Rigetti Computing Inc (RGTI, Financial) shares surged 7% on Thursday morning after the quantum‐computing firm released its Q4 results, reversing early losses and spiking investor confidence.
The Berkeley-based company reported a Q4 net loss of approximately $153 million, a steep increase from a $12.6 million loss a year ago. Noncash charges of $135.1 million in earn-out and derivative warrant liabilities heavily impacted results, while operating losses reached $18.5 million, modestly exceeding Wall Street's $16 million estimate.
Quarterly revenue fell to $2.3 million from $3.4 million, narrowly missing consensus expectations of $2.5 million. CEO Subodh Kulkarni noted the firm remains in R&D mode and expects commercial sales to materialize in four to five years.
