Financially, the content is not bad.

BERKELEY, California, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or “the Company”), a pioneer in full-stack quantum-classical computing, today announced its performance results for the third quarter ending September 30, 2024, and the latest information on the business including updates to the technology roadmap.

Financial Highlights for the 3rd quarter of 2024

Total revenue for the three months ended September 30, 2024 was 2.4 million dollars.
Total operating expenses for the three months ended September 30, 2024 were 18.6 million dollars.
Operating loss for the three months ended September 30, 2024 was 17.3 million dollars.
Net loss for the three months ended September 30, 2024 was 14.8 million dollars.
As of September 30, 2024, the total of cash, cash equivalents, and marketable securities available for sale was 92.6 million dollars.
Latest information on technology

Update on the roadmap
The company plans to introduce a new modular system architecture in 2025. By mid-2025, the company is planning to release a 36-qubit system consisting of four 9-qubit chips tiled. The system aims to achieve a fidelity of 99.5% for 2-qubit gates. By the end of 2025, the company plans to release a system with 100 qubits or more, targeting a fidelity of 99.5% for 2-qubit gates. Rigetti is then planning to develop a Lyra™ system with 336 qubits.

Rigetti is progressing smoothly towards the development and introduction of the planned 84-qubit Ankaa™-3 system by the end of 2024, with a target fidelity of 99% or higher for 2-qubit gate fidelity.

There are many advantages to using superconducting qubits, such as being manufactured using established semiconductor design and manufacturing technologies. Additionally, superconducting qubits offer faster gate operations compared to other qubit modalities. Rigetti's system gate speeds consistently achieve active periods of 60 to 8 nanoseconds, making it four orders of magnitude faster than other modalities such as ion traps or pure atoms. System speed is a key factor in enabling current CPU/GPU hybrid computing. infrastructure.

"We have spent years optimizing the performance of the larger 84-qubit Ankaa™ chip, honing multi-chip scaling technology, and have successfully manufactured a 9-qubit chip with a central fidelity of 99.4% without degrading performance. In the third quarter of this year, we demonstrated our ability to tile 9-qubit chips without sacrificing performance," said Dr. Subodh Kulkarni, CEO of Rigetti. "The expected 4-chip 36-qubit system will be the most ambitious multi-chip QPU architecture in the market, a significant milestone for both Rigetti and the quantum computing industry. Our approach of mirroring a multi-chip architecture for advanced applications using CMOS is supported by the recently announced Alternating Bias Assisted Annealing (ABAA) technology, which precisely targets the quantum bit frequency required for high fidelity. Our ABAA technology combined with multi-chip architecture will be the cornerstone of the scaling strategy when transitioning to the development of systems with higher numbers of quantum bits."

Demonstration of real-time and low-latency QEC using superconducting qubits.
Quantum Error Correction (QEC) is essential for quantum computers to achieve the accuracy required to unleash their full potential. Rigetti, in collaboration with Riverlane, is deepening its understanding of building fault-tolerant quantum computers using QEC technology.

In a recent joint paper by Rigetti and Riverlane titled "Demonstration of real-time and low-latency quantum error correction using superconducting qubits," the method of achieving real-time and low-latency quantum error correction, which is essential for developing fault-tolerant quantum computers, was demonstrated by integrating Riverlane's quantum error decoder into Rigetti's 84-qubit Ankaa-2 system control system.

Novela QPU is co-located at the Israel Quantum Computing Center.

Rigetti believes that its 9-qubit Novera™ QPU is ideal for experiments in various research fields such as quantum bit characterization and hybrid quantum algorithms. Rigetti is pleased to have installed the Novera QPU at the Israel Quantum Computing Center (IQCC) along with Quantum Machines' OPX1000 control system and NVIDIA's Grace-Hopper superchip server, making it available for partners to use in research and experiments. This setup was recently utilized for a reinforcement learning project and presented at IEEE Quantum Week 2024 in September. The demo focused on optimizing single quantum bit operations on the Novera QPU, showcasing an interesting use case for quantum machine learning development.

New chip manufacturing processes for scalable and high-performance QPUs.
We believe that quantum computers capable of addressing real-world problems will require hundreds to thousands of high-performance quantum bits. Since quantum bits are sensitive to noise and other external factors, a key element for expanding systems with many quantum bits is to improve control over the materials, design, and environment of quantum bits. In August 2024, Rigetti introduced a new chip manufacturing technology calledABAA, which can precisely target the quantum bit frequency before packaging the chip. This technology applies a series of low alternating voltages at room temperature to the junctions forming the quantum bits. Unlike more complicated solutions to frequency adjustment issues that often require laser trimming of the chip, ABAA is a simple and scalable process.

By leveraging ABAA, the company found that the execution of 2-qubit gates is improved, defects are reduced, and both lead to an increase in fidelity.

The company is manufacturing chips for the Novera QPU and the upcoming Ankaa-3 system utilizing the ABAA technology.

Business Update

NQCC has opened a landmark facility including fully operational Rigetti QPU.
The National Quantum Computing Center (NQCC) officially opened its landmark facility at the Harwell Campus on October 25, 2024.

This facility will support world-class quantum computing research and provide state-of-the-art laboratories for the design, construction, and testing of quantum computers. The cutting-edge facility includes a fully operational 24 quantum bit Ankaa-class system, allowing NQCC researchers to test, benchmark, and explore applications.

About Rigetti
Rigetti is a pioneer in full-stack quantum computing. Since 2017, the company has been operating quantum computers in the cloud and providing services to customers worldwide, including businesses, governments, and research institutions, through the Rigetti Quantum Cloud Services platform. Their proprietary quantum-classical infrastructure offers high-performance integration between public and private clouds for practical quantum computing. Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems. The company designs and manufactures its own chips in Fab-1, the industry's first dedicated integrated quantum device manufacturing facility.