Rigetti Computing, a company specializing in quantum computing, has reported a net loss of $33.2 million for the six months ended June 30, 2024, compared to a net loss of $40.3 million for the same period in the previous year. The company's revenue decreased by $0.2 million in the three months ended June 30, 2024, but increased by $0.6 million over the six-month period compared to the previous year. Rigetti has been focusing on development contracts and sales of Quantum Processing Units (QPUs) and Quantum Computing as a Service (QCaaS) products. Despite the losses, the company has made significant strides in its business development, launching the Ankaa 84-qubit Ankaa™-2 system and planning to improve QPU performance with the goal of reaching at least 99% 2-qubit gate fidelity...Show More

Rigetti Computing, a company specializing in quantum computing, has reported a net loss of $33.2 million for the six months ended June 30, 2024, compared to a net loss of $40.3 million for the same period in the previous year. The company's revenue decreased by $0.2 million in the three months ended June 30, 2024, but increased by $0.6 million over the six-month period compared to the previous year. Rigetti has been focusing on development contracts and sales of Quantum Processing Units (QPUs) and Quantum Computing as a Service (QCaaS) products. Despite the losses, the company has made significant strides in its business development, launching the Ankaa 84-qubit Ankaa™-2 system and planning to improve QPU performance with the goal of reaching at least 99% 2-qubit gate fidelity by the end of 2024. Rigetti also plans to develop Lyra, a 336-qubit system, and continue sales of Novera™, its first commercially available QPU. In February 2023, Rigetti announced a workforce reduction impacting 28% of its employees as part of a restructuring to focus on strategic priorities. The company incurred a $1.0 million restructuring charge and an additional $1.0 million for executive officer severance benefits. Looking ahead, Rigetti expects to continue incurring losses as it invests in research and development. The company believes its existing cash reserves will sustain operations until midway through the first quarter of 2026, but anticipates needing additional capital to fund its planned research and development efforts.