Financial Data and Key Metrics Changes - Revenues in Q1 2025 were $1,500,000, down from $3,100,000 in Q1 2024, indicating a significant decline [12] - Gross margins decreased to 30% in Q1 2025 from 49% in Q1 2024, primarily due to lower margins from a contract with the UK's NQCC [12] - Total operating expenses (OpEx) increased to $22,100,000 in Q1 2025 from $18,100,000 in the same period last year, driven by salary increases, new hires, and higher stock compensation expenses [13] - The operating loss for Q1 2025 was $21,600,000, compared to $16,600,000 in the prior year [13] - The company recorded a net income of $42,600,000 in Q1 2025, a turnaround from a net loss of $20,800,000 in the previous year, largely due to favorable non-cash changes in derivative warrant and earn-out liabilities [14] Business Line Data and Key Metrics Changes - The company is focusing on advancing its utility scale quantum computer concept through collaborations and government contracts, which are critical for future sales [4][5] - The NQCC contract is noted for its lower gross margin profile, impacting overall profitability [12] Market Data and Key Metrics Changes - The company has been awarded multiple contracts, including a $1,000,000 award from DARPA for the Quantum Benchmarking Initiative, which is seen as strategically important despite its relatively small monetary value [34] - Interest in quantum computing remains primarily in R&D, with significant reliance on government contracts and academic research funding [41] Company Strategy and Development Direction - The company aims to demonstrate a chiplet approach to scale qubit counts, targeting over 100 qubits by the end of 2025 [16][19] - The strategy includes collaborations with various institutions to enhance quantum error correction capabilities and improve chip fabrication technology [5][6] - The company is optimistic about the NQI reauthorization, which is expected to provide funding for quantum computing initiatives, although delays in passing the bill are noted [22][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the chiplet approach as a means to scale up qubit counts, emphasizing its importance for the entire industry [19] - The company is optimistic about the future of quantum computing, although it acknowledges that achieving quantum advantage is still several years away [39] - Management highlighted the strategic importance of government contracts and collaborations in driving future growth [41][42] Other Important Information - The company has closed a $35,000,000 investment from Quanta Computer, which is expected to strengthen their partnership and reduce R&D costs in non-QPU hardware areas [10][96] - The company is exploring optical signaling as a future technology to improve scalability and reduce thermal load in quantum computing systems [80][84] Q&A Session Summary Question: Progress on chip tiling to reach 36 qubits - Management confirmed that the chiplet approach is critical for scaling qubit counts and expressed confidence in achieving the target by mid-year [16][19] Question: Updates on NQI Reauthorization Act - Management noted bipartisan support for the NQI reauthorization but indicated that it has not yet passed, with funding expected to take additional time to flow [21][50] Question: Details on the DARPA contract - The DARPA Quantum Benchmarking Initiative is crucial for developing utility scale quantum computing, with specific milestones related to qubit fidelity and gate speed [27][90] Question: Customer interest in acquiring processors - Management stated that interest remains high, but funding issues are currently hindering conversion to orders [41][42] Question: Timeframe for the 36 qubit QPU upgrade - Management indicated that the upgrade could occur in the second half of the year, depending on the demonstration of the chiplet approach [51][54] Question: Importance of optical signaling - Management emphasized the significance of optical signaling for future scalability and the transition from coax to fiber optic cables [80][84] Question: Revenue recognition from NQCC and Air Force contracts - Management expects revenue from the NQCC contract to be recognized over the next year, with the Air Force contract contributing approximately $1,000,000 over its three-year term [87]

PART I — FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) The company shifted to a $42.6 million net income in Q1 2025, driven by non-cash gains, while total assets declined and operating cash use remained stable [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets | Account | March 31, 2025 ($ thousands) | December 31, 2024 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | **Assets** | | | | | Cash and cash equivalents | 37,162 | 67,674 | ▼ $30,512 | | Available-for-sale investments | 171,966 | 149,488 | ▲ $22,478 | | Total current assets | 214,361 | 206,758 | ▲ $7,603 | | Total assets | 269,138 | 284,787 | ▼ $15,649 | | **Liabilities & Equity** | | | | | Total current liabilities | 11,392 | 11,867 | ▼ $475 | | Derivative warrant liabilities | 39,576 | 93,095 | ▼ $53,519 | | Earn-out liabilities | 4,114 | 45,897 | ▼ $41,783 | | Total liabilities | 62,010 | 158,198 | ▼ $96,188 | | Total stockholders' equity | 207,128 | 126,589 | ▲ $80,539 | - The significant decrease in total liabilities was primarily driven by a reduction in the fair value of **derivative warrant liabilities (down $53.5 million)** and **earn-out liabilities (down $41.8 million)**[19](index=19&type=chunk) [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Condensed Consolidated Statements of Operations | Metric | Q1 2025 ($ thousands) | Q1 2024 ($ thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 1,472 | 3,052 | ▼ 51.8% | | Gross Profit | 442 | 1,500 | ▼ 70.5% | | Research and development | 15,455 | 11,471 | ▲ 34.7% | | Loss from operations | (21,632) | (16,585) | ▲ 30.4% | | Change in fair value of derivative warrant liabilities | 53,262 | (2,583) | Favorable | | Change in fair value of earn-out liabilities | 8,837 | (1,621) | Favorable | | **Net income (loss)** | **42,619** | **(20,773)** | **Favorable** | | **EPS - basic** | **$0.15** | **($0.14)** | **Favorable** | | **EPS - diluted** | **$0.13** | **($0.14)** | **Favorable** | - A shift to net income was driven by a **$62.1 million non-cash gain** from fair value changes, masking a wider operating loss from lower revenue and higher R&D expenses[21](index=21&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Q1 2025 ($ thousands) | Q1 2024 ($ thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (13,651) | (13,139) | | Net cash (used in) provided by investing activities | (23,609) | 6,220 | | Net cash provided by financing activities | 6,935 | 20,710 | | **Net (decrease) increase in cash** | **(30,512)** | **13,706** | - Cash and cash equivalents **decreased by $30.5 million** in Q1 2025, contrasting with a $13.7 million increase in Q1 2024, due to cash used in operations and investing[26](index=26&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Key notes detail accounting policies, a new collaboration with Quanta, and significant revenue concentration from government entities - The company believes existing cash, cash equivalents, and available-for-sale investments are sufficient to meet anticipated operating cash needs for **at least the next 12 months**[40](index=40&type=chunk) - In February 2025, the company entered into a five-year Collaboration Agreement with Quanta Computer Inc, involving **mutual investment commitments of at least $250.0 million each**[134](index=134&type=chunk)[135](index=135&type=chunk)[137](index=137&type=chunk) - During Q1 2025, the vesting of Sponsor Vesting Shares led to a **$32.9 million earn-out liability** being reclassified to additional paid-in capital[60](index=60&type=chunk)[90](index=90&type=chunk) Customer Revenue Concentration | Customer Concentration (Revenue) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Customer B | 14% | 11% | | Customer C | 69% | 29% | | Sales to government entities | 89.5% | 97.4% | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a 52% revenue decline and wider operating loss, while highlighting technology milestones and sufficient liquidity for the next 12 months [Overview and Recent Developments](index=40&type=section&id=Overview%20and%20Recent%20Developments) - The long-term business model focuses on QPU sales and QCaaS, though **development contracts currently constitute the majority of revenues**[144](index=144&type=chunk) - A significant collaboration with Quanta Computer Inc involves **mutual investment commitments of at least $250 million each** over five years to advance Rigetti's product roadmap[152](index=152&type=chunk) - The 2025 technology roadmap includes releasing a 36-qubit system and a >100-qubit system, targeting a **2x reduction in error rates** from late 2024 levels[150](index=150&type=chunk) [Results of Operations](index=45&type=section&id=Results%20of%20Operations) - **Revenue decreased by $1.6 million (52%)** in Q1 2025, mainly from a reduction in collaborative research contracts pending reauthorization of the National Quantum Initiative Act[164](index=164&type=chunk) - **Research and development expenses increased by $4.0 million (35%)** year-over-year, driven by higher salaries and stock-based compensation[170](index=170&type=chunk)[171](index=171&type=chunk) - Net income of $42.6 million was driven by **non-cash gains of $53.3 million and $8.8 million** from changes in fair value of warrant and earn-out liabilities, respectively[163](index=163&type=chunk)[178](index=178&type=chunk)[181](index=181&type=chunk) [Liquidity and Capital Resources](index=49&type=section&id=Liquidity%20and%20Capital%20Resources) - As of March 31, 2025, the company had an **accumulated deficit of $512.1 million** and expects to incur additional losses for the foreseeable future[146](index=146&type=chunk)[183](index=183&type=chunk) - Management believes **existing cash and investments are sufficient** to meet operating cash needs for at least the next 12 months[184](index=184&type=chunk) - **Net cash used in operating activities was $13.7 million** for Q1 2025, slightly higher than the $13.1 million used in Q1 2024[193](index=193&type=chunk)[194](index=194&type=chunk) - Long-term cash requirements include a commitment to invest **at least $250.0 million over five years** as part of the Collaboration Agreement with Quanta[187](index=187&type=chunk) [Quantitative and Qualitative Disclosures About Market Risks](index=34&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risks) The company is exempt from market risk disclosures as a smaller reporting company - As a smaller reporting company, Rigetti is **exempt from providing quantitative and qualitative disclosures** about market risk[212](index=212&type=chunk) [Controls and Procedures](index=34&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2025, with no material changes in internal controls - The principal executive officer and principal financial officer concluded that the company's **disclosure controls and procedures were effective** as of March 31, 2025[214](index=214&type=chunk) - **No material changes** occurred in the company's internal control over financial reporting during the three months ended March 31, 2025[215](index=215&type=chunk) PART II — OTHER INFORMATION [Legal Proceedings](index=34&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - As of the filing date, Rigetti is **not involved in any material legal proceedings**[217](index=217&type=chunk) [Risk Factors](index=34&type=section&id=Item%201A.%20Risk%20Factors) This section refers to the company's latest Annual Report on Form 10-K for a detailed discussion of risk factors - For a detailed discussion of risk factors, the company directs readers to its **most recent Annual Report on Form 10-K**[218](index=218&type=chunk) [Other Information](index=35&type=section&id=Item%205.%20Other%20Information) Three board members adopted Rule 10b5-1 trading plans for selling company securities during the quarter - In March 2025, **three directors adopted Rule 10b5-1 trading plans** for the future sale of company common stock and, in one case, warrants[222](index=222&type=chunk)[223](index=223&type=chunk)[224](index=224&type=chunk)

[Financial & Business Highlights](index=1&type=section&id=Financial%20%26%20Business%20Highlights) Rigetti reported Q1 2025 revenues of $1.5 million and a net income of $42.6 million, driven by a non-cash gain, alongside key government contracts and a $35 million strategic investment [Q1 2025 Financial Highlights](index=1&type=section&id=Q1%202025%20Financial%20Highlights) Rigetti reported Q1 2025 revenues of $1.5 million, an operating loss of $21.6 million, and a net income of $42.6 million, largely due to a non-cash gain, with cash reserves at $209.1 million Q1 2025 Financial Metrics | Metric | Value (USD) | | :--- | :--- | | Total Revenues | $1.5 million | | Total Operating Expenses | $22.1 million | | Operating Loss | $21.6 million | | Net Income | $42.6 million | | Cash, cash equivalents and available-for-sale investments (as of Mar 31, 2025) | $209.1 million | - Net income was primarily driven by a **$62.1 million** non-cash gain from the change in fair value of derivative warrant and earn-out liabilities[7](index=7&type=chunk) - Following the closing of the share purchase by Quanta Computer, Inc., cash and equivalents increased to **$237.7 million** as of April 30, 2025[7](index=7&type=chunk) [Recent Business Developments](index=1&type=section&id=Recent%20Business%20Developments) Rigetti secured strategic government contracts, including DARPA and AFOSR awards, three Innovate UK projects, and closed a $35 million investment from Quanta Computer - Selected to participate in Stage A of DARPA's Quantum Benchmarking Initiative, a project worth up to **$1 million** to design a Utility-Scale Quantum Computer (USQC)[4](index=4&type=chunk) - Awarded a **$5.48 million** consortium grant by AFOSR to further develop its Alternating-Bias Assisted Annealing (ABAA) chip fabrication technology[5](index=5&type=chunk) - Awarded three Innovate UK projects, including leading a **£3.5 million** consortium to advance quantum error correction (QEC) and upgrading its NQCC quantum computer from 24 to 36 qubits[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk) - Closed a previously announced strategic investment from Quanta Computer Inc., which purchased approximately **$35 million** of Rigetti common stock[10](index=10&type=chunk) [Recent Technical Updates](index=3&type=section&id=Recent%20Technical%20Updates) Rigetti achieved significant technical progress, including demonstrating optical control of a superconducting qubit and applying a quantum preconditioning algorithm on its 84-qubit Ankaa-3 system for power grid optimization - A joint paper published in Nature Physics demonstrated the coherent control of a superconducting qubit using light, a key development for scaling quantum systems by replacing bulky microwave components with optical signals[11](index=11&type=chunk)[12](index=12&type=chunk)[13](index=13&type=chunk) - Successfully applied a new quantum optimization algorithm, quantum preconditioning, on the **84-qubit Ankaa-3 system** to boost classical optimizers in solving a power grid problem, achieving a relative advantage and high solution accuracy[14](index=14&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) Unaudited Q1 2025 financial statements show decreased liabilities, increased equity, and a $42.6 million net income driven by a non-cash gain, despite lower revenue and cash used in operations [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2025, Rigetti's balance sheet reported total assets of $269.1 million, with total liabilities decreasing to $62.0 million, resulting in stockholders' equity of $207.1 million Condensed Consolidated Balance Sheet Data | Balance Sheet Item (in thousands) | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $37,162 | $67,674 | | Total current assets | $214,361 | $206,758 | | Total assets | $269,138 | $284,787 | | Total liabilities | $62,010 | $158,198 | | Total stockholders' equity | $207,128 | $126,589 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Rigetti's Q1 2025 revenue was $1.5 million, with a net income of $42.6 million, a significant improvement from a prior-year loss, primarily due to a $64.3 million gain in other income Condensed Consolidated Statements of Operations Data | Income Statement Item (in thousands, except per share data) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $1,472 | $3,052 | | Gross Profit | $442 | $1,500 | | Loss from operations | ($21,632) | ($16,585) | | Net income (loss) | $42,619 | ($20,773) | | Diluted EPS | $0.13 | ($0.14) | - The shift from a net loss to a net income was primarily due to a **$62.1 million** positive change in the fair value of derivative warrant and earn-out liabilities in Q1 2025, compared to a **$4.2 million** negative change in Q1 2024[24](index=24&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2025, net cash used in operating activities was $13.7 million, with a total decrease in cash and cash equivalents of $30.5 million, ending the period at $37.2 million Condensed Consolidated Statements of Cash Flows Data | Cash Flow Item (in thousands) | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($13,651) | ($13,139) | | Net cash (used in) provided by investing activities | ($23,609) | $6,220 | | Net cash provided by financing activities | $6,935 | $20,710 | | Net (decrease) increase in cash and cash equivalents | ($30,512) | $13,706 | | Cash and cash equivalents – end of period | $37,162 | $35,098 | [Corporate Information](index=3&type=section&id=Corporate%20Information) This section outlines Rigetti's full-stack quantum computing business model and provides details for the upcoming investor conference call [About Rigetti](index=3&type=section&id=About%20Rigetti) Rigetti is a full-stack quantum computing company providing cloud and on-premises systems, serving global clients, and manufacturing proprietary processors at its Fab-1 facility - Rigetti provides quantum computing capabilities through its Rigetti Quantum Cloud Services platform and by selling on-premises systems[18](index=18&type=chunk) - The company is vertically integrated, designing and manufacturing its chips at its own facility, Fab-1[18](index=18&type=chunk) [Conference Call and Webcast](index=3&type=section&id=Conference%20Call%20and%20Webcast) Rigetti will host a conference call and webcast on May 12, 2025, at 5:00 pm ET to discuss its Q1 2025 financial results, with access details available online - A conference call to discuss Q1 2025 financial results is scheduled for May 12, 2025, at 5:00 pm ET[15](index=15&type=chunk) - Details for accessing the live webcast and replay are available on the company's Investor Relations website[16](index=16&type=chunk)

Core Insights - Rigetti Computing, Inc. reported its financial results for Q1 2025, highlighting significant government-funded projects and advancements in quantum computing technology [1][2][3] Financial Highlights - Total revenues for Q1 2025 were $1.5 million, a decrease from $3.1 million in Q1 2024 [7][23] - Total operating expenses for Q1 2025 were $22.1 million, compared to $18.1 million in Q1 2024 [7][23] - The operating loss for Q1 2025 was $21.6 million, up from a loss of $16.6 million in Q1 2024 [7][23] - Net income for Q1 2025 was $42.6 million, which includes $62.1 million of non-cash gains from changes in fair value of derivative warrant and earn-out liabilities [7][23] - As of March 31, 2025, cash, cash equivalents, and available-for-sale investments totaled $209.1 million, increasing to $237.7 million by April 30, 2025 [7][9] Recent Business Developments - Rigetti was selected to participate in DARPA's Quantum Benchmarking Initiative, advancing to Stage A with a potential value of up to $1 million [4] - The company received a $5.48 million AFOSR award to develop its chip fabrication technology, collaborating with several academic institutions [5] - Rigetti was awarded £3.5 million in Innovate UK Quantum Mission Pilot Awards to enhance quantum error correction capabilities [6] Technical Updates - Rigetti successfully demonstrated the integration of a hybrid microwave-optical quantum transducer with a superconducting qubit, enabling optical control and promising scalability [12] - The company leveraged its new quantum optimization algorithm, quantum preconditioning, to improve classical optimizers for energy grid problems, showcasing practical applications of quantum computing [13] Strategic Collaborations - Rigetti closed a $35 million investment from Quanta Computer, enhancing its strategic collaboration [9] - Collaborations with various institutions aim to create an open-architecture quantum computing testbed and improve quantum error correction [18]

Rigetti Computing (RGTI) is set to report first-quarter 2025 results on May 12.The Zacks Consensus Estimate for first-quarter revenues is currently pegged at $2.46 million, indicating a decline of 19.34% year over year. The consensus mark for earnings is currently pegged at a loss of 5 cents per share, unchanged over the past 30 days. The company reported a loss of 14 cents in the year-ago quarter.RGTI earnings beat the Zacks Consensus Estimate once in the past four quarters while matching the same on two o ...

Summary of Rigetti Computing Conference Call Company Overview - Rigetti Computing is a pioneer in full-stack quantum computing, operating superconducting quantum computers since 2017 through a cloud services platform and selling on-premise quantum computers since 2021 [2][8] - The company developed the first multichip processor in the industry and manufactures superconducting quantum processing units (QPUs) in-house at a dedicated facility [2] Core Industry Insights - Quantum computing is an emerging technology that fundamentally differs from classical computing by using qubits instead of bits, allowing for exponential computing capabilities and lower energy consumption [5][6] - Rigetti focuses on gate-based quantum computing, which is expected to dominate the industry, while acknowledging niche applications for other modalities like annealing [12][14] Technological Advantages - The advantages of superconducting technology include scalability and gate speed, with Rigetti's gate speeds comparable to current CPU and GPU technologies [16][17] - Recent advancements have improved two-qubit gate fidelity to 99.5%, with a target of reaching 99.8% to enable commercial applications [24][25] Roadmap and Future Goals - Rigetti aims to demonstrate a quantum computer with over 100 qubits and maintain high fidelity in 2024, with plans to increase qubit count and fidelity in subsequent years [27] - The company is pursuing a modular chiplet architecture to facilitate scaling, which has shown promising results in initial deployments [28][34] Quantum Networking and Error Correction - Rigetti believes in a hybrid computing model where quantum computers coexist with classical systems, rather than requiring a separate quantum network [41][42] - The company is collaborating with Riverlane to develop real-time error correction codes, which are critical for future quantum computing applications [46][51] Strategic Partnerships - Rigetti has formed a strategic partnership with Quanta Computer, which includes a $35 million investment and a commitment of $250 million over five years for non-quantum hardware development [82][86] - This partnership is aimed at enhancing Rigetti's manufacturing capabilities and reducing R&D costs as the business scales [85] Government Funding and Legislative Updates - The National Quantum Computing Act is pending reauthorization, which is crucial for long-term funding and support for quantum initiatives [90][92] - Rigetti has secured funding from DARPA and the Air Force Research Lab, indicating strong government interest in quantum technologies [93] Conclusion - Rigetti Computing is positioned at the forefront of quantum computing technology, focusing on scalability, fidelity, and strategic partnerships to drive future growth and commercialization [95]

Industry Overview - Quantum computing is a rapidly growing area in technology with the potential to transform the tech world and drive significant growth [1] - The efficiency gains from quantum computing could address the increasing demands of artificial intelligence (AI) and energy consumption [5] Company Analysis: Rigetti Computing - Rigetti Computing is emerging as a prominent player in the quantum computing niche, despite facing struggles this year [2] - The company has seen its stock value decline over 35% since the beginning of the year, yet it maintains a market cap of nearly $3 billion [9] - Rigetti generated less than $11 million in sales last year, with operating expenses exceeding $74 million, indicating a challenging path to profitability [10] - The company's valuation is high, trading at over 180 times its trailing revenue, which raises concerns about its affordability given the associated risks [11] Market Sentiment and Future Outlook - A report from McKinsey suggests that achieving commercially viable quantum computing may not occur until 2035 or later, creating uncertainty for companies like Rigetti [6] - The long timeline for quantum computing to become mainstream means that Rigetti's advancements may not yield immediate results [7] - Investors are advised to approach Rigetti as a high-risk, high-reward investment, with the potential for significant long-term gains if the industry grows [12][13]

Company Performance - Rigetti Computing, Inc. (RGTI) closed at $9.79, marking a +0.93% move from the prior day, outperforming the S&P 500 which registered a daily loss of 0.77% [1] - The stock has risen by 16.39% in the past month, lagging behind the Computer and Technology sector's gain of 16.73% and exceeding the S&P 500's gain of 11.54% [1] Upcoming Earnings - The company's earnings report is set to be disclosed on May 12, 2025, with analysts expecting earnings of -$0.05 per share, indicating year-over-year growth of 64.29% [2] - The consensus estimate anticipates revenue of $2.46 million, reflecting a 19.34% decrease from the same quarter last year [2] Fiscal Year Projections - For the entire fiscal year, Zacks Consensus Estimates project earnings of -$0.20 per share and revenue of $14.52 million, representing changes of +44.44% and +34.57% respectively from the prior year [3] Analyst Sentiment - Recent changes to analyst estimates for Rigetti Computing reflect evolving short-term business trends, with upward revisions indicating analysts' positivity towards the company's operations and profit generation capabilities [4] Zacks Rank - Rigetti Computing currently holds a Zacks Rank of 2 (Buy), with the consensus EPS projection remaining stagnant over the past 30 days [6] - The Zacks Rank system has a strong track record, with stocks rated 1 delivering an average annual return of +25% since 1988 [6] Industry Overview - The Internet - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 84, placing it within the top 35% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

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 20th Annual Needham Technology, Media & Consumer Conference on May 9, 2025 [1] - The event will be available for live webcast at 1:30 PM ET, with a replay accessible for 90 days post-event [1]

Core Insights - QphoX, Rigetti Computing, and the National Quantum Computing Centre (NQCC) have received a multinational grant to develop optical readout of superconducting qubits using light transmitted over optical fiber [1][6] - The optical readout technique has been validated by QphoX and Rigetti, demonstrating the ability to read the state of a single superconducting qubit [2] - The collaboration aims to scale the optical qubit readout system to interface with Rigetti's 9-qubit Novera QPU, facilitating optical readout of all qubits in the processor [3] Company Summaries QphoX - QphoX is a leading developer of quantum transduction systems that enable quantum computers to network over optical frequencies, bridging the gap between microwave, optical, and telecom frequencies [7] - The company is based in Delft, Netherlands, and focuses on creating single-photon interfaces essential for quantum links between computation, state storage, and networking [7] Rigetti Computing - Rigetti is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 and serving various clients through its Rigetti Quantum Cloud Services platform [8] - The company introduced its 9-qubit Novera QPU in 2023, designed for high-performance, on-premises quantum computing, and has developed the industry's first multi-chip quantum processor for scalable systems [8] National Quantum Computing Centre (NQCC) - The NQCC is the UK's national lab for quantum computing, dedicated to accelerating the development of quantum technologies and addressing scaling challenges [9] - The centre collaborates with businesses, government, and the research community to enhance quantum computing capabilities in the UK [9]