Rigetti’s Impressive Financial Performance in Q4 and Full Year 2023 – Compsmag

March 16, 2024 | by magnews24.com

Rigetti Computing Announces Q4 2023 and Full Year 2023 Financial Results

According to the sourceRigetti Computing recently revealed its financial results for Q4 2023 and the full year of 2023. Let’s take a closer look at some of the key highlights from their conference call.

Financial Metrics Comparison

  • Q4 2023 vs. Q3 2022: The company saw significant growth in key financial metrics, as shown in the chart below.
  • Funding Events: Rigetti raised $5.5 million in cash from a stock sale agreement with B. Riley in Q4, with an additional $12.8 million coming in after the quarter closed. They also filed a shelf registration statement with the SEC to potentially raise up to $250 million.
  • Cash Assets: With current projections, Rigetti estimates having enough cash on hand until early Q3 2025 but anticipates needing another funding event before then.

Technical Progress

  • Ankaa-2 Processor: Dr. Subodh Kulkarni highlighted reaching a 98% median 2-qubit gate fidelity with this processor, publicly available since December 2023. The engineering team is now focused on achieving a 99% fidelity measure in 2024 and completing development of the Lyra system.

Commercial Program Awards

  • Innovate UK Award: Rigetti secured an award for delivering a 24 qubits processor to the National Quantum Computing Centre (NQCC) Harwell Campus.
  • Novera Sales: Two sales of the 9 qubit Novera were made to SQMS at Fermilab and AFRL respectively.
  • Innovate UK Grant: Another grant was received for quantum machine learning research for finance, along with other awards like DARPA’s Quantum Benchmarking Program phase 2 award and a partnership with Riverlane and ORNL for HPC-quantum integration improvement.

To delve deeper into Rigetti’s Q4 2023 financial results, you can access their press release here. Additionally, a recording of the conference call held by management is available .

Date: March 16, 2024

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