Rigetti(US:RGTI)2024-11-12 11:30Financial Performance - Total revenues for Q3 2024 were $2.4 million, while total operating expenses were $18.6 million, resulting in an operating loss of $17.3 million and a net loss of $14.8 million[2]. - Total revenue for the three months ended September 30, 2024, was $2,378,000, a decrease of 23.4% compared to $3,105,000 for the same period in 2023[21]. - Gross profit for the nine months ended September 30, 2024, was $4,694,000, down 30.0% from $6,692,000 in the prior year[21]. - Operating expenses for the three months ended September 30, 2024, totaled $18,550,000, a decrease of 2.9% from $19,103,000 in the same period last year[21]. - Net loss for the nine months ended September 30, 2024, was $48,027,000, an improvement from a net loss of $62,535,000 for the same period in 2023[22]. - Cash and cash equivalents at the end of the period were $20,286,000, down from $21,392,000 at the beginning of the period[22]. - The company reported a net cash used in operating activities of $42,083,000 for the nine months ended September 30, 2024, compared to $38,158,000 for the same period in 2023[22]. - Total liabilities decreased to $34,412,000 as of September 30, 2024, from $50,325,000 at December 31, 2023, representing a reduction of 31.6%[20]. - The total stockholders' equity increased to $122,838,000 as of September 30, 2024, from $109,588,000 at December 31, 2023[20]. - The company issued 191,958,045 shares as of September 30, 2024, compared to 147,066,336 shares at December 31, 2023[20]. Quantum Computing Developments - The company plans to release a 36-qubit system in mid-2025 with a targeted 99.5% median 2-qubit fidelity, followed by a system with over 100 qubits by the end of 2025[3]. - Rigetti aims to achieve a 99+% median 2-qubit gate fidelity for its 84-qubit Ankaa™-3 system by the end of 2024[4]. - The company demonstrated tiling of 9-qubit chips at 99.4% 2-qubit median fidelity without performance deterioration in Q3 2024[6]. - Rigetti's new ABAA technique allows for precise targeting of qubit frequencies, improving execution of 2-qubit gates and reducing defects[11][12]. - The National Quantum Computing Centre (NQCC) opened a facility on October 25, 2024, featuring a fully operational 24-qubit Ankaa-class system for research and testing[13][14]. - Rigetti's Novera™ QPU is co-located at the Israeli Quantum Computing Center, facilitating research in qubit characterization and hybrid quantum algorithms[9]. - The company is collaborating with Riverlane to advance quantum error correction (QEC) technology, essential for developing fault-tolerant quantum computers[7][8]. - Rigetti's quantum computing systems are designed to integrate with current CPUs/GPUs, achieving system gate speeds of 60-80 ns, significantly faster than other modalities[5].