The earnings call highlighted strategic partnerships, technology launches, and advancements in quantum computing, indicating positive progress. However, financial metrics such as revenue decline, reduced gross margins, and significant net loss present challenges. The overall sentiment is mixed, balancing positive strategic and technological achievements with financial concerns.

Company Guidance

In the recent earnings call, Rigetti provided guidance on several key metrics and strategic developments. The company announced a significant strategic collaboration with Quanta Computer, with both parties committing to invest over $100 million each over the next five years to advance superconducting quantum computing technologies. Quanta also plans to invest $35 million in Rigetti's common stock. On the sales side, Rigetti reported the sale of a Novera QPU to Montana State University and another to the UK government in Q4 2024. Revenue for the fourth quarter of 2024 was $2.3 million, down from $3.4 million in the previous year, with gross margins declining to 44% from 75%. Operating expenses were relatively stable at $19.5 million, and the company reported a net loss of $153 million, significantly impacted by a non-cash change in the fair value of derivative warrant and earn-out liabilities. Rigetti maintains a solid cash position with $217.2 million in cash and equivalents, bolstered by recent equity offerings and plans to utilize these resources for continued R&D efforts. The company aims to scale to over 100 qubits by the end of the year, targeting a two-fold reduction in error rates from 2024 levels.

Strategic Collaboration with Quanta Computer

Rigetti entered a strategic collaboration with Quanta Computer, investing over $100 million each in superconducting quantum computing development over the next five years. Quanta will also invest $35 million to purchase Rigetti shares.

Launch of 84-Qubit Ankaa-3 System

Rigetti launched the Ankaa-3 system with an extensive hardware redesign, achieving major two-qubit gate fidelity milestones of 99.0% median iSWAP gate fidelity and 99.5% median fidelity with fSim gates.

First QPU Sale to an Academic Institution

Rigetti sold a Novera QPU to Montana State University, marking its first sale to an academic institution, and also made an additional sale to the UK government.

AI-Driven Quantum Calibration Challenge Success

AI power tools from Quantum Elements and Qruise automated the calibration of Rigetti QPU, highlighting the potential of AI in quantum computer calibration.

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Rigetti Computing (RGTI) Earnings, Revenues Date & History

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RGTI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 08, 2025	2025 (Q1)	-0.05 / -	-0.14	―	―	―
Mar 05, 2025	2024 (Q4)	-0.07 / -0.08	-0.09	7.78% (<+0.01)	―
Nov 12, 2024	2024 (Q3)	-0.07 / -0.08	-0.17	52.94% (+0.09)	―
Aug 08, 2024	2024 (Q2)	-0.07 / -0.07	-0.13	46.15% (+0.06)	―
May 09, 2024	2024 (Q1)	-0.09 / -0.14	-0.19	26.32% (+0.05)	―
Mar 14, 2024	2023 (Q4)	-0.10 / -0.09	-0.19	52.63% (+0.10)	―
Nov 09, 2023	2023 (Q3)	-0.10 / -0.17	-0.16	-6.25% (-0.01)
Aug 10, 2023	2023 (Q2)	-0.14 / -0.13	-0.09	-44.44% (-0.04)
May 11, 2023	2023 (Q1)	-0.15 / -0.19	-0.2	5.00% (+0.01)
Mar 27, 2023	2022 (Q4)	-0.12 / -0.19	-0.39	51.28% (+0.20)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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RGTI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Mar 05, 2025	$8.18	$8.51	+4.03%
Nov 12, 2024	$1.52	$1.49	-1.97%
Aug 08, 2024	$0.83	$0.79	-4.82%
May 09, 2024	$1.28	$1.16	-9.38%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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