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Mar 31, 2022
Rigetti Q1 2022 Earnings Report
Rigetti's financial results for Q1 2022 were announced, with a revenue of $2.1 million and a net loss of $10.5 million. The company is investing in technical talent and development projects, anticipating the launch of next-generation quantum computers in 2023.
Key Takeaways
Rigetti Computing reported a revenue of $2.1 million for Q1 2022, a decrease compared to the $2.4 million in the prior year period. The net loss for the quarter was $10.5 million, or $0.20 per share, compared to a net loss of $7.8 million, or $0.36 per share, in the prior year period. The company had cash and cash equivalents of $206.6 million as of March 31, 2022.
Revenue for the first quarter of fiscal year 2022 was $2.1 million, compared to $2.4 million in the prior year period.
Net GAAP loss for the first quarter of 2022 was $10.5 million, or $0.20 per share, compared with $7.8 million, or $0.36 per share, in the prior year period.
Cash and cash equivalents of $206.6 million as of March 31, 2022, compared with $11.7 million as of December 31, 2021.
Anticipated launches of next-generation single-chip 84-qubit quantum computer expected in 2023 and 336-qubit multi-chip processor expected later in 2023.
Forward Guidance
The Company expects total revenue for fiscal year 2022 to be between $12.0 million and $13.0 million and Adjusted EBITDA loss for fiscal year 2022 to be between $50.0 million and $53.0 million.
Positive Outlook
- Anticipates closing additional agreements in 2022, though these are not expected to have a material impact on 2022 revenue.
- Expects non-GAAP expense profile to grow in line with its operational ramp up for the remainder of 2022.
Challenges Ahead
- Anticipates lower-than-expected new government contract opportunities and the timing of government funding and appropriations.
- Expects higher costs associated with equipment, system components, and labor in 2022 due to the expected persistence of global macro conditions, including inflation and supply chain disruptions.
- Due to the current macro-economic environment, market volatility, lack of visibility, and broader uncertainty, the Company is not providing any financial guidance beyond 2022.
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