Rigetti Computing has announced its Q4 2023 and 2023 financial results. A quick summary of some key financial metrics comparing the Q4 2023 versus Q3 and 2022 is shown in the chart below.
Other significant financial information disclosed during the company’s conference call included that they raised $5.5 million in cash in Q4 from a stock sale agreement with B. Riley and an additional $12.8 million in cash after the Q4 2023 quarter closed from the same agreement. The company filed a shelf registration statement with the SEC in December to potentially raise up to $250 million. At their current projections, the company estimates that it has enough cash assets on hand to last until early Q3 2025 but will need another funding event before that time.
With regards to technical progress, a key point made several times during the conference call by Dr. Subodh Kulkarni, Rigetti CEO, was the achievement of reaching a 98% median 2-qubit gate fidelity with the Ankaa-2 processor which was made publicly available in December 2023. The major focus of the engineering team currently is to increase that fidelity measure to 99% which they expect to achieve in 2024. After that is achieved, they will proceed completing the development of the 336-qubit Lyra™ system which will consist of four Ankaa chips linked together.
Also in the conference call, the company reiterated several of the key commercial program awards they had won and previously announced. This includes an award from Innovate UK for delivery of a 24 qubits processor to the National Quantum Computing Centre (NQCC) Harwell Campus. They also mentioned two sales of the 9 qubit Novera. One QPU was sold to the Superconducting Quantum Materials and Systems Center (SQMS) led by Fermilab and another one to the Air Force Research Lab (AFRL). They also received another Innovate UK grant for researching quantum machine learning techniques for finance, a phase 2 award for DARPA’s Quantum Benchmarking Program, and a partnership with Riverlane and Oak Ridge National Laboratory (ORNL) to work on ways to improve HPC-quantum integration,
Additional details about Rigetti’s Q4 2023 financial results announcements can be seen in a press release available here and also a recording of the conference call held by management can be accessed here.
March 16, 2024
