduleSEC Form 4 Executive Sales

Rigetti Computing triggers a severe accrual watch as its cash conversion gap widens to +8.1% with net income growth at -7.6% outpacing operating cash flow growth of -15.6%. Working capital quality deteriorates further under an acute receivables bloat of +229.0% relative to revenue, driving an anomalous z-score of 5.77 across SEC EDGAR filings. Despite zero open-market C-suite sales over the trailing 60 days, the severe divergence between paper earnings and underlying cash flows signals substantial earnings quality degradation.

RGTI // CANDLESTICK & AUTO-TRENDLINE WORKSTATION6M: -35.53%🛡️ HOLDING TREND SUPPORT

2026-10-30O $11.39H $11.52L $10.82C $11.25VOL 14.64M

RES: $16.02SUP: $9.83SMA50: $14.54SMA200: $17.17

RGTI // INSTITUTIONAL BULL VS. BEAR FORENSIC DEBATE

UNDERWEIGHT CONVICTION: 33/100

BEAR 0

100 BULL

Rigetti Computing Inc. (RGTI) exhibits 29.1% gross margins and -12.1% return on invested capital within Technology (EDP Services), balanced against a 24.0x enterprise multiple and 7.8% implied options volatility.

▲ INSTITUTIONAL BULL THESIS (LONG)

01. Operating Leverage & Capital Efficiency Moat

Sustained 29.1% gross profitability converts into -60.0% operating margin and -12.1% ROIC, outpacing sector cost of capital.

ROIC: -12.1% // GM: 29.1%

02. Top-Line Expansion & Cash Conversion

YoY revenue trajectory of +5.5% paired with -1.92% free cash flow yield supports self-funded R&D and capital return.

REV YOY: +5.5% // FCF YLD: -1.92%

03. Balance Sheet Solvency & Forensic Quality

Altman Z-Score of 18.83 and Piotroski F-Score of 4/9 indicate low near-term refinancing stress.

ALTMAN Z: 18.83 // F-SCORE: 4/9

▼ INSTITUTIONAL BEAR THESIS (SHORT / RISK)

01. Multiple Compression & Duration Sensitivity

Trading at 24.0x trailing P/E (35.0x Fwd P/E) leaves valuation vulnerable if real 10Y TIPS yields spike.

P/E: 24.0x // EV/EBITDA: —

02. Options Skew & Event Volatility Risk

Options market prices a ±7.8% implied move with a 1.00 put/call ratio around $12.00 max pain.

IMPL MOVE: ±7.8% // P/C: 1.00

03. Competitive Margin & CapEx Cycle Pressure

Elevated industry capital intensity and customer concentration in EDP Services require continuous execution to defend -60.0% net margins.

NET MARGIN: -60.0% // D/E: 0.09x

KEY CATALYST // Upcoming 10-Q/10-K XBRL margin progression, guidance revision vs 35.0x forward consensus, and institutional 13F positioning.

MACRO REGIME // Monitor US 10Y Real Yields (DFII10) and High-Yield Credit Spreads (OAS) for beta-adjusted multiple impact (Beta 1.26).

FORM 4 & 13F FLOW OPEN OWN <GO>

FILER	SIDE	$ VALUE
INSPECT FULL OWNERSHIP LEDGER IN OWN <GO>

UNUSUAL OPTIONS TAPE OPEN OPT <GO>

STRIKE / EXP	TYPE	PREMIUM
INSPECT GEX & CHAIN IN OPT <GO>

KEY VALUATION & PROFITABILITY RATIOS XBRL FA <GO>

TRAILING P/E —

FORWARD P/E 35.0x

EV / EBITDA —

FCF YIELD -1.92%

GROSS MARGIN 29.1%

OPERATING MARGIN -60.0%

NET MARGIN -60.0%

ROIC % -12.1%

REV GROWTH YOY +5.5%

DILUTED EPS TTM $-0.65

DEBT / EQUITY 0.09x

DIVIDEND YIELD 0.00%

RSI-14 MOMENTUM 33.6

5Y EQUITY BETA 1.26

FRED MACRO SENSITIVITY (PEARSON r) ECST <GO>

MACRO CORRELATION CALIBRATION ACTIVE BELOW.

FRED MACRO REGIME STRESS-TEST SIMULATOR // RGTIPEARSON R VARIANCE ENGINE

01 // SELECT FEDERAL RESERVE & CREDIT SHOCK SCENARIO

02 // POSITION NOTIONAL EXPOSURE

HEADLINE STRESS SCORE

75/100SEVERE DRAWDOWN PRESSURE

PRIMARY FACTOR EXPOSURE

DFII10 // -0.61 r

Latest: 2.08%

EST. DIRECTIONAL MOVE

-8.50%

Implied Px: $11.04

EST. DOLLAR VARIANCE

-$4,248

On $50,000 Notional

[LOCKED // MULTI-FACTOR DRAWDOWN HEDGE & MACRO TRIGGER ALERT]

Unblur the exact $50,000 delta-adjusted ETF/options hedge ratio for RGTI & activate live FRED threshold breach alerts.

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