Core Insights - Rigetti Computing (RGTI) reported a second-quarter 2025 adjusted loss per share of 5 cents, an improvement from the 7 cents loss per share in the same quarter last year, and exceeded the Zacks Consensus Estimate by 16.7% [1][7] - The company's total revenues were $1.8 million, reflecting a year-over-year decline of 41.6% and missing the Zacks Consensus Estimate by 5.7% [4][7] - Rigetti launched its Cepheus-1-36Q, the largest multi-chip quantum computer, which features a median two-qubit gate fidelity of 99.5%, significantly improving upon its predecessor [6][9] Revenue and Financial Performance - The revenue decline was attributed to the expiration of the U.S. National Quantum Initiative and the pending reauthorization in Congress, with future growth dependent on the renewal of this initiative and sales to government entities [5] - Gross profit fell 71.6% year over year to $0.6 million, with gross margin contracting 3310 basis points to 31.4% due to revenue mix and pricing variability in development contracts [10] - Operating expenses increased, with selling, general and administrative expenses rising 11.6% to $6.9 million and research and development expenses increasing 13.9% to $13.5 million, leading to an operating loss of $19.9 million compared to $16.1 million in the prior-year quarter [11] Financial Position - At the end of the second quarter, Rigetti had cash, cash equivalents, and short-term investments totaling $425.7 million, up from $209.1 million at the end of the first quarter, with no debts on its balance sheet [12] - Cumulative net cash used in operating activities was $29.8 million, compared to $26.7 million a year ago [12] Technology Developments - The Cepheus-1-36Q incorporates proprietary architecture that enhances chip uniformity and reduces manufacturing complexity, with plans for a 100+ qubit chiplet-based system by the end of 2025 [9][14] - The advancements in two-qubit gates and intermodule coupler design are expected to further improve performance [9]

Company Overview - Rigetti Computing, Inc. is a pioneer in hybrid quantum-classical computing and has been operating quantum computers over the cloud since 2017 [4] - The company serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform [4] - Rigetti began selling on-premises quantum computing systems in 2021, with qubit counts ranging from 24 to 84 [4] - The company introduced its 9-qubit Novera™ QPU in 2023, designed for high-performance integration into existing cryogenic and control systems [4] - Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems [4] - The company designs and manufactures its chips in-house at Fab-1, the first dedicated and integrated quantum device manufacturing facility in the industry [4] Upcoming Financial Results - Rigetti will release its second quarter 2025 results on August 12, 2025, after market close [1] - A conference call will be held at 5:00 p.m. ET on the same day to discuss financial results and provide business updates [1] - The call can be accessed via a live audio webcast, with a replay available for one year [2]

Core Insights - Rigetti Computing has achieved a mid-year performance milestone of 99.5% median two-qubit gate fidelity on its modular 36-qubit system, marking a 2x reduction in median two-qubit gate error rate compared to its previous best results on the 84-qubit Ankaa™-3 system [1] - The 36-qubit system, composed of four 9-qubit chiplets, is based on proprietary modular chip technology and is set to launch on August 15, 2025, with plans for a 100+ qubit chiplet-based system by the end of 2025 [1][2] - The company leverages superconducting qubits, which offer gate speeds over 1,000 times faster than other modalities, and has developed proprietary technology to enable scaling to higher qubit count systems [2] Company Overview - Rigetti Computing is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 and serving various clients through its Rigetti Quantum Cloud Services platform [3] - The company began selling on-premises quantum computing systems in 2021, with qubit counts ranging from 24 to 84, and introduced the 9-qubit Novera™ QPU in 2023 to support R&D communities [3] - Rigetti has developed the industry's first multi-chip quantum processor for scalable systems and manufactures its chips in-house at Fab-1, the first dedicated quantum device manufacturing facility [3]

Core Insights - Rigetti Computing has achieved a mid-year performance milestone of 99.5% median two-qubit gate fidelity on its modular 36-qubit system, marking a 2x reduction in median two-qubit gate error rate compared to its previous best results [1] - The 36-qubit system, composed of four 9-qubit chiplets, is based on proprietary modular chip technology and paves the way for a 100+ qubit chiplet-based system, which is expected to be released before the end of 2025 [1][2] - Rigetti plans to launch its 36-qubit system on August 15, 2025, and aims to maintain the same fidelity for the upcoming 100+ qubit system [1] Company Overview - Rigetti Computing is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 and serving various clients through its Rigetti Quantum Cloud Services platform [3] - The company began selling on-premises quantum computing systems in 2021, with qubit counts ranging from 24 to 84, and introduced the 9-qubit Novera™ QPU in 2023 to support R&D [3] - Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems and manufactures its chips in-house at Fab-1, the first dedicated quantum device manufacturing facility [3]

Group 1 - Quantum computing has emerged as a strong investment theme over the past year, with expectations for continued growth [1] - The excitement in the sector was initially driven by Alphabet's announcement of Willow, a high-performance computing chip [1] - Investors have shown significant interest, leading to substantial stock price increases for companies like Rigetti Computing (RGTI) and D-Wave Quantum (QBTS) [2][10] Group 2 - Rigetti Computing (RGTI) is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 and serving various clients through its Quantum Cloud Services platform [4] - RGTI's shares increased significantly after securing important government-funded projects in the U.S. and U.K. [4] - D-Wave Quantum (QBTS) is recognized as a leader in quantum computing systems and was the first commercial supplier of quantum computers, providing applications across various industries [5][10] Group 3 - The technology from D-Wave has been utilized by major organizations, including Mastercard and Lockheed Martin, showcasing its practical applications [6] - Both RGTI and QBTS are considered strong options for investors seeking exposure to quantum computing [8][10] - The trend in quantum computing is expected to remain robust as companies continue to explore and unlock the technology's potential [10]

Core Insights - Rigetti Computing has completed sales of $350 million in gross proceeds from its common stock through an at-the-market equity offering program, bringing its total cash, cash equivalents, and available-for-sale investments to approximately $575 million with no debt [1] - The company plans to utilize the proceeds primarily for working capital, capital expenditures, and general corporate purposes, with potential future investments in strategic collaborations, acquisitions, or partnerships [1] Company Overview - Rigetti Computing is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 and serving a diverse clientele including global enterprises, government, and research institutions through its Rigetti Quantum Cloud Services platform [2] - The company began selling on-premises quantum computing systems in 2021, featuring qubit counts ranging from 24 to 84, and introduced its 9-qubit Novera QPU in 2023 to support the R&D community [2] - Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems and manufactures its chips in-house at Fab-1, the first dedicated and integrated quantum device manufacturing facility [2]

Core 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]

Company Overview - Rigetti Computing, Inc. is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 [2] - The company serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform [2] - In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits [2] - The company's 9-qubit Novera™ QPU was introduced in 2023, designed for high-performance, on-premises use [2] - Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems [2] - The company designs and manufactures its chips in-house at Fab-1, the first dedicated and integrated quantum device manufacturing facility [2] Upcoming Events - Rigetti CEO, Dr. Subodh Kulkarni, will participate in a fireside chat at the 20th Annual Needham Technology, Media & Consumer Conference on May 9, 2025 [1] - The event will be available for live webcast at 1:30 PM ET, with a replay accessible for 90 days post-event [1]

Core Insights - Rigetti Computing has successfully closed a $35 million investment from Quanta Computer, purchasing shares at approximately $11.59 each, as part of a strategic collaboration agreement [1][2] Company Overview - Rigetti Computing is a pioneer in full-stack quantum computing, operating quantum computers over the cloud since 2017 and serving various clients through its Rigetti Quantum Cloud Services platform [2] - The company began selling on-premises quantum computing systems in 2021, with qubit counts ranging from 24 to 84, supporting national laboratories and quantum computing centers [2] - Rigetti introduced its 9-qubit Novera QPU in 2023, designed for high-performance integration into existing cryogenic and control systems [2] - The company has developed the first multi-chip quantum processor for scalable quantum computing systems and manufactures its chips in-house at Fab-1, the first dedicated quantum device manufacturing facility [2] Strategic Collaboration - The collaboration with Quanta is expected to leverage Quanta's expertise in notebook and server manufacturing alongside Rigetti's advancements in superconducting quantum computing, positioning the company at the forefront of the quantum computing industry [2]

Company Overview - Rigetti Computing, Inc. is a pioneer in hybrid quantum-classical computing and has been operating quantum computers over the cloud since 2017 [4] - The company serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform [4] - Rigetti began selling on-premises quantum computing systems in 2021, with qubit counts ranging from 24 to 84 [4] - The company introduced its 9-qubit Novera™ QPU in 2023, designed for high-performance integration into existing cryogenic and control systems [4] - Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems [4] - The company designs and manufactures its chips in-house at Fab-1, the first dedicated and integrated quantum device manufacturing facility [4] Upcoming Financial Results - Rigetti will release its first quarter 2025 results on May 12, 2025, after market close [1] - A conference call will be held on the same day at 5:00 p.m. ET to discuss financial results and provide updates on business operations [1] - Key details for the call include a webcast link and a live call participant registration link [1][2][3]