Quantum-computing firm Rigetti (RGTI) is tumbling 11% after it reported weaker-than-expected fourth-quarter results yesterday following the market close.

The Highlights of RGTI's Q4 Performance

Rigett's per-share loss came in at 68 cents, far below analysts' average estimate of a per-share loss of 8 cents. Further, it generated revenue of $2.3 million, versus analysts' mean estimate of $2.5 million. In Q4 of 2023, it reported sales of $2.1 million.

A modern computer datacenter, running an advanced quantum computer system.

Rigetti's Comments

The firm noted that it had launched a partnership with Taiwan's Quanta Computer. According to RGTI, Quanta is a "Global Fortune 500 company and the global leader of computer server manufacturing."

Under the deal, which was first announced on Feb. 27, Quanta and Rigetti will invest more than $100 million each over the next five years in order to advance their quantum-computing technologies.

"Quanta’s collaboration with Rigetti is designed to strengthen our position in this flourishing market. Our companies’ complementary strengths... will support us in our goal to be at the forefront of the quantum computing industry," Rigetti CEO Dr. Subodh Kulkarni stated.

Addressing the company's technological goals for 2025, Kulkarni said, "We have developed critical IP to scale our systems and remain confident in our plans to scale to 100 plus qubits by the end of the year with a targeted 2 times reduction in error rates from the error rates we achieved at the end of 2024."

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Disclosure: None. This article is originally published at Insider Monkey.