Rigetti Computing Reports Fourth Quarter and Full-Year 2024 Results
Rigetti Computing, Inc., a pioneer in full-stack quantum-classical computing, has released its financial results for the fourth quarter and full year ending December 31, 2024. The company, known for its advancements in quantum computing, has provided a detailed overview of its financial performance, strategic initiatives, and future outlook.
Financial Highlights
For the fourth quarter of 2024, Rigetti reported revenues of $2.3 million, a decrease from the previous year's $3.4 million. Operating expenses for the quarter were $19.5 million, leading to an operating loss of $18.5 million. The net loss for the quarter was significantly impacted by non-cash charges, totaling $153.0 million, primarily due to changes in the fair value of earn-out and derivative warrant liabilities.
For the full year 2024, Rigetti's revenues were $10.8 million, with operating expenses amounting to $74.2 million. The company reported an operating loss of $68.5 million and a net loss of $201.0 million, again influenced by substantial non-cash charges.
As of December 31, 2024, Rigetti's cash, cash equivalents, and available-for-sale securities totaled $217.2 million. The company also received net proceeds of $153.3 million from the sale of common stock during the fourth quarter and prepaid all remaining amounts owed under its loan agreement with Trinity Capital, Inc.
Business and Operational Highlights
Rigetti has entered into a strategic collaboration with Quanta Computer, Inc., a global leader in computer server manufacturing. Both companies have committed to investing over $100 million each over the next five years to accelerate the development and commercialization of superconducting quantum computing technologies. Additionally, Quanta will invest $35 million to purchase shares of Rigetti common stock, pending regulatory clearance.
In December 2024, Rigetti sold a Novera QPU to Montana State University, marking the company's first QPU sale to an academic institution. The Novera QPU will be used for education, training, and research in quantum computing technologies at MSU's QCORE.
Rigetti also launched its 84-qubit Ankaa-3 system in December 2024, achieving significant milestones in two-qubit gate fidelity. The Ankaa-3 system is available to partners via the Rigetti Quantum Cloud Services platform and to the general public through Microsoft Azure and Amazon Bracket.
Strategic Initiatives and Corporate Developments
Rigetti's strategic collaboration with Quanta Computer is a major development, aimed at strengthening its position in the quantum computing market. The collaboration leverages Rigetti's expertise in superconducting quantum technology and Quanta's leadership in server manufacturing.
Additionally, Rigetti has successfully prepaid all remaining amounts owed under its loan agreement with Trinity Capital, Inc., reflecting a strong financial position and reduced debt obligations.
Management's Perspective
Dr. Subodh Kulkarni, CEO of Rigetti, emphasized the company's leadership in superconducting quantum computing and its plans to scale to 100+ qubits by the end of the year. He highlighted the strategic collaboration with Quanta Computer as a significant step towards achieving their goals in the quantum computing industry.
Future Outlook
Rigetti remains confident in its plans to scale its quantum systems and reduce error rates. The company aims to achieve a 2x reduction in error rates from the levels achieved at the end of 2024. The strategic collaboration with Quanta Computer and the launch of the Ankaa-3 system are expected to play crucial roles in Rigetti's future growth and technological advancements.
SEC Filing: Rigetti Computing, Inc. [ RGTI ] - 8-K - Mar. 05, 2025