Rigetti Computing, a quantum computing company, reported a net loss of $20.8 million for the quarter ended March 31, 2024, compared to a net loss of $23.4 million for the same period in the previous year, marking an 11% improvement. The company's revenue increased by 39% to $3.05 million, up from $2.2 million in the prior year's quarter, while cost of revenue rose by 204% to $1.55 million. Operating expenses decreased by 24% to $18.08 million, with research and development costs down 16% and selling, general and administrative expenses down 27%. Rigetti also incurred a $1.0 million restructuring charge related to a workforce reduction of approximately 28%, impacting 50 employees. The company has been focusing on its updated business strategy and technology roadmap, which includes the launch of the Ankaa 84-qubit Ankaa™-2 system and plans...Show More

Rigetti Computing, a quantum computing company, reported a net loss of $20.8 million for the quarter ended March 31, 2024, compared to a net loss of $23.4 million for the same period in the previous year, marking an 11% improvement. The company's revenue increased by 39% to $3.05 million, up from $2.2 million in the prior year's quarter, while cost of revenue rose by 204% to $1.55 million. Operating expenses decreased by 24% to $18.08 million, with research and development costs down 16% and selling, general and administrative expenses down 27%. Rigetti also incurred a $1.0 million restructuring charge related to a workforce reduction of approximately 28%, impacting 50 employees. The company has been focusing on its updated business strategy and technology roadmap, which includes the launch of the Ankaa 84-qubit Ankaa™-2 system and plans to improve QPU performance and develop a 336-qubit system named Lyra. Despite these developments, Rigetti anticipates the need for additional capital by midway through the fourth quarter of 2025 to fund ongoing research and development efforts. The company's financial position may be affected by macroeconomic conditions, including inflation, interest rate changes, and geopolitical events.