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.
See More
Legal Disclaimer
Quantum Zeitgeist does not provide personal investment or financial advice to individuals or any entity, or act as personal financial, legal, or institutional investment advisors, or individually advocate the purchase or sale of any security or investment or the use of any particular financial strategy. All investment strategies include the risk of loss for some or even all of your capital. Before pursuing any financial strategies discussed or relying on information within this website, you should always consult with a licensed financial advisor. Any analysis we provide is for informational purposes only and does not take into consideration your circumstances or other factors that may be important in making decisions. It should not be considered an individualised recommendation or personalised investment advice. Any investment vehicles, stocks, securities mentioned may not be suitable for all investors.