Rigetti Computing (RGTI) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue was $3.1 million, down from $3.3 million in Q2 2023, with six-month revenue rising to $6.1 million.

• Net loss for Q2 2024 was $12.4 million ($0.07/share), improved from $17 million ($0.13/share) in Q2 2023; six-month net loss was $33.2 million.

• Cash, cash equivalents, and investments totaled $100.5 million as of June 30, 2024, expected to fund operations through mid-Q1 2026.

• Progress continues on the 84-qubit Ankaa-3 system, targeting 99%+ median two-qubit gate fidelity by year-end 2024, with modular chip architecture advancing scalability.

• Government and national lab interest is increasing, with a growing pipeline and strong engagement from US, UK, and other international entities.

Financial highlights

• Q2 2024 revenue: $3.1 million (down from $3.3 million in Q2 2023); six-month revenue: $6.1 million.

• Gross margin for Q2 2024 was 64%, compared to 82% in Q2 2023, impacted by lower-margin 24-qubit system sales.

• Total operating expenses were $18.1 million, down from $19 million year-over-year, with R&D expenses at $11.9 million.

• Net loss for Q2 2024 was $12.4 million; net loss per share was $0.07.

• Cash used in operations for the first half of 2024 was $26.7 million, down from $33.6 million in the prior year.

Outlook and guidance

• Revenue is expected to remain variable due to the timing of government and national lab contracts, with an upward trend as global quantum budgets increase.

• Operating expenses are expected to remain stable, with minor headcount additions planned; R&D spending may grow to support the technology roadmap.

• Cash and equivalents of $100.5 million are projected to fund operations through mid-Q1 2026; additional capital will be needed for long-term objectives.