The following is a summary of the Rigetti Computing, Inc. (RGTI) Q3 2024 Earnings Call Transcript:
Financial Performance:
Rigetti reported a decline in revenues for Q3 2024 to $2.4 million, down from $3.1 million in the same period of the previous year.
Gross margins decreased to 51% in Q3 2024 from 73% in Q3 2023.
Net loss for Q3 2024 improved to $14.8 million, or $0.08 per share, from a net loss of $22.2 million, or $0.17 per share in Q3 2023.
Business Progress:
Rigetti plans to introduce a new modular system architecture, aiming to release a 36-qubit system by mid-year 2025 and a system with over 100 qubits by end of 2025.
The company is developing the 336-qubit LiRAR system and remains on track to deploy the 84-qubit Ankaa 3 system by the end of 2024.
Rigetti's Innovaira QPU co-located at the Israeli Quantum Computing Center (IQCC) assisted partner research in reinforcement learning and quantum machine learning development.
Opportunities:
Collaborations with Riverlane to advance quantum error correction technology enhancing potential for fault-tolerant quantum computers.
Rigetti's systems included in the UK National Quantum Computing Centre (NQCC), supporting state-of-the-art quantum computing research.
Risks:
Decline in revenue and decrease in gross margins reflecting the early-stage variability and challenges in quantum computing development.
Reliance on government contracts and grants which are subject to policy and administrative changes.
Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.
