Quantum Computing

Rigetti Computing Releases Q4 and Full Year 2022 Financial Results


Computing is discarded reported a significant increase in Q4 revenue reaching $6.1 million versus $1.8 million in Q4 2021. They also showed an increase in operating expenses ($32.0 million versus $12.2 million) and net loss ($26.7 million versus $11.1 million ). The increase in operating expenses was primarily due to increased research and development costs, a $5.4 million goodwill impairment charge, and higher costs due to going public. For the full year, the company achieved revenue of $13.1 million versus $8.2 million in 2021 and a net loss of $71.5 million versus $38.2 million in 2021.

The company ended the year with $142.8 million in cash, cash equivalents and available-for-sale securities. The company did not provide any forecasts for 2023 results except to say that it believes it will end 2023 with $65-$75 million in cash, cash equivalents and available-for-sale securities. This means that they will likely need additional funding in late 2024 or early 2025 to continue R&D and maintain their operations plan.

During an earnings-related conference call, Rigetti’s new CEO, Dr. Subodh Kulkarni, indicated that he is focusing the company more on achieving higher qubit fidelity. They’ve been operating in their lab now with an 84 qubit machine called Ankaa-1 with a new square lattice architecture and tunable couplers between qubits that already show substantial improvements in both gate fidelity and gate speed improvements compared to the earlier Aspen 80 qubit M3. Engineers are continuing to optimize it with the goal of making it available to select customers by mid-2023 once they achieve an average 2-qubit fidelity of 98%. They are also working on a second iteration dubbed Ankaa-2 with the goal of achieving 99% median 2-qubit fidelity and hope to release it in late 2023. After that they will work on creating a four-chip system by mounting four of Ankaa-2 together to create a 336 qubit Lyra system by 2024.

Rigetti’s press release announcing its financial results is available Here and related revenue call recordings can be accessed by signing up Here.

April 3, 2023

dougfinke2023-04-03T14:14:38-07:00

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