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Mar 31
Rigetti Q1 2025 Earnings Report
Rigetti reported a net income of $42.6 million despite operating losses, driven by non-cash gains.
Key Takeaways
Rigetti Computing posted a strong net income for Q1 2025 primarily due to non-cash gains from revaluation of liabilities, despite modest revenue and high operating expenses.
Revenue for Q1 2025 was $1.5 million, significantly down from the previous year.
Net income reached $42.6 million, driven by $62.1 million in non-cash gains.
The company closed a $35 million equity investment from Quanta Computer, boosting cash reserves.
Government awards in the U.S. and U.K. support long-term innovation and scaling efforts.
Rigetti
Rigetti
Forward Guidance
Rigetti emphasized future innovation with government-funded projects and new hardware developments to support quantum error correction and scaling.
Positive Outlook
- Participation in DARPA’s Quantum Benchmarking Initiative with up to $1 million in potential funding.
- Awarded $5.48 million from AFOSR for chip fabrication technology development.
- Received three UK Quantum Mission awards to advance quantum error correction.
- Demonstrated optical control of superconducting qubits, a step toward scalable architectures.
- Closed $35 million equity investment with Quanta Computer to strengthen strategic partnership.
Challenges Ahead
- Revenue declined from $3.05 million in Q1 2024 to $1.47 million in Q1 2025.
- Continued high operating expenses of $22.1 million, contributing to an operating loss.
- Negative cash flow from operating activities of $13.7 million.
- Overall reduction in total assets from the previous quarter.
- Heavy reliance on non-cash gains for reported profitability.