A recent financial report reveals that a company has experienced a significant decrease in cash flow over the past six months, ending June 30, 2024. The net loss for this period was $33.2 million, compared to $40.3 million during the same period last year. Despite this decline, the company managed to generate $33.1 million in cash from financing activities, primarily due to proceeds from the sale of common stock through various agreements.
The report highlights significant changes in operating assets and liabilities, including a decrease in accounts receivable and prepaid expenses, as well as an increase in deferred revenue. The company also invested heavily in property and equipment, purchasing $7.5 million during this period.
No key individuals are mentioned in the report, but it provides insight into the company’s financial performance and its efforts to generate cash flow through various means.
Net Loss: The company reported a net loss of $33.2 million for the six months ended June 30, 2024, which is an improvement from the $40.3 million net loss during the same period in 2023.
Cash Flow: The company used $26.7 million in cash for operating activities during the first half of 2024, compared to $33.6 million in 2023. This decrease in cash usage is a positive sign.
Investing Activities: Rigetti Computing invested $7.5 million in property and equipment, and purchased $76 million worth of available-for-sale securities during the six months ended June 30, 2024.
Financing Activities: The company raised $33.1 million through financing activities, including proceeds from the sale of common stock and payments of principal on notes payable.
Cash and Cash Equivalents: As of June 30, 2024, Rigetti Computing had $20.7 million in cash and cash equivalents, a decrease from $21.7 million as of December 31, 2023.
While this report primarily focuses on financial performance, it’s interesting to note that Rigetti Computing is a company operating at the intersection of quantum computing and finance. As a science journalist, I’m intrigued by the potential applications of quantum computing in fields like finance and cryptography.
If you have any specific questions about this report or would like me to elaborate on certain points, feel free to ask!
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