Summary by Moomoo AI
Rigetti Computing, a quantum computing company, reported a net loss of $20.8 million for the quarter ended March 31, 2024, compared to a net loss of $23.4 million for the same period in the previous year, marking an 11% improvement. The company's revenue increased by 39% to $3.05 million, up from $2.2 million in the prior year's quarter, while cost of revenue rose by 204% to $1.55 million. Operating expenses decreased by 24% to $18.08 million, with research and development costs down 16% and selling, general and administrative expenses down 27%. Rigetti also incurred a $1.0 million restructuring charge related to a workforce reduction of approximately 28%, impacting 50 employees. The company has been focusing on its updated business strategy and technology roadmap, which includes the launch of the Ankaa 84-qubit Ankaa™-2 system and plans...Show More