Rigetti Computing has announced its Q1 2024 financial results. A quick summary of some key financial metrics comparing Q1 2024 versus Q4 2023 and the year ago quarter of Q1 2023 is shown in the chart below.
The company announced that through May 9, 2024 they had raised an additional $32.9 million in cash from the sale of 23 million shares through their ATM (At-the-Market) program with B. Riley. Of this amount, $23.9 million was raised through March 31, 2024 and is included in the $102.8 million end of quarter cash amount shown in the chart above.
The company also progress in its technical developments. They have achieved a 99.3% median 2-qubit gate fidelity on one of its 9 qubit Ankaa-class processors. They will be proceeding with their previously stated roadmap to scale up these results and achieve a 99%+ median 2-qubit gate fidelity on their 84 qubit Ankaa-3 device. Once they have achieved that they will move on to develop their 336 qubit Lyra device which will consist of four Ankaa-3 chips connected together.
The company also reiterated their activity with selling their Novera research device and reviewed their previous announced sales of this device to Horizon Quantum Computing, the Superconducting Quantum Materials and Systems Center (SQMS) led by Fermilab, and the Air Force Research Lab (AFRL). They also mentioned their previously announced Novera QPU Partner Program that can provide a full complement of needed components for organizations assembling their own quantum computer using the Novera chip.
For additional information on Rigetti’s Q1 Financial report you can access their press announcement posted here and also a transcript of their earning call here.
May 10, 2024
