BERKELEY, Calif., March 14, 2024 -- Rigetti Computing, Inc. (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, today announced its financial results for the fourth quarter and year ended December 31, 2023.

Fourth Quarter and Full Year 2023 Financial Highlights

• Total revenues for the three months ended December 31, 2023 were $3.4 million
• Total operating expenses for the three months ended December 31, 2023 were $19.7 million
• Operating loss for the three months ended December 31, 2023 was $17.2 million
• Net loss for the three months ended December 31, 2023 was $12.6 million
• As of December 31, 2023 cash, cash equivalents and available-for-sale securities totaled $99.9 million
• For the year ended December 31, 2023, total revenues were $12.0 million, total operating expenses were $81.5 million, operating loss was $72.3 million and net loss was $75.1 million

Business Updates

Wins Innovate UK Competition to Deliver 24-Qubit Quantum Computing System to NQCC

In February 2024, Rigetti was awarded a Small Business Research Initiative (SBRI) grant from Innovate UK and funded by the National Quantum Computing Centre (NQCC) to develop and deliver a quantum computer to the NQCC. As part of the project, Rigetti proposes to develop and deploy a 24-qubit quantum computer based on the Company’s Ankaa-class architecture. The proposed system is planned to be deployed at NQCC’s Harwell Campus, which is expected to open later this year and will serve as NQCC’s landmark facility to support quantum computing research in the UK.

On-Premise QPU Capabilities Mature with Novera™ QPU Launch

In December 2023, Rigetti launched the Novera QPU (quantum processing unit), a 9-qubit QPU based on the Company’s Ankaa™-class chip architecture. The Novera QPU is Rigetti’s first commercially available QPU. After identifying an emerging market of researchers needing hands-on access to a quantum computer with high performing qubits. Rigetti has now completed two Novera QPU sales, both to leading national labs. The first sale was to the Superconducting Quantum Materials and Systems Center (SQMS) led by Fermilab in the second quarter of 2023 as part of the Company’s partnership with SQMS as its lead industry partner.

QPU Sales Grow with Delivery of Novera QPU to AFRL

In the third quarter of 2023, Rigetti delivered its second Novera QPU to the Air Force Research Lab (AFRL) Information Directorate as part of the Company’s Indefinite Delivery Indefinite Quantity (IDIQ) contract. The IDIQ contract enables AFRL to harness Rigetti’s fabrication capabilities for quantum networking hardware research and development.

Awarded Innovate UK Grant to Advance Quantum Machine Learning Techniques for Finance

Rigetti is continuing its efforts to develop quantum computing solutions for financial institutions. Rigetti was awarded an Innovate UK grant with the aim to develop quantum machine learning techniques to enable financial institutions to more effectively process, interpret, and make decisions with complex data streams. Joining Rigetti in this project is Amazon Web Services (AWS), Imperial College London, and Standard Chartered.

Awarded Phase 2 of DARPA Quantum Benchmarking Program

Building on the work completed in Phase 1 of the Defense Advanced Research Projects Agency (DARPA) Quantum Benchmarking program aiming to develop a resource estimation framework to provide insight into the requirements of a superconducting quantum computing system necessary for solving large-scale, complex problems, Rigetti was awarded Phase 2, the goal of which is refining and optimizing the estimates for selected utility-scale problems, delivering new upper bounds on these requirements. Phase 2 is expected to be heavily focused on researching fault-tolerant quantum applications. Of particular interest are dynamical chemistry simulations and modeling the dynamics of quantum systems. The University of Technology Sydney, Aalto University, and the University of Southern California will continue to be project partners in Phase 2.

Partners with Oak Ridge National Laboratory (ORNL) and Riverlane

Recently, Rigetti announced that it is partnering with Riverlane and Oak Ridge National Laboratory (ORNL) to work to improve HPC-quantum integration. To develop the integration of quantum computers into HPC environments, the project partners plan to build the first-ever benchmarking suite for measuring the performance of a joint HPC + quantum system, to be run on ORNL’s Summit supercomputer. For the quantum components, researchers plan to use simulated hardware based on key elements of Riverlane’s quantum error correction stack and real remote hardware located at Rigetti’s headquarters in California.

Technology Roadmap and QPU Performance Milestones

Deploys 84-Qubit Ankaa-2 System with a 2.5X Increase in Error Performance

Following the internal deployment of the 84-qubit Ankaa-1 system in March 2023, Rigetti’s 84-qubit Ankaa-2 system was made publicly available in December 2023 — making it the Company’s highest qubit count QPU available to the public. In addition to the new chip architecture that features a square lattice and tunable couplers, Rigetti implemented several technology updates to the system, including a new chip fabrication process, new printed circuit board technology, and electronics improvements, that contributed to Ankaa-2 achieving a 98% median 2-qubit gate fidelity — a 2.5X increase in error performance compared to the Company’s previous QPUs.

Building on Performance Success of Ankaa-2; Announces Ankaa-3 Launch Plan

The Company plans to develop and deploy its anticipated 84-qubit Ankaa-3 system with the goal of achieving a 99% median 2-qubit gate fidelity by the end of 2024, and to develop the 336-qubit Lyra™ system thereafter.