Rigetti Computing (RGTI) shares tumbled 5.14% in after-hours trading following the release of its second-quarter financial results.

The company reported quarterly revenue of $5.1 million, falling short of the $5.15 million consensus estimate. While adjusted earnings per share of -$0.05 met analyst expectations, the GAAP net loss widened significantly to $52.61 million, or $0.16 per share, compared to a loss of $39.7 million a year earlier. Operating loss also grew to $28.1 million from $19.9 million in the prior-year period.

Despite the revenue miss and deepening losses, the company highlighted a strong cash position of $541.3 million with no debt and progress on commercial initiatives, including a planned delivery of a 9-qubit Novera system. However, investors focused on the top-line disappointment and increased cash burn in the post-market session.