Rigetti Computing has announced its Q3 2024 financial results. A quick summary of some key financial metrics comparing Q3 2024 versus Q2 2024 and the year-ago quarter of Q3 2023 is shown in the table below.
From a financial perspective, the company reported a decline in revenue to $2.4 million, a 22.58% decrease compared to both Q2 2024 and Q3 2023. The company’s operating expenses saw a modest increase of 2.76% from the previous quarter but were down 2.62% year-over-year. Net losses, while narrowing by 33.33% year-over-year, rose by 19.35% sequentially. Cash reserves also declined by 7.86% quarter-over-quarter and 15.97% year-over-year, standing at $92.6 million.
On the technical front, Rigetti continues to advance its quantum computing roadmap. The company plans on releasing a 36 qubit systems consisting of four individual 9 qubit chips connected together. This is expected to be one of the first multi-module systems available in the industry. The company remains on track to deliver its 84-qubit Ankaa-3 system with 99%+ two-qubit gate fidelity by the end of 2024. Rigetti also reported significant progress in developing additional modular quantum systems, aiming for a 100+ qubit system by late 2025 and a 336-qubit Lyra system in the longer term.
Gate speeds for the Ankaa systems are achieving impressive benchmarks of 60–80 nanoseconds, outpacing many superconducting competitors and being significantly faster than other architectures such as neutral atom and ion-trap systems. The company is also continuing to improve the gate fidelity of their chips by introducing a new processing technique they call Alternating-Bias Assisted Annealing (ABAA) which can precisely target qubit frequencies. They are also continuing their work in error correction, demonstrating real-time quantum error correction in collaboration with Riverlane.
The company is expanding its commercial footprint, highlighted by the deployment of its Novera quantum processor at the Israeli Quantum Computing Center. This marks a key milestone in the global adoption of Rigetti’s technology and reinforces its position in international quantum computing markets. The company has also installed a 24 qubit Ankaa-class system at the UK’s newly opened National Quantum Computing Centre (NQCC).
A press release from Rigetti announcing their Q3 2024 financial results can be found here. A recording of their Q3 2024 management conference call can be accessed here. The SEC Form 10-Q for Q3 2024, which provides additional financial and operational details, is available here.
November 16, 2024
