Learn more at Contacts Rigetti Computing Investor Contact:IR@Rigetti.com Rigetti Computing Media Contact:press@rigetti.com Cautionary Language Concerning Forward-Looking StatementsCertain statements in this communication may be considered "forward-looking statements” within the meaning of the federal securities laws, including statements with respect to the Company’s future success and performance, including expectations with respect to future revenues and the timing, availability and impact of government programs relating to quantum information science; expectations regarding the advantages and impact of the strategic collaboration agreement with Quanta Computer on our operations, technology roadmap, milestones, and our position in the industry; the expectation that Rigetti and Quanta will each invest more than $100 million over the next five years; expectations regarding Quanta’s anticipated $35 million investment in Rigetti through a purchase of Rigetti’s common stock; anticipated regulatory clearance; expectations related to the Company’s ability to achieve milestones including the development of future generations of hardware, including any future generations developed to achieve our targeted fidelities and qubit counts, or to demonstrate narrow quantum advantage or broad quantum advantage, each of which is an important anticipated milestone for our technology roadmap and commercialization of our quantum computers; expectations with respect to scaling to create larger qubit systems without sacrificing gate performance using the Company’s modular chip architecture, including expectations with respect to the Company’s anticipated systems and targeted error rate reduction; expectations with respect to future sales or leases of the Novera QPU, customer adoption of the Ankaa-3 systems and Novera QPU; the possibility that reading out superconducting qubits with an optical transducer could have benefits in building scalable quantum computers; the possibility that replacing coaxial cables and other cryogenic components with optical fibers could result in less thermal and power usage; expectations with respect to the Company’s partners and customers and the quantum computing plans and activities thereof; and expectations with respect to the anticipated stages of quantum technology maturation, including the Company’s ability to develop a quantum computer that is able to solve practical, operationally relevant problems significantly better, faster, or cheaper than a current classical solution and achieve quantum advantage on the anticipated timing or at all.
Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s ability to achieve milestones, technological advancements, including with respect to its technology roadmap; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the ability of the Company to expand its QPU sales and the Novera QPU Partnership Program; the success of the Company’s partnerships and collaborations, including the strategic collaboration with Quanta Computer; the Company’s ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives and expansion plans; the expected use of proceeds from the Company’s past and future financings or other capital; the sufficiency of the Company’s cash resources; unfavorable conditions in the Company’s industry, the global economy or global supply chain, including rising inflation and interest rates, deteriorating international trade relations, political turmoil, natural catastrophes, warfare and terrorist attacks; and other risks and uncertainties set forth in the section entitled "Risk Factors” and "Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and other documents filed by the Company from time to time with the SEC.
CONSOLIDATED BALANCE SHEETS(in thousands, except number of shares and par value) December 31, December 31, 2024 2023Assets Current assets: Cash and cash equivalents$67,674 $21,392 Available-for-sale investments - short-term 124,420 78,537 Accounts receivable 2,427 5,029 Prepaid expenses 3,156 1,938 Other current assets 9,081 771 Total current assets 206,758 107,667 Available-for-sale investments - long-term 25,068 — Property and equipment, net 44,643 44,483 Operating lease right-of-use assets 7,993 7,634 Other assets 325 129 Total assets$284,787 $159,913 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$1,590 $5,772 Accrued expenses and other current liabilities 8,005 8,563 Current portion of deferred revenue 113 343 Current portion of debt — 12,164 Current portion of operating lease liabilities 2,159 2,210 Total current liabilities 11,867 29,052 Debt, less current portion — 9,894 Deferred revenue, less current portion 698 — Operating lease liabilities, less current portion 6,641 6,297 Derivative warrant liabilities 93,095 2,927 Earn-out liabilities 45,897 2,155 Total liabilities 158,198 50,325 Commitments and contingencies Stockholders’ equity: Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding — — Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 283,546,871 shares issued and outstanding at December 31, 2024 and 147,066,336 shares issued and outstanding at December 31, 2023 29 14 Additional paid-in capital 681,202 463,089 Accumulated other comprehensive income 105 244 Accumulated deficit (554,747) (353,759)Total stockholders’ equity 126,589 109,588 Total liabilities and stockholders’ equity$284,787 $159,913 RIGETTI COMPUTING, INC.
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