The following is a summary of the Rigetti Computing, Inc. (RGTI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Rigetti reported Q1 2024 revenues of $3.1 million, a 39% increase compared to Q1 2023's $2.2 million.
Gross margins decreased to 49% for Q1 2024 from 77% in Q1 2023.
The company's total operating expenses decreased from $23.7 million in Q1 2023 to $18.1 million in Q1 2024.
Operating loss was narrowed from $22 million in Q1 2023 to $16.6 million in Q1 2024.
Net loss for Q1 2024 was reported as $0.14 per share, a decrease from $0.19 per share for Q1 2023.
Cash and cash equivalents, including available for sale investments, amounted to $102.8 million by the end of Q1 2024.
Business Progress:
Rigetti achieved 99.3% median 2-qubit gate fidelity on their 9-qubit Ankaa class quantum system.
Plans are underway to deploy an 84-qubit Ankaa 3 system and a 336-qubit Lyra system.
The company expanded its non-premises quantum processor unit (QPU) sales with the delivery of a Novera QPU to Horizon Quantum Computing in April 2024.
A partner program was initiated to support on-premises quantum ecosystems through the integration of hardware, software, and service providers.
Discussions are on-going with 10-15 potential customers worldwide for further QPU orders.
More details: Rigetti Computing IR
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.