The following is a summary of the Rigetti Computing, Inc. (RGTI) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Rigetti Computing reported Q4 2023 revenues of $3.4 million, which is less compared to $6.1 million in Q4 2022.

• Gross margins were 75% in Q4 2023, which is lower than the 87% margin in Q4 2022.

• Total Q4 2023 operating expenses were $19.7 million, down from $32 million in Q4 2022.

• Q4 2023 operating loss was $17.2 million, an improvement from the $26.7 million operating loss observed in Q4 2022.

• The net loss for Q4 2023 was $12.6 million or $0.09 per share, compared to a net loss of $22.9 million or $0.19 per share in Q4 2022.

• The company reported a cash position of $99.9 million as of the end of 2023.

Business Progress:

• In February 2024, Rigetti received a research grant to develop and deploy a 24-qubit quantum computer.

• The company launched its first commercially available quantum processing unit, Novera, in December 2023.

• Rigetti received a Phase 2 contract from the DARPA program.

• Rigetti is targeting to achieve a 99% median 2-qubit gate fidelity by the end of 2024 with their 84-qubit Ankaa-3 system, before moving on to the 336-qubit Lyra system.

• The company is forming several partnerships to develop quantum computing solutions for various sectors and improve high-performance computing and quantum integration.

• The company raised $5.5 million in Q4 2023 and anticipates having enough funding to take them into early Q3 2025.

More details: Rigetti Computing IR

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