Rigetti Computing Earnings Call Transcripts
Fiscal Year 2026
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Superconducting quantum technology is advancing rapidly, with recent fidelity gains and a flexible go-to-market approach. The roadmap targets 1,000 qubits and quantum advantage within three years, supported by strong partnerships and a robust financial position.
Fiscal Year 2025
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Achieved record 2-qubit gate fidelity and speed, secured major international orders, and ended 2025 with $590M cash and no debt. Roadmap targets >1,000 qubits by 2027, with revenue growth driven by government and research contracts.
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Q3 2025 revenue declined year-over-year due to government contract timing, with gross margin dropping to 21%. Strong R&D and commercial momentum, new contracts, and a robust cash position support a roadmap targeting 1,000+ qubits by 2027 and quantum advantage by 2029.
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Achieved a major milestone with the release of Cepheus-1-36Q, the largest multi-chip quantum computer, and remain on track for a 100+ qubit system by year-end. Q2 revenue declined year-over-year due to government funding delays, but the balance sheet was strengthened by a $350 million equity raise.
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The meeting opened with introductions and a review of the agenda, followed by the presentation and approval of two proposals: the election of directors and the ratification of the auditor. No questions were raised, and all proposals passed, with results to be certified and reported.
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Q1 2025 revenue declined year-over-year due to lower-margin contracts, but net income turned positive from a large non-cash gain. Strategic wins include DARPA and AFOSR awards, a $35M investment from Quanta, and progress toward higher qubit systems.
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Quantum computing is advancing rapidly, with superconducting gate-based systems achieving high fidelity and scalability through modular chiplet architectures. Strategic partnerships, government funding, and a focus on error correction and hybrid computing are driving progress toward commercial and utility-scale quantum computers by 2033.
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The company is advancing superconducting gate-based quantum computing, achieving high fidelity and scalability through chiplet integration and open modular partnerships. With $500M in funding and strategic alliances, it targets commercialization and quantum advantage within 4–5 years.
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The conference highlighted advances in superconducting quantum technology, including improved fidelity, chiplet-based scaling, and real-time error correction. Increased government funding and industry milestones are expected to drive growth, with commercial applications anticipated in 3–5 years.
Fiscal Year 2024
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Q4 2024 saw a strategic partnership with Quanta Computer, major QPU sales, and the launch of the Ankaa-3 system. Revenue declined year-over-year, but a strong cash position and new investments support ambitious R&D and scaling goals, with commercial sales expected in several years.
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Q3 2024 revenue declined year-over-year, with gross margin impacted by a lower-margin contract, but net loss improved. The company advanced its modular quantum roadmap, demonstrated real-time error correction, and expects increased government funding and international opportunities.
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Q2 2024 revenue was $3.1M with a 64% gross margin, and net loss improved to $12.4M. Technical progress continues on the 84-qubit Ankaa-3 system, and government demand is driving a growing pipeline, with cash reserves sufficient through Q1 2026.
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The meeting covered board introductions, four key proposals, and voting procedures. All proposals, including director elections, a reverse stock split, and auditor ratification, were approved. No questions were raised, and voting results will be filed on Form 8-K.