Rigetti(RGTI) - 2024 Q4 - Annual Results

Financial and Business Highlights Rigetti reported Q4 revenues of $2.3 million and full-year revenues of $10.8 million, securing a strategic collaboration with Quanta Computer and ending 2024 with $217.2 million in cash after a significant capital raise Key Financial Metrics | Financial Metric | Q4 2024 | Full-Year 2024 | | :--- | :--- | :--- | | Revenues | $2.3 million | $10.8 million | | Operating Expenses | $19.5 million | $74.2 million | | Operating Loss | $18.5 million | $68.5 million | | Net Loss | $153.0 million | $201.0 million | | Cash, Cash Equivalents & Securities (as of Dec 31, 2024) | - | $217.2 million | - Entered a strategic collaboration with Quanta Computer, with each company committing to invest over $100 million over five years, and Quanta investing $35 million to purchase Rigetti common stock[3] - Sold a Novera QPU to Montana State University in December 2024, marking the company's first QPU sale to an academic institution[5] - Raised $153.3 million in net proceeds during Q4 2024 from stock offerings and fully prepaid all amounts owed under its loan agreement with Trinity Capital, Inc[7] Technology and Research Developments Rigetti launched the 84-qubit Ankaa-3 system with 99.5% median fidelity, demonstrated AI-powered QPU calibration, and published joint research on optical readout for superconducting qubits - Launched the 84-qubit Ankaa-3 system in December 2024, achieving a 99.0% median iSWAP gate fidelity and demonstrating 99.5% median fidelity with fSim gates[6] - Successfully demonstrated AI-powered remote calibration of a 9-qubit Novera™ QPU in collaboration with Quantum Elements and Qruise, highlighting the potential of AI to improve quantum computing capabilities[9] - Joint research with QphoX and Qblox, published in Nature Physics, demonstrated the ability to read out superconducting qubits using an optical transducer, which could offer a more compact and scalable approach compared to current microwave-based techniques[12] Financial Statements Rigetti's 2024 financial statements show increased cash and total assets due to financing activities, despite a $201.0 million net loss primarily from non-cash charges Consolidated Balance Sheets Rigetti's total assets increased to $284.8 million in 2024, driven by cash and investments, while total liabilities grew to $158.2 million due to derivative warrant and earn-out liabilities Consolidated Balance Sheet Summary (in thousands) | Balance Sheet Item (in thousands) | Dec 31, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | Total Current Assets | $206,758 | $107,667 | | Cash and cash equivalents | $67,674 | $21,392 | | Total Assets | $284,787 | $159,913 | | Total Current Liabilities | $11,867 | $29,052 | | Derivative warrant liabilities | $93,095 | $2,927 | | Earn-out liabilities | $45,897 | $2,155 | | Total Liabilities | $158,198 | $50,325 | | Total Stockholders' Equity | $126,589 | $109,588 | Consolidated Statements of Operations Rigetti's 2024 revenue decreased to $10.8 million, with an operating loss of $68.5 million, and a widened net loss of $201.0 million due to non-cash charges Consolidated Statements of Operations Summary (in thousands) | Income Statement (in thousands) | Q4 2024 | Q4 2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $2,274 | $3,376 | $10,790 | $12,008 | | Gross Profit | $1,003 | $2,516 | $5,697 | $9,208 | | Loss from Operations | $(18,494) | $(17,207) | $(68,510) | $(72,295) | | Net Loss | $(152,961) | $(12,572) | $(200,988) | $(75,107) | | Net Loss per Share | $(0.68) | $(0.09) | $(1.09) | $(0.57) | Consolidated Statements of Cash Flow Net cash used in operating activities was $50.6 million and investing activities was $78.4 million, offset by $175.5 million from financing activities, resulting in a $46.3 million net cash increase Consolidated Statements of Cash Flow Summary (in thousands) | Cash Flow (in thousands) | Year Ended Dec 31, 2024 | Year Ended Dec 31, 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(50,627) | $(50,579) | | Net cash (used in) provided by investing activities | $(78,362) | $773 | | Net cash provided by financing activities | $175,459 | $13,230 | | Net increase (decrease) in cash | $46,282 | $(36,496) | | Cash and cash equivalents – end of period | $67,674 | $21,392 |