Rigetti Computing, a quantum computing company, reported a net loss of $75.1 million for the year ended December 31, 2023, compared to a net loss of $71.5 million for the previous year. The company's accumulated deficit reached $353.8 million. Despite the losses, Rigetti has been developing its technology and market presence. The company launched the Ankaa-2 system, achieving a 2.5x performance improvement with 98% median 2-qubit fidelity. Rigetti plans to continue improving its Quantum Processing Units (QPUs) and aims to reach at least 99% 2-qubit gate fidelity by the end of 2024. The company also launched Novera, its first commercially available QPU. Rigetti's business model focuses on revenue from QPU sales and Quantum Computing as a Service (QCaaS) products, although the majority of current revenues come from...Show More

Rigetti Computing, a quantum computing company, reported a net loss of $75.1 million for the year ended December 31, 2023, compared to a net loss of $71.5 million for the previous year. The company's accumulated deficit reached $353.8 million. Despite the losses, Rigetti has been developing its technology and market presence. The company launched the Ankaa-2 system, achieving a 2.5x performance improvement with 98% median 2-qubit fidelity. Rigetti plans to continue improving its Quantum Processing Units (QPUs) and aims to reach at least 99% 2-qubit gate fidelity by the end of 2024. The company also launched Novera, its first commercially available QPU. Rigetti's business model focuses on revenue from QPU sales and Quantum Computing as a Service (QCaaS) products, although the majority of current revenues come from development contracts. The company anticipates this will remain a significant revenue source in the near term. Rigetti implemented a workforce reduction in February 2023, affecting 50 employees or 28% of its workforce, as part of a strategic realignment. The company incurred a $1.0 million restructuring charge for severance and healthcare coverage. Rigetti's cash, cash equivalents, and marketable securities are expected to fund operations into the third quarter of 2025, but additional capital will be needed to support research and development efforts. The company's stock began trading on The Nasdaq Capital Market under the symbol 'RGTI' on March 2, 2022.