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Dec 31, 2022
Rigetti Q4 2022 Earnings Report
Announced financial results for Q4 and year ended December 31, 2022, with a strategic focus on achieving 99% 2-Qubit Median Fidelity on 84 Qubit Chip.
Key Takeaways
Rigetti Computing reported Q4 2022 revenue of $6.1 million, a significant increase compared to $1.8 million in the same period of 2021. However, the company experienced an operating loss of $26.7 million and a net loss of $22.9 million, or $0.19 per share. The company is focused on achieving key technology milestones and improving operating efficiency.
Q4 revenue increased to $6.1 million, compared to $1.8 million in the same period of 2021.
Operating loss for Q4 2022 was $26.7 million, compared to $11.1 million in the same period of 2021.
Net loss for Q4 2022 was $22.9 million, or $0.19 per share, compared to $14.1 million, or $0.61 per share in the same period of 2021.
Cash, cash equivalents, and available-for-sale securities totaled $142.8 million as of December 31, 2022.
Rigetti
Rigetti
Forward Guidance
Rigetti expects to have cash, cash equivalents, and available-for-sale securities of between $65-$75 million at the end of 2023 and anticipates that it will need to raise additional funding by late 2024 or early 2025 to continue its research and development efforts and achieve its business objectives.
Positive Outlook
- Executing toward roadmap and achieving technology milestones are key to achieving quantum advantage.
- Rigetti has enormous potential and could contribute tremendous value as quantum computing becomes mainstream by 2030.
- Focused on meeting objectives.
- Ankaa-2 84-qubit system is expected to be deployed and made available for external customers in the fourth quarter of 2023.
- Aiming for 99% 2-qubit fidelity, which they expect to reach in 2024, to develop the anticipated 336 qubit Lyra system.
Challenges Ahead
- Company expects to need to raise additional funding by late 2024 or early 2025.
- The company's ability to achieve milestones, technological advancements, and help unlock quantum computing is uncertain.
- The company's estimates of expenses and profitability are uncertain.
- Unfavorable conditions in the company’s industry, the global economy or global supply chain may affect results.
- The potential of quantum computing is uncertain.