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Rigetti Computing Reports Second Quarter 2024 Financial Results
BERKELEY, Calif., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack
About this update from Rigetti Computing, Inc.
[{"type":"text","content":"BERKELEY, Calif., Aug. 08, 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 second quarter ended June 30, 2024. Second Quarter 2024 Financial Highlights Total revenues for the three months ended June 30, 2024 were $3.1 millionTotal operating expenses for the three months ended June 30, 2024 were $18.1 millionOperating loss for the three months ended June 30, 2024 was $16.1 millionNet loss for the three months ended June 30, 2024 was $12.4 millionFor the period from April 1 - July 12, 2024 raised $27.8 million from the sale of 24.1 million common shares under our current ATM program, including $15.8 million raised in the three months ended June 30, 2024As of June 30, 2024 cash, cash equivalents and available-for-sale securities totaled $100.5 million Technology Updates Roadmap and QPU PerformanceRigetti remains on track to develop and deploy its anticipated 84-qubit Ankaa™-3 system with the goal of achieving a 99+% median 2-qubit gate fidelity by the end of 2024. “We are seeing very promising results both with fidelity and speed on our current systems which leverage the underpinning technology of our upcoming Ankaa-3 system. Our 24-qubit system is performing in the 99% range for 2-qubit fidelity. Our gate speeds are 60-80ns, making our systems twice as fast as other superconducting quantum computing players, and 3-4 orders of magnitude faster than trapped ion and pure atom quantum computing systems. We are confident that we can translate this level of performance to our 84-qubit chip,” says Dr. Subodh Kulkarni, Rigetti CEO. Continued Leadership in QPU Scaling Technology Published Research on Modular Chip Architecture: Rigetti continues to demonstrate leadership in developing high performing, scalable quantum processors. In May 2024, Rigetti’s research introducing multichip tunable couplers, floating tunable couplers that can be used to entangle qubits on separate chips, was published in the peer-reviewed scientific journal, Physical Review Applied. Rigetti introduced the world’s first modular chip architecture in 2021, unlocking the ability to connect multiple identical chips into a large-scale quantum processor. This modular approach exponentially reduces manufacturing complexity and all...