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8-K: Rigetti Computing Reports Third Quarter 2024 Financial Results and Business Updates

SEC ·  Nov 12 22:48

Summary by Moomoo AI

On November 12, 2024, Rigetti Computing, Inc., a Delaware-based company specializing in full-stack quantum-classical computing, reported its financial results for the third quarter ending September 30, 2024. The company disclosed total revenues of $2.4 million, operating expenses of $18.6 million, resulting in an operating loss of $17.3 million and a net loss of $14.8 million for the quarter. As of the end of the quarter, Rigetti had cash, cash equivalents, and available-for-sale securities totaling $92.6 million. Alongside the financial results, Rigetti announced updates to its technology roadmap, including plans to introduce a new modular system architecture in 2025, the release of a 36-qubit system by mid-year 2025, and a system with over 100 qubits by the end of 2025. The company also remains on track to deploy...Show More
On November 12, 2024, Rigetti Computing, Inc., a Delaware-based company specializing in full-stack quantum-classical computing, reported its financial results for the third quarter ending September 30, 2024. The company disclosed total revenues of $2.4 million, operating expenses of $18.6 million, resulting in an operating loss of $17.3 million and a net loss of $14.8 million for the quarter. As of the end of the quarter, Rigetti had cash, cash equivalents, and available-for-sale securities totaling $92.6 million. Alongside the financial results, Rigetti announced updates to its technology roadmap, including plans to introduce a new modular system architecture in 2025, the release of a 36-qubit system by mid-year 2025, and a system with over 100 qubits by the end of 2025. The company also remains on track to deploy its 84-qubit Ankaa™-3 system by the end of 2024. Rigetti's CEO highlighted the company's progress in quantum computing technology, including the development of a 9-qubit chip with 99.4% 2-qubit median fidelity and the demonstration of tiling 9-qubit chips without performance deterioration. The company also discussed its collaboration with Riverlane on quantum error correction (QEC) and the co-location of its Novera™ QPU at the Israeli Quantum Computing Center (IQCC). Additionally, Rigetti introduced a novel chip fabrication technique, ABAA, aimed at precisely targeting qubit frequencies. The National Quantum Computing Centre (NQCC) opened a new facility featuring a fully operational 24-qubit Ankaa-class system from Rigetti. The company held a conference call on the same day to discuss the quarterly results and updates.

This announcement is a separate document:

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