Rigetti Computing, Inc., a company specializing in quantum computing, reported financial results for the fiscal year ended December 31, 2023. The company experienced a net loss of $75.1 million, with an accumulated deficit of $353.8 million. Revenue decreased by $1.1 million compared to the previous year, primarily due to variability in development contract revenue. Operating expenses decreased by $37.8 million, largely due to a reduction in stock-based compensation and the absence of a goodwill impairment charge that was present in the previous year. The company also implemented a workforce reduction to focus on strategic priorities, resulting in a restructuring charge of $1.0 million. Rigetti raised $225.6 million net proceeds from a business combination and PIPE financing, and an additional $20.5 million from a Common Stock Purchase Agreement with...Show More

Rigetti Computing, Inc., a company specializing in quantum computing, reported financial results for the fiscal year ended December 31, 2023. The company experienced a net loss of $75.1 million, with an accumulated deficit of $353.8 million. Revenue decreased by $1.1 million compared to the previous year, primarily due to variability in development contract revenue. Operating expenses decreased by $37.8 million, largely due to a reduction in stock-based compensation and the absence of a goodwill impairment charge that was present in the previous year. The company also implemented a workforce reduction to focus on strategic priorities, resulting in a restructuring charge of $1.0 million. Rigetti raised $225.6 million net proceeds from a business combination and PIPE financing, and an additional $20.5 million from a Common Stock Purchase Agreement with B. Riley. The company's cash and cash equivalents, along with available-for-sale investments, are expected to fund operations into early in the third quarter of 2025. Rigetti's management concluded that internal control over financial reporting was not effective due to material weaknesses related to complex financial instruments and overall closing and financial reporting processes.