BERKELEY, Calif., March 03, 2025 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, announced today that Rigetti CEO, Dr. Subodh Kulkarni, will be participating in a fireside chat at the Cantor Global Technology Conference on March 12, 2025. Information for the event is as follows: Webcast registration link: https://sqps.onstreamsecure.com/origin/enliven/players/EnlivenPlayer.html?customerId=22&eventId=59290576&checkC ...

Rigetti Computing (RGTI) is set to report fourth-quarter 2024 results on March 5.The Zacks Consensus Estimate for fourth-quarter revenues is currently pegged at $2.4 million, indicating a decline of 28.99% year over year. The consensus mark for earnings is currently pegged at a loss of 8 cents per share, unchanged over the past 30 days. The figure indicates a 11.11% increase from the year-ago quarter’s reported figure.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Let’s see how thing ...

Group 1: Industry Overview - Major technological breakthroughs, such as generative AI, can create trillions in shareholder value over time, with OpenAI's ChatGPT being a notable example [1] - Quantum computing is identified as a potential opportunity, with estimates suggesting it could generate up to $850 billion in economic value annually by 2040 according to Boston Consulting Group [4] - Quantum computing has the capability to solve complex problems much faster than traditional computers, making it valuable in fields like materials science and drug discovery [3] Group 2: Company Profile - Rigetti Computing - Rigetti Computing has seen its shares increase by approximately 400% over the last 12 months, indicating strong market interest [2] - The company focuses on hardware development in quantum computing and has created a platform called Quantum Cloud Services (QCS) to provide remote quantum computing power [6] - Rigetti's QCS offers clients a way to access quantum computing capabilities without the need for in-house infrastructure, potentially saving costs [7] Group 3: Financial Performance - Rigetti's revenue fell by 23% year over year to $2.4 million in the third quarter, with operating losses reaching $17.3 million, which is seven times its sales [8] - Research and development expenses accounted for 69% of Rigetti's operating expenses, totaling $12.8 million out of $18.6 million [8] - The company is facing challenges in achieving profitability and may rely on equity dilution to fund operations, which could negatively impact its stock price [10]

Core Insights - Rigetti Computing has entered a strategic collaboration with Quanta Computer to advance superconducting quantum computing technologies [1][2][4] - Both companies will invest over $100 million each over the next five years, with Quanta also committing to a $35 million investment in Rigetti [2][4] - The quantum computing market is projected to grow to $1-2 billion annually by 2030, with superconducting qubits offering advantages such as fast gate speeds and established manufacturing techniques [3][5] Company Overview - Rigetti Computing is a pioneer in full-stack quantum computing, operating quantum computers via the cloud since 2017 and offering on-premises systems with qubit counts between 24 and 84 [5] - The company has developed the first multi-chip quantum processor for scalable systems and manufactures its chips in-house at its dedicated facility [5] - Quanta Computer is a leader in notebook manufacturing and cloud computing solutions, with FY2024 revenues of $43 billion and a workforce of approximately 60,000 [6]

Group 1 - Rigetti Computing (RGTI) is currently one of the most popular stocks in the quantum computing market [1] - The stock prices referenced were from the afternoon of February 21, 2025 [1] - The video discussing this stock was published on February 23, 2025 [1]

Group 1 - Rigetti Computing, Inc. will release its fourth quarter 2024 results on March 5, 2025, after market close [1] - A conference call to discuss the financial results and business operations will take place at 5:00 p.m. ET on the same day [1] - The company has provided links for both the live webcast and participant registration for the call [2][3] Group 2 - Rigetti is a pioneer in hybrid quantum-classical computing and has been operating quantum computers over the cloud since 2017 [4] - The company serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform [4] - Rigetti has introduced various quantum computing systems, including the 9-qubit Novera™ QPU in 2023, designed for high-performance on-premises use [4] - The company has developed the industry's first multi-chip quantum processor for scalable quantum computing systems and manufactures its chips in-house at Fab-1 [4]

Core Viewpoint - Rigetti Computing (RGTI) shares are currently overvalued, indicated by a Value Score of F, with a forward 12-month price/sales (P/S) ratio of 116.46X, significantly higher than its median of 94.39X and the Zacks Computer and Technology sector's 6.53X [1]. Group 1: Stock Performance - RGTI's shares have surged 82.2% over the past month, outperforming the Zacks Internet - Software industry's return of 3.8% and the broader Zacks Computer & Technology sector's growth of 2.6% [4]. - RGTI has outperformed its peer, D-WAVE QUANTUM (QBTS), which gained 392% over the past month, attributed to RGTI's expanding clientele and growing influence in the quantum computing space [6]. Group 2: Quantum Computing Advancements - RGTI has made significant advancements in quantum computing, including the successful demonstration of 9-qubit chips with 99.4% median 2-qubit gate fidelity and plans to release a 36-qubit system by mid-2025 [7]. - In December 2024, RGTI launched its 84-qubit Ankaa-3 quantum computer, featuring a hardware redesign that enhances performance and scalability, with a median 99% iSWAP gate fidelity and 99.5% fSim fidelity [8]. - RGTI's multi-chip architecture development positions the company at the forefront of the quantum computing industry, enhancing its capabilities as the market evolves [9]. Group 3: Strategic Partnerships - RGTI's partnerships with Riverlane, NVIDIA, and Quantum Machines have been crucial for its growth, establishing the company as a key player in the rapidly evolving quantum computing space [10]. - Collaboration with Quantum Machines has led to the successful application of artificial intelligence to automate the calibration of its 9-qubit Novera QPU, achieving high gate fidelities [11]. - Rigetti's partnership with Riverlane has resulted in the demonstration of real-time and low-latency quantum error correction on its 84-qubit Ankaa-2 system, enhancing fault tolerance in quantum computing [12]. - Collaborations with academic and industry leaders, such as the UK's National Quantum Computing Centre and the Israeli Quantum Computing Center, provide access to advanced research facilities and expertise [13]. Group 4: Financial Outlook - The Zacks Consensus Estimate for 2025 revenues is projected at $15.32 million, indicating a year-over-year increase of 40.29% [14]. - The consensus mark for 2025 loss per share is pegged at 28 cents, reflecting a year-over-year increase of 17.65% [14]. Group 5: Market Challenges - Despite advancements, RGTI faces challenges from macroeconomic uncertainties and intense competition in the quantum computing market, negatively impacting top-line growth [15]. - Concerns raised by industry leaders, including Meta CEO Mark Zuckerberg and NVIDIA CEO Jensen Huang, about the near-term practical applications of quantum computing have contributed to a market downturn affecting Rigetti [16].

Core Viewpoint - The collaboration between QphoX, Rigetti Computing, and Qblox has successfully demonstrated the ability to readout superconducting qubits using an optical transducer, marking a significant advancement in quantum computing technology [1][4][5]. Group 1: Quantum Computing Potential - Quantum computing is poised to revolutionize various fields, including advanced material design, artificial intelligence, and drug discovery [2]. - Superconducting qubits are a leading platform for practical quantum computers due to their fast gate speeds and compatibility with existing semiconductor manufacturing techniques [2]. Group 2: Technical Challenges and Solutions - Achieving fault-tolerant quantum computing may require between 10,000 to 1 million physical qubits, which presents significant challenges in terms of wiring and cooling systems [2]. - A proposed solution involves replacing traditional coaxial cables with optical fibers, which have a smaller footprint and lower thermal conductivity [3]. Group 3: Microwave-to-Optical Transduction - QphoX has developed piezo-optomechanical transducers that convert microwave signals to optical signals, facilitating the integration of superconducting qubits with fiber-optic technology [3][4]. - The recent research indicates that the transducer not only effectively reads out qubit states but also protects the qubit from decoherence caused by thermal noise and stray optical photons [4][5]. Group 4: Industry Collaboration and Future Directions - The collaboration among QphoX, Rigetti, and Qblox exemplifies the importance of partnerships in addressing engineering challenges in quantum computing [6][7]. - The successful demonstration of microwave-to-optical transduction is seen as a crucial step towards scalable quantum computing, with plans for further development and scaling of this technology [7]. Group 5: Company Profiles - QphoX specializes in quantum transduction systems that enable quantum computers to communicate over optical frequencies, leveraging advancements in photonic and superconducting device fabrication [8]. - Rigetti is a pioneer in full-stack quantum computing, offering cloud-based quantum computing services and on-premises systems with qubit counts ranging from 24 to 84 [9][10]. - Qblox focuses on scalable qubit control stacks and has grown to over 130 employees, supporting both academic and industrial labs in the quantum sector [11].

Industry Overview - Quantum computing has the potential to revolutionize industries such as drug discovery and materials science by performing calculations exponentially faster than traditional computers [2][4] - Analysts at Boston Consulting Group predict that quantum computing technology could create up to $850 billion in economic value by 2040, indicating significant future growth potential [4] Company Profile: Rigetti Computing - Rigetti Computing, founded in 2013, went public in 2022 through a merger with a special-purpose acquisition company (SPAC) and adopts a "picks-and-shovels" approach by designing and fabricating quantum computing processors [5] - The company operates Fab-1, which is claimed to be the only dedicated quantum computing fabrication facility in the world, potentially giving it a competitive edge in the industry [5] - Rigetti offers Quantum Cloud Services (QCS), integrating its processors with traditional computing infrastructure, allowing businesses to utilize quantum computing power without the need for expensive hardware [6][7] Financial Performance - In the third quarter, Rigetti's revenue declined approximately 23% year-over-year to $2.4 million, while operating losses increased from $16.8 million to $17.3 million [8] - The company's significant research and development spending of $12.8 million in the third quarter is a major factor contributing to its cash burn [9] - Despite ongoing innovation and plans to introduce a new system architecture in 2025, the market may not be ready for widespread adoption of quantum computing technology, which could delay profitability [9][10]

Company Performance - Rigetti Computing, Inc. (RGTI) closed at $13.83, reflecting a +0.8% change from the previous day, outperforming the S&P 500's daily gain of 0.39% [1] - Over the last month, the company's shares have decreased by 25.39%, underperforming the Computer and Technology sector's gain of 0.04% and the S&P 500's gain of 1.7% [1] Earnings Report Expectations - Rigetti Computing, Inc. is projected to report earnings of -$0.08 per share, indicating a year-over-year growth of 11.11% [2] - The consensus estimate forecasts revenue of $2.4 million, representing a 28.99% decline compared to the same quarter of the previous year [2] Analyst Estimates and Stock Performance - Recent adjustments to analyst estimates for Rigetti Computing, Inc. are being monitored, as positive revisions may indicate optimism about the company's business outlook [3] - The Zacks Rank system, which incorporates estimate changes, has a track record of success, with 1 stocks delivering an average annual return of +25% since 1988 [4][5] - Rigetti Computing, Inc. currently holds a Zacks Rank of 3 (Hold), with the consensus EPS estimate remaining steady over the past month [5] Industry Context - The Internet - Software industry, part of the Computer and Technology sector, has a Zacks Industry Rank of 68, placing it in the top 28% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]