Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the
“Company”), a pioneer in full-stack quantum-classical computing,
today announced its financial results for the third quarter ended
September 30, 2023.
Third Quarter 2023 Financial Highlights
- Total revenues for the three months ended September 30, 2023
were $3.1 million
- Total operating expenses for the three months ended September
30, 2023 were $19.1 million
- Operating loss for the three months ended September 30, 2023
was $16.8 million
- Net loss for the three months ended September 30, 2023 was
$22.2 million
- As of September 30, 2023 cash, cash equivalents and
available-for-sale securities totaled $110.2 million
- Raised $12.7 million during the three months ended September
30, 2023 from sales of stock through the Company’s Common Stock
Purchase Agreement with B. Riley
Business Updates
9Q QPU Sales Continue; Quantum Foundry Services Contract
AwardedRigetti continues to grow its QPU system sales. In
the third quarter of 2023 Rigetti expanded its QPU customer base
with its delivery of a 9-qubit quantum processing unit (QPU) to
another premier national laboratory. This follows Rigetti’s first
QPU sale in the second quarter of 2023 to Fermilab in which it
delivered a 9Q QPU as part of the Company’s partnership with the
Superconducting Quantum Materials and Systems Center (SQMS).
Rigetti was awarded a five-year Indefinite Delivery Indefinite
Quantity (IDIQ) contract with the Air Force Research Lab (AFRL)
Information Directorate to supply AFRL researchers with quantum
foundry services. This contract allows AFRL to leverage Rigetti’s
fabrication and manufacturing capabilities to build customized
quantum systems. Within the scope of the contract, Rigetti will be
able to provide quantum integrated circuits (QuICs),
quantum-limited amplifiers, cryogenic microwave components, and 9Q
QPUs. This contract builds on the existing relationship between
Rigetti and AFRL to harness the Company’s fabrication capabilities
for quantum networking hardware research and development.
“We are thrilled that leading government agencies and national
labs are beginning to choose Rigetti’s established fabrication
capabilities to advance their quantum computing research and
development. By providing hands-on access to our QPUs we believe
that we are enabling greater progress towards narrow quantum
advantage and quantum technology breakthroughs,” said Dr. Subodh
Kulkarni, Rigetti CEO.
New Contracts Awarded for Application and Algorithm
DevelopmentIn September 2023, Rigetti was awarded a DARPA
IMPAQT contract to advance quantum algorithms for solving
combinatorial optimization problems. Rigetti’s project, “Scheduling
Problems with Efficient Encoding of Qubits” (SPEEQ), seeks to
develop a novel and efficient encoding of optimization problems
onto qubits, with the goal of enabling larger problems to be mapped
to currently available NISQ-era quantum computers. The project will
specifically address scheduling problems, which are among the
best-known and most pervasive types of combinatorial optimization
problems across numerous industries, as well as some of the most
challenging to solve.
Additionally, in October 2023, Rigetti was awarded an Innovate
UK grant as part of the Feasibility Studies in Quantum Computing
Applications competition. Joining Rigetti in this work is HSBC, the
Quantum Software Lab based at the University of Edinburgh, and the
National Quantum Computing Centre. Together, the consortium aims to
enhance existing anti-money laundering techniques by using quantum
machine learning techniques with the goal of improving the
performance of current-state-of-the-art machine learning
algorithms.
Technology Roadmap Continues as Planned
The Company is continuing to work to improve the system
performance of its fourth generation chip architecture, which
features a square lattice and tunable couplers, to support its
anticipated Ankaa™️️️-2 84-qubit system. The Company’s Ankaa-2
84-qubit system is expected to be deployed and made available to
external customers in the fourth quarter of 2023.
‘'We continue to make good progress with fidelity on our fourth
generation systems. We have achieved higher than 98% median 2-qubit
fidelity with our 9-qubit system, 98% median 2-qubit fidelity with
our 24-qubit system, and higher than 97% median 2-qubit fidelity
with our Ankaa-2 84-qubit system. Our plan continues to be to get
to 98% median 2-qubit fidelity with our Ankaa-2 84-qubit system,
over 99% median 2-qubit fidelity in 2024, to develop the 336-qubit
Lyra system thereafter, and demonstrate nQA (narrow quantum
advantage) in 2-3 years,” said Dr. Kulkarni.
Outlook
Based on its current operating plan and assuming no additional
capital is raised in the three months ending December 31, 2023,
Rigetti expects to have cash, cash equivalents, and
available-for-sale securities of $88 million-$94 million at the end
of 2023.
Conference Call and Webcast
Rigetti will host a conference call later today, November 9,
2023, at 5:00 p.m. ET, or 2:00 p.m. PT, to discuss its third
quarter 2023 financial results.
You can listen to a live audio webcast of the conference call at
https://edge.media-server.com/mmc/p/urrxupx7/ 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/BIdd6903c7b8ab498b8d00181141d4275d.
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 but not limited to, expectations
with respect to the Company’s business and operations, including
its expectations with respect to cash, cash equivalents, and
available-for-sale securities at the end of 2023 and expectations
with respect the Company’s technology roadmap, including its
ability to achieve milestones with respect to the Ankaa 84-qubit
system and the anticipated Lyra-336 system, and the achievement of
target gate fidelities, including external availability of the
Ankaa-2 84 qubit system and the achievement of median 2-qubit
fidelity of 98% by the end of 2023 and 99% median 2-qubit gate
fidelity in 2024 and demonstration of nQA, on the anticipated
timing or at all; the Company’s expectations with respect to the
timing of next generation systems; expectations related to the
supply of Rigetti foundry services to AFRL; expectations relating
to sales of a 9-qubit systems to government agencies and national
labs and expectations of additional sales in the future;
expectations related to DARPA’s IMPAQT program and Rigetti’s SPEEQ
project; expectations related to the Innovate UK grant and work to
enhance existing anti-money laundering techniques by using quantum
machine learning techniques. Forward-looking statements generally
relate to future events and can be identified by terminology such
as “commit,” “may,” “should,” “could,” “might,” “plan,” “possible,”
“intend,” “strive,” “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 QCS 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 continue to
meet stock exchange listing standards; 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; 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
regional 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, 2022 and Quarterly Reports on Form 10-Q for the quarters ended
March 31, 2023 and June 30, 2023, and the Company’s future filings
with the SEC, including the Company’s Quarterly Report on Form 10-Q
for the quarter ended September 30, 2023, 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) |
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
2023 |
|
2022 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
41,757 |
|
|
$ |
57,888 |
|
Available-for-sale investments |
|
|
68,470 |
|
|
|
84,923 |
|
Accounts receivable, net |
|
|
2,996 |
|
|
|
6,235 |
|
Prepaid expenses and other current assets |
|
|
3,473 |
|
|
|
2,450 |
|
Forward contract—assets |
|
|
— |
|
|
|
2,229 |
|
Deferred offering costs |
|
|
— |
|
|
|
742 |
|
Total current assets |
|
|
116,696 |
|
|
|
154,467 |
|
Property and equipment, net |
|
|
40,348 |
|
|
|
39,530 |
|
Operating lease right-of-use
assets |
|
|
8,028 |
|
|
|
9,316 |
|
Other assets |
|
|
132 |
|
|
|
129 |
|
Total assets |
|
$ |
165,204 |
|
|
$ |
203,442 |
|
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
1,447 |
|
|
$ |
1,938 |
|
Accrued expenses and other current liabilities |
|
|
7,389 |
|
|
|
8,205 |
|
Current portion of deferred revenue |
|
|
472 |
|
|
|
961 |
|
Current portion of debt |
|
|
11,522 |
|
|
|
8,303 |
|
Current portion of operating lease liabilities |
|
|
2,212 |
|
|
|
2,345 |
|
Total current liabilities |
|
|
23,042 |
|
|
|
21,752 |
|
Debt - net of current
portion |
|
|
13,111 |
|
|
|
20,635 |
|
Operating lease liabilities, less
current portion |
|
|
6,705 |
|
|
|
7,858 |
|
Derivative warrant
liabilities |
|
|
6,087 |
|
|
|
1,767 |
|
Earn-out liabilities |
|
|
3,568 |
|
|
|
1,206 |
|
Total liabilities |
|
$ |
52,513 |
|
|
$ |
53,218 |
|
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, 140,181,421 shares issued and outstanding at
September 30, 2023 and 125,257,233 shares issued and
outstanding at December 31, 2022 |
|
|
14 |
|
|
|
12 |
|
Additional paid-in capital |
|
|
453,790 |
|
|
|
429,025 |
|
Accumulated other comprehensive
gain (loss) |
|
|
74 |
|
|
|
(161 |
) |
Accumulated deficit |
|
|
(341,187 |
) |
|
|
(278,652 |
) |
Total stockholders’ equity |
|
|
112,691 |
|
|
|
150,224 |
|
Total liabilities and stockholders’ equity |
|
$ |
165,204 |
|
|
$ |
203,442 |
|
|
|
|
|
|
|
|
|
|
|
|
RIGETTI COMPUTING, INC.CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS(in thousands, except
per share data)(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
|
$ |
3,105 |
|
|
$ |
2,804 |
|
|
$ |
8,632 |
|
|
$ |
7,042 |
|
Cost of revenue |
|
|
834 |
|
|
|
776 |
|
|
|
1,940 |
|
|
|
2,063 |
|
Total gross profit |
|
|
2,271 |
|
|
|
2,028 |
|
|
|
6,692 |
|
|
|
4,979 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
13,056 |
|
|
|
17,365 |
|
|
|
39,981 |
|
|
|
44,040 |
|
Selling, general and administrative |
|
|
6,047 |
|
|
|
15,987 |
|
|
|
20,808 |
|
|
|
43,293 |
|
Restructuring |
|
|
— |
|
|
|
— |
|
|
|
991 |
|
|
|
— |
|
Total operating expenses |
|
|
19,103 |
|
|
|
33,352 |
|
|
|
61,780 |
|
|
|
87,333 |
|
Loss from operations |
|
|
(16,832 |
) |
|
|
(31,324 |
) |
|
|
(55,088 |
) |
|
|
(82,354 |
) |
Other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,473 |
) |
|
|
(1,436 |
) |
|
|
(4,511 |
) |
|
|
(3,811 |
) |
Interest income |
|
|
1,263 |
|
|
|
1,042 |
|
|
|
3,746 |
|
|
|
1,172 |
|
Change in fair value of
derivative warrant liabilities |
|
|
(3,442 |
) |
|
|
8,103 |
|
|
|
(4,320 |
) |
|
|
19,853 |
|
Change in fair value of earn-out
liabilities |
|
|
(1,731 |
) |
|
|
4,860 |
|
|
|
(2,362 |
) |
|
|
17,418 |
|
Transaction costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(927 |
) |
Total other income (expense),
net |
|
|
(5,383 |
) |
|
|
12,569 |
|
|
|
(7,447 |
) |
|
|
33,705 |
|
Net loss before provision for income taxes |
|
|
(22,215 |
) |
|
|
(18,755 |
) |
|
|
(62,535 |
) |
|
|
(48,649 |
) |
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
$ |
(22,215 |
) |
|
$ |
(18,755 |
) |
|
$ |
(62,535 |
) |
|
$ |
(48,649 |
) |
Net loss per share attributable to common stockholders - basic
and diluted |
|
$ |
(0.17 |
) |
|
$ |
(0.16 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.51 |
) |
Weighted average shares used in computing net loss per share
attributable to common stockholders – basic and diluted |
|
|
133,866 |
|
|
|
118,571 |
|
|
|
129,173 |
|
|
|
95,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RIGETTI COMPUTING INC.CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS(in
thousands)(Unaudited) |
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(62,535 |
) |
|
$ |
(48,649 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
6,381 |
|
|
|
4,801 |
|
Stock-based compensation |
|
|
8,727 |
|
|
|
37,643 |
|
Change in fair value of earn-out liabilities |
|
|
2,362 |
|
|
|
(17,418 |
) |
Change in fair value of derivative warrant liabilities |
|
|
4,320 |
|
|
|
(19,853 |
) |
Change in fair value of forward contract |
|
|
2,229 |
|
|
|
(5,465 |
) |
Impairment of deferred offering costs |
|
|
836 |
|
|
|
— |
|
Accretion of available-for-sale securities |
|
|
(2,310 |
) |
|
|
(356 |
) |
Amortization of debt issuance costs, commitment fees and accretion
of debt end-of-term liabilities |
|
|
1,100 |
|
|
|
1,072 |
|
Non-cash lease expense |
|
|
1,288 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
3,239 |
|
|
|
(753 |
) |
Prepaid expenses, other current assets and other assets |
|
|
(1,027 |
) |
|
|
(2,247 |
) |
Deferred revenue |
|
|
(489 |
) |
|
|
(174 |
) |
Accounts payable |
|
|
(212 |
) |
|
|
(694 |
) |
Accrued expenses and other current liabilities |
|
|
(2,067 |
) |
|
|
3,469 |
|
Other liabilities |
|
|
— |
|
|
|
142 |
|
Net cash used in operating activities |
|
$ |
(38,158 |
) |
|
$ |
(48,482 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(7,511 |
) |
|
|
(19,294 |
) |
Purchases of available-for-sale securities |
|
|
(79,047 |
) |
|
|
(87,186 |
) |
Maturities of available-for-sale securities |
|
|
98,082 |
|
|
|
— |
|
Net cash provided by (used in) investing activities |
|
$ |
11,524 |
|
|
$ |
(106,480 |
) |
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 |
|
Payment on principal of notes payable |
|
|
(5,405 |
) |
|
|
— |
|
Payments on debt issuance costs |
|
|
— |
|
|
|
(85 |
) |
Payment on loan and security agreement exit fees |
|
|
— |
|
|
|
(1,000 |
) |
Payments on deferred offering costs |
|
|
(107 |
) |
|
|
— |
|
Proceeds from sale of common stock through Common Stock Purchase
Agreement |
|
|
15,051 |
|
|
|
— |
|
Proceeds from issuance of common stock upon exercise of stock
options and warrants |
|
|
1,002 |
|
|
|
5,990 |
|
Net cash provided by financing activities |
|
$ |
10,541 |
|
|
$ |
217,089 |
|
Effects of exchange rate
changes on cash and cash equivalents |
|
|
(38 |
) |
|
|
(219 |
) |
Net (decrease) increase in
cash and cash equivalents |
|
|
(16,131 |
) |
|
|
61,908 |
|
Cash and cash equivalents –
beginning of period |
|
|
57,888 |
|
|
|
12,046 |
|
Cash and cash equivalents –
end of period |
|
$ |
41,757 |
|
|
$ |
73,954 |
|
Supplemental
disclosures of other cash flow information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
3,299 |
|
|
$ |
2,739 |
|
Non-cash investing and
financing activities: |
|
|
|
|
|
|
Initial fair value of earn-out liability acquired in merger |
|
|
— |
|
|
|
20,413 |
|
Initial fair value of private placement and public warrant
liability acquired in merger |
|
|
— |
|
|
|
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 |
|
|
13 |
|
|
|
1,098 |
|
Purchases of property and equipment recorded in accounts
payable |
|
|
394 |
|
|
|
449 |
|
Purchases of property and equipment recorded in accrued
expenses |
|
|
605 |
|
|
|
— |
|
Unrealized gain (loss) Short Term Investments |
|
|
273 |
|
|
|
(356 |
) |
|
|
|
|
|
|
|
|
|
|
Grafico Azioni Rigetti Computing (NASDAQ:RGTI)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Rigetti Computing (NASDAQ:RGTI)
Storico
Da Set 2023 a Set 2024