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, 2023.
First Quarter 2023 Financial Highlights
- Total revenues for the three months ended March 31, 2023 were
$2.2 million, compared to $2.1 million in the same period of
2022.
- Total operating expenses for the three months ended March 31,
2023 were $23.7 million, compared to $27.0 million in the same
period of 2022.
- Operating loss for the three months ended March 31, 2023 was
$22.0 million, compared to $25.3 million in the same period of
2022.
- Net loss for the three months ended March 31, 2023 was $23.4
million or $0.19 per share, compared to $17.6 million or $0.33 per
share in the same period of 2022.
- As of March 31, 2023, cash, cash
equivalents and available-for-sale securities totaled $122.0
million.
“I’m pleased to report that we believe we are on track and
progressing toward the nearer-term strategic priorities and
technology roadmap we announced in February 2023. Following the
implementation of our updated business strategy we announced in
February 2023, which is designed to improve our focus, operating
efficiency and preserve cash resources, we are starting to see
positive impacts,” said Dr. Subodh Kulkarni, Rigetti Chief
Executive Officer.
Technology Highlights
The Company’s next generation 84-qubit (Ankaa-1) system, which
is built using new architecture of a square lattice and tunable
couplers was deployed internally within the Company for testing in
March 2023, is achieving 96-97% median 2-qubit fidelity and 65-70
nanosecond gate speeds based on the Company’s internal testing. The
Company’s prior generation 80-qubit Aspen M-3 system achieved
94-95% median 2-qubit fidelity and 185-190 nanosecond gate
speeds.
“We believe these metrics demonstrate the superior performance
of Ankaa-1 as compared to Aspen M-3 and confirm our belief that the
chip used in the Ankaa-1 system is a leap forward in architectural
design,” said Dr. Kulkarni.
As previously disclosed, the Company currently anticipates
launching Ankaa-1 to select customers in mid-2023, as we continue
to work to improve Ankaa-1 performance with the goal of reaching
median 2-qubit fidelity of 98% to support the anticipated Ankaa-2
84-qubit system. The Company’s Ankaa-2 84-qubit system, with
anticipated improvements in design and performance, is expected to
be deployed and made available to external customers in the fourth
quarter of 2023. The Company remains committed to working to
achieve 2-qubit fidelity of 99% with the anticipated Ankaa-2, which
we expect to be achieved in 2024, and development of the 336-qubit
Lyra system thereafter.
Rigetti recently released the results of application and
development work that demonstrates the progress the Company is
making towards improving its hardware and software capabilities,
which we believe reflects advancement towards potentially achieving
narrow quantum advantage. Using quantum-inspired classical
simulations, we were able to demonstrate the computational power of
quantum methods compared to the classic alternatives.
- Recession forecasting with Moody’s
and Imperial College London: At the Quantum Tech conference in
April, Rigetti presented the results of new application work
undertaken by Rigetti that illustrates a novel approach to
addressing the problem of forecasting recessions using cutting edge
machine learning techniques that combine classical signature kernel
methods with quantum-enhanced data transformations. By using
noiseless quantum simulation, we demonstrate that the
quantum-enhanced version of our model outperforms the classical
version as well as standard models used for this class of problems
in accurately predicting a recession.
- A new quantum algorithm for solving
optimization problems with NASA: As part of Rigetti’s ongoing DARPA
project we released a manuscript that presents a new quantum
algorithm that provides performance assurances even with noise and
outperforms several classical and quantum approaches for solving
the same problems.
Outlook
“At our current stage of development, we believe
that executing toward our roadmap and achieving our technology
milestones are key to fueling our goal of achieving quantum
advantage. We remain focused on meeting our objectives,” said Dr.
Kulkarni.
Based on its current operating plan, Rigetti expects to have
cash, cash equivalents, and available-for-sale securities of
between $65-$75 million at the end of 2023. At this time, based on
its current operating plan, Rigetti anticipates that it will need
to raise additional funding by late 2024 or early 2025 to continue
its research and development efforts and achieve its business
objectives. This estimate reflects Rigetti’s current business plan
that is based on assumptions that may prove to be wrong, and
Rigetti could use its available capital resources sooner than it
currently expects.
Conference Call and Webcast
Rigetti will host a conference call later today at 5:00 p.m. ET,
or 2:00 p.m. PT, to discuss its first quarter 2023 financial
results.
You can listen to a live audio webcast of the conference call at
https://edge.media-server.com/mmc/p/tuef4569 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/BIdb44624a57824563b38c0a1afe3736a1. 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 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. Learn more at www.rigetti.com.
Cautionary Language Concerning Forward-Looking
Statements
This press release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 relating to the
Company’s updated business plan, including with respect to its
objectives and its technology roadmap, including its ability to
achieve milestones including with respect to the Ankaa 84-qubit
system and the achievement of target gate fidelities, including at
least median 2-qubit fidelity of 98% on Ankaa-1 and at least 99%
median 2-qubit gate fidelity on the anticipated Ankaa-2 on the
anticipated timing or at all; the Company’s expectations with
respect to the timing of next generation systems; the Company’s
ability to scale to develop the Lyra 336-qubit system and develop
practical applications on the anticipated timing or at all; 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 narrow quantum advantage on
the anticipated timing or at all; the Company's expectations with
respect to the reduction in force, including anticipated benefits
including anticipated reduction of operating expenses, anticipated
preservation of available cash resources and anticipated expenses
and charges associated with the reduction in force; the Company’s
development activities and the ability of technology to solve
problems; expectations regarding cash, cash equivalents and
available-for-sale securities at December 31, 2023 and the time by
which the Company expects it will need to raise additional funding,
including expectations with respect to capital expenditures;
expectations with respect to management transitions; expectations
with respect to the potential of the Company, including the
potential for the Company to contribute value; and the potential of
quantum computing. 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 contractors successfully and in a timely manner;
the potential of quantum computing; the ability of the Company to
obtain government contracts and the availability of government
funding; the ability of the Company to expand its QCaaS business;
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 meet stock exchange listing standards; the ability
to recognize the anticipated benefits of the business combination
with Supernova, which may be affected by, among other things,
competition, the ability of the Company 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 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 execute on its technology roadmap; 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;
macroeconomic conditions, including 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, impacts of the COVID-19
pandemic, 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 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 Annual
Report on Form 10-K for the year ended December 31, 2022, the
Company’s future filings with the SEC, including the Company’s
Quarterly Report on Form 10-Q for the three months ended March 31,
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.
ContactsRigetti Computing Investor
Contact:IR@Rigetti.com
Rigetti Computing Media Contact:press@rigetti.com
|
INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETSRIGETTI COMPUTING, INC. – (Unaudited) |
|
|
|
|
|
|
March 31, |
December 31, |
(In
thousands, except share information) |
2023 |
2022 |
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
26,117 |
|
|
$ |
57,888 |
|
Available-for-sale investments |
|
95,849 |
|
|
84,923 |
|
Accounts
receivable |
|
5,320 |
|
|
6,235 |
|
Prepaid
expenses and other current assets |
|
1,756 |
|
|
2,450 |
|
Forward
contract - assets |
|
1,129 |
|
|
2,229 |
|
Deferred
offering costs |
|
94 |
|
|
742 |
|
Total
current assets |
|
130,265 |
|
|
154,467 |
|
|
|
|
|
|
Property and
equipment, net |
|
42,575 |
|
|
39,530 |
|
Operating
lease – right-of-use assets, net |
|
8,937 |
|
|
9,316 |
|
Other
assets |
|
130 |
|
|
129 |
|
Total
assets |
|
$ |
181,907 |
|
|
$ |
203,442 |
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
Accounts
payable |
|
$ |
1,664 |
|
|
$ |
1,938 |
|
Accrued
expenses and other current liabilities |
|
8,731 |
|
|
8,205 |
|
Deferred
revenue |
|
559 |
|
|
961 |
|
Debt –
current portion |
|
9,685 |
|
|
8,303 |
|
Operating
lease liabilities - current |
|
2,350 |
|
|
2,345 |
|
Total
current liabilities |
|
22,989 |
|
|
21,752 |
|
|
|
|
|
|
Debt – net
of current portion |
|
17,846 |
|
|
20,635 |
|
Operating
lease liabilities – noncurrent |
|
7,479 |
|
|
7,858 |
|
Derivative
warrant liabilities |
|
2,640 |
|
|
1,767 |
|
Earn-out
liabilities |
|
1,487 |
|
|
1,206 |
|
Total
liabilities |
|
52,441 |
|
|
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, 129,171,170 shares issued and outstanding at March 31,
2023 and 125,257,233 shares issued and outstanding at December
31, 2022 |
|
12 |
|
|
12 |
|
Additional
paid-in capital |
|
431,466 |
|
|
429,025 |
|
Accumulated
other comprehensive loss |
|
(6 |
) |
|
(161 |
) |
Accumulated
deficit |
|
(302,006 |
) |
|
(278,652 |
) |
Total
stockholders’ equity |
|
129,466 |
|
|
150,224 |
|
Total
liabilities and stockholders’ equity |
|
$ |
181,907 |
|
|
$ |
203,442 |
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONSRIGETTI COMPUTING,
INC. - (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
(In thousands, except per share amounts) |
|
2023 |
|
2022 |
Revenue |
|
$ |
2,201 |
|
|
$ |
2,104 |
|
Cost of revenue |
|
|
510 |
|
|
|
414 |
|
Total gross profit |
|
|
1,691 |
|
|
|
1,690 |
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
13,707 |
|
|
|
13,927 |
|
Sales and marketing |
|
|
518 |
|
|
|
1,475 |
|
General and
administrative |
|
|
8,495 |
|
|
|
11,560 |
|
Restructuring |
|
|
991 |
|
|
|
— |
|
Total operating expenses |
|
|
23,711 |
|
|
|
26,962 |
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
(22,020 |
) |
|
|
(25,272 |
) |
|
|
|
|
|
|
|
|
|
Other income (expense),
net |
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,464 |
) |
|
|
(1,205 |
) |
Interest income |
|
|
1,284 |
|
|
|
— |
|
Change in fair value of
derivative warrant liabilities |
|
|
(873 |
) |
|
|
3,771 |
|
Change in fair value of
earn-out liabilities |
|
|
(281 |
) |
|
|
5,991 |
|
Transaction costs |
|
|
— |
|
|
|
(927 |
) |
Total other income (expense),
net |
|
|
(1,334 |
) |
|
|
7,630 |
|
Net loss before provision for
income taxes |
|
|
(23,354 |
) |
|
|
(17,642 |
) |
Provision for income
taxes |
|
|
— |
|
|
|
— |
|
Net loss |
|
$ |
(23,354 |
) |
|
$ |
(17,642 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common stockholders – basic and diluted |
|
$ |
(0.19 |
) |
|
$ |
(0.33 |
) |
Weighted average shares used
in computing net loss per share attributable to common stockholders
- basic and diluted |
|
|
124,778 |
|
|
|
53,692 |
|
|
|
|
|
|
|
|
|
|
|
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWSRIGETTI COMPUTING
INC. - (Unaudited) |
|
|
|
|
|
Three Months Ended March 31, |
(In thousands) |
|
2023 |
|
2022 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net loss |
|
$ |
(23,354 |
) |
|
$ |
(17,642 |
) |
Adjustments to reconcile net loss to net cash used in
operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
2,089 |
|
|
1,390 |
|
Stock-based compensation |
|
1,703 |
|
|
11,481 |
|
Change in fair value of earn-out liabilities |
|
281 |
|
|
(5,991 |
) |
Change in fair value of derivative warrant liabilities |
|
873 |
|
|
(3,771 |
) |
Change in fair value of forward contract |
|
1,100 |
|
|
(2,970 |
) |
Impairment of deferred offering costs |
|
742 |
|
|
— |
|
Amortization of debt issuance costs |
|
237 |
|
|
236 |
|
Accretion of available-for-sale securities |
|
(506 |
) |
|
— |
|
Accretion of debt commitment fee asset |
|
82 |
|
|
46 |
|
Accretion of debt end-of-term liabilities |
|
72 |
|
|
47 |
|
Non-cash lease expense |
|
379 |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
915 |
|
|
282 |
|
Prepaid expenses and other current assets |
|
694 |
|
|
(3,054 |
) |
Other assets |
|
(1 |
) |
|
(918 |
) |
Deferred revenue |
|
(402 |
) |
|
(466 |
) |
Accounts payable |
|
(484 |
) |
|
1,482 |
|
Accrued expenses and other current liabilities |
|
32 |
|
|
4,084 |
|
Other liabilities |
|
— |
|
|
43 |
|
Net cash used in operating activities |
|
(15,548 |
) |
|
(15,721 |
) |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
Purchases of property and equipment |
|
(4,804 |
) |
|
(2,836 |
) |
Purchases of available-for-sale securities |
|
(38,528 |
) |
|
— |
|
Maturities of available-for-sale securities |
|
28,346 |
|
|
— |
|
Net cash used in investing activities |
|
(14,986 |
) |
|
(2,836 |
) |
|
|
|
|
|
|
|
|
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
Proceeds from Business Combination, net of transaction costs
paid |
|
— |
|
|
225,604 |
|
Transaction costs paid directly by Rigetti |
|
— |
|
|
(16,731 |
) |
Proceeds from issuance of notes payable |
|
— |
|
|
5,000 |
|
Payment on principal of notes payable |
|
(1,798 |
) |
|
— |
|
Payments on deferred offering costs |
|
(107 |
) |
|
— |
|
Payments on debt issuance costs |
|
— |
|
|
(30 |
) |
Payment on loan and security agreement exit fees |
|
— |
|
|
(1,000 |
) |
Proceeds from issuance of common stock upon exercise of stock
options and warrants |
|
751 |
|
|
602 |
|
Net cash (used in) provided by financing activities |
|
(1,154 |
) |
|
213,445 |
|
|
|
|
|
|
|
|
|
Effects of exchange rate
changes on cash and cash equivalents |
|
(83 |
) |
|
9 |
|
|
|
|
|
|
|
|
|
Net (decrease) increase in
cash and cash equivalents |
|
(31,771 |
) |
|
194,897 |
|
Cash and cash equivalents –
beginning of period |
|
57,888 |
|
|
12,046 |
|
Cash and cash equivalents –
end of period |
|
$ |
26,117 |
|
|
$ |
206,943 |
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ |
1,072 |
|
|
$ |
878 |
|
SUPPLEMENTAL
DISCLOSURE OF 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 |
|
Unrealized gain on short-term investments |
|
$ |
238 |
|
|
$ |
— |
|
Capitalization of deferred costs to equity upon share issuance |
|
$ |
13 |
|
|
$ |
— |
|
Purchases of property and equipment recorded in accounts
payable |
|
$ |
210 |
|
|
$ |
— |
|
Purchases of property and equipment recorded in accrued
expenses |
|
$ |
120 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
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