Rigetti Computing Inc. Reports Financial Results For The First Quarter Of 2022. 84 Qubit device on the horizon.

Rigetti Computing, Inc., a full-stack quantum computing company, has declared its financial report for the first quarter of the 2022 financial year. They also announced a release date for the single-chip 84-qubit quantum computer, which they believe will have better performance based on speed, fidelity, and scale. 

For the first quarter of 2022, Rigetti Computing, Inc. made a total of $2.1 million in revenue and $0.4 million in Cost of revenue. Currently, the Company generates income mainly from development contracts with government agencies. The Company expects to fund its Quantum Cloud Services (QCaaS) business. Total gross profit in the first quarter of 2022 was $1.7 million, while the Gross margin was 80.3% which is flat compared to the 88.4% in the 2021 fiscal year. Total GAAP operating expenses were $25.5 million. Due to advanced research and development expenses recorded, a year-over-year increase in total GAAP from $9.8 million the previous year to $25.5 million in the first quarter of 2022. There’s also a year-over-year increase in their non-GAAP operating expenses from $8.0 million to $15.6 million. The non-GAAP operating expenses also cover $2.0 million in one-time deal bonuses to some of the Company’s employees. 

They also reported a $13.9 million loss in Adjusted EBITDA for the first quarter of 2022. Their cash equivalents were $206.6 million as of March 31, 2022. One of their projections is to launch the single-chip 84-qubit quantum computer in 2023. The quantum device is expected to combine the Company’s 84-qubit processor’s anticipated advances with its Aspen-M machine’s modular, multi-chip scaling technology. Also,  Rigetti Computing foresees between $12.0 million and $13.0 million in total revenue and Adjusted EBITDA loss between $50.0 million and $53.0 million for the fiscal year 2022.
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