On March 5, 2025, Rigetti Computing Inc (RGTI, Financial) released its 8-K filing detailing its financial results for the fourth quarter and full year of 2024. Rigetti, a leader in full-stack quantum computing, reported revenues of $2.3 million for the fourth quarter, falling short of the analyst estimate of $2.50 million. The company is known for its proprietary quantum-classical infrastructure and its pioneering multi-chip quantum processor.
Financial Performance and Challenges
Rigetti Computing Inc (RGTI, Financial) faced significant financial challenges in the fourth quarter of 2024, with operating expenses reaching $19.5 million, leading to an operating loss of $18.5 million. The net loss for the quarter was a substantial $153.0 million, largely due to $135.1 million in non-cash charges related to the fair value change in earn-out and derivative warrant liabilities. For the full year, the company reported revenues of $10.8 million, operating expenses of $74.2 million, and a net loss of $201.0 million, including $133.9 million in similar non-cash charges.
Strategic Collaborations and Technological Milestones
Despite financial hurdles, Rigetti announced a strategic collaboration with Quanta Computer, a global leader in computer server manufacturing. Both companies have committed to investing over $100 million each over the next five years to advance superconducting quantum computing technologies. Additionally, Quanta plans to invest $35 million in Rigetti's common stock, pending regulatory approval.
Rigetti also achieved significant technological milestones, launching its 84-qubit Ankaa-3 system with record high fidelity. The system features a redesigned hardware architecture, achieving a 99.0% median iSWAP gate fidelity and 99.5% median fidelity with fSim gates. This advancement underscores Rigetti's leadership in scalable quantum computing systems.
Financial Statements Overview
As of December 31, 2024, Rigetti's cash, cash equivalents, and available-for-sale securities totaled $217.2 million. The company's financial statements reveal a challenging landscape, with high operating expenses and significant net losses. These metrics are crucial for understanding the company's financial health and its ability to sustain operations and invest in future growth.
| Financial Metric | Q4 2024 | Full Year 2024 |
|---|---|---|
| Revenue | $2.3 million | $10.8 million |
| Operating Expenses | $19.5 million | $74.2 million |
| Operating Loss | $18.5 million | $68.5 million |
| Net Loss | $153.0 million | $201.0 million |
Analysis and Future Outlook
Rigetti Computing Inc (RGTI, Financial) continues to face financial challenges, as evidenced by its significant net losses and operating expenses. However, the company's strategic collaborations and technological advancements position it well for future growth in the quantum computing industry. The partnership with Quanta Computer and the launch of the Ankaa-3 system highlight Rigetti's commitment to innovation and leadership in the field.
“We believe that superconducting qubits are the winning modality for quantum computers given their fast gate speeds and scalability. We’ve developed critical IP to scale our systems and remain confident in our plans to scale to 100+ qubits by the end of the year with a targeted 2x reduction in error rates from the error rates we achieved at the end of 2024,” says Dr. Kulkarni, Rigetti CEO.
As Rigetti continues to navigate its financial landscape, its focus on strategic partnerships and technological innovation will be key to overcoming challenges and achieving long-term success in the quantum computing industry.
Explore the complete 8-K earnings release (here) from Rigetti Computing Inc for further details.
