By Dean Seal
Shares of Rigetti Computing fell after the company recorded a wider loss in the fourth quarter and indicated that substantial sales are still years away.
The stock was down 10% at $7.36 in premarket trading. When the market closed Wednesday, shares had already fallen 46% since the start of the year.
The quantum-computing company reported after Wednesday's closing bell that its fourth-quarter loss was $153 million, or 68 cents a share, compared with a loss of $12.6 million, or 9 cents a share, in the same quarter a year ago.
The major shortfall was driven in part by a $135 million change in earn-out and derivative warrant liabilities. The company's quarterly operating loss was $18.5 million, up from $17.2 million a year earlier.
Revenue fell during the quarter to $2.3 million from $3.4 million a year earlier.
Chief Executive Subodh Kulkarni said the company is still in its research-and-development stage right now, and that it will be another four to five years before commercial sales become significant to its business.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 06, 2025 07:25 ET (12:25 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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