Rigetti Computing achieved revenue in Q3 of $3.1 million versus $3.3 million in Q2 2023 and $2.8 million in Q3 of 2022. Operating costs were $19.1 million in Q3 versus $18.9 million in Q2 and $33.3 million in Q3 of 2022. This year over year decrease was largely due to a reduction in stock compensation expense along with a company reduction in force implemented earlier this year. Loss from Operations was $16.8 million in Q3 versus $16.2 million in Q2 and $31.3 million in Q2 2022. The company ended the quarter with $110 million in cash, cash equivalents, and available-for-sale investments compared with $105 million at the end of Q2. The increase was due to the sale of $12.7 million of stock as part of a common stock purchase agreement with B. Riley.
A significant development for the company is that it sold another 9 qubits QPU to a U.S. national laboratory in Q3 following a similar sale made to the Superconducting Quantum Materials and Systems Center (SQMS) at the Fermi National Accelerator Laboratory in Q2. These QPUs will be used for research and will provide an additional source of revenue for the company as they pursue additional sales of these device. In addition, the company received a five-year Indefinite Delivery Indefinite Quantity (IDIQ) contract from the Air Force Research Lab (AFRL) to provide foundry services. The company also mentioned that they received in Q3 a DARPA IMPAQT contract to research quantum algorithms for solving combinatorial optimization problems and a Innovate UK grant in October along with HSBC, the University of Edinburgh, and the National Quantum Computing Centre to study how quantum can be used in anti-money laundering algorithms.
The company’s technical roadmap continues per its previous announced plan. They currently have 9 qubit, 24 qubit, and 84 qubit Ankaa-2 designs in-house and are focusing on techniques to improve qubit quality. They are currently achieving 98%+ two-qubit gate fidelity on the 9 qubit device, 98% in the 24 qubit device, and 97% on the 84 qubit Ankaa-2. The company’s goal is to reach 98% fidelity on the Ankaa-2 by the end of the year and 99% in 2024. The newer devices use a new topology and utilize tunable couplers in the design.
For additional information about Rigetti’s Q3 financial report you can access the press release available on their website here, a webcast recording of their Q3 investor call here, and an investor presentation that can be accessed here.
November 11, 2023