Quantum computing company Rigetti Computing Inc (NASDAQ:RGTI) reported fourth-quarter financial results Wednesday after market close.
Here are the key highlights.
What Happened: Rigetti Computing reported fourth-quarter revenue of $2.3 million, missing a Street consensus estimate of $2.5 million according to data from Benzinga Pro.
The company reported adjusted earnings per share of a loss of eight cents, in line with estimates.
Full-year revenue was $10.8 million. Full-year net loss was $201.0 million.
The company ended the year with cash and cash equivalents of $217.2 million.
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What's Next: Rigetti entered into a strategic agreement with Quanta Computer, signed Feb. 27, since the end of the quarter. Quanta is a Taiwan-based Global Fortune 500 company and leader in computer server manufacturing.
Rigetti and Quanta will each invest over $100 million over the next five years as part of the collaboration agreement. Quanta will also invest $35 million into Rigetti common shares.
"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 said.
The company highlighted its 84-qubit Ankaa-3 system, which launched in December 2024. The launch helped Rigetti achieve several milestones. Ankaa-3 is now available to Rigetti partners through the Rigetti Quantum Cloud Services platform and to the general public via Amazon Bracket and Microsoft Azure.
"We believe our leadership in superconducting quantum computing continues to be reinforced as we push the boundaries of our system performance, as evidenced by the success of Ankaa-3."
RGTI Price Action: Rigetti stock is down 4.89% to $7.78 in after-hours trading Wednesday versus a 52-week trading range of $0.66 to $21.42.
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