Rigetti Computing Announces Preliminary Financial Results and Launches New Quantum System

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announced preliminary unaudited financial results for Q4 and the year ended December 31, 2023, with estimated revenues ranging between $2.9 million and $3.4 million for Q4 and $11.5 million and $12.1 million for the year, and operating losses ranging between $19.2 million and $17.7 million for Q4 and $74.3 million and $72.8 million for the year. The company also disclosed the sale of 5,215,464 shares of common stock under a purchase agreement, resulting in net proceeds of $5.5 million. Additionally, Rigetti made its 84-qubit Ankaa-2 quantum system available to the public via its Quantum Cloud Services platform, and its subsidiary, Rigetti UK Limited, was awarded a grant by Innovate UK to develop a 24-qubit quantum computer.

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About Rigetti Computing Inc.

Rigetti Computing Inc. is at the forefront of a burgeoning sector within the technology industry, specializing in quantum computing. The company's main objective is to develop and commercialize quantum computing solutions that can outperform classical computers in specific tasks, which holds promise for industries like pharmaceuticals, finance, and artificial intelligence. Rigetti's pioneering efforts aim to harness the principles of quantum mechanics to create advanced hardware and cloud platforms that enable complex problem-solving and optimization capabilities. Founded in 2013 and headquartered in Berkeley, California, Rigetti endeavors to merge cutting-edge quantum technology with practical applications, potentially revolutionizing computational methods across various domains. By building a quantum computing ecosystem, Rigetti Computing Inc. plays a crucial role in advancing the technological paradigm, making it a significant entity within the rapidly evolving landscape of modern computing.