BERKELEY, Calif., May 09, 2024 (GLOBE NEWSWIRE) -- 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 Performance

Rigetti 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 Computing

Rigetti 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: Bluefors
• Control Systems: Quantum Machines、Zurich Instruments
• Software: Classiq、Horizon Quantum Computing、Q-CTRL、Riverlane、Strangeworks
• Integration and Service Providers: TreQ、ParTec AG
• QEC Solutions: Riverlane

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