Rigetti(US:RGTI) Globenewswire·2025-05-12 20:05Core Insights - Rigetti Computing, Inc. reported its financial results for Q1 2025, highlighting significant government-funded projects and advancements in quantum computing technology [1][2][3] Financial Highlights - Total revenues for Q1 2025 were $1.5 million, a decrease from $3.1 million in Q1 2024 [7][23] - Total operating expenses for Q1 2025 were $22.1 million, compared to $18.1 million in Q1 2024 [7][23] - The operating loss for Q1 2025 was $21.6 million, up from a loss of $16.6 million in Q1 2024 [7][23] - Net income for Q1 2025 was $42.6 million, which includes $62.1 million of non-cash gains from changes in fair value of derivative warrant and earn-out liabilities [7][23] - As of March 31, 2025, cash, cash equivalents, and available-for-sale investments totaled $209.1 million, increasing to $237.7 million by April 30, 2025 [7][9] Recent Business Developments - Rigetti was selected to participate in DARPA's Quantum Benchmarking Initiative, advancing to Stage A with a potential value of up to $1 million [4] - The company received a $5.48 million AFOSR award to develop its chip fabrication technology, collaborating with several academic institutions [5] - Rigetti was awarded £3.5 million in Innovate UK Quantum Mission Pilot Awards to enhance quantum error correction capabilities [6] Technical Updates - Rigetti successfully demonstrated the integration of a hybrid microwave-optical quantum transducer with a superconducting qubit, enabling optical control and promising scalability [12] - The company leveraged its new quantum optimization algorithm, quantum preconditioning, to improve classical optimizers for energy grid problems, showcasing practical applications of quantum computing [13] Strategic Collaborations - Rigetti closed a $35 million investment from Quanta Computer, enhancing its strategic collaboration [9] - Collaborations with various institutions aim to create an open-architecture quantum computing testbed and improve quantum error correction [18]