Business
Rigetti Computing Reports First Quarter 2023 Results
Fourth Generation Ankaa-1 Chip Demonstrates Median 2-Qubit Gate Fidelity and Gate Speed Improvements Superior to Aspen M-3 BERKELEY, Calif., May 11, 2023
About this update from Rigetti Computing, Inc.
[{"type":"text","content":"Fourth Generation Ankaa-1 Chip Demonstrates Median 2-Qubit Gate Fidelity and Gate Speed Improvements Superior to Aspen M-3 \nBERKELEY, Calif., May 11, 2023 (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 ended March 31, 2023. First Quarter 2023 Financial Highlights Total revenues for the three months ended March 31, 2023 were $2.2 million, compared to $2.1 million in the same period of 2022.Total operating expenses for the three months ended March 31, 2023 were $23.7 million, compared to $27.0 million in the same period of 2022.Operating loss for the three months ended March 31, 2023 was $22.0 million, compared to $25.3 million in the same period of 2022.Net loss for the three months ended March 31, 2023 was $23.4 million or $0.19 per share, compared to $17.6 million or $0.33 per share in the same period of 2022.As of March 31, 2023, cash, cash equivalents and available-for-sale securities totaled $122.0 million. “I’m pleased to report that we believe we are on track and progressing toward the nearer-term strategic priorities and technology roadmap we announced in February 2023. Following the implementation of our updated business strategy we announced in February 2023, which is designed to improve our focus, operating efficiency and preserve cash resources, we are starting to see positive impacts,” said Dr. Subodh Kulkarni, Rigetti Chief Executive Officer. Technology Highlights The Company’s next generation 84-qubit (Ankaa-1) system, which is built using new architecture of a square lattice and tunable couplers was deployed internally within the Company for testing in March 2023, is achieving 96-97% median 2-qubit fidelity and 65-70 nanosecond gate speeds based on the Company’s internal testing. The Company’s prior generation 80-qubit Aspen M-3 system achieved 94-95% median 2-qubit fidelity and 185-190 nanosecond gate speeds. “We believe these metrics demonstrate the superior performance of Ankaa-1 as compared to Aspen M-3 and confirm our belief that the chip used in the Ankaa-1 system is a leap forward in architectural design,” said Dr. Kulkarni. As previously disclosed, the Company currently anticipates launching Ankaa-1 to select customers in mid-2023, as we continue to wor...