Q2 2024 Rigetti Computing Inc Earnings Call Transcript
Key Points
- Rigetti Computing Inc (RGTI) is on track to develop and deploy its 84-qubit Ankaa-3 system with a goal of achieving 99%-plus median 2-qubit gate fidelity by the end of 2024.
- The company's current 24-qubit system is performing in the 99% range for 2-qubit fidelity, with gate speeds of 60 to 80 nanoseconds, making it twice as fast as some other superconducting quantum computing players.
- Rigetti Computing Inc (RGTI) has introduced a modular chip architecture that reduces manufacturing complexity and allows for accelerated, predictable scaling.
- The company has released preliminary research on a resource estimation framework, which is part of the DARPA Benchmarking Program, to improve the industry's understanding of fault-tolerant quantum computers.
- Rigetti Computing Inc (RGTI) has a strong cash position with $100.5 million in cash, cash equivalents, and available-for-sale investments as of June 30, 2024, which is expected to meet operating cash needs until midway through the first quarter of 2026.
- Revenues in the second quarter of 2024 were $3.1 million, a slight decrease from $3.3 million in the second quarter of 2023.
- Gross margins in the second quarter of 2024 were 64%, down from 82% in the second quarter of 2023, due to the variable nature of contract deliverables and timing with major government agencies.
- The recent contract to deliver a 24-qubit quantum system has a lower gross margin profile than most other revenue sources.
- Net loss for the second quarter of 2024 was $12.4 million, although this was an improvement from a net loss of $17 million in the second quarter of 2023.
- The company anticipates revenue lumpiness due to the timing of on-premise QPU orders and deliveries, which are difficult to predict given the nature of government and national lab contracts.
Thank you for standing by. I am Agusta, and I will be your conference operator today. At this time, I would like to welcome everyone to the Rigetti Computing second-quarter 2024 financial results. (Operator Instructions)
I would now like to turn the call over to Subodh Kulkarni, CEO and President of Rigetti. Please go ahead.
Good afternoon, and thank you for participating in Rigetti's earnings conference call covering the second quarter ended June 30, 2024. Joining me today is Jeff Bertelsen, our CFO, who will review our results in some detail following my overview. We will be pleased to answer your questions at the conclusion of our remarks.
We would like to point out that this call and Rigetti's second quarter ended June 30, 2024, press release contain forward-looking statements regarding current expectations, objectives, and underlying assumptions regarding our outlook and future operating results. These forward-looking statements are subject to a number
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