Rigetti(RGTI) - 2025 Q2 - Quarterly Results

Rigetti Second Quarter 2025 Results Overview This section provides an overview of Rigetti's financial performance, technological advancements, and business developments for Q2 2025 Financial Highlights For the second quarter ended June 30, 2025, Rigetti reported total revenues of $1.8 million and a net loss of $39.7 million, significantly impacted by a $22.8 million non-cash loss, ending the quarter with a strong cash position of $571.6 million Q2 2025 Financial Highlights (Three Months Ended June 30, 2025) | Metric | Value (USD) | | :--- | :--- | | Total Revenues | $1.8 million | | Total Operating Expenses | $20.4 million | | Operating Loss | $19.9 million | | Net Loss | $39.7 million | | Cash, Cash Equivalents & Investments | $571.6 million | - The net loss for Q2 2025 includes a significant non-cash loss of $22.8 million from the fair value change in derivative warrant and earn-out liabilities[7] Technology Update Rigetti announced the general availability of its Cepheus™-1-36Q, the industry's largest multi-chip quantum computer, demonstrating significant performance improvements and planning a 100+ qubit system by end of 2025 - The 36-qubit multi-chip quantum computer, Cepheus-1-36Q, is now generally available on the Rigetti Quantum Cloud Services Platform (QCS®) and will be available on Microsoft Azure[4] - Cepheus-1-36Q achieved a 2x reduction in two-qubit gate error rate compared to the previous Ankaa™-3 system, reaching a median two-qubit gate fidelity of 99.5%[4][5] - Key technological features contributing to performance include a proprietary chiplet-based architecture, faster two-qubit gates, and an enhanced intermodule coupler design[8] - Rigetti plans to release a 100+ qubit chiplet-based system at 99.5% median two-qubit gate fidelity before the end of 2025[9] Business Update During the second quarter of 2025, Rigetti significantly strengthened its financial position by completing a $350 million equity offering, holding approximately $571.6 million in cash, cash equivalents, and investments with no debt - Completed an at-the-market equity offering with $350 million in gross proceeds during Q2 2025[10] - As of June 30, 2025, the company had approximately $571.6 million in cash, cash equivalents, and available-for-sale investments with no debt[10] - Proceeds are intended for working capital, capital expenditures, and potential strategic collaborations or acquisitions[11] Financial Statements This section presents Rigetti's condensed consolidated balance sheets, statements of operations, and statements of cash flows Condensed Consolidated Balance Sheets As of June 30, 2025, Rigetti's total assets increased significantly to $636.7 million from $284.8 million at the end of 2024, driven by a substantial rise in cash and available-for-sale investments, while total liabilities decreased to $83.4 million, leading to total stockholders' equity growing to $553.3 million Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $57,183 | $67,674 | | Total current assets | $433,579 | $206,758 | | Total assets | $636,690 | $284,787 | | Total current liabilities | $10,430 | $11,867 | | Total liabilities | $83,427 | $158,198 | | Total stockholders' equity | $553,263 | $126,589 | Condensed Consolidated Statements of Operations For the three months ended June 30, 2025, Rigetti's revenue decreased to $1.8 million from $3.1 million in the same period of 2024, resulting in a net loss of $39.7 million, or ($0.13) per share, primarily due to a $22.8 million non-cash charge and higher operating expenses Statement of Operations Summary (in thousands, except per share data) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Revenue | $1,801 | $3,086 | | Gross Profit | $566 | $1,990 | | Loss from Operations | $(19,882) | $(16,085) | | Net Loss | $(39,654) | $(12,421) | | Net Loss Per Share - basic | $(0.13) | $(0.07) | Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2025, net cash used in operating activities was $29.8 million, investing activities used $369.7 million, and financing activities provided $389.1 million, resulting in a net decrease in cash and cash equivalents of $10.5 million Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(29,820) | $(26,656) | | Net cash used in investing activities | $(369,732) | $(7,033) | | Net cash provided by financing activities | $389,095 | $33,093 | | Net decrease in cash and cash equivalents | $(10,491) | $(708) | | Cash and cash equivalents – end of period | $57,183 | $20,684 | Other Information This section provides details on the upcoming conference call and important cautionary language regarding forward-looking statements Conference Call and Webcast Rigetti will host a conference call and webcast on August 12, 2025, at 5:00 pm ET to discuss its second quarter 2025 financial results, with participation and access details provided - A conference call to discuss Q2 2025 financial results is scheduled for August 12, 2025, at 5:00 pm ET[12] - Instructions for accessing the live audio webcast and replay are available on the company's Investor Relations website[13] Cautionary Language Concerning Forward-Looking Statements This section contains standard cautionary language regarding forward-looking statements, advising readers that future expectations are subject to various risks and uncertainties that could cause actual results to differ materially - The report includes forward-looking statements regarding future performance, technology roadmap, and use of capital, which are inherently uncertain[17] - Readers are cautioned not to place undue reliance on these statements and are directed to the company's SEC filings for a detailed discussion of risks and uncertainties[17]