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BERKELEY, Calif. - Rigetti Computing, Inc. (NASDAQ:RGTI), a pioneer in quantum-classical computing, reported fourth quarter earnings that fell short of analyst expectations, sending shares down 2.3% in after-hours trading.
The quantum computing company posted a fourth quarter adjusted loss of $0.68 per share, significantly wider than the $0.08 loss analysts had forecast. Revenue came in at $2.3 million, missing the consensus estimate of $2.52 million but up from $2.1 million in the same quarter last year.
For the full year 2024, Rigetti reported revenue of $10.8 million, an operating loss of $68.5 million, and a net loss of $201.0 million. The net loss included $133.9 million in non-cash charges related to changes in fair value of earn-out and warrant liabilities.
Despite the earnings miss, Rigetti highlighted several strategic and technological achievements. The company entered a collaboration with Quanta Computer, with both firms committing over $100 million each over five years to accelerate quantum computing development.
"Quanta’s collaboration with Rigetti is designed to strengthen our position in this flourishing market," said Dr. Subodh Kulkarni, Rigetti CEO. "Our companies’ complementary strengths will support us in our goal to be at the forefront of the quantum computing industry."
Rigetti also launched its 84-qubit Ankaa-3 system in December, achieving a 99.0% median iSWAP gate fidelity. The company aims to scale to 100+ qubits by year-end while targeting a 2x reduction in error rates from 2024 levels.
As of December 31, Rigetti held $217.2 million in cash, cash equivalents, and available-for-sale securities.
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