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Rigetti Computing, Inc. (RGTI) is a pioneer in the development of full-stack quantum computing systems. Based in Berkeley, California, Rigetti combines leading-edge quantum processors with classical computing infrastructure to solve complex computational challenges. The company was founded with the goal of making quantum computing accessible and practical for a range of applications, from scientific research to enterprise solutions.
Rigetti's proprietary quantum-classical infrastructure offers ultra-low latency integration with both public and private cloud environments, enabling high-performance quantum computing solutions. The company's innovative multi-chip quantum processor is a significant step towards scalable quantum computing systems.
Recently, Rigetti has been actively involved in several groundbreaking projects and partnerships. Their latest 24-qubit system, based on the fourth-generation Ankaa™-class architecture, features tunable couplers and a square lattice, promising faster gate times and higher fidelity. This system will soon be available for testing and development by researchers at the National Quantum Computing Centre (NQCC).
In terms of financial health, Rigetti derives the majority of its revenue from the United States. The company has also been recognized for its contributions to the quantum computing field, having been awarded a contract for developing a quantum computer for the UK government’s Innovate UK SBRI program.
Rigetti's Quantum Cloud Services (QCS™) platform, launched in 2017, has made quantum computing accessible over the cloud, serving global enterprise, government, and research clients. With its in-house chip manufacturing at Fab-1, the first dedicated quantum device manufacturing facility, Rigetti maintains strict quality control and continuous innovation.
Other notable achievements include collaborations with Riverlane and Oak Ridge National Laboratory (ORNL) to integrate quantum computing with high-performance computing (HPC) environments, further demonstrating Rigetti's commitment to advancing quantum technology. Additionally, the company's Novera QPU, a 9-qubit quantum processing unit, is gaining traction among government labs and quantum researchers for on-premises deployment.
As the quantum computing industry continues to evolve, Rigetti remains at the forefront, pushing the boundaries of what is possible and driving the adoption of this transformative technology across various sectors.
Rigetti Computing announced its financial results for Q4 and the full year 2022, highlighting a revenue increase to $6.1 million in Q4 compared to $1.8 million in Q4 2021. However, operating expenses rose sharply to $32.0 million, leading to an operating loss of $26.7 million. For the full year, Rigetti reported total revenues of $13.1 million and a net loss of $71.5 million. The company aims to reach 99% median 2-qubit fidelity on its 84-qubit Ankaa-2 chip by 2024. Rigetti is focusing on strategic priorities, including a workforce reduction to preserve cash and plans for future funding needs.
Rigetti Computing, Inc. (Nasdaq: RGTI) announced it will release its fourth quarter and full year 2022 results on March 27, 2023, after market close. A conference call will be held the same day at 5:00 p.m. ET to discuss the financial results and provide an operational update. Interested participants can access the call via a provided webcast link and must register to join the live discussion. Rigetti is recognized for its pioneering role in hybrid quantum-classical computing and operates a dedicated quantum device manufacturing facility, supporting global clients through its Quantum Cloud Services platform.
Rigetti Computing, Inc. (NASDAQ: RGTI) has announced a revised business strategy focused on immediate priorities, including an updated technology roadmap and leadership changes. The company will release the Ankaa-1 84-qubit system in Q1 2023, with enhanced performance goals. Jeffrey Bertelsen has been appointed as CFO, replacing Brian Sereda, who will assist during the transition. Additionally, David Rivas has been promoted to CTO. To reduce operating expenses, Rigetti is implementing a workforce reduction of approximately 28%. The strategic changes aim to concentrate on achieving narrow quantum advantage and improving operational efficiency.
Rigetti Computing will attend the 25th Annual Needham Growth Conference on January 10, 2023. Key executives, including Dr. Subodh Kulkarni, President and CEO, will present from 1:30-2:10 p.m. ET. Investors can access a live webcast of the presentation and accompanying slides on the Company’s Investor Relations website. Rigetti is recognized for its pioneering work in quantum computing, having developed the first multi-chip quantum processor and offering cloud-based services since 2017. The Company holds over 150 patents and has a workforce of more than 190 people.
Rigetti Computing, Inc. appointed Dr. Subodh Kulkarni as President and CEO, effective December 12, 2022, succeeding Dr. Chad Rigetti. Dr. Kulkarni, with over 30 years in the semiconductor industry, aims to enhance Rigetti's growth in quantum computing. He previously served as CEO of CyberOptics Corporation until its acquisition in November 2022. The transition also includes Mr. Rick Danis resuming his role as General Counsel. The company continues to pioneer in hybrid quantum-classical systems and operates quantum computers over the cloud, emphasizing its innovative capabilities.
Strangeworks and Rigetti Computing (Nasdaq: RGTI) announced a partnership to introduce two quantum machine learning (QML) applications on the Strangeworks platform by early 2023. These applications, the quantum kernel and quanvolutional neural network methods, are tailored for Rigetti's quantum computers, designed to enhance classification and regression tasks. Clients will access these applications through a pay-as-you-go model, providing lower latency and optimized support. Additionally, Rigetti plans to join the Strangeworks Backstage Pass program, offering users up to $10,000 in sponsored credits.
Rigetti Computing, Inc. (Nasdaq: RGTI) has announced an extension for filing its Form 10-Q for Q3 2022 due to ongoing adjustments and internal control evaluations. The previously scheduled earnings call will be repurposed for a business update. Rick Danis has been appointed Interim CEO following the transition from former CEO Chad Rigetti. Rigetti highlighted progress on 84-qubit Ankaa and 336-qubit Lyra systems, partnerships with Bluefors, Nvidia, and Keysight, and launched their quantum systems on major cloud platforms. However, the company will restate financials for Q1 and Q2 2022 due to valuation adjustments.
Rigetti Computing, Inc. (Nasdaq: RGTI) announced that its Founder, Dr. Chad Rigetti, will resign from his roles as President, CEO, and Board Director effective December 15, 2022. The company is actively searching for a successor; if one is not found by the resignation date, Rick Danis, General Counsel, will serve as interim CEO. The Board expressed confidence in Danis's abilities and the technical team’s capacity to maintain progress in quantum computing innovation.
Rigetti Computing (Nasdaq: RGTI) has announced that Founder Dr. Chad Rigetti will step down from his role as President and CEO to focus on product and technology advancements. A search for his successor will commence, with Dr. Rigetti remaining in his role until a new CEO is appointed. The board praised Dr. Rigetti for his leadership, highlighting the company’s growth and technological achievements, including their advanced multi-chip superconducting processors. Rigetti aims to continue delivering quantum advantage across industries such as finance and national security.
Rigetti Computing, a leader in hybrid quantum-classical computing, will release its third quarter 2022 financial results on November 14, 2022, after the market closes. A conference call is scheduled for 5:00 p.m. ET on the same day, focusing on financial results and business updates. Investors can listen live through the provided webcast link or participate by registering via a live call participant link. Rigetti has established itself in the quantum computing space, operating its own cloud services and holding over 150 patents.
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