Rigetti Computing Reports First Quarter 2025 Financial Results

BERKELEY, Calif., May 12, 2025 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) ("Rigetti" or the "Company"), a pioneer in full-stack quantum-classical computing, today announced its financial results for the first quarter ended March 31, 2025.

First Quarter 2025 and Recent Financial Highlights

   -- Total revenues for the three months ended March 31, 2025 were $1.5 
      million 
 
   -- Total operating expenses for the three months ended March 31, 2025 were 
      $22.1 million 
 
   -- Operating loss for the three months ended March 31, 2025 was $21.6 
      million 
 
   -- Net income for the three months ended March 31, 2025 was $42.6 million 
 
   -- Net income for the three months ended March 31, 2025 includes $62.1 
      million of non-cash gains from the change in fair value of derivative 
      warrant and earn-out liabilities 
 
   -- As of March 31, 2025 cash, cash equivalents and available-for-sale 
      investments totaled $209.1 million 
 
   -- As of April 30, 2025, following the previously announced closing of the 
      share purchase by Quanta Computer, Inc., cash, cash equivalents and 
      available-for-sale investments totaled $237.7 million 

"Rigetti is proud to be awarded important government-funded projects in the U.S. and U.K. to advance our technology, which demonstrates our continued leadership in superconducting quantum computing," says Rigetti CEO Dr. Subodh Kulkarni. "We also are making great strides in developing innovative approaches to scaling to higher qubit count systems, which is possible due to our open and modular system architecture, in-house full-stack expertise, and world-class partners."

Recent Business Developments

Rigetti Selected to Participate in DARPA's Quantum Benchmarking Initiative

Rigetti will advance to Stage A, a 6-month performance period focused on the Company's utility-scale quantum computer concept worth up to $1 million upon completion of program milestones. Rigetti's proposed concept to design and build a Utility-Scale Quantum Computer (USQC) combines the Company's proprietary multi-chip architecture with scalable quantum error correction (QEC) codes. Rigetti's long-time partner and leader in QEC technology, Riverlane, will be collaborating on this project and bringing their expertise to help refine the proposed USQC concept and validate the underlying technology.

Rigetti Granted AFOSR Award to Further Develop Breakthrough Chip Fabrication Technology

Rigetti will lead a $5.48 million consortium to further develop its breakthrough chip fabrication technology, Alternating-Bias Assisted Annealing (ABAA). Rigetti will collaborate with Iowa State University, the Royal Melbourne Institute of Technology, the University of Connecticut, and Lawrence Livermore National Laboratory* to develop a detailed understanding of how ABAA impacts the chip on a microscopic level -- which aims to shed light on defects in superconducting qubits and open new avenues for understanding and mitigating them.

*Funded separately though Laboratory for Physical Sciences, University of Maryland

Rigetti Awarded Three Innovate UK Quantum Mission Pilot Awards to Advance Superconducting Quantum Computing

Rigetti will lead a GBP3.5 million consortium to advance quantum error correction capabilities on superconducting quantum computers. In collaboration with Riverlane and the National Quantum Computing Centre (NQCC) Superconducting Circuits Team, the consortium will conduct ambitious QEC tests that advance state-of-the-art metrics and demonstrate real-time QEC capabilities -- a requirement for universal, fault-tolerant quantum computing.

As part of the project, Rigetti will also upgrade its existing NQCC quantum computer. The upgrades will include:

   -- Deploying a larger 36-qubit quantum processing unit (QPU), updating from 
      the current 24-qubit QPU 
 
   -- Integrating Rigetti's latest generation control system, enabling improved 
      qubit control and a fully programmable, low-latency interface with 
      Riverlane's QEC Stack 

Rigetti was also awarded two additional Quantum Missions pilot competition projects:

   -- Collaboration with SEEQC to integrate its digital chip-based technology 
      with Rigetti's 9-qubit Novera$(TM)$ QPU hosted at the NQCC with the goal of 
      identifying and understanding the key system components needed for 
      scalable QEC. 
 
   -- Collaboration with TreQ, Qruise, Q-CTRL, and Oxford Ionics aims to create 
      an open-architecture quantum computing testbed and deliver an open 
      specification for quantum workflows, creating a common interface between 
      quantum software and hardware. 

Rigetti Closes Investment by Quanta Computer

On April 29, 2025, Rigetti closed its previously announced investment by Quanta Computer Inc. related to our strategic collaboration agreement. In connection with the closing, Quanta purchased approximately $35 million of shares of Rigetti common stock at approximately $11.59 per share.

Recent Technical Updates

Controlling a Superconducting Qubit Using Optical Signals

Rigetti's joint paper with Harvard University, Massachusetts Institute of Technology, and University of Chicago, "Coherent control of a superconducting qubit using light," has been published in Nature Physics.

Fault-tolerant quantum computing will likely require 10,000 to a million physical qubits. Scaling these systems is challenging because they require bulky microwave components with high thermal loads that can quickly overwhelm the cooling power of a dilution refrigerator. Optical signals have a considerably smaller footprint and negligible thermal conductivity.

The team successfully demonstrated the integration of a hybrid microwave-optical quantum transducer with a Rigetti-fabricated superconducting qubit. This hybrid set-up enables optical control of the qubit, removing the need for coax lines and provides a promising approach to scaling to higher qubit count systems.

New Quantum Algorithm Boosts Classical Optimizers

Rigetti leveraged its new quantum optimization algorithm, quantum preconditioning, to address a power energy grid problem. Using a public dataset representing South Carolina's energy grid, the problem was to compute the maximum power exchange section, a metric that informs on the health and the power delivery capability of the energy network. Using Rigetti's 84-qubit Ankaa-3 system, quantum preconditioning was used to boost best-in-class classical optimizers. A relative advantage against the classical baseline was achieved along with a high solution accuracy, highlighting the potential for quantum preconditioning to achieve quantum utility for solving practical optimization problems.

Conference Call and Webcast

Rigetti will host a conference call later today, May 12, 2025, at 5:00 pm ET, or 2:00 pm PT, to discuss its first quarter 2025 financial results.

You can listen to a live audio webcast of the conference call at https://edge.media-server.com/mmc/p/5w8qggnn/ or the "Events & Presentations" section of the Company's Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

To participate in the live call, you must register using the following link: https://register-conf.media-server.com/register/BIa01e2c81dc8f4031b25c1ce89653b15e. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

About Rigetti

Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti's 9-qubit Novera QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer's existing cryogenic and control systems. The Company's proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry's first dedicated and integrated quantum device manufacturing facility. Learn more at https://www.rigetti.com/.

Contacts

Rigetti Computing Investor Contact:

IR@Rigetti.com

Rigetti Computing Media Contact:

press@rigetti.com

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