The call highlighted significant technological advancements and collaborations, especially in modular architecture and quantum error correction, while also addressing challenges such as declining revenue and gross margins, and delays in government funding initiatives.

Company Guidance

During Rigetti's Q3 2024 earnings call, CEO Subodh Kulkarni outlined significant progress in the company's quantum computing road map, including plans to introduce a 36-qubit system by mid-2025 and a 100-qubit system by the end of 2025, both targeting a 99.5% median 2-qubit gate fidelity. The company remains on track to develop its 84-qubit Ankaa-3 system with a similar fidelity by the end of 2024. CFO Jeffrey Bertelsen reported third-quarter revenues of $2.4 million, a decrease from $3.1 million the previous year, and a gross margin of 51%, down from 73% in Q3 2023. Operating expenses for the quarter were $18.6 million, slightly lower than the previous year's $19.1 million. The net loss was $14.8 million, significantly reduced from a $22.2 million loss in Q3 2023. Rigetti's financial position includes $92.6 million in cash, cash equivalents, and available-for-sale investments as of September 30, 2024. The company anticipates sufficient cash flow to support operations until early 2026.

Introduction of New Modular System Architecture

Rigetti plans to release a 36-qubit system by mid-2025 and a system with over 100 qubits by the end of 2025, showcasing significant advancements in modular system architecture.

Tiling Technology Demonstration

Successfully demonstrated tiling of 9-qubit chips without performance deterioration, positioning Rigetti as a leader in multichip QPUs architecture.

Quantum Error Correction Progress

Collaborated with Riverlane to integrate quantum error correction technology, achieving real-time low-latency quantum error correction on the 84-qubit Ankaa-2 system.

International Collaborations

A Novera QPU has been co-located at the Israeli Quantum Computing Center and the 24-qubit Ankaa-class system was installed at the UK’s National Quantum Computing Center.

Net Loss Reduction

Net loss for Q3 2024 was $14.8 million, a significant reduction from $22.2 million in Q3 2023, aided by favorable changes in derivative warrant and earn-out liabilities.

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Rigetti Computing (RGTI) Earnings, Revenues Date & History

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RGTI Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Mar 06, 2025	2024 (Q4)	-0.07 / -	-0.09	―	―	―
Nov 12, 2024	2024 (Q3)	-0.07 / -0.08	-0.17	52.94% (+0.09)	―
Aug 08, 2024	2024 (Q2)	-0.07 / -0.07	-0.13	46.15% (+0.06)	―
May 09, 2024	2024 (Q1)	-0.09 / -0.14	-0.19	26.32% (+0.05)	―
Mar 14, 2024	2023 (Q4)	-0.10 / -0.09	-0.19	52.63% (+0.10)	―
Nov 09, 2023	2023 (Q3)	-0.10 / -0.17	-0.16	-6.25% (-0.01)
Aug 10, 2023	2023 (Q2)	-0.14 / -0.13	-0.09	-44.44% (-0.04)
May 11, 2023	2023 (Q1)	-0.15 / -0.19	-0.2	5.00% (+0.01)
Mar 27, 2023	2022 (Q4)	-0.12 / -0.19	-0.39	51.28% (+0.20)	―
Nov 14, 2022	2022 (Q3)	-0.13 / -0.16	0.108	-248.15% (-0.27)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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RGTI Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Nov 12, 2024	$1.52	$1.49	-1.97%
Aug 08, 2024	$0.83	$0.79	-4.82%
May 09, 2024	$1.28	$1.16	-9.38%
Mar 14, 2024	$1.98	$1.96	-1.01%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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