Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the
“Company”), a pioneer in full-stack quantum-classical computing,
today announced its financial results and the filing of its
Quarterly Report on Form 10-Q for the third quarter and nine months
ended September 30, 2022.
The Company held a business update conference call on November
14, 2022 to discuss its recent executive transition announcements,
its technical roadmap progress, the delay in its financial results
for the third quarter 2022 and the anticipated restatement of its
financial statements for the first and second quarter of fiscal
2022, in addition to other business updates.
Third Quarter 2022 Financial Highlights
- Revenue for the third quarter of 2022 was $2.8 million,
compared to $2.9 million in the prior year period.
- Total gross profit for the third quarter of 2022 was $2.0
million, compared with $2.5 million in the prior year period.
- Total GAAP operating expenses for the third quarter of 2022
were $33.4 million, compared with $11.6 million in the prior year
period.
- Total non-GAAP operating expenses1 for the third quarter of
2022 were $16.8 million, compared with $9.9 million in the prior
year period.
- GAAP net loss for the third quarter of 2022 was $18.8 million,
or ($0.16) per share, compared with $9.8 million, or ($0.43) per
share, in the prior year period.
- Adjusted EBITDA2 for the third quarter of 2022 was a loss of
($14.8) million, versus a loss of ($7.4) million in the prior year
period.
- The Company had cash, cash equivalents and available-for-sale
investments of $161.0 million as of September 30, 2022.
_______________________________1 Non-GAAP
operating expenses is a non-GAAP financial measure. For a
description of non-GAAP operating expenses and a reconciliation to
GAAP operating expenses, the closest comparable GAAP financial
measure, refer to “Non-GAAP Financial Measures” below and the
reconciliation table at the end of this release.
2 Adjusted EBITDA is a non-GAAP financial
measure. For a description of Adjusted EBITDA and a reconciliation
to GAAP net loss, the closest comparable GAAP financial measure,
refer to “Non-GAAP Financial Measures” below and the reconciliation
table at the end of this release.
Fiscal Year 2022 Outlook
- The Company continues to expect total revenue for the 2022
fiscal year to be between $12.0 million and $13.0 million. As
previously disclosed, estimated revenue includes approximately
$4.0 million tied to contracts that are being negotiated with
a government entity that is also an existing customer. Although the
contracting process has taken longer than anticipated, the Company
has made progress in the negotiations and expects to complete the
negotiations by the end of this fiscal year end. However, revenue
recognition for some of the estimated $4.0 million, a portion
of which relates to work that has already been performed and costs
that have already been incurred, could be deferred to a fiscal
period after fiscal year 2022 if negotiations are not completed and
contracts are not executed until after 2022. If negotiations result
in contract terms that are less favorable than the Company
anticipated, the total expected value of these contracts could
decrease.
- The Company is revising its fiscal year 2022 Adjusted EBITDA3
loss guidance from ($50.0) - ($53.0) million to ($56.0) - ($58.0)
million. As previously disclosed, in connection with the discovery
of electrical utility fees that were unpaid and unrecognized in
prior periods, the Company is accruing approximately $1.6 million
of additional estimated expenses in the aggregate in the first and
second quarters of 2022 and recorded related additional expenses of
approximately $0.1 million in the third quarter of 2022. In
addition, the Company expects to incur unanticipated costs related
to the resignation of Chad Rigetti from his positions of President
and Chief Executive Officer of the Company, the appointment of Rick
Danis as Interim President and Chief Executive Officer of the
Company and additional legal and consulting fees related to the
pending restatement of its first and second quarter 2022 financial
statements, and has taken these into account in the revised fiscal
year 2022 Adjusted EBITDA loss guidance. In addition, as previously
disclosed, the Company is conducting a search for a new chief
executive officer. To the extent a new chief executive officer is
appointed prior to the end of the 2022 fiscal year, the Company
would incur additional expenses related to such appointment. In
addition, to the extent contracts are not finalized on the delayed
government contract described above, the Company may not be able to
recoup costs that have already been incurred for work that has
already been performed, this fiscal year or at all. In the event of
any of the foregoing, Adjusted EBITDA loss for fiscal year 2022
could be greater than the guidance range estimated above.
_______________________________3 Projected Adjusted EBITDA is a
non-GAAP financial measure. For a description of Adjusted EBITDA
refer to “Non-GAAP Financial Measures” below.
ContactsRigetti Computing Investor
Contact:RGTI@investorrelations.com
Rigetti Computing Media Contact:press@rigetti.com
About Rigetti
Rigetti is a pioneer in full-stack quantum computing. The
Company has operated quantum computers over the cloud since 2017
and serves global enterprise, government, and research clients
through its Rigetti Quantum Cloud Services platform. The Company’s
proprietary quantum-classical infrastructure provides high
performance integration with public and private clouds for
practical quantum computing. Rigetti has developed the industry’s
first multi-chip quantum processor for scalable quantum computing
systems. The Company designs and manufactures its chips in-house at
Fab-1, the industry’s first dedicated and integrated quantum device
manufacturing facility. Rigetti has more than 150 patents awarded
and pending. The Company was founded in 2013 by Chad Rigetti and
today employs more than 190 people with offices in the United
States, U.K. and Australia. Learn more at www.rigetti.com.
Cautionary Language Concerning Forward-Looking
Statements
Certain statements in this communication may be considered
forward-looking statements, including statements with respect to
the Company’s outlook, including with respect to estimated revenue
and Adjusted EBITDA for the full year 2022 and estimates and
assumptions relating thereto, including with respect to expenses
relating to electrical utility fees, the Company’s management
transition and costs associated with the restatement of the
Company’s financial statements in addition to ongoing contract
negotiations with a government entity; expectations with respect to
the Company’s management transition and search for a new chief
executive officer; expectations with respect to the restatement of
its financial statements for the first and second quarters of 2022
and the anticipated filings with the SEC related thereto;
expectations relating to the Company’s technology roadmap,
milestones and the timing thereof; and expectations relating to
growth of the business, including with respect to future potential
government and commercial contracts. Forward-looking statements
generally relate to future events and can be identified by
terminology such as “pro forma,” “may,” “should,” “could,” “might,”
“plan,” “possible,” “project,” “strive,” “budget,” “forecast,”
“expect,” “intend,” “will,” “estimate,” “believe,” “predict,”
“potential,” “pursue,” “aim,” “goal,” “outlook,” “anticipate,”
“assume,” or “continue,” or the negatives of these terms or
variations of them or similar terminology. Such forward-looking
statements are subject to risks, uncertainties, and other factors
which could cause actual results to differ materially from those
expressed or implied by such forward-looking statements. These
forward-looking statements are based upon estimates and assumptions
that, while considered reasonable by Rigetti and its management,
are inherently uncertain. Factors that may cause actual results to
differ materially from current expectations include, but are not
limited to: Rigetti’s ability to achieve milestones, technological
advancements, including with respect to its roadmap, help unlock
quantum computing, and develop practical applications; the ability
of Rigetti to complete ongoing negotiations with government
contractors successfully and in a timely manner; the potential of
quantum computing; the ability of Rigetti to obtain government
contracts and the availability of government funding; the ability
of Rigetti to expand its QCaaS business; the success of Rigetti’s
partnerships and collaborations; Rigetti’s ability to accelerate
its development of multiple generations of quantum processors; the
outcome of any legal proceedings that may be instituted against
Rigetti or others; the ability to meet stock exchange listing
standards; the ability to recognize the anticipated benefits of the
business combination, which may be affected by, among other things,
competition, the ability of Rigetti to grow and manage growth
profitably, 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 Rigetti may be adversely affected
by other economic, business, or competitive factors; Rigetti’s
estimates of expenses and profitability; the evolution of the
markets in which Rigetti competes; the ability of Rigetti to
execute on its technology roadmap; the ability of Rigetti to
implement its strategic initiatives, expansion plans and continue
to innovate its existing services; the impact of the COVID-19
pandemic on Rigetti’s business; the expected use of proceeds from
the Company’s past and future financings or other capital; the
sufficiency of Rigetti’s cash resources; unfavorable conditions in
Rigetti’s industry, the global economy or global supply chain,
including financial and credit market fluctuations and uncertainty,
rising inflation and interest rates, increased costs, international
trade relations, political turmoil, natural catastrophes, warfare
(such as the ongoing military conflict between Russia and Ukraine
and related sanctions against Russia), 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 Form 10-Q for the three months ended
September 30, 2022, and other documents filed by the Company from
time to time with the SEC. These filings identify and address other
important risks and uncertainties that could cause actual events
and results to differ materially from those contained in the
forward-looking statements. Forward-looking statements speak only
as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and the Company
assumes no obligation and does not intend to update or revise these
forward-looking statements other than as required by applicable
law. The Company does not give any assurance that it will achieve
its expectations.
Non-GAAP Financial Measures
To supplement Rigetti’s financial results and guidance presented
in accordance with U.S. generally accepted accounting principles
(GAAP), the Company uses certain non-GAAP financial measures in
this press release. In particular, the Company presents Adjusted
EBITDA, which excludes from GAAP reported net loss certain items as
detailed in the reconciliation table that follows, and non-GAAP
operating expenses, which excludes from GAAP reported operating
expenses certain items as detailed in the reconciliation table that
follows. The Company believes that Adjusted EBITDA and non-GAAP
operating expenses can provide useful measures for period-to-period
comparisons of its business as they remove the impact of certain
non-cash items and certain variable charges.
Investors should note that reconciliations of certain
forward-looking or projected non-GAAP financial measures to their
most comparable GAAP financial measures cannot be provided because
the Company cannot do so without unreasonable efforts due to the
unavailability of information needed to calculate reconciling items
and due to the variability, complexity and limited visibility of
comparable GAAP measures and the reconciling items that would be
excluded from the non-GAAP financial measures in the future.
Specifically, reconciliations of the components of projected
Adjusted EBITDA to its most comparable GAAP financial measure is
not provided because the quantification of projected stock-based
compensation and change in fair value of assumed forward contract
obligations are outside the Company’s control and cannot be
reasonably calculated or predicted at this time without
unreasonable efforts. Such unavailable information could
significantly impact future financial results and vary greatly
between periods.
The Company believes that each of these non-GAAP financial
measures provides useful supplementary information to, and
facilitates additional analysis by, investors and analysts and that
each of these non-GAAP financial measures, when considered together
with the Company’s financial information prepared in accordance
with GAAP, can enhance investors’ and analysts' ability to
meaningfully compare the Company’s results from period to period
and to its forward-looking guidance and to identify operating
trends in the Company’s business.
The Company’s management also regularly uses these non-GAAP
financial measures internally to understand, manage and evaluate
the Company’s business and to make operating decisions. Because
these non-GAAP financial measures are important internal
measurements for the Company’s management, the Company also
believes that these non-GAAP financial measures are useful to
investors and analysts since these measures allow for greater
transparency with respect to key financial metrics the Company uses
in assessing its own operating performance and making operating
decisions. These non-GAAP financial measures are not meant to be
considered in isolation or as a substitute for comparable GAAP
measures; should be read in conjunction with the Company's
consolidated financial statements prepared in accordance with GAAP;
have no standardized meaning prescribed by GAAP; and are not
prepared under any comprehensive set of accounting rules or
principles in the reconciliation tables that follow. In addition,
from time to time in the future there may be other items that the
Company may exclude for purposes of its non-GAAP financial
measures; and the Company may in the future cease to exclude items
that it has historically excluded for purposes of its non-GAAP
financial measures. Likewise, the Company may determine to modify
the nature of its adjustments to arrive at its non-GAAP financial
measures. Because of the non-standardized definitions of non-GAAP
financial measures, the non-GAAP financial measures as used by the
Company in this press release and the accompanying tables have
limits in their usefulness to investors and may be calculated
differently from, and therefore may not be directly comparable to,
similarly titled measures used by other companies.
RIGETTI COMPUTING,
INC.CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)(In thousands, except for share and per
share amounts)
|
|
September 30, |
|
|
|
December 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
73,837 |
|
|
$ |
11,729 |
|
Available-for-sale investments |
|
87,186 |
|
|
|
- |
|
Accounts receivable |
|
2,295 |
|
|
|
1,543 |
|
Prepaid expenses and other current assets |
|
3,633 |
|
|
|
1,351 |
|
Forward contract - assets |
|
1,930 |
|
|
|
- |
|
Deferred offering costs |
|
742 |
|
|
|
3,449 |
|
Total current assets |
$ |
169,623 |
|
|
$ |
18,072 |
|
Property and equipment, net |
|
37,440 |
|
|
|
22,497 |
|
Restricted cash |
|
117 |
|
|
|
317 |
|
Other assets |
|
129 |
|
|
|
165 |
|
Goodwill |
|
5,377 |
|
|
|
5,377 |
|
Total assets |
$ |
212,686 |
|
|
$ |
46,428 |
|
|
|
|
|
|
|
|
|
Liabilities, redeemable convertible preferred stock and
stockholders' equity (deficit) |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
1,726 |
|
|
$ |
1,971 |
|
Accrued expenses and other current liabilities |
|
6,934 |
|
|
|
3,806 |
|
Deferred revenue |
|
811 |
|
|
|
985 |
|
Debt - current portion |
|
6,834 |
|
|
|
575 |
|
Forward contract - liabilities |
|
- |
|
|
|
230 |
|
Total current liabilities |
$ |
16,305 |
|
|
$ |
7,567 |
|
Debt - net of current portion |
|
22,999 |
|
|
|
24,216 |
|
Derivative warrant liabilities |
|
4,046 |
|
|
|
4,355 |
|
Earn-out liabilities |
|
2,995 |
|
|
|
- |
|
Other liabilities |
|
436 |
|
|
|
295 |
|
Total liabilities |
$ |
46,781 |
|
|
$ |
36,433 |
|
Commitments and contingencies (Note 6) |
|
|
|
|
|
|
|
Redeemable convertible preferred stock*, par value $0.0001 per
share; 0 shares and 80,974,757 shares authorized at September 30,
2022 and December 31, 2021, respectively; 0 shares and 77,696,679
shares issued and outstanding at September 30, 2022 and December
31, 2021, respectively |
|
- |
|
|
|
81,523 |
|
Stockholders' equity (deficit): |
|
|
|
|
|
|
|
Preferred Stock, par value $0.0001 per share; 10,000,000 shares and
0 shares authorized at September 30, 2022 and December 31, 2021,
respectively; 0 shares and 0 shares issued and outstanding at
September 30, 2022 and December 31, 2021, respectively |
|
- |
|
|
|
- |
|
Common stock*, par value $0.0001 per share; 1,000,000,000 shares
and 134,050,472 shares authorized at September 30, 2022 and
December 31, 2021, respectively; 122,739,804 shares and 18,221,069
shares issued and outstanding at September 30, 2022 and December
31, 2021, respectively |
|
12 |
|
|
|
2 |
|
Additional paid-in capital |
|
422,200 |
|
|
|
135,549 |
|
Accumulated other comprehensive gain (loss) |
|
(527 |
) |
|
|
52 |
|
Accumulated deficit |
|
(255,780 |
) |
|
|
(207,131 |
) |
Total stockholders' equity (deficit) |
$ |
165,905 |
|
|
$ |
(71,528 |
) |
Total liabilities, redeemable convertible preferred stock
and stockholders' equity (deficit) |
$ |
212,686 |
|
|
$ |
46,428 |
|
*Shares of legacy Redeemable Convertible Series C Preferred Stock,
Redeemable Convertible Series C-1 Preferred Stock, legacy Class A
common stock, and legacy Class B common stock have been
retroactively restated to give effect to the Business
Combination. |
RIGETTI COMPUTING,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (Unaudited)(In thousands, except for
share and per share amounts)
|
Three Months Ended |
|
Nine Months Ended |
|
September 30, |
|
September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Revenue |
$ |
2,804 |
|
|
$ |
2,919 |
|
|
$ |
7,042 |
|
|
$ |
6,818 |
|
Cost of revenue |
|
776 |
|
|
|
446 |
|
|
|
2,063 |
|
|
|
1,083 |
|
Total gross profit |
$ |
2,028 |
|
|
$ |
2,473 |
|
|
$ |
4,979 |
|
|
$ |
5,735 |
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
$ |
17,365 |
|
|
$ |
7,484 |
|
|
$ |
44,040 |
|
|
$ |
21,915 |
|
Sales and marketing |
|
1,960 |
|
|
|
782 |
|
|
|
4,922 |
|
|
|
1,738 |
|
General and administrative |
|
14,027 |
|
|
|
3,376 |
|
|
|
38,371 |
|
|
|
8,608 |
|
Total operating expenses |
$ |
33,352 |
|
|
$ |
11,642 |
|
|
$ |
87,333 |
|
|
$ |
32,261 |
|
Loss from operations |
$ |
(31,324 |
) |
|
$ |
(9,169 |
) |
|
$ |
(82,354 |
) |
|
$ |
(26,526 |
) |
Other income (expense), net: |
|
|
|
|
|
|
|
Interest expense |
$ |
(1,436 |
) |
|
$ |
(589 |
) |
|
$ |
(3,811 |
) |
|
$ |
(1,077 |
) |
Interest income |
|
1,042 |
|
|
|
2 |
|
|
|
1,172 |
|
|
|
9 |
|
Change in fair value of derivative warrant liabilities |
|
8,103 |
|
|
|
- |
|
|
|
19,853 |
|
|
|
- |
|
Change in fair value of earn-out liability |
|
4,860 |
|
|
|
- |
|
|
|
17,418 |
|
|
|
- |
|
Transaction costs |
|
- |
|
|
|
- |
|
|
|
(927 |
) |
|
|
- |
|
Other income (expense) |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(23 |
) |
Total other income (expense), net |
$ |
12,569 |
|
|
$ |
(587 |
) |
|
$ |
33,705 |
|
|
$ |
(1,091 |
) |
Net loss before provision for income taxes |
|
(18,755 |
) |
|
|
(9,756 |
) |
|
|
(48,649 |
) |
|
|
(27,617 |
) |
Provision for income taxes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net loss |
$ |
(18,755 |
) |
|
$ |
(9,756 |
) |
|
$ |
(48,649 |
) |
|
$ |
(27,617 |
) |
Net loss per share attribute to common stockholders - basic and
diluted |
$ |
(0.16 |
) |
|
$ |
(0.43 |
) |
|
$ |
(0.51 |
) |
|
$ |
(1.25 |
) |
Weighted average shares used in computing net loss per share
attributable to common stockholders – basic and diluted* |
|
118,571,295 |
|
|
|
22,554,422 |
|
|
|
95,690,821 |
|
|
|
22,129,715 |
|
*Weighted-average shares have been retroactively restated to
give effect to the Business Combination.
RIGETTI COMPUTING,
INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS (Unaudited)For the nine months ended
September 30, 2022 and 2021(In
thousands)
|
Nine Months Ended |
|
September 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
Cash flows from operating activities |
|
Net loss |
$ |
(48,649 |
) |
|
$ |
(27,617 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Depreciation and amortization |
|
4,801 |
|
|
|
3,628 |
|
Stock-based compensation |
|
37,643 |
|
|
|
1,636 |
|
Change in fair value of earnout liability |
|
(17,418 |
) |
|
|
- |
|
Change in fair value of derivative warrant liabilities |
|
(19,853 |
) |
|
|
- |
|
Change in fair value of forward contract |
|
(5,465 |
) |
|
|
- |
|
Amortization of debt issuance costs |
|
1,072 |
|
|
|
- |
|
Accretion of available-for-sale securities |
|
(356 |
) |
|
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(753 |
) |
|
|
16 |
|
Prepaid expenses and other current assets |
|
(2,282 |
) |
|
|
(566 |
) |
Other assets |
|
35 |
|
|
|
(36 |
) |
Deferred revenue |
|
(174 |
) |
|
|
(604 |
) |
Accounts payable |
|
(694 |
) |
|
|
343 |
|
Accrued expenses and other current liabilities |
|
3,469 |
|
|
|
848 |
|
Other liabilities |
|
142 |
|
|
|
(186 |
) |
Net cash used in operating activities |
$ |
(48,482 |
) |
|
$ |
(22,538 |
) |
Cash flows from investing activities |
|
|
|
Purchases of property and equipment |
|
(19,294 |
) |
|
|
(5,789 |
) |
Purchases of available-for-sale securities |
|
(87,186 |
) |
|
|
- |
|
Net cash used in investing activities |
$ |
(106,480 |
) |
|
$ |
(5,789 |
) |
Cash flows from financing activities |
|
|
|
Proceeds from Business Combination, net of transaction costs
paid |
$ |
225,604 |
|
|
$ |
- |
|
Transaction costs paid directly by Rigetti |
|
(18,420 |
) |
|
|
- |
|
Proceeds from issuance of notes payable |
|
5,000 |
|
|
|
20,000 |
|
Payments on debt issuance costs |
|
(85 |
) |
|
|
- |
|
Payment on loan and security agreement exit fees |
|
(1,000 |
) |
|
|
- |
|
Proceeds from issuance of common stock upon exercise of stock
options and warrants |
|
5,990 |
|
|
|
256 |
|
Net cash provided by financing activities |
$ |
217,089 |
|
|
$ |
20,256 |
|
Effect of changes in exchange rate on cash and restricted
cash |
$ |
(219 |
) |
|
$ |
35 |
|
Net increase (decrease) in cash, cash equivalents, and
restricted cash |
$ |
61,908 |
|
|
$ |
(8,036 |
) |
Cash, cash equivalents, and restricted cash at beginning of
period |
$ |
12,046 |
|
|
$ |
24,394 |
|
Cash, cash equivalents, and restricted cash at end of
period |
$ |
73,954 |
|
|
$ |
16,358 |
|
|
|
|
|
Supplemental disclosure of cash flow
information: |
|
|
|
Cash paid for interest |
$ |
2,739 |
|
|
$ |
1,077 |
|
Supplemental disclosure of non-cash financing and investing
activities: |
|
|
|
Fair value of earn-out liability |
$ |
20,413 |
|
|
$ |
- |
|
Fair value of private placement and public warrants liability |
$ |
22,932 |
|
|
$ |
- |
|
Reclassification of loan and security agreement warrants to
equity |
$ |
6,370 |
|
|
$ |
- |
|
Settlement of the first tranche of forward contract |
$ |
3,305 |
|
|
$ |
- |
|
Capitalization of deferred costs to equity upon share issuance |
$ |
1,098 |
|
|
$ |
- |
|
Purchases of property and equipment recorded in accounts
payable |
$ |
449 |
|
|
$ |
240 |
|
Unrealized gain (loss) short term investments |
$ |
(356 |
) |
|
$ |
- |
|
Rigetti Computing,
Inc.Reconciliation of Net Loss to Adjusted
EBITDASeptember 30, 2022(Amounts
in $ thousands)
|
Three Months Ended |
|
Nine Months Ended |
|
Sep 30, |
Sep 30, |
|
Sep 30, |
Sep 30, |
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
Net loss |
$ |
(18,755 |
) |
$ |
(9,756 |
) |
|
$ |
(48,649 |
) |
$ |
(27,617 |
) |
Excluding: |
|
|
|
|
|
Depreciation |
$ |
1,823 |
|
$ |
1,266 |
|
|
$ |
4,801 |
|
$ |
3,628 |
|
Stock Compensation |
|
15,121 |
|
|
518 |
|
|
|
37,643 |
|
|
1,636 |
|
Interest expense (Net) |
|
394 |
|
|
587 |
|
|
|
2,639 |
|
|
1,068 |
|
Change in fair value of derivative warrant liabilities |
|
(8,103 |
) |
|
- |
|
|
|
(19,853 |
) |
|
- |
|
Change in air Value of Forward Contract Agreement Liability |
|
(388 |
) |
|
- |
|
|
|
(5,465 |
) |
|
- |
|
Change in Fair Value of Earn out liability |
|
(4,860 |
) |
|
- |
|
|
|
(17,418 |
) |
|
- |
|
Merger related transaction Costs (1) |
|
- |
|
|
- |
|
|
|
927 |
|
|
- |
|
Adjusted EBITDA |
$ |
(14,768 |
) |
$ |
(7,385 |
) |
|
$ |
(45,375 |
) |
$ |
(21,285 |
) |
(1) Merger-related transaction costs are comprised of the
allocation of certain legal, accounting and other costs related to
the assets and liabilities acquired in the business
combination.
Rigetti Computing,
Inc.Reconciliation of GAAP Operating Expenses to
Non-GAAP Operating ExpensesSeptember 30,
2022(Amounts in $ thousands)
|
Three Months Ended |
|
Nine Months Ended |
|
Sep 30, |
Sep 30, |
|
Sep 30, |
Sep 30, |
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
Operating Expenses |
$ |
33,352 |
|
$ |
11,642 |
|
|
$ |
87,333 |
|
$ |
32,261 |
|
Excluding: |
|
|
|
|
|
Depreciation and amortization |
$ |
(1,823 |
) |
$ |
(1,266 |
) |
|
$ |
(4,801 |
) |
$ |
(3,628 |
) |
Stock Compensation |
|
(15,121 |
) |
|
(518 |
) |
|
|
(37,643 |
) |
|
(1,636 |
) |
Change in Fair Value of Forward Contract Agreement Liability |
|
388 |
|
|
- |
|
|
|
5,465 |
|
|
- |
|
*Non-GAAP Operating Expenses |
$ |
16,796 |
|
$ |
9,858 |
|
|
$ |
50,354 |
|
$ |
26,997 |
|
*Non-GAAP operating expenses include an aggregate of $2.0
million in one-time bonuses to certain employees for the successful
completion of the business combination.
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