Rigetti(RGTI) GlobeNewswire News Room·2024-11-12 11:30Financial Performance - Total revenues for Q3 2024 were 3.1 million in Q3 2023 [2][23] - Total operating expenses for Q3 2024 were 19.1 million in Q3 2023 [2][23] - The operating loss for Q3 2024 was 16.8 million in Q3 2023 [2][23] - The net loss for Q3 2024 was 22.2 million in Q3 2023 [2][23] - As of September 30, 2024, cash, cash equivalents, and available-for-sale securities totaled $92.6 million [2] Technology Roadmap - The company plans to introduce a new modular system architecture in 2025, with a 36-qubit system expected by mid-2025 [3] - By the end of 2025, Rigetti aims to release a system with over 100 qubits, targeting a median 2-qubit fidelity of 99.5% [3] - Rigetti is on track to develop the 84-qubit Ankaa™-3 system, aiming for over 99% median 2-qubit gate fidelity by the end of 2024 [4] Innovations and Techniques - Rigetti's superconducting qubits are fabricated using established semiconductor techniques, achieving faster gate operations than other modalities [5] - The company has demonstrated tiling of 9-qubit chips without performance deterioration, indicating advancements in multi-chip scaling technology [6] - The Alternating-Bias Assisted Annealing (ABAA) technique allows for high-performance QPUs with precise frequency targeting, crucial for high fidelities [6][11] Research Collaborations - Rigetti is collaborating with Riverlane to advance quantum error correction (QEC) technology, essential for building fault-tolerant quantum computers [7][8] - A Novera QPU has been co-located at the Israeli Quantum Computing Center for research and experimentation, including a reinforcement learning project [9][10] Business Developments - The National Quantum Computing Centre (NQCC) opened a facility that includes a fully operational 24-qubit Ankaa-class system for research and development [13][14]