Financial Analysis
Filing-based analysis. Market pricing is not included. Fundamentals from SEC filings; economic data from FRED and the BLS. About our data
Filing evidence summary
Caution evidenceCoverage 4/5 core metricsLatest reported annual revenue changed -34.3% from the prior reported annual observation.
Backward-looking filed evidence under visible rules - not a rating, forecast or investment advice. Missing data is never scored.
Evidence signals
- Revenue contracted
Latest reported annual revenue changed -34.3% from the prior reported annual observation.
Why this surfaced
Direction threshold: above +2% constructive; below -2% caution; otherwise monitor. This is not labeled one-year growth when filing periods have a gap. Period end 2025-12-31.
- Operating margin compressed
Operating margin changed -559.5 percentage points from the prior annual period.
Why this surfaced
Direction threshold: more than +1 percentage point constructive; below -1 point caution. Period end 2025-12-31.
- Free cash flow was negative
Latest reported free cash flow was -$77M.
Why this surfaced
Free cash flow = operating cash flow minus capital expenditures; positive is supporting evidence, not a valuation conclusion. Period end 2025-12-31.
- 4 filing risk checks flagged
Flagged areas: Earnings quality, Solvency & liquidity, Dilution.
Why this surfaced
The full financial analysis shows each value, threshold, and sector limitation.
Core trend metrics
Hover a tile for its exact definition; the Statements tab carries per-cell filing citations.
Where to look next
Risk checks
- Earnings quality
- Solvency & liquidity
- Dilution
Financial movement
- Cash→ flat
- Long-term debt→ flat
- Inventory→ flat
- Receivables→ flat
- Current assets→ flat
Source & freshness
- Source
- SEC EDGAR XBRL
- Fetched
- 2026-09-06
- Latest period end
- 2025-12-31
- Filings
- EDGAR ↗
Reported segment mix
figures as filed · share of the filed sum · change vs the prior period in the same filing- Single Reportable Segment$7.09M100.0%-34.3% yoy
Members sum to the consolidated $7.09M for this period.
- Collaborative Research And Other Professional Services$6.68M94.2%-17.0% yoy
- Access To Quantum Computing Systems$412K5.8%+15.7% yoy
Members sum to the consolidated $7.09M for this period.
- Single Reportable Segment$4.4M100.0%+198.9% yoy
Change is against the same quarter a year earlier, as reported in the same 10-Q.
Source: SEC DERA Financial Statement and Notes data sets. Dimensional XBRL facts on the business-segment, product/service and geographic axes; the engine keeps the accession of every figure. Descriptive and educational, not advice.
Peer percentiles
latest fiscal year ending 2025-12-31 · among 4,003 US-listed filers · 811 in Technology| Metric | Value | vs all filers | vs sector |
|---|---|---|---|
Revenue latest fiscal-year revenue as filed | $7M | 10thof 3,301 bottom third | 8thof 777 bottom third |
Revenue growth latest fiscal-year revenue vs the prior fiscal year | -34.3% | 4thof 3,137 bottom third | 3rdof 743 bottom third |
Gross margin gross profit ÷ revenue | 29.1% | 35thof 1,603 middle third | 25thof 554 bottom third |
Operating margin operating income ÷ revenue | -1194.4% | 6thof 2,819 bottom third | 3rdof 751 bottom third |
Net margin net income ÷ revenue | -3050.4% | 4thof 3,263 bottom third | 2ndof 769 bottom third |
Free-cash-flow margin (operating cash flow − |capex|) ÷ revenue | -1089.4% | 4thof 2,679 bottom third | 3rdof 701 bottom third |
Return on equity net income ÷ stockholders' equity (positive equity only) | -39.6% | 21stof 3,576 bottom third | 17thof 719 bottom third |
Stock comp ÷ revenue stock-based compensation ÷ revenue · lower is ranked higher | 248.4% | 4thof 2,895 bottom third | 3rdof 728 bottom third |
Days sales outstanding receivables ÷ revenue × 365 · lower is ranked higher | 131 days | 6thof 2,398 bottom third | 8thof 711 bottom third |
Cash-flow accrual ratio (net income − operating cash flow) ÷ average total assets · lower is ranked higher | -33.1% | 98thof 2,278 top third | 96thof 498 top third |
Balance-sheet accrual ratio change in net operating assets ÷ average net operating assets · lower is ranked higher | 157.9% | 3rdof 1,907 bottom third | 3rdof 433 bottom third |
Each filer's latest fiscal year as stored by the nightly crawl; fiscal year ends differ across the universe. A metric ranks only filers for which it is computable from filed facts. Ties split; a rank reads "better than N% of filers" in the metric's own direction. Descriptive and educational, not a rating.
Earnings quality
latest fiscal year ending 2025-12-31 · accruals and cash conversion as filedPer fiscal year from filed facts: cash conversion = operating cash flow / net income (net income > 0); cash-flow accrual ratio = (net income - operating cash flow) / average total assets; balance-sheet accrual ratio = change in net operating assets / average net operating assets, NOA = (assets - cash) - (liabilities - debt). Descriptive; a missing input yields a missing ratio. High accrual ratios and cash conversion well below one are the measures the accruals literature associates with less persistent earnings; they are screens to read the cash-flow statement with, not conclusions. The per-year series is part of Pro risk analysis.
Point-in-time ledger
first-reported vs latest filing · periods since 2020-01-01 · 29 changed periods| Line item | Period | First reported | Latest filing | Change | Filings |
|---|---|---|---|---|---|
| Stockholders' equity StockholdersEquity | balance at 2020-12-31 | $10.3K 10-Q 2021-06-16 | -$32.3M 10-Q/A 2022-11-30 | -312991.7% | first · latest · 9 filings carry it |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2023-03-31 | 124,778 shares 10-Q 2023-05-11 | 124,778,000 shares 10-Q 2024-05-09 | +99900.0% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2023-06-30 | 128,515 shares 10-Q 2023-08-10 | 128,515,000 shares 10-Q 2024-08-08 | +99900.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2023-03-31 | 124,778 shares 10-Q 2023-05-11 | 124,778,000 shares 10-Q 2024-05-09 | +99900.0% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2023-06-30 | 128,515 shares 10-Q 2023-08-10 | 128,515,000 shares 10-Q 2024-08-08 | +99900.0% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2021-03-31 | -$135K 10-Q 2021-06-16 | -$7.68M 10-Q/A 2022-11-30 | -5578.3% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-06-30 | -$490K 10-Q 2021-08-13 | -$9.68M 10-Q/A 2022-11-30 | -1876.2% | first · latest · 3 filings carry it |
| Operating income OperatingIncomeLoss | quarter 2021-09-30 | -$570K 10-Q 2021-11-15 | -$9.17M 10-Q 2022-11-22 | -1507.5% | first · latest |
| Operating cash flow NetCashProvidedByUsedInOperatingActivities | quarter 2021-03-31 | -$477K 10-Q 2021-06-16 | -$5.79M 10-Q/A 2022-11-30 | -1116.0% | first · latest · 4 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2021-06-30 | $5M 10-Q 2021-08-13 | -$48.8M 10-Q/A 2022-11-30 | -1076.6% | first · latest · 5 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2021-03-31 | $5M 10-Q 2021-06-16 | -$39.4M 10-Q/A 2022-11-30 | -887.4% | first · latest · 8 filings carry it |
| Net income NetIncomeLoss | quarter 2021-03-31 | -$1.16M 10-Q 2021-06-16 | -$7.79M 10-Q/A 2022-11-30 | -571.8% | first · latest · 8 filings carry it |
| Net income NetIncomeLoss | quarter 2021-06-30 | -$2.45M 10-Q 2021-08-13 | -$10.1M 10-Q/A 2022-11-30 | -311.9% | first · latest · 5 filings carry it |
| Net income NetIncomeLoss | quarter 2021-09-30 | $4.66M 10-Q 2021-11-15 | -$9.76M 10-Q 2022-11-22 | -309.1% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2021-09-30 | -$22.2M 10-Q 2021-11-15 | -$57.9M 10-Q 2022-11-22 | -160.4% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2022-03-31 | 53,691,948 shares 10-Q/A 2022-11-30 | 53,692 shares 10-Q 2023-05-11 | -99.9% | first · latest |
| Diluted shares WeightedAverageNumberOfDilutedSharesOutstanding | quarter 2022-06-30 | 114,096,390 shares 10-Q 2022-08-12 | 114,096 shares 10-Q 2023-08-10 | -99.9% | first · latest · 3 filings carry it |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2022-03-31 | 53,691,948 shares 10-Q/A 2022-11-30 | 53,692 shares 10-Q 2023-05-11 | -99.9% | first · latest |
| Basic shares WeightedAverageNumberOfSharesOutstandingBasic | quarter 2022-06-30 | 114,096,390 shares 10-Q 2022-08-12 | 114,096 shares 10-Q 2023-08-10 | -99.9% | first · latest · 3 filings carry it |
| Total assets Assets | balance at 2021-12-31 | $346M 10-K 2022-02-23 | $46.4M 10-K 2023-03-27 | -86.6% | first · latest · 7 filings carry it |
| Net income NetIncomeLoss | quarter 2022-03-31 | -$10.5M 10-Q 2022-05-16 | -$17.6M 10-Q 2023-05-11 | -68.5% | first · latest · 6 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2021-12-31 | -$46.5M 10-K 2022-02-23 | -$71.5M 10-K 2024-03-14 | -53.9% | first · latest · 11 filings carry it |
| Total liabilities Liabilities | balance at 2021-12-31 | $47.3M 10-K 2022-02-23 | $36.4M 10-K 2023-03-27 | -23.0% | first · latest · 7 filings carry it |
| Net income NetIncomeLoss | quarter 2022-06-30 | -$9.97M 10-Q 2022-08-12 | -$12.3M 10-Q 2023-08-10 | -22.8% | first · latest · 4 filings carry it |
| Total liabilities Liabilities | balance at 2022-06-30 | $54.8M 10-Q 2022-08-12 | $58.5M 10-Q/A 2022-11-30 | +6.8% | first · latest |
| Operating income OperatingIncomeLoss | quarter 2022-03-31 | -$23.8M 10-Q 2022-05-16 | -$25.3M 10-Q 2023-05-11 | -6.2% | first · latest · 3 filings carry it |
| Stockholders' equity StockholdersEquity | balance at 2022-06-30 | $174M 10-Q 2022-08-12 | $170M 10-Q 2023-11-09 | -2.1% | first · latest · 5 filings carry it |
| Total liabilities Liabilities | balance at 2022-03-31 | $80.5M 10-Q 2022-05-16 | $81.9M 10-Q/A 2022-11-30 | +1.8% | first · latest |
| Stockholders' equity StockholdersEquity | balance at 2022-03-31 | $165M 10-Q 2022-05-16 | $164M 10-Q 2023-08-10 | -0.9% | first · latest · 7 filings carry it |
First filing reporting each period vs the latest filing carrying it (10-K and 10-Q only, periods since 2020, the extractor's winning tag per concept); a change under 0.5% is treated as rounding. A change can be a restatement, a reclassification or a re-tagging in a later comparative column; the two filings are linked so the reader can see which. Descriptive, not a verdict.
Notes by disclosure type
Not available for RGTI yet: no footnote text blocks on file for this filer in the ingested DERA files.
Fundamentals from SEC EDGAR. Scores, the DCF, and every model shown are educational analysis, not investment advice or price predictions.