Rigetti Computing reported Q3 revenues of $2.8 million compared with revenues of $2.1 million in the previous quarter. Gross profit was $2.0 million versus $1.3 million in the previous quarter and net GAAP loss was $18.8 million versus $10 million in Q2. The company ended the quarter with cash and cash equivalents of $161 million. The company needed to delay the reporting of Q3 results by about a week and also proceed with a restatement of its Q1 and Q2 results due to the discovery of electrical utility fees that were unpaid and unrecognized in prior periods. They also need to make adjustments in the accounting for the financial warrants that were issued. Rigetti also indicated an increase of their 2022 EBITDA loss guidance from $50 – $53 million to $56 – $58 million due to these adjustments as well as additional expenses they will incur due to the search of a new CEO to replace Chad Rigetti who has decided to resign and leave the company by December 15, 2022.

The company indicated they continue to make technical progress on their fourth generation 84 qubit Ankaa processor scheduled for release in early 2023 and their 336 qubit Lyra, made up of four connected Ankaa chips, in late 2023. A press release with additional information about Rigetti’s Q3 financial results is available on their website here. A recording of their Q3 Business Update call describing the CEO transition and their technical progress can be found here. And news releases about the CEO transition and the extension of filing the Q3 results can be seen here and here.

November 22, 2022