Rigetti Computing, Inc. (NASDAQ:RGTI) Q2 2022 Earnings Conference Call August 11, 2022 5:00 PM ET Company Participants Polly Pearson - Investor Relations Chad Rigetti - Founder and Chief Executive Officer Brian Sereda - Chief Financial Officer Conference Call Participants David Williams - Benchmark Company Trevor Janoskie - Needham Operator Good day and thank you for standing by. Welcome to the Rigetti Computing Second Quarter 2022 Earnings Conference Call. [Operator Instructions] Please be advised that tod ...

Table of Contents Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to _______________ Commission file number 001-40140 RIGETTI COMPUTING, INC. (Exact name of registrant as specified in ...

Financial Data and Key Metrics Changes - In Q1 2022, the company generated revenue of $2.1 million, a decrease from $2.4 million in the same period last year, primarily due to the completion of a large government project [43] - Total GAAP operating expenses for the quarter were $25.5 million, up from $9.8 million a year ago, driven by higher stock compensation and increased headcount [46] - Net GAAP loss was $10.5 million or $0.20 per share, compared to a net loss of $7.8 million or $0.36 per share in the prior year [52] - As of March 31, 2022, cash and cash equivalents stood at $206.6 million, significantly up from $11.7 million at the end of 2021 due to proceeds from a business combination [53] Business Line Data and Key Metrics Changes - The majority of revenues in Q1 2022 were derived from development contracts, with expectations for this trend to continue as the company ramps up its Quantum Computing-as-a-Service (QCaaS) business [44] - The company anticipates that QCaaS revenue growth will eventually outpace development contract revenue growth over time [44] Market Data and Key Metrics Changes - The company is focused on expanding its presence in the quantum computing market, with partnerships across various sectors including government and private enterprises [15][18] - The company is working with key public and private sector players to explore applications in areas such as machine learning, materials simulation, and drug discovery [16][17] Company Strategy and Development Direction - The company aims to build the world's most powerful quantum computers to address significant global challenges, with a focus on drug development, clean energy, and supply chain optimization [8][9] - The company is pursuing a vertically integrated approach, controlling the entire process from chip design to cloud delivery, which is seen as a competitive advantage [86] - The roadmap includes the introduction of an 84 qubit quantum computer in 2023, followed by a 336 qubit multi-chip processor later that year, and plans for 1,000+ and 4,000+ qubit systems by 2025 and 2027 respectively [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for quantum computing to create significant value, estimating up to $850 billion in annual value creation for end users and technology providers [23] - The company expects revenue for the full year 2022 to be between $12 million and $13 million, with an adjusted EBITDA loss between $50 million and $53 million, citing lower than anticipated new government contract opportunities as a limiting factor [56] Other Important Information - The company has a robust IP portfolio with over 140 patents issued and pending, which supports its competitive edge in the quantum computing space [14] - The company is actively pursuing development contracts with government agencies, including DARPA and the U.S. Department of Energy, to advance its technology [38][39] Q&A Session Summary Question: What is the customer mix between academic and corporate clients? - The business is currently heavily weighted towards development contracts and government customers, which is part of the long-term strategy to build relationships in the public sector [65][66] Question: How is the Aspen-M system performing? - The Aspen-M system is performing well and is the basis for many commercial partnerships, with plans to leverage it further as the company develops its technology [70][71] Question: How does Rigetti differentiate itself from competitors? - Rigetti's strengths lie in its vertical integration and hybrid approach to quantum computing, allowing for faster innovation cycles and a comprehensive service offering [86][88] Question: What are the key performance metrics to monitor for Rigetti? - Progress towards quantum advantage, particularly in quantum machine learning, is a key area to monitor, with expectations for advancements to emerge on an application-by-application basis [91][92] Question: What is the status of the $40 million contract backlog? - A substantial portion of the backlog remains tied to longer-term development contracts, with timing for revenue recognition dependent on government project phases [104][106] Question: What are the bottlenecks affecting the roadmap for future systems? - Higher than anticipated costs and supply chain uncertainties are impacting the timeline for the introduction of the 1,000 and 4,000 qubit systems [111][112]

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-40140 Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION RIGETTI COMPUTING, INC. (Exact name of registrant as specified in its charter) (State or other jurisdiction of inco ...

For the transition period from to Commission file number: 001-40140 SUPERNOVA PARTNERS ACQUISITION COMPANY II, LTD. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) | Cayman Islands | 98-1574 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to________________ SUPERNOVA PARTNERS ACQUISITION COMPANY II, LTD. Not Applicable (Former name or former address, if changed since last report) Securities registered ...

Initial Public Offering (IPO) - The company completed its Initial Public Offering on March 4, 2021, raising gross proceeds of $345.0 million from the sale of 34,500,000 units at $10.00 per unit[118]. - The company incurred offering costs of approximately $19.5 million related to the Initial Public Offering, including $12.1 million for deferred underwriting commissions[118]. - The underwriters received an underwriting discount of $0.20 per unit, totaling approximately $6.9 million, paid upon the closing of the Initial Public Offering[132]. - The company has broad discretion regarding the application of net proceeds from the Initial Public Offering and the Private Placement, primarily intended for consummating a Business Combination[121]. Financial Performance - For the three months ended June 30, 2021, the company reported a net loss of approximately $2.4 million, primarily due to $490,000 in general and administrative expenses and a $2.0 million loss from changes in fair value of derivative warrant liabilities[127]. - As of June 30, 2021, the company had approximately $1.2 million in its operating bank account and working capital of approximately $0.8 million[124]. - The company has determined that its cash flow deficit raises substantial doubt about its ability to continue as a going concern within one year after the issuance of the financial statements[125]. Business Combinations - The company must complete one or more initial Business Combinations with an aggregate fair market value of at least 80% of the assets held in the Trust Account within 24 months from the closing of the Initial Public Offering[122]. - As of June 30, 2021, the company had 31,308,856 Class A ordinary shares subject to possible redemption, classified as temporary equity[135]. Private Placement - The company generated gross proceeds of $8.9 million from the private placement of 4,450,000 warrants at a price of $2.00 per warrant[119]. Risk Management - As of June 30, 2021, the company was not subject to any market or interest rate risk, with net proceeds from the IPO to be invested in U.S. government securities or money market funds[147]. - The company has not engaged in any hedging activities since inception and does not plan to do so regarding market risk[148]. Regulatory Considerations - The company is evaluating the benefits of reduced reporting requirements under the JOBS Act, which may exempt it from certain disclosures for five years post-IPO[146].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to________________ SUPERNOVA PARTNERS ACQUISITION COMPANY II, LTD. (Exact name of registrant as specified in its charter) Cayman Islands 001-40140 98-1574543 (Commission ...