Rigetti Computing has announced its Q2 2024 financial results. A quick summary of some key financial metrics comparing Q2 2024 versus Q1 2024 and the year ago quarter of Q2 2023 is shown in the chart below.
From a financial standpoint, the company reported a relatively flat quarter with about $3.1 million in revenue for the quarter. But a notable difference is that source of that revenue has changed significantly from the year ago quarter. In Q2 2024, about 99.8% of the revenue came from collaborative research, professional services and materials,and sales of quantum computers while the remainder of the revenue, or about 0.2%, coming from access to their quantum computers (aka QCaaS). The corresponding percentage in Q2 2023 was 74.7% for research, services, materials, and machine sales with about 25.3% can from QCaaS. A large majority of their revenue is coming from government agencies and laboratories.
On the technical side, the company reported they are on-track to meet their goal of having an 84 qubit Ankaa-3 system with 99%+ 2-qubit gate fidelity by the end of 2024. In addition, the company is achieving gate speeds in the 60-80 nanosecond range which is faster than many of the other superconducting competitors and 2-3 orders of magnitude faster than other ion trap or neutral atom based systems. The company is also working on a modular architecture that utilize floating tunable couplers to entangle qubits on separate chips.
The company is also participating in a DARPA sponsored quantum benchmarking program and recently published the results of their research in this area. The company is also doing some work in algorithm development and recently developed method to solve large combinatorial problems using a smaller number of qubits.
A press release from Rigetti announcing their Q2 2024 financial results can be found here and a recording of their Q2 2024 management conference call can be accessed here. The SEC Form 10-Q for Q2 2024 which provides additional details on their finances and operations is available here.
August 8, 2024
