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Rigetti Computing Reports Second Quarter 2023 Results
Completes its first QPU sale to a national labSigns collaboration agreement with ADIA Lab to develop a quantum machine learning solution for probability
About this update from Rigetti Computing, Inc.
[{"type":"text","content":"Completes its first QPU sale to a national labSigns collaboration agreement with ADIA Lab to develop a quantum machine learning solution for probability distribution classification Remains on-track to reach year-end technology milestones with fourth generation systemRiverlane becomes first external partner using the Ankaa™-1 system and will be conducting error correction research BERKELEY, Calif., Aug. 10, 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 second quarter ended June 30, 2023. Second Quarter 2023 Financial Highlights Total revenues for the three months ended June 30, 2023 were $3.3 millionTotal operating expenses for the three months ended June 30, 2023 were $19.0 millionOperating loss for the three months ended June 30, 2023 was $16.2 millionNet loss for the three months ended June 30, 2023 was $17.0 millionAs of June 30, 2023, cash, cash equivalents and available-for-sale securities totaled $105.5 millionBased on its current operating plan, Rigetti expects to have cash, cash equivalents, and available-for-sale securities of between $65-$75 million at the end of 2023 Business UpdatesThe Company recently completed its first QPU sale to a national lab. Rigetti delivered a 9-qubit QPU and associated hardware to the lab, which features a square lattice with tunable couplers that can perform entangling two-qubit gate operations. The Company also recently announced that it signed a collaboration agreement with ADIA Lab to design, build, execute, and optimize a quantum computing solution intended to address the probability distribution classification problem, which has many direct applications to practical use cases in the investment industry. Tackling real-world, computationally challenging problems like this is an important part of working towards narrow quantum advantage. Technology Roadmap “After having launched the Ankaa-1 system internally, we are excited to have our longtime partner, Riverlane, as the first external partner using the system to work on improving error correction techniques on our new architecture,” said Dr. Subodh Kulkarni, Rigetti Chief Executive Officer. “We also look forward to making Ankaa-2, our most innovative system to date, available to the general p...