Wednesday, June 19, 2024

Impressive Financial Performance in Q4 and Full Year 2023

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Rigetti Computing, a leading quantum computing company, has recently announced its financial results for the fourth quarter of 2023 and the full year of 2023. The company reported significant growth in key financial metrics during this period.

One of the highlights from the conference call was the comparison of financial metrics between Q4 2023 and Q3 2022. Rigetti also disclosed that they raised .5 million in cash through a stock sale agreement with B. Riley in Q4, with an additional .8 million coming in after the quarter closed. Additionally, the company filed a shelf registration statement with the SEC to potentially raise up to 0 million.

In terms of technical progress, Rigetti’s Ankaa-2 Processor has achieved a 98% median 2-qubit gate fidelity, which has been publicly available since December 2023. The engineering team is now focused on reaching a 99% fidelity measure in 2024 and completing the development of the Lyra system.

Rigetti also received several awards and grants during this period, including an Innovate UK award for delivering a 24-qubit processor to the National Quantum Computing Centre (NQCC) at Harwell Campus. They also made sales of the 9-qubit Novera to SQMS at Fermilab and AFRL. Additionally, Rigetti secured grants for quantum machine learning research for finance and received awards like DARPA’s Quantum Benchmarking Program phase 2 award and a partnership with Riverlane and ORNL for HPC-quantum integration improvement.

For more detailed information on Rigetti’s Q4 2023 financial results, you can access their press release. A recording of the conference call held by management is also available for further insights.

This announcement was made on March 16, 2024.

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