Rigetti Computing reported on a significant increase in Q4 revenue achieving $6.1 milllion versus $1.8 million in Q4 2021. They also showed an increase in operating expenses ($32.0 million versus $12.2 million) and net loss ($26.7 million versus $11.1 million). The increase in operating costs were attributed primarily due to increases in research and development expenditures, a $5.4 million goodwill impairment charge, and higher costs due to being a public company. For the full year the company achieved revenues of $13.1 million versus $8.2 million in 2021 and a net loss of $71.5 million versus $38.2 million in 2021.

The company ended the year with $142.8 million in cash, cash equivalents, and available-for-sale securities. The company did not provide any estimates for 2023 results except to say that they do believe they will end 2023 with $65-$75 million in cash, cash equivalents and available-for-sale securities. This will mean that they will likely require additional funding by late 2024 or early 2025 to continue its R&D and maintain its operating plan.

During the associated earning conference call, the new Rigetti CEO, Dr. Subodh Kulkarni, indicated that he has focused the company more on achieving higher qubit fidelities. The have operating in their lab now an 84 qubit machine called Ankaa-1 with a new square lattice architecture and tunable couplers between qubits which is already showing a substantial improvement in both improving in both gate fidelity and gate speed compared to the predecessor 80 qubit Aspen M3. The engineers are continuing to optimize it with a goal of making it available to selected customers in mid-2023 once they reach a median 2-qubit fidelity of 98%. They are also working on a second iteration dubbed Ankaa-2 with a goal of reaching 99% median 2-qubit fidelity and hope to be releasing it by the end of 2023. Following that they will work on creating a four chip system by tiling four of the Ankaa-2’s together to create a 336 qubit Lyra system in 2024.

Rigetti’s press release announcing its financial results is available here and a recording of the associated earnings call can be accessed by registering here.

April 3, 2023