Rigetti Computing (RGTI) Q4 2024 earnings summary

Executive summary

• Entered a strategic collaboration with Quanta Computer, each committing over $100 million over five years and a $35 million equity investment by Quanta, pending regulatory clearance.

• Launched the 84-qubit Ankaa-3 system with record gate fidelities, making it available via cloud platforms.

• Achieved first academic QPU sale to Montana State University and another to the U.K. government in Q4 2024.

• Demonstrated AI-powered remote calibration of QPUs and published research on optical qubit readout, highlighting technology leadership and ecosystem collaboration.

Financial highlights

• Q4 2024 revenue was $2.3 million, down from $3.4 million in Q4 2023; full-year 2024 revenue reached $10.8 million.

• Gross margin for Q4 2024 was 44%, mainly due to lower-margin U.K. NQCC contract revenue.

• Q4 2024 net loss was $153 million ($0.68/share), significantly impacted by $135.1 million in non-cash charges; full-year net loss was $201 million.

• Cash, cash equivalents, and investments totaled $217.2 million as of December 31, 2024.

• Raised $153.3 million in Q4 2024 from equity offerings and fully repaid all outstanding debt to Trinity Capital.

Outlook and guidance

• Confident in cash position to fund operations for at least three years; total available capital, including Quanta commitments, is approximately $500 million over five years.

• Focus remains on R&D milestones, with commercial sales expected to become significant in four to five years.

• Targeting 36-qubit chip by mid-2025 and over 100 qubits by year-end, with a 2x reduction in error rates.

• Expects continued investment and collaboration with Quanta to accelerate commercialization and technology development.