Business
Rigetti Computing Reports First Quarter 2022 Financial Results and Provides Business Update
Rigetti's Fab-1 is located in Silicon Valley and is the world's first dedicated and integrated quantum fab. Adds Chief Revenue Officer and Vice President of
About this update from Rigetti Computing, Inc.
[{"type":"text","content":" Rigetti's Fab-1 is located in Silicon Valley and is the world's first dedicated and integrated quantum fab. Adds Chief Revenue Officer and Vice President of Product to management bench. Further invests in technical talent, development projects, and sales pipeline for new business growth phase. Announces anticipated launch of next-generation single-chip 84-qubit quantum computer expected in 2023 and 336-qubit multi-chip processor expected later in 2023. BERKELEY, Calif., May 16, 2022 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the first quarter of fiscal year 2022 and provided business updates. “Rigetti delivered in the first quarter of 2022 to lay the foundation for our next growth phase,” said Chad Rigetti, founder and CEO of the Company. “We are excited to announce the anticipated launches of our next-generation single-chip 84-qubit quantum computer expected in 2023 and 336-qubit multi-chip processor expected later in 2023. As key touchpoints along our broader roadmap, we believe these machines will deliver increased performance across the key dimensions of speed, scale, and fidelity. “Rigetti’s technology is nine years in the making, and we believe we are at an opportunity rich period of time. Our entrance to the public markets in March was another exciting milestone that has provided us with additional funding resources and increased brand recognition. I am incredibly grateful to our team whose deep technical expertise and powerful mission-driven focus is showing the world quantum’s promise,” concluded Rigetti. Financial Results for the First Quarter of Fiscal Year 2022 Revenue for the first quarter of fiscal year 2022 was $2.1 million, compared with $2.4 million in the prior year period. The year-over-year decline was due to the completion of the first phase of a large government agency project in the first quarter of 2021. The second phase of this project is expected to begin in 2022. The Company currently generates the majority of its revenues from development contracts with government agencies, and it expects this to continue over at least the next few years as the Company develops and grows its Quantum Cloud Services (QCaaS) business. Cost of revenue for the quarter was $0.4 millio...