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.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.