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Rigetti Computing Inc Reports Earnings Results For The Third Quarter

Bonisiwe Shabane
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rigetti computing inc reports earnings results for the third quarter

Rigetti Computing, Inc. today announced its financial results for the third quarter ended September 30, 2024 and business updates, including updates to its technology roadmap. November 12, 2024 06:30 ET | Source: Rigetti Computing, Inc. Rigetti Computing, Inc. BERKELEY, Calif., Nov. 12, 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 third quarter ended September 30, 2024 and business updates, including updates to its technology roadmap. Roadmap updateThe Company plans to introduce a new modular system architecture in 2025. By mid-year 2025, the Company expects to release a 36-qubit system based on four 9-qubit chips tiled together with a targeted 99.5% median 2-qubit fidelity. By the end of 2025, the Company expects to release a system with over 100 qubits with a targeted 99.5% median 2-qubit fidelity. Rigetti plans to develop the 336-qubit Lyra™ system thereafter. Rigetti remains on track 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.

We believe superconducting qubits have many advantages, including that they are fabricated using well-established semiconductor design and manufacturing techniques. Superconducting qubits also perform faster gate operations than other qubit modalities. Rigetti’s system gate speeds consistently achieve an active duration of 60-80ns, which is four orders of magnitude faster than other modalities such as ion traps and pure atoms. System speed is an important factor to enable hybrid computing with current CPUs/GPUs. BERKELEY, Calif., Nov. 12, 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 third quarter ended September 30, 2024 and business updates, including updates to its technology roadmap. Roadmap updateThe Company plans to introduce a new modular system architecture in 2025. By mid-year 2025, the Company expects to release a 36-qubit system based on four 9-qubit chips tiled together with a targeted 99.5% median 2-qubit fidelity. By the end of 2025, the Company expects to release a system with over 100 qubits with a targeted 99.5% median 2-qubit fidelity. Rigetti plans to develop the 336-qubit Lyra™ system thereafter. Rigetti remains on track 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.

We believe superconducting qubits have many advantages, including that they are fabricated using well-established semiconductor design and manufacturing techniques. Superconducting qubits also perform faster gate operations than other qubit modalities. Rigetti’s system gate speeds consistently achieve an active duration of 60-8ns, which is four orders of magnitude faster than other modalities such as ion traps and pure atoms. System speed is an important factor to enable hybrid computing with current CPUs/GPUs. “After spending years optimizing the performance of our larger scale 84-qubit Ankaa™ chips and honing our multi-chip scaling technology, we are manufacturing 9-qubit chips at 99.4% 2-qubit median fidelity, and in Q3 of this... Subodh Kulkarni, Rigetti CEO.

“We believe the anticipated 4-chip 36-qubit system will be the most ambitious multi-chip QPU architecture in the market, and a significant milestone for the company and the quantum computing industry. Our approach to scalability, mirroring multi-chip architectures for advanced applications with CMOS, is supported by our recently announced Alternating-Bias Assisted Annealing (ABAA) technique for precisely targeted qubit frequencies. ABAA allows us to consistently manufacture high performance QPUs with the frequency precision necessary for high fidelities. The combination of our ABAA technique and a multi-chip architecture is the cornerstone of our scaling strategy as we move into developing higher qubit count systems.” Rigetti Computing (NASDAQ: RGTI) reported Q3 2024 financial results with revenues of $2.4 million and a net loss of $14.8 million. The company announced technology roadmap updates, including plans to introduce a new modular system architecture in 2025, featuring a 36-qubit system by mid-year and a 100+ qubit system by year-end, both targeting 99.5% median...

The company remains on track to deploy its 84-qubit Ankaa-3 system by end of 2024. Cash position stands at $92.6 million as of September 30, 2024. On the day this news was published, RGTI declined 1.97%, reflecting a mild negative market reaction. Data tracked by StockTitan Argus on the day of publication. BERKELEY, Calif., Nov. 12, 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 third quarter ended September 30, 2024 and business updates, including updates to its technology roadmap. Roadmap updateThe Company plans to introduce a new modular system architecture in 2025. By mid-year 2025, the Company expects to release a 36-qubit system based on four 9-qubit chips tiled together with a targeted 99.5% median 2-qubit fidelity. By the end of 2025, the Company expects to release a system with over 100 qubits with a targeted 99.5% median 2-qubit fidelity. Rigetti plans to develop the 336-qubit Lyra™ system thereafter. Rigetti Computing, Inc.

today announced its financial results for the third quarter ended September 30, 2025. Rigetti Computing Inc. (NASDAQ:RGTI) shares fell after the company released a mixed third-quarter earnings report after Monday's closing bell. Here's a look at the details in the report. The Details: Rigetti Computing reported quarterly losses of three cents per share, which beat the analyst estimate for losses of four cents. Quarterly revenue came in at $1.94 million, which missed the Street estimate of $2.17 million and was down from revenue of $2.37 million the same period last year.

Read Next: Top Stocks With Earnings This Week: Plug, Oklo, Circle And More Rigetti Computing (RGTI) reported a smaller-than-expected third quarter adjusted loss while revenue missed consensus estimates as financial results for quantum computing stocks roll in. Rigetti stock fell Tuesday amid the Q3 earnings report. Rigetti reported Q3 earnings after the market close on Monday. The company hosts an earnings call with Wall Street analysts on Tuesday morning. For the September quarter,…

12/22/2025 Quantum computing stocks got Wall Street's attention in 2025 as JPMorgan, Jefferies, Evercore ISI, Cantor and Mizuho initiated coverage. 12/22/2025 Quantum computing stocks got Wall Street's attention in 2025 as... Get instant access to exclusive stock lists, expert market analysis and powerful tools with 2 months of IBD Digital for only $20! Get market updates, educational videos, webinars, and stock analysis.

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