Financial Data and Key Metrics Changes - The company held its Annual General Meeting on June 10, 2025, with a quorum established for conducting official business [10] - Preliminary voting results confirmed the election of two directors and the ratification of the independent accounting firm for the fiscal year ending December 31, 2025 [16][18] Business Line Data and Key Metrics Changes - No specific financial data or metrics related to individual business lines were discussed during the meeting [11][13] Market Data and Key Metrics Changes - No specific market data or metrics were provided in the meeting [11][13] Company Strategy and Development Direction and Industry Competition - The company is focused on maintaining strong governance through the election of board members and the selection of an independent accounting firm [12][16] - The management emphasized the importance of shareholder support for the company's mission [18] Management Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during the meeting [11][13] Other Important Information - The meeting was conducted virtually, and all voting was facilitated through an online platform [3][5] - The company plans to report final voting results within four business days after the meeting [18] Q&A Session Summary Question: Were there any questions from shareholders? - There were no questions submitted by shareholders during the meeting [14]

Should you invest in the quantum computing or AI stock? But from 2024 to 2027, analysts expect its revenue to grow at a compound annual rate of 52% from $10.8 million to $37.7 million, and expect it to narrow its net loss to $85.4 million. That acceleration should be driven by more commercial contracts and even more powerful systems. Rigetti provides quantum processing units (QPUs), full quantum systems, and a cloud-based platform for developing quantum applications. That makes it a one-stop shop for quantu ...

Core Insights - Rigetti Computing (RGTI) has entered a strategic collaboration with Quanta Computer, involving a $35 million equity investment and a commitment of over $100 million each over five years for joint development in quantum computing technologies [1][6] Group 1: Partnership Details - The partnership aims to accelerate the commercialization of superconducting quantum processors, focusing on scalable and fault-tolerant systems for academic, enterprise, and government sectors [1][2] - Rigetti will leverage Quanta's manufacturing scale and operational infrastructure to transition from research-stage prototypes to commercially viable quantum computing systems [2][6] Group 2: Market Position and Performance - Rigetti's shares have decreased by 22.6% year-to-date, contrasting with the industry's growth of 10.5% [5] - The company has a price-to-book ratio of 16.38, which is above the industry average, and carries a Value Score of F [7] Group 3: Earnings Estimates - The Zacks Consensus Estimate for Rigetti's 2025 earnings indicates a significant 86.1% rise compared to the previous year [8] - Current estimates for the upcoming quarters show a projected EPS of -0.06 for the current quarter and -0.05 for the current year, with a year-over-year growth estimate of 86.11% [9]

Core Insights - Rigetti Computing has experienced a stock price increase of 1,080% over the past year, highlighting the growing interest in quantum computing technology and its transformative potential across various industries [1] Industry Overview - Quantum computing differs fundamentally from traditional computing by using qubits, which can exist in multiple states simultaneously, allowing for complex calculations and processing of large datasets [2] - The technology has practical applications in sectors such as financial modeling, drug discovery, and materials science, but faces challenges with increasing error rates as system complexity rises [3] Company Technology and Product Portfolio - Rigetti utilizes superconducting qubits, specifically tunable transmons, controlled by microwave pulses at low temperatures, and employs an Ankaa-class architecture for high-fidelity operations [5] - The company plans to develop a 100-qubit system by the end of the year, focusing on achieving high two-qubit gate fidelity rates exceeding 99% [6] - Rigetti's product offerings include the Novera QPU with a 9-qubit processor, the Ankaa-2 with 84 qubits, and the Ankaa-3, which features significant hardware improvements [7] Financial Performance - Rigetti generated $9.2 million in revenue over the last twelve months but reported an operating loss of $74 million, indicating the early-stage nature of the quantum computing market [7] - The stock has shown significant volatility, with a 96% decline during the 2022 inflation shock, compared to a 25.4% decline in the S&P 500 [8] Investment Outlook - Rigetti represents a high-risk, high-reward investment opportunity, with its future dependent on technological advancements and effective cost management [9] - The company has established relationships with clients like NASA and Standard Chartered, which may validate its technology's commercial viability [10]

Core Insights - Rigetti Computing has seen its shares increase by over 1,249% in the last 12 months, highlighting the potential for significant returns in the tech sector, particularly in quantum computing [1] - The company is positioned in the emerging quantum computing market, which is expected to have vast economic implications, potentially reaching trillions of dollars [3] Industry Overview - Quantum computing aims to enhance computational power by using qubits instead of traditional bits, allowing for the rapid solving of complex problems [2] - The technology has potential applications in drug discovery, logistics optimization, and materials science, indicating a broad range of real-world uses [3] Company Strategy - Rigetti plans to monetize its quantum computing capabilities through a "picks-and-shovels" model, providing quantum computing power via a cloud interface accessible by traditional hardware [4] - Recent technological breakthroughs in the industry suggest that mainstream adoption of quantum computing may occur sooner than anticipated [4] Competitive Landscape - Competitors like D-Wave Quantum and Alphabet are making significant advancements, with D-Wave's revenue increasing by 500% year over year, indicating a more successful commercialization strategy [10][11] - Rigetti's stock performance has been influenced by competitors' achievements, but the company faces risks from these better-capitalized rivals [6][8] Financial Performance - In the first quarter, Rigetti's revenue fell by 52% year over year to $1.47 million, while operating losses increased from $16.6 million to $21.6 million due to rising R&D costs [9] - The company's high price-to-sales (P/S) ratio of 341 raises concerns about its valuation amidst significant operational challenges [12]

Core Insights - D-Wave Quantum and Rigetti Computing are both focusing on quantum computing with distinct approaches, one being commercial and the other research-driven [2][15] - D-Wave Quantum has shown significant growth in revenue and operational efficiency, while Rigetti Computing faces challenges with declining revenues [11][15] D-Wave Quantum Highlights - D-Wave Quantum reported a 509% increase in first-quarter 2025 revenues, reaching $15 million, primarily due to the sale of the Advantage2 quantum system [3] - The company achieved a GAAP gross margin of 92.5%, up from 67.3% year-over-year, indicating strong operational leverage [3][4] - D-Wave's net loss narrowed to $5.4 million, the lowest since going public, reflecting improved operational efficiency [4] - The company ended March 2025 with $304.3 million in cash and a debt-to-capital ratio of 12.9%, showcasing a strong liquidity position [5] Rigetti Computing Highlights - Rigetti Computing was selected for Phase A of DARPA's Quantum Benchmarking Initiative, receiving a $1 million award to support scalable quantum computing concepts [8] - The company secured a $5.48 million AFOSR grant to advance chip fabrication technology, aiming to improve superconducting qubit performance [9] - Rigetti received a $35 million equity investment from Quanta Computer, boosting its cash position to $237.7 million [10] - Despite these funding successes, Rigetti reported a 51% year-over-year decline in first-quarter revenues, indicating weak demand for its quantum solutions [11][15] Comparative Performance - Year-to-date, D-Wave Quantum's stock surged 123.8%, outperforming the broader Internet Software industry and the S&P 500, while Rigetti's stock declined by 8.2% [11] - D-Wave's strong revenue growth and enterprise adoption contrast with Rigetti's projected flat-to-lower revenues for the year, highlighting the latter's ongoing challenges [15]

Core Viewpoint - Artificial intelligence (AI) is significantly transforming the global economy, with quantum computing poised to enhance AI capabilities by addressing complex challenges and analyzing large datasets beyond classical computers' reach [1]. Group 1: Rigetti Computing - Rigetti Computing is leveraging qubits to harness quantum physics principles, enabling parallel processing that surpasses traditional computers [4]. - The company's 84-qubit Ankaa-3 system, set to launch in Q1 2025, is expected to revolutionize various fields including machine learning and cryptography, contributing to a remarkable 937% stock return over the past year [6][8]. - Rigetti's modular design allows for the combination of multiple quantum processing units (QPUs), potentially making it more versatile for AI applications compared to D-Wave Quantum [7]. - Despite financial losses and limited sales, with Q1 revenue at $1.5 million, projections indicate revenue growth from $8.8 million in 2025 to $23 million in 2026, amidst a quantum computing market expected to reach $90 billion to $170 billion by 2040 [8][9]. Group 2: D-Wave Quantum - D-Wave Quantum has a commercial lead with Q1 revenue of $15 million, a 509% increase year-over-year, driven by the delivery of its "Advantage" quantum computer system [10]. - The company has 133 customers, including major firms like Mastercard and Accenture, benefiting from its quantum computing as-a-service (QCaaS) model [11]. - D-Wave's stock has surged by 1,184% over the past year, but it trades at a high price-to-sales (P/S) ratio of 173, indicating a premium valuation compared to competitors like Nvidia [12]. - Investors optimistic about D-Wave's future in computing and AI may justify its high valuation, anticipating further upside [13]. Group 3: Investment Considerations - D-Wave Quantum is viewed as the better AI stock due to its growth momentum, but its high valuation makes it a speculative investment [14].

Core Insights - Rigetti Computing shares have increased by over 500% in the last six months, drawing comparisons to Nvidia's rise during the AI boom [1][3] - The total addressable market for quantum computing is projected to reach $131 billion over the next 15 years, attracting investor interest [4] Company Overview - Rigetti Computing has seen its stock rise by 521% recently, positioning it as a notable player in the quantum computing sector [3] - The company generated $10.8 million in annual sales while incurring $200 million in capital losses, raising concerns about its financial sustainability [7][9] - Rigetti's current market capitalization stands at $3 billion, which is difficult to justify given its financial profile [9] Industry Context - Quantum computing is emerging as a significant area within the broader AI landscape, with companies like IonQ and D-Wave Quantum also gaining attention [3] - The potential for quantum computing is substantial, but the technology is not yet widely scaled, limiting immediate applications in AI [4][7] - Established players in AI, such as Nvidia, Microsoft, Alphabet, and Amazon, already have a strong foothold, making competition challenging for newer entrants like Rigetti [12]

Group 1: Industry Overview - Quantum computing is attracting significant investor interest, with the market potentially worth up to $170 billion by 2040 according to Boston Consulting Group [3] - The mass adoption of quantum computing remains speculative, with limited practical applications currently available [4][5] Group 2: Company Performance - Rigetti Computing's revenue has declined, reporting $1.5 million in the first quarter, down nearly 52% year-over-year [6] - The company's full-year 2024 revenue is projected at $10.8 million, a decrease of 10% from the previous year [7] - Rigetti's management indicated that significant commercial sales are not expected for another three to five years [7] Group 3: Financial Position - Rigetti has $237.7 million in cash and cash equivalents, providing operational runway despite declining sales [8] Group 4: Stock Valuation - Rigetti's shares have a price-to-sales multiple of 197, indicating a high valuation relative to its sales [9] - The stock has risen over 800% in the past year, leading to concerns about its sustainability given the current sales decline [9][10]

In the first quarter, hedge fund billionaire Israel Englander of Millennium Management sold 1.2 million shares of Rigetti Computing (RGTI 2.56%), reducing his stake in the quantum computing stock by 80%. The sale represented a sharp turnaround from the prior quarter, when Englander purchased 1.4 million shares.His decision to sell stands out because all six analysts who follow Rigetti have a "buy" rating on the stock. The target prices range from $14 per share to $16 per share, implying upside of 21% to 39% ...