Rigetti(US:RGTI)2025-03-07 21:05Financial Performance - For the year ended December 31, 2024, the company reported revenue of $10.79 million, a decrease of 10% compared to $12.01 million in 2023[475]. - The net loss for the year ended December 31, 2024, was $200.99 million, significantly higher than the net loss of $75.11 million in 2023, representing a 168% increase in losses[475]. - The company has an accumulated deficit of $554.7 million as of December 31, 2024[457]. - The company expects to continue incurring losses as it invests in research and development and infrastructure[457]. - The company reported a total comprehensive loss of $201,127,000 for 2024, compared to a total comprehensive loss of $74,702,000 in 2023[566]. - The net loss for the year ended December 31, 2024, was $200.988 million, compared to a net loss of $75.107 million in 2023, indicating a significant increase in losses[571]. - Cash flows from operating activities resulted in a net cash used of $50.627 million in 2024, slightly higher than the $50.579 million used in 2023[571]. Revenue and Expenses - Revenue from Quantum Computing as a Service (QCaaS) decreased by $2.0 million in 2024, contributing to the overall revenue decline[476]. - Gross profit for 2024 was $5,697,000, down 38.4% from $9,208,000 in 2023[563]. - Total operating expenses decreased to $74,207,000 in 2024 from $81,503,000 in 2023, reflecting a reduction of 9.0%[563]. - Research and development expenses decreased by $3.0 million for the year ended December 31, 2024, largely due to a $0.9 million decrease in salaries and a $2.8 million decrease in IT costs[481][482]. - Selling, general and administrative expenses decreased by $3.3 million for the year ended December 31, 2024, primarily due to prior year expenses related to a forward agreement and impairment charges[484][485]. - Interest expenses decreased by $2.5 million for the year ended December 31, 2024, due to regular principal repayments and the full repayment of outstanding debt in December 2024[489]. Cash Flow and Financing - Cash used in investing activities totaled $78.4 million for the year ended December 31, 2024, primarily due to $224.8 million in purchases of available-for-sale securities[512]. - Cash provided by financing activities totaled $175.5 million for the year ended December 31, 2024, reflecting proceeds from multiple stock offerings[515]. - The company reported a net cash provided by financing activities of $175.459 million in 2024, a substantial increase from $13.230 million in 2023[571]. - Cash and cash equivalents increased significantly to $67,674,000 in 2024 from $21,392,000 in 2023, a growth of 216.5%[561]. - The company purchased available-for-sale securities totaling $224.764 million in 2024, compared to $109.252 million in 2023[571]. Future Plans and Investments - The company plans to release a 36-qubit system by mid-2025, targeting a 2x reduction in error rates from those achieved at the end of 2024[459]. - The company entered into a Collaboration Agreement with Quanta, committing to invest at least $250 million over the next five years in quantum computing[463]. - The company anticipates that R&D expenditures will grow in the future as it focuses on its technology roadmap and achieving broad quantum advantage[483]. Assets and Liabilities - Total assets rose to $284,787,000 in 2024, up 78.1% from $159,913,000 in 2023[561]. - Total liabilities increased to $158,198,000 in 2024, compared to $50,325,000 in 2023, marking a rise of 214.5%[561]. - The fair value of the derivative liability for Private Warrants was $22.8 million as of December 31, 2024, up from $1.6 million in 2023[530]. - The fair value of the derivative liability for Public Warrants was $70.3 million as of December 31, 2024, compared to $1.3 million in 2023[531]. - The Company had derivative warrant liabilities totaling $70.265 million for public warrants and $68.727 million for private warrants as of December 31, 2024[646]. Accounting and Reporting - The Company remains classified as an emerging growth company under the JOBS Act, allowing it to delay the adoption of certain accounting standards[545]. - The Company has recorded a full valuation allowance against its deferred tax assets as of December 31, 2024, and December 31, 2023[626]. - The Company adopted ASU No. 2023-07, effective for the year ended December 31, 2024, which requires additional disclosures regarding reportable segment expenses[638]. - The Company is evaluating the impact of ASU 2022-03 and ASU 2023-09, effective for annual periods beginning after December 15, 2024, on its consolidated financial statements[639][640].