Financial Data and Key Metrics Changes - Revenues in Q4 2024 were $2.3 million, down from $3.4 million in Q4 2023, indicating a decline in revenue [15] - Gross margins in Q4 2024 were 44%, significantly lower than 75% in Q4 2023, primarily due to lower margin revenues from a contract with the UK's NQCC [16] - Total operating expenses (OpEx) in Q4 2024 were $19.5 million, slightly down from $19.7 million in the same period of the prior year [17] - Net loss for Q4 2024 was $153 million, or $0.68 per share, compared to a net loss of $12.6 million, or $0.09 per share, in Q4 2023 [17] - Cash, cash equivalents, and available-for-sale investments totaled $217.2 million as of December 31, 2024 [18] Business Line Data and Key Metrics Changes - Rigetti sold its first Novera QPU to Montana State University in December 2024, marking a significant milestone in sales to academic institutions [7] - An additional Novera sale occurred in Q4 2024 to the UK government, indicating growth in government sales [8] Market Data and Key Metrics Changes - The collaboration with Quanta Computer, which includes a $35 million investment in Rigetti shares and a commitment of over $250 million for hardware development, is expected to strengthen Rigetti's market position [6][28] - The US government is expected to increase funding for quantum computing, with a bipartisan bill proposing $2.5 billion over five years, which could benefit Rigetti [30][34] Company Strategy and Development Direction - Rigetti aims to leverage its partnership with Quanta to enhance its superconducting quantum computing capabilities and expand its market presence [5][6] - The company is focused on R&D milestones, with plans to scale its systems to over 100 qubits by the end of 2025, while maintaining a strong emphasis on error rate reduction [13][39] - Rigetti's open modular architecture is seen as a competitive advantage, allowing for easier integration of third-party innovations [121] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding government funding initiatives and their potential impact on future sales and contracts [34][36] - The company remains focused on R&D, with expectations that commercial sales will not significantly increase in the near term, projecting a timeline of four to five years before commercial viability [39][40] Other Important Information - Rigetti launched its 84-qubit Ankaa-3 system in December 2024, achieving significant milestones in gate fidelity [9][10] - The company is exploring advanced technologies such as fiber optics for signal transmission to enhance scalability and performance [96][98] Q&A Session Summary Question: Can you help us understand the Quanta partnership? - The partnership with Quanta was initiated about a year ago, focusing on leveraging their manufacturing capabilities and financial investment to enhance Rigetti's quantum computing technology [22][24][28] Question: What is the status of government funding? - A bipartisan bill proposing $2.5 billion for quantum computing is expected to be signed soon, with funding likely to benefit DOE labs and Rigetti [30][34] Question: How does the cash position affect R&D and sales? - Rigetti has approximately $500 million available for investment over the next five years, which should support R&D without the immediate need for additional cash raises [36][39] Question: Can you discuss the QPU sale to Montana State University? - The sale was part of Rigetti's strategy to build a quantum ecosystem for research applications, focusing on fundamental understanding rather than commercial competition [45][46] Question: What is the scaling approach for reaching 100 qubits? - Rigetti plans to use a tiling approach to scale its systems, with a target of demonstrating 36 qubits by mid-2025 and over 100 qubits by the end of the year [85][92] Question: How does Rigetti differentiate itself from competitors? - Rigetti's open modular architecture allows for easier integration of third-party innovations, which is a significant advantage over competitors with more closed systems [121]

Rigetti Computing (RGTI) Q4 2024 Earnings Call March 06, 2025 02:40 AM ET Company Participants Subodh Kulkarni - President & CEOJeffrey Bertelsen - CFOCraig Ellis - Director of ResearchBrian Kinstlinger - MD, Director of Research & Head of Technology Research Conference Call Participants Shadi Mitwalli - Equity Research AnalystNone - AnalystRichard Shannon - Senior Research AnalystDavid Williams - Equity Research Analyst Operator Thank you for standing by, and welcome to Rigetti's Fourth Quarter and Full Ye ...

Rigetti Computing, Inc. (RGTI) came out with a quarterly loss of $0.08 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.09 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post a loss of $0.08 per share when it actually produced a loss of $0.08, delivering no surprise.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Rigetti Computing, which belongs to the Zac ...

[Financial and Business Highlights](index=1&type=section&id=Financial%20and%20Business%20Highlights) Rigetti reported Q4 revenues of $2.3 million and full-year revenues of $10.8 million, securing a strategic collaboration with Quanta Computer and ending 2024 with $217.2 million in cash after a significant capital raise Key Financial Metrics | Financial Metric | Q4 2024 | Full-Year 2024 | | :--- | :--- | :--- | | Revenues | $2.3 million | $10.8 million | | Operating Expenses | $19.5 million | $74.2 million | | Operating Loss | $18.5 million | $68.5 million | | Net Loss | $153.0 million | $201.0 million | | Cash, Cash Equivalents & Securities (as of Dec 31, 2024) | - | $217.2 million | - Entered a strategic collaboration with Quanta Computer, with each company committing to invest over **$100 million** over five years, and Quanta investing **$35 million** to purchase Rigetti common stock[3](index=3&type=chunk) - Sold a Novera QPU to Montana State University in December 2024, marking the company's first QPU sale to an academic institution[5](index=5&type=chunk) - Raised **$153.3 million** in net proceeds during Q4 2024 from stock offerings and fully prepaid all amounts owed under its loan agreement with Trinity Capital, Inc[7](index=7&type=chunk) [Technology and Research Developments](index=1&type=section&id=Technology%20and%20Research%20Developments) Rigetti launched the 84-qubit Ankaa-3 system with 99.5% median fidelity, demonstrated AI-powered QPU calibration, and published joint research on optical readout for superconducting qubits - Launched the **84-qubit** Ankaa-3 system in December 2024, achieving a **99.0%** median iSWAP gate fidelity and demonstrating **99.5%** median fidelity with fSim gates[6](index=6&type=chunk) - Successfully demonstrated AI-powered remote calibration of a **9-qubit** Novera™ QPU in collaboration with Quantum Elements and Qruise, highlighting the potential of AI to improve quantum computing capabilities[9](index=9&type=chunk) - Joint research with QphoX and Qblox, published in Nature Physics, demonstrated the ability to read out superconducting qubits using an optical transducer, which could offer a more compact and scalable approach compared to current microwave-based techniques[12](index=12&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) Rigetti's 2024 financial statements show increased cash and total assets due to financing activities, despite a $201.0 million net loss primarily from non-cash charges [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Rigetti's total assets increased to **$284.8 million** in 2024, driven by cash and investments, while total liabilities grew to **$158.2 million** due to derivative warrant and earn-out liabilities Consolidated Balance Sheet Summary (in thousands) | Balance Sheet Item (in thousands) | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | $206,758 | $107,667 | | Cash and cash equivalents | $67,674 | $21,392 | | **Total Assets** | **$284,787** | **$159,913** | | **Total Current Liabilities** | $11,867 | $29,052 | | Derivative warrant liabilities | $93,095 | $2,927 | | Earn-out liabilities | $45,897 | $2,155 | | **Total Liabilities** | **$158,198** | **$50,325** | | **Total Stockholders' Equity** | **$126,589** | **$109,588** | [Consolidated Statements of Operations](index=7&type=section&id=Consolidated%20Statements%20of%20Operations) Rigetti's 2024 revenue decreased to **$10.8 million**, with an operating loss of **$68.5 million**, and a widened net loss of **$201.0 million** due to non-cash charges Consolidated Statements of Operations Summary (in thousands) | Income Statement (in thousands) | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $2,274 | $3,376 | $10,790 | $12,008 | | Gross Profit | $1,003 | $2,516 | $5,697 | $9,208 | | Loss from Operations | $(18,494) | $(17,207) | $(68,510) | $(72,295) | | Net Loss | $(152,961) | $(12,572) | $(200,988) | $(75,107) | | Net Loss per Share | $(0.68) | $(0.09) | $(1.09) | $(0.57) | [Consolidated Statements of Cash Flow](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flow) Net cash used in operating activities was **$50.6 million** and investing activities was **$78.4 million**, offset by **$175.5 million** from financing activities, resulting in a **$46.3 million** net cash increase Consolidated Statements of Cash Flow Summary (in thousands) | Cash Flow (in thousands) | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(50,627) | $(50,579) | | Net cash (used in) provided by investing activities | $(78,362) | $773 | | Net cash provided by financing activities | $175,459 | $13,230 | | **Net increase (decrease) in cash** | **$46,282** | **$(36,496)** | | **Cash and cash equivalents – end of period** | **$67,674** | **$21,392** |

BERKELEY, Calif., March 05, 2025 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the fourth quarter and year ended December 31, 2024. Fourth Quarter and Full-Year 2024 Financial Highlights Revenues for the three months ended December 31, 2024 were $2.3 millionOperating expenses for the three months ended December 31, 2024 were $19.5 millionOperating loss for the three month ...

Shares of Rigetti Computing (RGTI -8.98%) have taken quite a ride, down 61% from their 52-week high yet still up a spectacular 362% over the past year. In some ways, that extreme volatility mirrors the quantum systems the company aims to harness, where particles exist in multiple states, defined by superposition, entanglement, and intrinsic uncertainty.These aren't just theoretical concepts. Recent advances in quantum technology have paved the way for practical commercial applications that Rigetti is well p ...

Rigetti Computing (RGTI -8.98%), one of a group of high-flying quantum computing stocks, took a dive last month as a combination of news items and macroeconomic concerns weighed on the stock.Shares of Rigetti, which currently has negligible revenue, have soared in recent months on investor excitement over quantum computing, but the stock remains a speculative play. Because of that, the stock is highly volatile, so it wasn't surprising that it didn't take much for the stock to fall 36% last month, according ...

Company Overview - Rigetti Computing, Inc. is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 [2] - The company serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform [2] - In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits [2] - The company's 9-qubit Novera™ QPU was introduced in 2023, designed for high-performance, on-premises use [2] - Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems [2] - The company designs and manufactures its chips in-house at Fab-1, the first dedicated and integrated quantum device manufacturing facility [2] Upcoming Events - Rigetti CEO, Dr. Subodh Kulkarni, will participate in a fireside chat at the Cantor Global Technology Conference on March 12, 2025 [1] - The event will be webcast live from 8:40 AM to 9:15 AM ET, with a replay available for 180 days [1]

Rigetti Computing (RGTI) is set to report fourth-quarter 2024 results on March 5.The Zacks Consensus Estimate for fourth-quarter revenues is currently pegged at $2.4 million, indicating a decline of 28.99% year over year. The consensus mark for earnings is currently pegged at a loss of 8 cents per share, unchanged over the past 30 days. The figure indicates a 11.11% increase from the year-ago quarter’s reported figure.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Let’s see how thing ...

Group 1: Industry Overview - Major technological breakthroughs, such as generative AI, can create trillions in shareholder value over time, with OpenAI's ChatGPT being a notable example [1] - Quantum computing is identified as a potential opportunity, with estimates suggesting it could generate up to $850 billion in economic value annually by 2040 according to Boston Consulting Group [4] - Quantum computing has the capability to solve complex problems much faster than traditional computers, making it valuable in fields like materials science and drug discovery [3] Group 2: Company Profile - Rigetti Computing - Rigetti Computing has seen its shares increase by approximately 400% over the last 12 months, indicating strong market interest [2] - The company focuses on hardware development in quantum computing and has created a platform called Quantum Cloud Services (QCS) to provide remote quantum computing power [6] - Rigetti's QCS offers clients a way to access quantum computing capabilities without the need for in-house infrastructure, potentially saving costs [7] Group 3: Financial Performance - Rigetti's revenue fell by 23% year over year to $2.4 million in the third quarter, with operating losses reaching $17.3 million, which is seven times its sales [8] - Research and development expenses accounted for 69% of Rigetti's operating expenses, totaling $12.8 million out of $18.6 million [8] - The company is facing challenges in achieving profitability and may rely on equity dilution to fund operations, which could negatively impact its stock price [10]