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Rigetti Computing Reports Fourth-Quarter and Full-Year 2022 Results
Strategic Focus on Achieving 99% 2-Qubit Median Fidelity on 84 Qubit Chip BERKELEY, Calif., March 27, 2023 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc.
About this update from Rigetti Computing, Inc.
[{"type":"text","content":"Strategic Focus on Achieving 99% 2-Qubit Median Fidelity on 84 Qubit Chip\nBERKELEY, Calif., March 27, 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 fourth quarter and year ended December 31, 2022. Fourth Quarter of 2022 Total revenues for the three months ended December 31, 2022 were $6.1 million, compared to $1.8 million in the same period of 2021.Total operating expenses for the three months ended December 31, 2022 were $32.0 million, compared to $12.2 million in the same period of 2021.Operating loss for the three months ended December 31, 2022 was $26.7 million, compared to $11.1 million in the same period of 2021.Net loss for the three months ended December 31, 2022 was $22.9 million or $0.19 per share, compared to $14.1 million or $0.61 per share in the same period of 2021.As of December 31, 2022, cash, cash equivalents and available-for-sale securities totaled $142.8 million. Year-End 2022 Results For the 12 months ending December 31, 2022, total revenues were $13.1 million, and net loss was $71.5 million or $0.70 per share.For the 11 months ending December 31, 2021, total revenues were $8.2 million, and net loss was $38.2 million or $1.64 per share.1Total capital expenditures for 2022 were $22.7 million. Executive Leadership Developments Subodh Kulkarni, President and CEO, appointed December 2022Jeff Bertelsen, Chief Financial Officer, appointed February 2023David Rivas, Chief Technology Officer, promoted February 2023 “We have strengthened our executive and operational management team and have implemented steps designed to improve our focus and operating efficiency,” said Dr. Subodh Kulkarni, Rigetti Chief Executive Officer. “This included reducing our workforce in order to focus the organization and our resources on nearer-term strategic priorities and preserve available cash resources. “Our next generation 84 qubit chip known as the Ankaa-1, with its new architecture of square lattice and tunable couplers, was internally deployed for testing this month. This chip is a leap forward in architectural design and is already showing superior performance compared with our prior generation 80 qubit Aspen M3 system based on our internal analysis. We are using the Ankaa-1 internally...