BERKELEY, Calif., May 29, 2024 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. ("Rigetti" or "the Company") (NASDAQ: RGTI), a pioneer in hybrid quantum-classical computing systems, today announced the Company is set to join the Russell 3000® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective at the open of US equity markets on Monday, July 1st, according to a preliminary list of additions posted Friday, May 24th. The annual Russell US Indexes reconstitution captures the 4,00 ...

John D Founded in 2013, Rigetti Computing (NASDAQ:RGTI) is a company developing full-stack quantum supercomputer services available through its cloud-based platform, Forest. Having gone public through a SPAC transaction in 2021, share performance has been disappointing so far. Trading around $9 price level back then, the stock has lost -89% of its value since. Currently, RGTI is trading at $1 price level. Nonetheless, RGTI has gained some momentum YTD, with the stock up about 16% YTD so far. I rate the stoc ...

When deciding whether to buy, sell, or hold a stock, investors often rely on analyst recommendations. Media reports about rating changes by these brokerage-firm-employed (or sell-side) analysts often influence a stock's price, but are they really important? Let's take a look at what these Wall Street heavyweights have to say about Rigetti Computing, Inc. (RGTI) before we discuss the reliability of brokerage recommendations and how to use them to your advantage. Rigetti Computing currently has an average bro ...

Rigetti Computing, Inc. (NASDAQ:RGTI) Q1 2024 Earnings Conference Call May 9, 2024 5:00 PM ET Company Participants Subodh Kulkarni - President and Chief Executive Officer Jeff Bertelsen - Chief Financial Officer David Rivas - Chief Technology Officer Conference Call Participants Neil Young - Needham & Company Brian Kinstlinger - Alliance Global Partners Operator Hello and welcome to the Rigetti Company First Quarter 2024 Financial Results Conference Call. [Operator Instructions] I would now like to turn the ...

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, 2024 or ☐ TRANSITION PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) dur ...

Exhibit 99.1 Rigetti Computing Reports First Quarter 2024 Financial Results BERKELEY, Calif., May 9, 2024 (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, 2024. First Quarter 2024 Financial Highlights Technology Roadmap and QPU Performance Partnership program launches to support on-premises quantum ecosystem In April 2024 Rigetti launched th ...

Rigetti Computing, Inc. (NASDAQ:RGTI) Q4 2023 Earnings Conference Call March 14, 2024 5:00 PM ET Company Participants Subodh Kulkarni - President and Chief Executive Officer Jeffrey Bertelsen - Chief Financial Officer Conference Call Participants Quinn Bolton - Needham & Company Brian Kinstlinger - Alliance Global Partners David Williams - The Benchmark Company Operator Good day and thank you for standing by. Welcome to Rigetti Computing's Fourth Quarter and Full Year 2023 Financial Results Conference Call. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 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 (I.R.S. Employer Iden ...

Exhibit 99.1 Rigetti Computing Reports Fourth Quarter and Full Year 2023 Results Berkeley, Calif., March 14, 2024 -- Rigetti Computing, Inc. (Nasdaq: RGTI) ("Rigetti" or the "Company"), a pioneer in full-stack quantum-classical computing, today announced its financial results for the fourth quarter and year ended December 31, 2023. Fourth Quarter and Full Year 2023 Financial Highlights Business Updates Wins Innovate UK Competition to Deliver 24-Qubit Quantum Computing System to NQCC In February 2024, Rigett ...

Financial Data and Key Metrics - Revenue in Q3 2023 was $3.1 million, up from $2.8 million in Q3 2022 [43] - Gross margin in Q3 2023 was 73%, compared to 72% in Q3 2022 [43] - Operating loss in Q3 2023 was $16.8 million, down from $31.3 million in Q3 2022 [44] - Net loss in Q3 2023 was $22.2 million or $0.17 per share, compared to a net loss of $18.8 million or $0.16 per share in Q3 2022 [44] - Cash, cash equivalents, and available-for-sale securities totaled $110.2 million as of September 30, 2023, up from $105.5 million as of June 30, 2023 [20] - The company expects to have $88 million to $94 million in cash, cash equivalents, and available-for-sale securities by the end of 2023 [8] Business Line Data and Key Metrics - QPU systems sales grew in Q3 2023, with the delivery of a 9-qubit QPU to a premier National Laboratory [15] - The company achieved higher than 98% median 2-qubit fidelity with its 9-qubit system, 98% with its 24-qubit system, and over 97% with its Ankaa-2 84-qubit system [18] - The company plans to achieve 98% median 2-qubit fidelity with the Ankaa-2 84-qubit system and over 99% in 2024 [18] - The company is developing the 336-qubit Lyra system and aims to demonstrate Narrow Quantum Advantage (NQA) in two to three years [18] Market Data and Key Metrics - The company was awarded a five-year IDIQ contract with the Air Force Research Lab (AFRL) to supply Quantum Foundry Services, including quantum integrated circuits, quantum-limited amplifiers, cryogenic microwave components, and 9-qubit QPUs [3] - The company was also awarded a DARPA IMPAQT contract to advance quantum algorithms for solving combinatorial optimization problems [16] - The company received an Innovate UK Grant to enhance money laundering detection using quantum machine learning techniques, in collaboration with HSBC, the University of Edinburgh, and the National Quantum Computing Center [5] Company Strategy and Industry Competition - The company is focused on improving system performance and fidelity, with the goal of achieving Narrow Quantum Advantage in two to three years [18][38] - The company is leveraging its fabrication capabilities to support government agencies and national labs in advancing quantum computing research and development [15][16] - The superconducting modality is seen as a leading contender in quantum computing due to its scalability, with the company currently at 84-qubits, ahead of other competitive modalities [12] Management Commentary on Operating Environment and Future Outlook - Management expects revenue variability due to the nature of contract deliverables and timing with major government agencies [43] - The company is focused on reducing error rates to achieve quantum advantage, which is expected to drive explosive growth opportunities in the future [37][38] - Management highlighted the growing pipeline for QPU sales, with more than a dozen customers currently in discussions [55] Other Important Information - The company raised $12.7 million in Q3 2023 from the sale of common stock under a purchase agreement with B Riley [20] - Total OpEx in Q3 2023 was $19.1 million, down from $33.4 million in Q3 2022, primarily due to a $11.5 million reduction in stock compensation expense [19] - The non-cash change in the fair value of the Ford agreement for the ampere warrant increased G&A expense by $1.1 million in Q3 2023, compared to a $387,000 reduction in Q3 2022 [7] Q&A Session Summary Question: Details on the Air Force Research Lab contract and revenue expectations - The contract is expected to be sizable, with monetization already starting in Q3 2023 and expected to increase in Q4 and subsequent quarters [23][47] Question: Inbound activity and optimism for future QPU sales - The company sold its first QPU in Q2 2023 and another in Q3 2023, with a growing pipeline of more than a dozen customers interested in 9-qubit, 24-qubit, and 84-qubit systems [34][35][55] Question: Commercial interest in quantum cloud services - Commercial interest in quantum cloud services is still relatively low compared to national labs and university researchers, as the industry is still away from quantum advantage [53] Question: Business development and future strategy - The company's strategy is to focus on technology development, improve fidelity to 99%, and scale up to 336-qubit systems, while also capitalizing on QPU sales opportunities for researchers [57][58]