Q3 2024 Rigetti Computing Inc Earnings Call Transcript
Key Points
- Rigetti Computing Inc (RGTI) plans to introduce a new modular system architecture by mid-2025, with a 36-qubit system based on 49-qubit chips and a targeted 99.5% median two-qubit gate fidelity.
- The company remains on track to develop and deploy its anticipated 84-qubit ONCA three system with a goal of achieving a 99+% median two-qubit gate fidelity by the end of 2024.
- Rigetti Computing Inc (RGTI) has demonstrated successful tiling of nine-qubit chips without performance deterioration, marking a significant milestone in multichip QPU architecture.
- The company is collaborating with River Lane to advance quantum error correction technology, demonstrating real-time low latency quantum error correction.
- Rigetti Computing Inc (RGTI) has a strong cash position with $92.6 million in cash, cash equivalents, and available-for-sale investments as of September 30, 2024, providing sufficient funds to meet anticipated operating cash needs until midway through the first quarter of 2026.
- Revenues for the third quarter of 2024 were $2.4 million, a decrease from $3.1 million in the third quarter of 2023.
- Gross margins in the third quarter of 2024 were 51%, down from 73% in the third quarter of 2023, due to variability in contract deliverables and timing with major government agencies.
- The company reported a net loss of $14.8 million for the third quarter of 2024, although this was an improvement from a net loss of $22.2 million in the same period of the prior year.
- The NQCC contract has a lower gross margin profile, which will continue to impact financials through the first quarter of 2025.
- The delay in the reauthorization of the National Quantum Initiative Act has impacted near-term financials, affecting funding from government sources.
Good day. Thank you for standing by. Welcome to Riet's third quarter, 2024 earnings conference call. At this time. All participants are on a listen-only mode. After the presentation, there will be a question and answer session to ask a question during the session. You will need to press star 11 on your telephone. You will then hear an automatic message advising your hand is raised. Please note that today's conference is being recorded. I will now hand the conference over to your speaker, Doctor Sgul Coni President and CEO. Please go ahead, sir.
Good morning and thank you for participating in rti's earnings conference call covering the third quarter ended September 30th 2024. Joining me today is Jeff Bartleson, 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 a third quarter ended September 30th 2024. Press release contain
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