Welcome to our dedicated page for Rigetti Computing news (Ticker: RGTIW), a resource for investors and traders seeking the latest updates and insights on Rigetti Computing stock.
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 has been awarded a contract by the Defense Advanced Research Projects Agency (DARPA) to develop benchmarks for quantum application performance, with a project value of up to $2.9 million over three years. Collaborating with University of Technology Sydney, Aalto University, and University of Southern California, Rigetti aims to enhance predictions of fault-tolerant quantum computers’ performance. This initiative is part of DARPA’s Quantum Benchmarking Program and highlights Rigetti's leadership in quantum computing technology.
Rigetti Computing (RGTI) has announced its plan to release second quarter 2022 financial results on August 11, 2022, after market close. The company will host a conference call at 5:00 p.m. ET to discuss these results and provide updates on business operations. Rigetti, a leader in hybrid quantum-classical computing, has been operating quantum computers via the cloud since 2017 and develops its chips in-house. The details of the call can be accessed via the provided links, allowing participants to engage in the discussion post-release.
Rigetti Computing (NASDAQ: RGTI) announced the appointment of Cathy McCarthy as the new Chairperson of the Board following the resignation of General Peter Pace. These changes will take effect on July 15, 2022. McCarthy, who has been a director since July 2021, brings extensive executive experience from various industries. General Pace expressed gratitude for his tenure, highlighting Rigetti's growth from private markets to a Nasdaq listing. The company specializes in hybrid quantum-classical computing and operates quantum computers via its cloud service.
Rigetti Computing, Inc. (NASDAQ: RGTI) is set to join the Russell 3000® Index effective June 27, 2022. This inclusion, praised by CEO Chad Rigetti, aligns with the company’s mission to advance quantum computing technology. The Russell 3000® Index represents the largest 3,000 publicly traded U.S. companies and is a benchmark for significant institutional equity assets. Rigetti's participation underscores its growing influence in the quantum computing sector as it integrates its quantum processors into cloud services.
Rigetti UK Limited has launched its first UK-based 32-qubit Aspen-series quantum computer, accessible via the cloud through Rigetti QCS™. This initiative is part of a consortium aiming to commercialize quantum computing in the UK, involving partners like Oxford Instruments and Standard Chartered Bank. The project is supported by funding from the UK government's Quantum Technologies Challenge. Rigetti UK also received two Innovate UK awards to enhance quantum error correction and application optimization.
Rigetti Computing (Nasdaq: RGTI) announced that founder and CEO Chad Rigetti will participate in a fireside chat at the 17th annual Needham Technology & Media Conference. The event is scheduled for May 19, 2022, from 11:45 a.m. to 12:25 p.m. ET. Investors can access a live webcast through the Investor Relations section of Rigetti's website, with a replay available for one year post-event.
Rigetti is a leader in quantum-classical computing, offering cloud-based quantum computing services since 2017.
Rigetti Computing, Inc. (Nasdaq: RGTI) announced its first-quarter 2022 financial results, revealing a revenue decline to $2.1 million from $2.4 million year-over-year, attributed mainly to a completed government project. Gross profit decreased to $1.7 million, with an 80.3% gross margin. Operating expenses surged to $25.5 million, significantly impacted by stock compensation costs. The net loss of $10.5 million equated to $0.20 per share. Rigetti anticipates total revenue for fiscal year 2022 to range between $12.0 million and $13.0 million and expects an Adjusted EBITDA loss of $50.0 million to $53.0 million.
Rigetti Computing, Inc. (RGTI) announced its first quarter 2022 financial results will be released on May 16, 2022, after market close. A conference call will follow at 5:00 p.m. ET for discussion on results and business updates. The call can be accessed via dial-in numbers or attended through a live audio webcast linked on their Investor Relations website. Rigetti is known for pioneering hybrid quantum-classical computing and has been operating quantum computers over the cloud since 2017, servicing various global clients.
Rigetti Computing, Inc. (NASDAQ: RGTI) announced the departure of Chief Operating Officer Taryn Naidu, effective immediately. His exit is not tied to any financial issues or governance concerns. Responsibilities will transition to existing executives, including the CFO and CRO, while Rigetti bolsters its leadership with key hires in various sectors. Founder Chad Rigetti expressed optimism about future growth and plans to introduce new quantum processors via its Quantum Cloud Services. An earnings call is scheduled for mid-May to provide further updates.
Rigetti Computing reported a 48% year-over-year revenue growth for fiscal year 2021, totaling $8.2 million. The company's gross profit reached $6.6 million, up 62%. Significant milestones include the commercial availability of its 80-Qubit Aspen-M System and collaborations with major firms like Microsoft and Nasdaq. Despite an increase in operating expenses to $40.7 million, Rigetti achieved an 80.2% gross margin. However, they reported a net loss of $38.2 million.
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