Financial Performance - Total revenues for Q3 2024 were $2.4 million, a decrease from $3.1 million in Q3 2023 [2][23] - Total operating expenses for Q3 2024 were $18.6 million, compared to $19.1 million in Q3 2023 [2][23] - The operating loss for Q3 2024 was $17.3 million, slightly higher than the loss of $16.8 million in Q3 2023 [2][23] - The net loss for Q3 2024 was $14.8 million, compared to a net loss of $22.2 million in Q3 2023 [2][23] - As of September 30, 2024, cash, cash equivalents, and available-for-sale securities totaled $92.6 million [2] Technology Roadmap - The company plans to introduce a new modular system architecture in 2025, with a 36-qubit system expected by mid-2025 [3] - By the end of 2025, Rigetti aims to release a system with over 100 qubits, targeting a median 2-qubit fidelity of 99.5% [3] - Rigetti is on track to develop the 84-qubit Ankaa™-3 system, aiming for over 99% median 2-qubit gate fidelity by the end of 2024 [4] Innovations and Techniques - Rigetti's superconducting qubits are fabricated using established semiconductor techniques, achieving faster gate operations than other modalities [5] - The company has demonstrated tiling of 9-qubit chips without performance deterioration, indicating advancements in multi-chip scaling technology [6] - The Alternating-Bias Assisted Annealing (ABAA) technique allows for high-performance QPUs with precise frequency targeting, crucial for high fidelities [6][11] Research Collaborations - Rigetti is collaborating with Riverlane to advance quantum error correction (QEC) technology, essential for building fault-tolerant quantum computers [7][8] - A Novera QPU has been co-located at the Israeli Quantum Computing Center for research and experimentation, including a reinforcement learning project [9][10] Business Developments - The National Quantum Computing Centre (NQCC) opened a facility that includes a fully operational 24-qubit Ankaa-class system for research and development [13][14]

Core Viewpoint - Rigetti Computing (RGTI) is expected to report third-quarter 2024 results on November 12, with projected revenues of $33.33 million, reflecting a year-over-year growth of 7.07% and an anticipated loss of 8 cents per share, indicating a 38.46% increase from the previous year's quarter [1]. Company Performance and Developments - Rigetti's focus on high-fidelity Quantum Processor Units (QPUs) and expanding market presence through partnerships and customer acquisitions, especially in government and international markets, is expected to drive growth in the upcoming quarter [3]. - The company achieved a 99.3% median 2-qubit gate fidelity on its 9-qubit Ankaa class quantum system in Q2 2024, which is a significant advancement towards deploying the 84-qubit Ankaa 3 system by year-end [4]. - The strong performance of Rigetti's 24-qubit system, with a 99% fidelity rate and rapid gate speeds of 60-80 nanoseconds, is likely to attract more partners and customers, enhancing market presence and revenue growth [5]. - Rigetti's sale of the Novera QPU to Horizon Quantum Computing in Q2 2024 demonstrates its ability to generate revenue through product sales, with expectations of more sales and potential new contracts aiding revenues in Q3 [6]. Market Position and Comparisons - Rigetti shares have underperformed compared to the Zacks Computer & Technology sector and peers like Salesforce, IBM, and Alphabet, with a year-to-date return of 14.8% versus 48%, 30.7%, and 29.4% respectively [7]. - The stock has also underperformed the Zacks Computer - Software industry, which has returned 24.9% year-to-date, and is trading at a forward 12-month Price/Sales ratio of 11.93X, higher than the sector's 7.95X [8]. Industry Outlook - The quantum computing market is projected to grow at a CAGR of 20.1% from 2024 to 2030, presenting growth opportunities for Rigetti [10]. - Rigetti's recent collaboration with Riverlane demonstrated real-time, low-latency quantum error correction on its 84-qubit Ankaa-2 system, marking progress towards fault-tolerant quantum computing [11]. - The company announced a novel chip fabrication process that enhances qubit frequency targeting, which is expected to improve quantum computing performance [12]. - Rigetti's modular chip architecture allows for efficient scaling by linking multiple identical chips, positioning the company to meet increasing market demand for scalable quantum systems [13].

Company Performance - Rigetti Computing, Inc. (RGTI) ended the latest trading session at $1.12, reflecting a -0.88% adjustment from the previous close, underperforming compared to the S&P 500's daily gain of 1.23% [1] - The company's stock has increased by 44% over the past month, outperforming the Computer and Technology sector's loss of 0.04% and the S&P 500's loss of 0.54% [1] Earnings Projections - Rigetti Computing is expected to release its earnings on November 12, 2024, with projected earnings per share (EPS) of -$0.08, indicating a 38.46% increase from the same quarter last year [2] - Revenue is anticipated to be $3.33 million, reflecting a 7.07% increase compared to the year-ago quarter [2] - For the entire fiscal year, the Zacks Consensus Estimates predict an EPS of -$0.34 and revenue of $12.82 million, showing changes of +35.85% and +6.77% respectively from the previous year [3] Analyst Estimates and Rankings - Recent adjustments to analyst estimates for Rigetti Computing are crucial as they often reflect changes in short-term business dynamics, with positive adjustments indicating a favorable outlook on the company's health and profitability [4] - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has Rigetti Computing currently rated as 3 (Hold), with the consensus EPS estimate remaining unchanged over the last 30 days [6] Industry Context - The Computer - Software industry, part of the broader Computer and Technology sector, holds a Zacks Industry Rank of 72, placing it in the top 29% 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]

Core Viewpoint - The article discusses the reliability of Wall Street analysts' recommendations, particularly focusing on Rigetti Computing, Inc. (RGTI), and emphasizes the importance of using these recommendations in conjunction with other research tools like Zacks Rank. Group 1: Brokerage Recommendations - Rigetti Computing has an average brokerage recommendation (ABR) of 1.20, indicating a consensus between Strong Buy and Buy, with 80% of recommendations being Strong Buy and 20% being Buy [2] - Despite the positive ABR, relying solely on this information for investment decisions may not be wise, as studies show limited success of brokerage recommendations in predicting stock price increases [3] Group 2: Analyst Bias and Limitations - Analysts from brokerage firms tend to exhibit a strong positive bias in their ratings, often issuing five "Strong Buy" recommendations for every "Strong Sell" [4] - The interests of brokerage firms may not align with those of retail investors, leading to misleading recommendations regarding stock price movements [5][8] Group 3: Zacks Rank as an Alternative - Zacks Rank categorizes stocks into five groups based on earnings estimate revisions, providing a more effective indicator of near-term stock price performance compared to ABR [6][9] - The Zacks Rank is updated more frequently than ABR, reflecting timely changes in earnings estimates, which are crucial for predicting future stock prices [10] Group 4: Current Earnings Estimates for RGTI - The Zacks Consensus Estimate for Rigetti Computing remains unchanged at -$0.34, suggesting analysts have steady views on the company's earnings prospects [11] - The unchanged consensus estimate has resulted in a Zacks Rank of 3 (Hold) for Rigetti Computing, indicating caution despite the Buy-equivalent ABR [12]

Core Viewpoint - Rigetti Computing, Inc. (RGTI) has experienced a significant stock price increase of +91.6% over the past month, outperforming the Zacks S&P 500 composite's +1.7% and the Zacks Computer - Software industry's +0.4% [1] Earnings Estimates - Rigetti Computing is projected to report a loss of $0.08 per share for the current quarter, reflecting a year-over-year change of +38.5% [4] - The consensus earnings estimate for the current fiscal year stands at -$0.34, indicating a year-over-year change of +35.9% [4] - For the next fiscal year, the consensus estimate of -$0.26 represents a change of +23.5% from the previous year [5] Revenue Growth - The consensus sales estimate for the current quarter is $3.33 million, showing a year-over-year change of +7.1% [9] - For the current fiscal year, the sales estimate is $12.82 million, indicating a +6.8% change, while the next fiscal year's estimate of $19.09 million reflects a +48.9% change [9] Recent Performance - In the last reported quarter, Rigetti Computing generated revenues of $3.09 million, a year-over-year decline of -7.2% [10] - The EPS for the same period was -$0.07, compared to -$0.13 a year ago, with a revenue surprise of -12.58% against the Zacks Consensus Estimate [10] - Over the last four quarters, the company has only surpassed EPS estimates once and has not beaten revenue estimates in any of those quarters [11] Valuation - Rigetti Computing is graded F in the Zacks Value Style Score, indicating it is trading at a premium compared to its peers [15]

Group 1 - Rigetti Computing, Inc. will release its third quarter 2024 results on November 12, 2024, before the market opens [1] - A conference call to discuss the financial results and business operations will take place at 8:30 a.m. ET on the same day [1] - The company has provided links for both the live audio webcast and participant registration for the call [1][2] Group 2 - Rigetti is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 [3] - The company serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform [3] - Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems and manufactures its chips in-house at Fab-1 [3]

Rigetti Computing, Inc. (RGTI) closed the latest trading day at $1.21, indicating a -1.63% change from the previous session's end. This change lagged the S&P 500's 0.92% loss on the day. At the same time, the Dow lost 0.96%, and the tech-heavy Nasdaq lost 1.6%.The the stock of company has risen by 61.84% in the past month, leading the Computer and Technology sector's gain of 3.64% and the S&P 500's gain of 2.68%.Investors will be eagerly watching for the performance of Rigetti Computing, Inc. in its upcomin ...

Rigetti Computing, Inc. (RGTI) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock. Over the past month, shares of this company have returned +16.7%, compared to the Zacks S&P 500 composite's +3.8% change. During this period, the Zacks Computer - Software industry, which Rigetti Computing falls in, has lost 1.5%. The key question now is: What could be the stock's future direction? W ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though? Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Rigetti Computing, Inc. (RGTI) . Rigetti Computing currently has ...

Company Performance - Rigetti Computing, Inc. (RGTI) closed at $0.78, reflecting a -0.74% change from the previous day, underperforming the S&P 500 which gained 0.97% [1] - Over the past month, shares of Rigetti have appreciated by 14.04%, outperforming the Computer and Technology sector's gain of 8.21% and the S&P 500's gain of 5.41% [1] Earnings Expectations - Analysts expect Rigetti to report earnings of -$0.08 per share, indicating a year-over-year growth of 38.46% [2] - The consensus estimate for revenue is $3.33 million, representing a 7.07% increase compared to the same quarter of the previous year [2] Full Year Projections - For the full year, Zacks Consensus Estimates project earnings of -$0.34 per share and revenue of $12.82 million, showing changes of +35.85% and +6.77% respectively from the previous year [3] Analyst Projections - Recent shifts in analyst projections for Rigetti are important as they reflect near-term business trends, with positive revisions indicating analysts' confidence in the company's performance [4] Zacks Rank System - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has a track record of success, with 1 stocks delivering an average annual return of +25% since 1988 [6] - Rigetti currently holds a Zacks Rank of 3 (Hold), with the consensus EPS projection remaining stagnant over the past 30 days [6] Industry Context - The Computer - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 66, placing it in the top 27% 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]