The following is a summary of the Rigetti Computing, Inc. (RGTI) Q2 2024 Earnings Call Transcript:
Financial Performance:
Q2 2024 revenue was $3.1 million, a slight decrease from $3.3 million in Q2 2023.
Gross margin for Q2 2024 was 64%, compared to 82% in the same quarter last year, impacted by the nature of contract deliverables.
Net loss improved to $12.4 million in Q2 2024 from $17 million in Q2 2023, influenced by a beneficial non-cash change in fair value of derivatives.
Business Progress:
Rigetti is on track with its 84-qubit Ankaa-3 system, aiming for 99%+ 2-qubit gate fidelity by end of 2024.
Achieved significant technological advancements, demonstrated with the 24-qubit system reaching 99% fidelity.
Introduced innovative multi-chip architecture for scalable quantum processors, potentially reducing manufacturing complexity.
Advanced in developing algorithms for quantum optimization, making it feasible to solve large combinatorial problems with fewer qubits.
Opportunities:
Continued development and anticipated deployment of the 84-qubit Ankaa-3 system, designed to enhance performance and scalability.
Government and national laboratories are increasingly focusing on quantum technology, promising substantial growth in funded projects and collaborations.
Risks:
Revenue and gross margin variability as seen with the delivery of a 24-qubit system with lower margins, indicating potential future fluctuations in financial outcomes based on contract specifics and timing.
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.