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Dec 31, 2024
Rigetti Q4 2024 Earnings Report
Rigetti reported a decline in revenue and a significant net loss for Q4 2024.
Key Takeaways
Rigetti Computing reported Q4 2024 revenue of $2.27 million, a decline from the prior year. The company posted a net loss of $153.0 million, primarily due to non-cash charges related to fair value adjustments. Operating losses reached $18.5 million as expenses remained high. Cash and cash equivalents increased significantly due to equity financing activities.
Revenue declined to $2.27 million from $3.38 million in Q4 2023.
Net loss of $153.0 million, including $135.1 million in non-cash charges.
Operating loss reached $18.5 million due to high expenses.
Cash position strengthened to $217.2 million from financing activities.
Rigetti
Rigetti
Forward Guidance
Rigetti anticipates further advancements in quantum computing and a continued focus on commercialization efforts through strategic partnerships and new technology development.
Positive Outlook
- New strategic collaboration with Quanta Computer to accelerate quantum development.
- Investment commitments of over $100 million from Rigetti and Quanta over five years.
- Launch of Ankaa-3 quantum system with improved fidelity and performance.
- Successful AI-powered calibration of a Rigetti QPU for automation improvements.
- Montana State University purchased a Novera QPU for research and education.
Challenges Ahead
- Declining revenue compared to the previous year.
- High operating expenses leading to continued losses.
- Large non-cash charges impacting net income significantly.
- Ongoing challenges in scaling quantum computing commercialization.
- Dependency on external investments and partnerships for future funding.