Rigetti Computing Inc. ( (RGTI) ) has released its Q3 earnings. Here is a breakdown of the information Rigetti Computing Inc. presented to its investors.
Rigetti Computing Inc., a leader in full-stack quantum-classical computing, focuses on developing quantum computing technology and operates in the technology sector. The company has released its third-quarter 2024 financial results, highlighting its ongoing technological advancements and financial performance.
For the third quarter of 2024, Rigetti Computing reported total revenues of $2.4 million, with total operating expenses amounting to $18.6 million, leading to an operating loss of $17.3 million. The net loss for the quarter was reported at $14.8 million. Despite the losses, the company maintains strong liquidity with cash, cash equivalents, and securities totaling $92.6 million.
Rigetti has made significant strides in its technology roadmap, planning to introduce a modular system architecture in 2025 with an anticipated release of a 36-qubit system and a 100+ qubit system by the end of the year. The company is also on track to develop its Ankaa™-3 system by the end of 2024. Notably, Rigetti’s novel chip fabrication process, ABAA, enhances qubit performance and scalability, crucial for future advancements in quantum computing.
Looking forward, Rigetti Computing remains committed to advancing quantum computing technology and achieving its strategic goals. The company’s focus on developing scalable and high-performing quantum processors positions it to potentially gain a competitive edge in the burgeoning quantum computing industry.
