Financial Data and Key Metrics Changes - Revenues in Q1 2025 were $1,500,000, down from $3,100,000 in Q1 2024, indicating a significant decline [12] - Gross margins decreased to 30% in Q1 2025 from 49% in Q1 2024, primarily due to lower margin revenues from a contract with the UK's NQCC [12] - Total operating expenses (OpEx) increased to $22,100,000 in Q1 2025 from $18,100,000 in the same period last year, driven by salary increases, new hires, and higher stock compensation expenses [13] - The operating loss for Q1 2025 was $21,600,000, compared to $16,600,000 in the prior year [13] - The company recorded a net income of $42,600,000 in Q1 2025, a turnaround from a net loss of $20,800,000 in Q1 2024, largely due to favorable non-cash changes in derivative warrant and earn-out liabilities [14] Business Line Data and Key Metrics Changes - The company is focusing on advancing its utility scale quantum computer concept, collaborating with Riverlane on quantum error correction technology [4][5] - The consortium for the AFOSR award aims to develop chip fabrication technology, with a total award of $5,480,000 [5] Market Data and Key Metrics Changes - The company is actively participating in DARPA's quantum benchmarking initiative, which is critical for advancing utility scale quantum computing [4][28] - The interest in quantum computing remains primarily in R&D, with significant government contracts driving current sales [38][41] Company Strategy and Development Direction - The company is pursuing a chiplet approach to scale qubit counts, aiming for 36 qubits by mid-2025 and over 100 qubits by the end of 2025 [16][18] - The strategy includes enhancing quantum error correction capabilities and integrating digital chip-based technology with existing systems [8][9] - The partnership with Quanta Computer is strategic, focusing on non-GPU hardware components, which will allow the company to concentrate on QPU development [91][94] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism regarding the NQI reauthorization bill, which is expected to pass with bipartisan support, although funding may take additional time to materialize [21][48] - The company anticipates that achieving quantum advantage will take at least three to five years, with current efforts focused on R&D and technology milestones [38][42] Other Important Information - The company has closed a $35,000,000 investment from Quanta Computer, which strengthens their strategic collaboration [10][90] - The company is exploring optical signaling as a future technology to improve scalability and reduce thermal load in quantum systems [78][81] Q&A Session Summary Question: Progress on chip tiling and timelines - Management confirmed confidence in the chiplet approach to achieve 36 qubits by mid-2025 and over 100 by the end of 2025, with promising data supporting this strategy [16][17] Question: Updates on the DARPA contract - The DARPA Quantum Benchmarking Initiative is crucial for utility scale quantum computing, with specific milestones related to qubit count and fidelity required to progress to the next phase [26][28] Question: Revenue from DARPA phases - Phase A of the DARPA project includes a $1,000,000 award, with expectations for increased funding in subsequent phases [34] Question: Customer interest in quantum processors - Current interest remains in R&D, with significant government funding impacting the conversion of interest into orders [40][41] Question: Optical signaling and its roadmap - Optical signaling is a key element for future scalability, with expectations to transition from coax to fiber optic cables in the next three to four years [78][81] Question: NQCC revenue recognition timeframe - Revenue from the NQCC opportunity is expected to be recognized over the next year, with a similar timeline for the Air Force contract [84]

Rigetti Computing (RGTI) Q1 2025 Earnings Call May 12, 2025 05:00 PM ET Speaker0 Thank you for standing by and welcome to the Rigetti Computing First Quarter twenty twenty five Financial Results Conference Call. At this time, all participants are in listen only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you'll need to press 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT For the transition period from to Commission File Number (001-40140) , RIGETTI COMPUTING, INC. (Exact name of registrant as specified in its charter) Delaware 88-0950636 (State or other jurisdictio ...

Exhibit 99.1 Rigetti Computing Reports First Quarter 2025 Financial Results BERKELEY, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) ("Rigetti" or the "Company"), a pioneer in full-stack quantum-classical computing, today announced its financial results for the first quarter ended March 31, 2025. First Quarter 2025 and Recent Financial Highlights "Rigetti is proud to be awarded important government-funded projects in the U.S. and U.K. to advance our technology, which demonst ...

BERKELEY, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the first quarter ended March 31, 2025. First Quarter 2025 and Recent Financial Highlights Total revenues for the three months ended March 31, 2025 were $1.5 millionTotal operating expenses for the three months ended March 31, 2025 were $22.1 millionOperating loss for the three months ended March ...

Rigetti Computing (RGTI) is set to report first-quarter 2025 results on May 12.The Zacks Consensus Estimate for first-quarter revenues is currently pegged at $2.46 million, indicating a decline of 19.34% year over year. The consensus mark for earnings is currently pegged at a loss of 5 cents per share, unchanged over the past 30 days. The company reported a loss of 14 cents in the year-ago quarter.RGTI earnings beat the Zacks Consensus Estimate once in the past four quarters while matching the same on two o ...

Summary of Rigetti Computing Conference Call Company Overview - Rigetti Computing is a pioneer in full-stack quantum computing, operating superconducting quantum computers since 2017 through a cloud services platform and selling on-premise quantum computers since 2021 [2][8] - The company developed the first multichip processor in the industry and manufactures superconducting quantum processing units (QPUs) in-house at a dedicated facility [2] Core Industry Insights - Quantum computing is an emerging technology that fundamentally differs from classical computing by using qubits instead of bits, allowing for exponential computing capabilities and lower energy consumption [5][6] - Rigetti focuses on gate-based quantum computing, which is expected to dominate the industry, while acknowledging niche applications for other modalities like annealing [12][14] Technological Advantages - The advantages of superconducting technology include scalability and gate speed, with Rigetti's gate speeds comparable to current CPU and GPU technologies [16][17] - Recent advancements have improved two-qubit gate fidelity to 99.5%, with a target of reaching 99.8% to enable commercial applications [24][25] Roadmap and Future Goals - Rigetti aims to demonstrate a quantum computer with over 100 qubits and maintain high fidelity in 2024, with plans to increase qubit count and fidelity in subsequent years [27] - The company is pursuing a modular chiplet architecture to facilitate scaling, which has shown promising results in initial deployments [28][34] Quantum Networking and Error Correction - Rigetti believes in a hybrid computing model where quantum computers coexist with classical systems, rather than requiring a separate quantum network [41][42] - The company is collaborating with Riverlane to develop real-time error correction codes, which are critical for future quantum computing applications [46][51] Strategic Partnerships - Rigetti has formed a strategic partnership with Quanta Computer, which includes a $35 million investment and a commitment of $250 million over five years for non-quantum hardware development [82][86] - This partnership is aimed at enhancing Rigetti's manufacturing capabilities and reducing R&D costs as the business scales [85] Government Funding and Legislative Updates - The National Quantum Computing Act is pending reauthorization, which is crucial for long-term funding and support for quantum initiatives [90][92] - Rigetti has secured funding from DARPA and the Air Force Research Lab, indicating strong government interest in quantum technologies [93] Conclusion - Rigetti Computing is positioned at the forefront of quantum computing technology, focusing on scalability, fidelity, and strategic partnerships to drive future growth and commercialization [95]

One of the hottest areas of tech to invest in of late has been quantum computing. It's an exciting area that, while many people may not be all that familiar with it, know that it has the potential to transform the tech world and lead to much more growth. Quantum computing isn't commonplace and may not be anytime soon, but one company that is becoming one of the more prominent names in that niche of late is Rigetti Computing (RGTI 1.03%). It has been struggling so far this year, but could now be the ideal ti ...

Company Performance - Rigetti Computing, Inc. (RGTI) closed at $9.79, marking a +0.93% move from the prior day, outperforming the S&P 500 which registered a daily loss of 0.77% [1] - The stock has risen by 16.39% in the past month, lagging behind the Computer and Technology sector's gain of 16.73% and exceeding the S&P 500's gain of 11.54% [1] Upcoming Earnings - The company's earnings report is set to be disclosed on May 12, 2025, with analysts expecting earnings of -$0.05 per share, indicating year-over-year growth of 64.29% [2] - The consensus estimate anticipates revenue of $2.46 million, reflecting a 19.34% decrease from the same quarter last year [2] Fiscal Year Projections - For the entire fiscal year, Zacks Consensus Estimates project earnings of -$0.20 per share and revenue of $14.52 million, representing changes of +44.44% and +34.57% respectively from the prior year [3] Analyst Sentiment - Recent changes to analyst estimates for Rigetti Computing reflect evolving short-term business trends, with upward revisions indicating analysts' positivity towards the company's operations and profit generation capabilities [4] Zacks Rank - Rigetti Computing currently holds a Zacks Rank of 2 (Buy), with the consensus EPS projection remaining stagnant over the past 30 days [6] - The Zacks Rank system has a strong track record, with stocks rated 1 delivering an average annual return of +25% since 1988 [6] Industry Overview - The Internet - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 84, placing it within the top 35% of over 250 industries [7] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti's 9- qubit Novera™ QPU was introduced in 2023 supporting a broader R&D community with a ...