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10-Q: Q3 2024 Earnings Report

SEC ·  Nov 12 08:48

Summary by Moomoo AI

Rigetti Computing, a company specializing in quantum computing, reported a net loss of $48.0 million for the nine months ended September 30, 2024, compared to a net loss of $62.5 million for the same period in 2023. The company's revenue decreased slightly by $116,000 year-on-year for the nine-month period, with a more significant decrease of $727,000 for the three-month period ended September 30, 2024. Despite the losses, Rigetti has been actively developing its business, launching the Ankaa 84-qubit Ankaa™-2 system and planning to introduce new quantum processors and systems in the coming years. The company's future plans include achieving at least 99% 2-qubit gate fidelity on an anticipated Ankaa-3 84-qubit system by the end of 2024 and releasing a 36-qubit system by mid-year 2025. Rigetti...Show More
Rigetti Computing, a company specializing in quantum computing, reported a net loss of $48.0 million for the nine months ended September 30, 2024, compared to a net loss of $62.5 million for the same period in 2023. The company's revenue decreased slightly by $116,000 year-on-year for the nine-month period, with a more significant decrease of $727,000 for the three-month period ended September 30, 2024. Despite the losses, Rigetti has been actively developing its business, launching the Ankaa 84-qubit Ankaa™-2 system and planning to introduce new quantum processors and systems in the coming years. The company's future plans include achieving at least 99% 2-qubit gate fidelity on an anticipated Ankaa-3 84-qubit system by the end of 2024 and releasing a 36-qubit system by mid-year 2025. Rigetti also plans to develop a 336-qubit system called Lyra™. In February 2023, the company underwent a strategic shift, resulting in a workforce reduction of approximately 28% to focus on nearer-term priorities. Rigetti anticipates the need for additional capital to fund its research and development efforts and has taken steps to secure funding, including entering into an ATM Sales Agreement for the sale of up to $100 million of common stock. The company's financial condition has been affected by macroeconomic conditions, including inflation and rising interest rates, which may impact future operations and capital requirements.

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