Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the
“Company”), a pioneer in full-stack quantum-classical computing,
today announced its financial results for the first quarter ended
March 31, 2024.
First Quarter 2024 Financial Highlights
- Total revenues for the three months ended March 31, 2024 were
$3.1 million
- Total operating expenses for the three months ended March 31,
2024 were $18.1 million
- Operating loss for the three months ended March 31, 2024 was
$16.6 million
- Net loss for the three months ended March 31, 2024 was $20.8
million
- During the period from January 1 - May 9, 2024, raised $32.9
million from the sale of 23 million shares under our prior Common
Stock Purchase Agreement with B. Riley and our current ATM program,
including $23.9 million raised in the three months ended March 31,
2024
- As of March 31, 2024 cash, cash equivalents and
available-for-sale securities totaled $102.8 million
Technology Roadmap and QPU PerformanceRigetti
has achieved a 99.3% median 2-qubit gate fidelity on its 9-qubit
Ankaa™-class quantum system, which gives the Company confidence
that it will reach 99+% on its anticipated 84-qubit Ankaa-3 system,
which it plans to deploy by the end of the year. Rigetti plans to
develop the 336-qubit Lyra™ system thereafter.
Business and Partnership Updates
Rigetti sells Novera™ QPU to Horizon Quantum ComputingRigetti
continues to grow its on-premises quantum processor unit (QPU)
sales with the delivery of a Novera QPU to Horizon Quantum
Computing in April 2024. This is the Company’s first QPU located in
Singapore. The Novera QPU will be installed in Horizon Quantum
Computing’s new hardware testbed in Singapore, and will be
Horizon’s first quantum computing system. The system is expected to
be installed by early 2025.
“We are witnessing the emergence of a vibrant on-premises
quantum computing market. Quantum computing researchers need
hands-on access to quantum technology to gain a deeper
understanding of how to work towards useful quantum computing. We
launched the Novera QPU to address this need — and we are thrilled
that our longtime partners at Horizon selected our hardware to
advance their quantum computing journey,” said Dr. Subodh Kulkarni,
Rigetti CEO.
The first Novera QPU sales were to leading US government labs —
the Superconducting Quantum Materials and Systems Center (SQMS) led
by Fermilab, and the Air Force Research Lab (AFRL).
Partnership program launches to support on-premises quantum
ecosystem In April 2024 Rigetti launched the Novera QPU Partner
Program. The Novera QPU Partner Program aims to enable
high-performing, on-premises quantum computing by creating an
ecosystem of quantum computing hardware, software, and service
providers who build and offer integral components of a functional
quantum computing system. Novera QPU customers can work with Novera
QPU partners to build a quantum computer powered by the Novera QPU
that satisfies their system requirements and quantum computing
research objectives.
The founding members of the Novera QPU Partner Program include
some of Rigetti’s most long-time partners and are leaders in their
respective areas of quantum computing technology:
- Cryogenics:
- Control Systems:
- Quantum Machines
- Zurich Instruments
- Software:
- Classiq
- Horizon Quantum Computing
- Q-CTRL
- Riverlane
- Strangeworks
- Integration and Service Providers:
- QEC Solutions:
Rigetti intends on growing the Novera QPU Partner Program with
additional partners on an ongoing basis.
“With the Novera QPU, we have a unique opportunity to support
the development of on-premises quantum computing capabilities
worldwide. At Rigetti, we are experts at overcoming the challenges
of building, installing, and supporting a quantum computing system.
After a decade in the quantum computing industry, we’ve also forged
long-lasting partnerships with world-leading quantum technology
companies whose collaborations and expertise have helped us advance
our capabilities even further. We want to empower Novera QPU
customers with an ecosystem of our trusted partners to support
their own quantum computing research pursuits, and to help prepare
us for a quantum-ready society,” said Dr. Kulkarni
Conference Call and WebcastRigetti will host a
conference call later today, May 9, 2024, at 5:00 p.m. ET, or 2:00
p.m. PT, to discuss its first quarter 2024 financial results.
You can listen to a live audio webcast of the conference call at
https://edge.media-server.com/mmc/p/e9em4ndr%5D or the “Events
& Presentations” section of the Company’s Investor Relations
website at https://investors.rigetti.com/. A replay of the
conference call will be available at the same locations following
the conclusion of the call for one year.
To participate in the live call, you must register using the
following link:
https://register.vevent.com/register/BIdaa8078c889a462ca4919e4e9290baf6.
Once registered, you will receive dial-in numbers and a unique PIN
number. When you dial in, you will input your PIN and be routed
into the call. If you register and forget your PIN, or lose the
registration confirmation email, simply re-register to receive a
new PIN.
About RigettiRigetti 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.
Learn more at www.rigetti.com.
ContactsRigetti 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 expectations with respect to the success and performance,
including anticipated future performance improvements, of the
Ankaa-2 system, including the 9-qubit Ankaa system, its ability to
improve 2-qubit gate fidelity performance on future systems,
expectations related to the Company’s ability to achieve milestones
including developing the Ankaa-3 84-qubit system and the 336-qubit
Lyra system on the anticipated timing or at all; future sales or
leases of the Novera QPU, customer adoption of the Ankaa-2 system
and Novera QPU, the success of, benefits of and future sales
related to the Novera QPU Partner Program; expectations with
respect to a vibrant on-premises quantum computing market and the
needs and benefits thereof; expectations with respect to a
quantum-ready society; expectations with respect to the Company’s
partners and customers and the quantum computing plans and
activities thereof; the Company’s expectations with respect to its
unique position to tackle the challenges of building a quantum
computer capable of addressing real-world problems and practical
quantum computing; the Company’s expectations with respect to the
timing of next generation systems; the Company’s expectations with
respect to the anticipated stages of quantum technology maturation,
including its ability to develop a quantum computer that is able to
solve a practical, operationally relevant problem significantly
better, faster, or cheaper than a current classical solution and
achieve quantum advantage on the anticipated timing or at all.
These forward-looking statements are based upon estimates and
assumptions that, while considered reasonable by the Company and
its management, are inherently uncertain. 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, help unlock quantum computing, and develop
practical applications; 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; 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, expansion plans and continue to innovate
its existing services; 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 financial and credit market fluctuations and
uncertainty, rising inflation and interest rates, disruptions in
banking systems, increased costs, international trade relations,
political turmoil, natural catastrophes, warfare (such as the
ongoing military conflict between Russia and Ukraine and related
sanctions and the state of war between Israel and Hamas and related
threat of a larger conflict), 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 March 31, 2024, 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.
RIGETTI COMPUTING, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(in thousands, except number of shares and par value) |
(unaudited) |
|
|
|
March 31, |
|
December 31, |
|
|
2024 |
|
2023 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
35,098 |
|
|
$ |
21,392 |
|
Available-for-sale
investments |
|
|
67,661 |
|
|
|
78,537 |
|
Accounts receivable |
|
|
4,706 |
|
|
|
5,029 |
|
Prepaid expenses and other
current assets |
|
|
2,579 |
|
|
|
2,709 |
|
Total current assets |
|
|
110,044 |
|
|
|
107,667 |
|
Property and equipment, net |
|
|
44,610 |
|
|
|
44,483 |
|
Operating lease right-of-use
assets |
|
|
7,243 |
|
|
|
7,634 |
|
Other assets |
|
|
218 |
|
|
|
129 |
|
Total assets |
|
$ |
162,115 |
|
|
$ |
159,913 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
3,822 |
|
|
$ |
5,772 |
|
Accrued expenses and other
current liabilities |
|
|
5,892 |
|
|
|
8,563 |
|
Deferred revenue |
|
|
129 |
|
|
|
343 |
|
Current portion of debt |
|
|
12,814 |
|
|
|
12,164 |
|
Current portion of operating
lease liabilities |
|
|
2,219 |
|
|
|
2,210 |
|
Total current liabilities |
|
|
24,876 |
|
|
|
29,052 |
|
Debt, less current portion |
|
|
6,496 |
|
|
|
9,894 |
|
Operating lease liabilities, less
current portion |
|
|
5,880 |
|
|
|
6,297 |
|
Derivative warrant
liabilities |
|
|
5,510 |
|
|
|
2,927 |
|
Earn-out liabilities |
|
|
3,776 |
|
|
|
2,155 |
|
Total liabilities |
|
|
46,538 |
|
|
|
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, 165,310,938 shares
issued and outstanding at March 31, 2024 and 147,066,336
shares issued and outstanding at December 31, 2023 |
|
|
16 |
|
|
|
14 |
|
Additional paid-in capital |
|
|
489,955 |
|
|
|
463,089 |
|
Accumulated other comprehensive
income |
|
|
138 |
|
|
|
244 |
|
Accumulated deficit |
|
|
(374,532 |
) |
|
|
(353,759 |
) |
Total stockholders’ equity |
|
|
115,577 |
|
|
|
109,588 |
|
Total liabilities and
stockholders’ equity |
|
$ |
162,115 |
|
|
$ |
159,913 |
|
RIGETTI COMPUTING, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
2023 |
Revenue |
|
$ |
3,052 |
|
|
$ |
2,201 |
|
Cost of revenue |
|
|
1,552 |
|
|
|
510 |
|
Total gross profit |
|
|
1,500 |
|
|
|
1,691 |
|
Operating expenses: |
|
|
|
|
|
|
Research and development |
|
|
11,471 |
|
|
|
13,707 |
|
Selling, general and
administrative |
|
|
6,614 |
|
|
|
9,013 |
|
Restructuring |
|
|
— |
|
|
|
991 |
|
Total operating expenses |
|
|
18,085 |
|
|
|
23,711 |
|
Loss from operations |
|
|
(16,585 |
) |
|
|
(22,020 |
) |
Other (expense) income, net |
|
|
|
|
|
|
Interest expense |
|
|
(1,107 |
) |
|
|
(1,464 |
) |
Interest income |
|
|
1,123 |
|
|
|
1,284 |
|
Change in fair value of
derivative warrant liabilities |
|
|
(2,583 |
) |
|
|
(873 |
) |
Change in fair value of earn-out
liabilities |
|
|
(1,621 |
) |
|
|
(281 |
) |
Total other (expense) income,
net |
|
|
(4,188 |
) |
|
|
(1,334 |
) |
Net loss before provision for
income taxes |
|
|
(20,773 |
) |
|
|
(23,354 |
) |
Provision for income taxes |
|
|
— |
|
|
|
— |
|
Net loss |
|
$ |
(20,773 |
) |
|
$ |
(23,354 |
) |
Net loss per share attributable
to common stockholders - basic and diluted |
|
$ |
(0.14 |
) |
|
$ |
(0.19 |
) |
Weighted average shares used in
computing net loss per share attributable to common
stockholders – basic and diluted |
|
|
151,855 |
|
|
|
124,778 |
|
RIGETTI COMPUTING INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOW |
(in thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2024 |
|
2023 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(20,773 |
) |
|
$ |
(23,354 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
1,787 |
|
|
|
2,089 |
|
Stock-based compensation |
|
|
2,991 |
|
|
|
1,703 |
|
Change in fair value of
earn-out liabilities |
|
|
1,621 |
|
|
|
281 |
|
Change in fair value of
derivative warrant liabilities |
|
|
2,583 |
|
|
|
873 |
|
Change in fair value of
forward contract |
|
|
— |
|
|
|
1,100 |
|
Impairment of deferred
offering costs |
|
|
— |
|
|
|
742 |
|
Accretion of
available-for-sale securities |
|
|
(855 |
) |
|
|
(506 |
) |
Amortization of debt issuance
costs, commitment fees and accretion of debt end-of-term
liabilities |
|
|
298 |
|
|
|
391 |
|
Non-cash lease expense |
|
|
391 |
|
|
|
379 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
323 |
|
|
|
915 |
|
Prepaid expenses, other
current assets and other assets |
|
|
435 |
|
|
|
693 |
|
Deferred revenue |
|
|
(214 |
) |
|
|
(402 |
) |
Accounts payable |
|
|
334 |
|
|
|
(484 |
) |
Accrued expenses and operating
lease liabilities |
|
|
(2,060 |
) |
|
|
32 |
|
Net cash used in operating
activities |
|
|
(13,139 |
) |
|
|
(15,548 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(5,493 |
) |
|
|
(4,804 |
) |
Purchases of
available-for-sale securities |
|
|
(27,287 |
) |
|
|
(38,528 |
) |
Maturities of
available-for-sale securities |
|
|
39,000 |
|
|
|
28,346 |
|
Net cash provided by (used in)
investing activities |
|
|
6,220 |
|
|
|
(14,986 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Payments of principal of notes
payable |
|
|
(3,045 |
) |
|
|
(1,798 |
) |
Proceeds from sale of common
stock from sales through Common Stock Purchase Agreement |
|
|
12,838 |
|
|
|
— |
|
Proceeds from sale of common
stock from sales through At-The-Market (ATM) Offering |
|
|
11,031 |
|
|
|
— |
|
Payments of offering
costs |
|
|
(174 |
) |
|
|
(107 |
) |
Proceeds from issuance of
common stock upon exercise of stock options and warrants |
|
|
60 |
|
|
|
751 |
|
Net cash provided by (used in)
financing activities |
|
|
20,710 |
|
|
|
(1,154 |
) |
Effects of exchange rate
changes on cash and cash equivalents |
|
|
(85 |
) |
|
|
(83 |
) |
Net (decrease) increase in
cash and cash equivalents |
|
|
13,706 |
|
|
|
(31,771 |
) |
Cash and cash equivalents –
beginning of period |
|
|
21,392 |
|
|
|
57,888 |
|
Cash and cash equivalents –
end of period |
|
$ |
35,098 |
|
|
$ |
26,117 |
|
Supplemental
disclosures of other cash flow information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
811 |
|
|
$ |
1,072 |
|
Non-cash investing and
financing activities: |
|
|
|
|
|
|
Capitalization of deferred
costs to equity upon share issuance |
|
|
52 |
|
|
|
13 |
|
Purchases of property and
equipment recorded in accounts payable |
|
|
1,115 |
|
|
|
210 |
|
Purchases of property and
equipment recorded in accrued expenses |
|
|
— |
|
|
|
120 |
|
Purchases of deferred offering
costs in accounts payable |
|
|
273 |
|
|
|
— |
|
Unrealized Gain (Loss) on
short term investments |
|
|
(18 |
) |
|
|
238 |
|
Rigetti Computing (NASDAQ:RGTIW)
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