Business
Rigetti Computing Reports Fourth Quarter and Full Year 2023 Results
Deployed the 84-qubit Ankaa™-2 quantum computer, with a 2.5X improvement in error performance compared to the Company’s previous QPUs and achieved a 98%
About this update from Rigetti Computing, Inc.
[{"type":"text","content":"Deployed the 84-qubit Ankaa™-2 quantum computer, with a 2.5X improvement in error performance compared to the Company’s previous QPUs and achieved a 98% median 2-qubit fidelity.Won competition to develop and deliver a 24-qubit quantum computing system to the UK’s National Quantum Computing Centre (NQCC).Launched the Novera™ QPU, a 9-qubit quantum processor unit available for integration into customers’ on-premise systems.Announces second Novera QPU sale to the Air Force Research Lab (AFRL). BERKELEY, Calif., March 14, 2024 (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, 2023. Fourth Quarter and Full Year 2023 Financial Highlights Total revenues for the three months ended December 31, 2023 were $3.4 millionTotal operating expenses for the three months ended December 31, 2023 were $19.7 millionOperating loss for the three months ended December 31, 2023 was $17.2 millionNet loss for the three months ended December 31, 2023 was $12.6 millionAs of December 31, 2023 cash, cash equivalents and available-for-sale securities totaled $99.9 millionFor the year ended December 31, 2023, total revenues were $12.0 million, total operating expenses were $81.5 million, operating loss was $72.3 million and net loss was $75.1 million Business Updates Wins Innovate UK Competition to Deliver 24-Qubit Quantum Computing System to NQCCIn February 2024, Rigetti was awarded a Small Business Research Initiative (SBRI) grant from Innovate UK and funded by the National Quantum Computing Centre (NQCC) to develop and deliver a quantum computer to the NQCC. As part of the project, Rigetti proposes to develop and deploy a 24-qubit quantum computer based on the Company’s Ankaa-class architecture. The proposed system is planned to be deployed at NQCC’s Harwell Campus, which is expected to open later this year and will serve as NQCC’s landmark facility to support quantum computing research in the UK. “Since deploying our first UK-based quantum computer in 2022, we have had the privilege of collaborating with the UK’s talented quantum computing research community. We believe building a system at the NQCC could enable even more innovative discoveries to deepen our understanding of how t...