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Rigetti Computing, Inc. is a pioneering full-stack quantum computing company based in Berkeley, CA. They are developing the world's first general-purpose quantum supercomputing systems to address humanity's greatest computational challenges. Rigetti has proprietary quantum-classical infrastructure that integrates with public and private clouds for high-performance practical quantum computing. The company has achieved significant milestones, including launching the industry's first multi-chip quantum processor for scalable quantum computing systems.
Rigetti recently deployed a 32-qubit Aspen™-class quantum computer in the UK via their Quantum Cloud Services (QCS™) platform. Collaborating with partners like Standard Chartered Bank, Phasecraft, and Oxford Instruments, Rigetti demonstrated the performance of quantum programs and advanced quantum machine learning applications. Additionally, the company won a UKRI Competition to deliver a 24-qubit quantum computing system to the National Quantum Computing Centre (NQCC) using their latest Ankaa™-class chip architecture.
Rigetti also launched the Novera QPU Partner Program to create an ecosystem of partners supporting the on-premises quantum computing network. Partners include Horizon Quantum Computing, Bluefors, Classiq, Quantum Machines, and other leading companies in the quantum technology space.
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.
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