The following is a summary of the Rigetti Computing, Inc. (RGTI) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 2024 revenue was $3.1 million, a slight decrease from $3.3 million in Q2 2023.

• Gross margin for Q2 2024 was 64%, compared to 82% in the same quarter last year, impacted by the nature of contract deliverables.

• Net loss improved to $12.4 million in Q2 2024 from $17 million in Q2 2023, influenced by a beneficial non-cash change in fair value of derivatives.

Business Progress:

• Rigetti is on track with its 84-qubit Ankaa-3 system, aiming for 99%+ 2-qubit gate fidelity by end of 2024.

• Achieved significant technological advancements, demonstrated with the 24-qubit system reaching 99% fidelity.

• Introduced innovative multi-chip architecture for scalable quantum processors, potentially reducing manufacturing complexity.

• Advanced in developing algorithms for quantum optimization, making it feasible to solve large combinatorial problems with fewer qubits.

Opportunities:

• Continued development and anticipated deployment of the 84-qubit Ankaa-3 system, designed to enhance performance and scalability.

• Government and national laboratories are increasingly focusing on quantum technology, promising substantial growth in funded projects and collaborations.

Risks:

• Revenue and gross margin variability as seen with the delivery of a 24-qubit system with lower margins, indicating potential future fluctuations in financial outcomes based on contract specifics and timing.

More details: Rigetti Computing IR

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