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Jun 30, 2023
Rigetti Q2 2023 Earnings Report
Rigetti Computing announced financial results for the second quarter ended June 30, 2023.
Key Takeaways
Rigetti Computing announced its financial results for the second quarter ended June 30, 2023, and provided business updates including the first QPU sale to a national lab and a collaboration agreement with ADIA Lab.
Completed first QPU sale to a national lab.
Signed a collaboration agreement with ADIA Lab.
Ankaa-2 system is expected to be deployed and made available to external customers in the fourth quarter of 2023.
Continuing to work to improve the Ankaa-1 system performance.
Rigetti
Rigetti
Forward Guidance
Rigetti is focused on achieving milestones, technological advancements, and developing practical applications.
Positive Outlook
- Achieving milestones with respect to its technology roadmap.
- Obtaining government contracts successfully and in a timely manner.
- Expanding its QCaaS business.
- Success of the Company’s partnerships and collaborations.
- Accelerating its development of multiple generations of quantum processors.
Challenges Ahead
- Ability to achieve target gate fidelities.
- Ability to scale to develop the Lyra 336-qubit system and develop practical applications on the anticipated timing or at all.
- Ability to develop a quantum computer that is able to solve a practical, operationally relevant problem significantly better, faster, or cheaper than a current classical solution and achieve narrow quantum advantage on the anticipated timing or at all.
- The Company’s estimates of expenses and profitability.
- Sufficiency of the Company’s cash resources.