Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the
“Company”), a pioneer in full-stack quantum-classical computing,
today announced its financial results for the second quarter ended
June 30, 2023.
Second Quarter 2023 Financial Highlights
- Total revenues for the three months ended June 30, 2023 were
$3.3 million
- Total operating expenses for the three months ended June 30,
2023 were $19.0 million
- Operating loss for the three months ended June 30, 2023 was
$16.2 million
- Net loss for the three months ended June 30, 2023 was $17.0
million
- As of June 30, 2023, cash, cash equivalents and
available-for-sale securities totaled $105.5 million
- 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
Business UpdatesThe Company recently completed
its first QPU sale to a national lab. Rigetti delivered a 9-qubit
QPU and associated hardware to the lab, which features a square
lattice with tunable couplers that can perform entangling two-qubit
gate operations.
The Company also recently announced that it signed a
collaboration agreement with ADIA Lab to design, build, execute,
and optimize a quantum computing solution intended to address the
probability distribution classification problem, which has many
direct applications to practical use cases in the investment
industry. Tackling real-world, computationally challenging problems
like this is an important part of working towards narrow quantum
advantage.
Technology Roadmap “After having launched the
Ankaa-1 system internally, we are excited to have our longtime
partner, Riverlane, as the first external partner using the system
to work on improving error correction techniques on our new
architecture,” said Dr. Subodh Kulkarni, Rigetti Chief Executive
Officer. “We also look forward to making Ankaa-2, our most
innovative system to date, available to the general public in Q4 of
this year.”
As previously disclosed, the Company is continuing to work to
improve the Ankaa-1 system 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 median 2-qubit fidelity of 99% with the anticipated Ankaa-2
system, which we expect to be achieved in 2024, and development of
the 336-qubit Lyra™ system thereafter.
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 second quarter 2023 financial
results.
You can listen to a live audio webcast of the conference call at
https://edge.media-server.com/mmc/p/4bzw4uyb 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/BI5592d0b18e3b479d8ab50210e45af9e4.
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
sale of a 9-qubit system to a national lab and expectations of
making similar additional sales; the collaboration agreement with
ADIA Lab to develop a quantum machine learning solution for
probability distribution classification; its deployment of the
Ankaa-1 system to the first external customer, Riverlane and
expectations related to error correction research; the anticipated
release of additional systems to the general public, or at all; 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 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 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 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 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 June 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.
ContactsRigetti Computing Investor
Contact:IR@Rigetti.com
Rigetti Computing Media Contact:press@rigetti.com
INTERIM CONDENSED CONSOLIDATED BALANCE
SHEETSRIGETTI
COMPUTING, INC.(Unaudited)
|
|
June 30, |
|
December 31, |
(In thousands, except share information) |
|
2023 |
|
2022 |
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
21,712 |
|
|
$ |
57,888 |
|
Available-for-sale
investments |
|
|
83,765 |
|
|
|
84,923 |
|
Accounts receivable |
|
|
7,629 |
|
|
|
6,235 |
|
Prepaid expenses and other
current assets |
|
|
3,338 |
|
|
|
2,450 |
|
Forward contract—assets |
|
|
1,085 |
|
|
|
2,229 |
|
Deferred offering costs |
|
|
— |
|
|
|
742 |
|
Total current assets |
|
|
117,529 |
|
|
|
154,467 |
|
Property and equipment, net |
|
|
41,356 |
|
|
|
39,530 |
|
Operating lease – right-of-use
assets, net |
|
|
8,552 |
|
|
|
9,316 |
|
Other assets |
|
|
130 |
|
|
|
129 |
|
Total assets |
|
$ |
167,567 |
|
|
$ |
203,442 |
|
LIABILITIES AND STOCKHOLDERS’
EQUITY |
|
|
|
|
|
|
Accounts payable |
|
$ |
947 |
|
|
$ |
1,938 |
|
Accrued expenses and other
current liabilities |
|
|
6,557 |
|
|
|
8,205 |
|
Deferred revenue |
|
|
833 |
|
|
|
961 |
|
Debt - current portion |
|
|
10,666 |
|
|
|
8,303 |
|
Operating lease
liabilities—current |
|
|
2,349 |
|
|
|
2,345 |
|
Total current liabilities |
|
|
21,352 |
|
|
|
21,752 |
|
Debt - net of current
portion |
|
|
16,096 |
|
|
|
20,635 |
|
Operating lease
liabilities - noncurrent |
|
|
7,275 |
|
|
|
7,858 |
|
Derivative warrant
liabilities |
|
|
2,645 |
|
|
|
1,767 |
|
Earn-out liabilities |
|
|
1,837 |
|
|
|
1,206 |
|
Total liabilities |
|
|
49,205 |
|
|
|
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, 132,401,062 shares
issued and outstanding at June 30, 2023 and 125,257,233
shares issued and outstanding at December 31, 2022 |
|
|
13 |
|
|
|
12 |
|
Additional paid-in capital |
|
|
437,320 |
|
|
|
429,025 |
|
Accumulated other comprehensive
gain (loss) |
|
|
1 |
|
|
|
(161 |
) |
Accumulated deficit |
|
|
(318,972 |
) |
|
|
(278,652 |
) |
Total stockholders’ equity |
|
|
118,362 |
|
|
|
150,224 |
|
Total liabilities and
stockholders’ equity |
|
$ |
167,567 |
|
|
$ |
203,442 |
|
|
|
|
|
|
|
|
|
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONSRIGETTI
COMPUTING, INC.(Unaudited)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
(In thousands, except per share amounts) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenue |
|
$ |
3,327 |
|
|
$ |
2,134 |
|
|
$ |
5,527 |
|
|
$ |
4,238 |
|
Cost of revenue |
|
|
597 |
|
|
|
873 |
|
|
|
1,106 |
|
|
|
1,287 |
|
Total gross profit |
|
|
2,730 |
|
|
|
1,261 |
|
|
|
4,421 |
|
|
|
2,951 |
|
Research and development |
|
|
13,219 |
|
|
|
12,747 |
|
|
|
26,925 |
|
|
|
26,673 |
|
Selling, general and
administrative |
|
|
5,747 |
|
|
|
14,272 |
|
|
|
14,761 |
|
|
|
27,308 |
|
Restructuring |
|
|
— |
|
|
|
— |
|
|
|
991 |
|
|
|
— |
|
Total operating expenses |
|
|
18,966 |
|
|
|
27,019 |
|
|
|
42,677 |
|
|
|
53,981 |
|
Loss from operations |
|
|
(16,236 |
) |
|
|
(25,758 |
) |
|
|
(38,256 |
) |
|
|
(51,030 |
) |
Other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,574 |
) |
|
|
(1,040 |
) |
|
|
(3,038 |
) |
|
|
(2,244 |
) |
Interest income |
|
|
1,199 |
|
|
|
— |
|
|
|
2,483 |
|
|
|
— |
|
Change in fair value of
derivative warrant liabilities |
|
|
(5 |
) |
|
|
7,980 |
|
|
|
(878 |
) |
|
|
11,750 |
|
Change in fair value of earn-out
liabilities |
|
|
(350 |
) |
|
|
6,566 |
|
|
|
(631 |
) |
|
|
12,557 |
|
Transaction costs |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(927 |
) |
Total other income (expense),
net |
|
|
(730 |
) |
|
|
13,506 |
|
|
|
(2,064 |
) |
|
|
21,136 |
|
Net loss before provision for
income taxes |
|
|
(16,966 |
) |
|
|
(12,252 |
) |
|
|
(40,320 |
) |
|
|
(29,894 |
) |
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
$ |
(16,966 |
) |
|
$ |
(12,252 |
) |
|
$ |
(40,320 |
) |
|
$ |
(29,894 |
) |
Net loss per share attributable
to common stockholders - basic and diluted |
|
$ |
(0.13 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.36 |
) |
Weighted average shares used in
computing net loss per share attributable to common
stockholders – basic and diluted |
|
|
128,515 |
|
|
|
114,096 |
|
|
|
126,657 |
|
|
|
84,061 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWSRIGETTI
COMPUTING INC.(Unaudited)
|
|
Six Months Ended June 30, |
(In thousands) |
|
2023 |
|
2022 |
CASH FLOWS FROM
OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net loss |
|
$ |
(40,320 |
) |
|
$ |
(29,894 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
4,249 |
|
|
|
2,978 |
|
Stock-based compensation |
|
|
5,058 |
|
|
|
22,522 |
|
Change in fair value of earn-out liabilities |
|
|
631 |
|
|
|
(12,557 |
) |
Change in fair value of derivative warrant liabilities |
|
|
878 |
|
|
|
(11,750 |
) |
Change in fair value of forward contract |
|
|
1,144 |
|
|
|
(5,077 |
) |
Impairment of deferred offering costs |
|
|
836 |
|
|
|
— |
|
Amortization of debt issuance costs |
|
|
428 |
|
|
|
416 |
|
Accretion of available-for-sale securities |
|
|
(1,571 |
) |
|
|
— |
|
Accretion of debt commitment fee |
|
|
158 |
|
|
|
116 |
|
Accretion of debt end-of-term liabilities |
|
|
96 |
|
|
|
135 |
|
Non-cash lease expense |
|
|
764 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(1,394 |
) |
|
|
(1,030 |
) |
Prepaid expenses and other current assets |
|
|
(888 |
) |
|
|
(2,898 |
) |
Other assets |
|
|
(1 |
) |
|
|
34 |
|
Deferred revenue |
|
|
(128 |
) |
|
|
123 |
|
Accounts payable |
|
|
(1,298 |
) |
|
|
(882 |
) |
Accrued expenses and other current liabilities |
|
|
(2,260 |
) |
|
|
2,557 |
|
Other liabilities |
|
|
— |
|
|
|
122 |
|
Net cash used in operating activities |
|
|
(33,618 |
) |
|
|
(35,085 |
) |
CASH FLOWS FROM
INVESTING ACTIVITIES: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(5,735 |
) |
|
|
(10,636 |
) |
Purchases of available-for-sale securities |
|
|
(57,619 |
) |
|
|
— |
|
Maturities of available-for-sale securities |
|
|
60,589 |
|
|
|
— |
|
Net cash used in investing activities |
|
|
(2,765 |
) |
|
|
(10,636 |
) |
CASH FLOWS FROM
FINANCING ACTIVITIES: |
|
|
|
|
|
|
Proceeds from Business Combination, net of transaction costs
paid |
|
|
— |
|
|
|
225,604 |
|
Transaction costs paid directly by Rigetti |
|
|
— |
|
|
|
(17,428 |
) |
Proceeds from issuance of notes payable |
|
|
— |
|
|
|
5,000 |
|
Payment on principal of notes payable |
|
|
(2,858 |
) |
|
|
— |
|
Payments on deferred offering costs |
|
|
(107 |
) |
|
|
— |
|
Payments on debt issuance costs |
|
|
— |
|
|
|
(85 |
) |
Payment on loan and security agreement exit fees |
|
|
— |
|
|
|
(1,000 |
) |
Proceeds from sale of common stock through Common Stock Purchase
Agreement |
|
|
2,348 |
|
|
|
— |
|
Proceeds from issuance of common stock upon exercise of stock
options and warrants |
|
|
903 |
|
|
|
5,675 |
|
Net cash provided by financing activities |
|
|
286 |
|
|
|
217,766 |
|
Effects of exchange rate
changes on cash and cash equivalents |
|
|
(79 |
) |
|
|
46 |
|
Net (decrease) increase in
cash and cash equivalents |
|
|
(36,176 |
) |
|
|
172,091 |
|
Cash and cash equivalents –
beginning of period |
|
|
57,888 |
|
|
|
12,046 |
|
Cash and cash equivalents –
end of period |
|
$ |
21,712 |
|
|
$ |
184,137 |
|
SUPPLEMENTAL
DISCLOSURE OF CASH FLOW INFORMATION |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
2,330 |
|
|
$ |
1,708 |
|
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 |
|
Exercise of loan and security agreement warrants |
|
$ |
— |
|
|
$ |
6,370 |
|
Settlement of the first tranche of forward contract |
|
$ |
— |
|
|
$ |
3,305 |
|
Unrealized gain on short-term investments |
|
$ |
241 |
|
|
$ |
— |
|
Capitalization of deferred costs to equity upon share issuance |
|
$ |
13 |
|
|
$ |
848 |
|
Purchases of property and equipment recorded in accounts
payable |
|
$ |
307 |
|
|
$ |
428 |
|
Purchases of property and equipment recorded in accrued
expenses |
|
$ |
33 |
|
|
$ |
— |
|
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