Financial Data and Key Metrics Changes - For Q4 2025, revenue was $1.9 million, down from $2.3 million in Q4 2024, influenced by system delivery timing and government contract activity [18] - Gross margins for Q4 were 35%, compared to 44% in the same period last year, primarily driven by contract mix [18][19] - Total operating expenses for Q4 were $23.2 million, up from $19.5 million in Q4 2024, with R&D spending concentrated on engineering and system integration [19][20] - GAAP net loss for Q4 2025 was lower than the previous year, while non-GAAP net loss was $11.3 million or $0.03 per share, compared to a net loss of $14 million or $0.06 per share in Q4 2024 [21] Business Line Data and Key Metrics Changes - The company achieved a 2-qubit gate fidelity of 99.9% at a gate speed of 28 nanoseconds, maintaining 99.9% 1-qubit gate fidelity [7][37] - Multiple systems were deployed to the cloud, including an 84-qubit monolithic chip system and a 36-qubit chiplet-based system [8] - The company received an $8.4 million order from India's C-DAC for a 108-qubit on-premises quantum computer, scheduled for deployment in H2 2026 [10] Market Data and Key Metrics Changes - Increased demand for on-premises quantum systems, particularly from national governments and research institutions [9] - The company is expanding into Japan with a purchase order for a Novera QPU scheduled for delivery in April 2026 [11] Company Strategy and Development Direction - The company focuses on superconducting gate-based quantum computing, emphasizing speed and scalability as key advantages [6] - The strategy includes achieving true quantum advantage, defined as outperforming classical systems on practical workloads [14] - The company plans to deploy a system with more than 150 qubits by the end of 2026, targeting 99.7% median two-qubit gate fidelity [15][92] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving quantum advantage within approximately three years, emphasizing the importance of precision and credibility in timelines [15] - The company exited the year with approximately $590 million in cash, providing flexibility to execute its roadmap [17] - Management highlighted the importance of patience and technical rigor in the long-term development of quantum computing [17] Other Important Information - The company operates Fab-1, the first dedicated quantum device manufacturing facility, which is seen as a competitive advantage [9] - The company is open to M&A opportunities that could accelerate its roadmap but does not rely on acquisitions for its core strategy [24][59] Q&A Session Summary Question: What are the key remaining gating items to deliver the 108-qubit system as a customer-ready system? - Management confirmed they are on track to deploy the 108-qubit system by the end of March, addressing interactions between tunable couplers [27][28] Question: Would the company consider offering foundry or manufacturing capacity to others in the quantum computing industry? - Management stated they already offer Fab-1 as a foundry to select customers, including government entities [29] Question: Can you clarify the fidelity levels for the 108-qubit system upon launch? - Management confirmed 1-qubit gate fidelity will be 99.9% and 2-qubit gate fidelity will be about 99.5% [33][34] Question: What is the status of the DARPA collaboration? - Management expressed confidence in progressing to Phase B of the DARPA program by the end of the year [38] Question: What is the expected gross margin for the Novera and C-DAC systems? - Management refrained from disclosing specific gross margins for competitive reasons but indicated that margins for Novera systems with dilution refrigeration would be lower [46][47] Question: What is the company's stance on government funding initiatives? - Management noted ongoing discussions at the U.S. government level for quantum computing support and highlighted existing funding from the DoD [67][68]

Summary of Rigetti Computing Conference Call Company Overview - Rigetti Computing is a pioneer in full-stack quantum computing, operating superconducting quantum computers since 2017 through a cloud services platform and selling on-premise quantum computers since 2021 [2][8] - The company developed the first multichip processor in the industry and manufactures superconducting quantum processing units (QPUs) in-house at a dedicated facility [2] Core Industry Insights - Quantum computing is an emerging technology that fundamentally differs from classical computing by using qubits instead of bits, allowing for exponential computing capabilities and lower energy consumption [5][6] - Rigetti focuses on gate-based quantum computing, which is expected to dominate the industry, while acknowledging niche applications for other modalities like annealing [12][14] Technological Advantages - The advantages of superconducting technology include scalability and gate speed, with Rigetti's gate speeds comparable to current CPU and GPU technologies [16][17] - Recent advancements have improved two-qubit gate fidelity to 99.5%, with a target of reaching 99.8% to enable commercial applications [24][25] Roadmap and Future Goals - Rigetti aims to demonstrate a quantum computer with over 100 qubits and maintain high fidelity in 2024, with plans to increase qubit count and fidelity in subsequent years [27] - The company is pursuing a modular chiplet architecture to facilitate scaling, which has shown promising results in initial deployments [28][34] Quantum Networking and Error Correction - Rigetti believes in a hybrid computing model where quantum computers coexist with classical systems, rather than requiring a separate quantum network [41][42] - The company is collaborating with Riverlane to develop real-time error correction codes, which are critical for future quantum computing applications [46][51] Strategic Partnerships - Rigetti has formed a strategic partnership with Quanta Computer, which includes a $35 million investment and a commitment of $250 million over five years for non-quantum hardware development [82][86] - This partnership is aimed at enhancing Rigetti's manufacturing capabilities and reducing R&D costs as the business scales [85] Government Funding and Legislative Updates - The National Quantum Computing Act is pending reauthorization, which is crucial for long-term funding and support for quantum initiatives [90][92] - Rigetti has secured funding from DARPA and the Air Force Research Lab, indicating strong government interest in quantum technologies [93] Conclusion - Rigetti Computing is positioned at the forefront of quantum computing technology, focusing on scalability, fidelity, and strategic partnerships to drive future growth and commercialization [95]