Rigetti Computing Reports First Quarter 2023 Financial Results

Computing is discarded reported revenue in the first quarter of 2023 of $2.2 million. This compares to revenue of $2.1 million in Q1 2022 and $6.1 million in the fourth quarter of 2022. Net loss was $23.4 million compared to $17.6 million in the same quarter of 2022 and $22.9 million in Q4 2022 The company ended the quarter with $122.0 million in cash, cash equivalents and available-for-sale securities, down from $142.8 million at the end of 2022. The company indicated that it expects to require additional funds in late 2024 or early 2025 to continuing R&D and achieving its business goals.

The company indicated that they have developed a prototype 84 qubit Ankaa-1 processor which they are currently testing internally. The device features a new architecture using square lattice and tunable couplers which they hope will provide better gate speed and high gate fidelity. The main engineering goal is to increase the fidelity of the two qubit gate on Ankaa-1 from the current 94 – 95%% to 98% onwards. The company anticipates they will make Ankaa-1 available to beta customers in mid-2023. They are also working on an improved version of Ankaa which they are calling Ankaa-2. It will still have 84 qubits, but the goal is to further increase the gate fidelity in that system to 99%. Ankaa-2 is expected to be available to external customers in Q4. Once they meet their target of 99% gate fidelity, they will then proceed to fuse four Ankaa-2 chips to create a 336 qubit device which they call Ankaa-2.

Companies are also continuing to study various applications with partners for their quantum machines. They presented a study conducted with Moody’s and Imperial College London that described how a quantum computer could be used to predict recessions. They also conducted a DARPA-funded study of new techniques for solving optimization problems, even in the presence of noise. The company’s mid-term goal in the next 2-3 years is to have multiple applications in production demonstrating Narrow Quantum Advantage (nQA). This will require a processor with over 100 qubits with 99%+ gate fidelity operating in a hybrid classical/quantum environment.

Rigetti’s news release with their Q1 earnings report has been posted on their website Here. Record of their Q1 Earning Call with management available Here. And the Investor Presentation dated May 2023 can be found Here.

May 12, 2023