Rigetti Computing Inc. (RGTI) saw its stock plummet 10.64% in after-hours trading on Wednesday, following the company's disappointing fourth-quarter earnings report.

The quantum computing firm missed Wall Street's revenue expectations for the quarter. Rigetti reported Q4 2024 revenue of $2.27 million, falling short of the $2.5 million consensus estimate. The company's revenue declined 32.6% year-over-year from $3.38 million in Q4 2023.

Rigetti also reported a wider net loss of $153 million for the quarter, compared to analysts' expectations of a $15.8 million loss. The company's adjusted loss of $0.08 per share was in line with estimates. Operating expenses rose to $19.5 million, leading to an operating loss of $18.5 million that exceeded forecasts.

Despite the weak results, Rigetti announced a new strategic collaboration with Quanta Computer during the quarter. The companies plan to invest over $200 million combined to strengthen their positions in the emerging quantum computing market over the next five years. Quanta also agreed to invest $35 million in Rigetti's common shares.