share_log

Earnings Call Summary | Rigetti Computing(RGTI.US) Q1 2024 Earnings Conference

Futu News ·  May 10 12:01  · Conference Call

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.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment