Rigetti Computing Reports Q3 Financial Results

Quantum Computing Report 9 days ago

Rigetti Computing  reported Q3 revenues of $2.8 million compared with revenues of $2.1 million in the previous quarter. Gross profit was $2.0 million versus $1.3 million in the previous quarter and net GAAP loss was $18.8 million versus $10 million in Q2. The company ended the quarter with cash and cash equivalents of $161 million. The company needed to delay the reporting of Q3 results by about a week and also proceed with a restatement of its Q1 and Q2 results due to the discovery of electrical utility fees that were unpaid and unrecognized in prior periods. They also need to make adjustments in the accounting for the financial warrants that were issued. Rigetti also indicated an increase of their 2022 EBITDA loss guidance from $50 – $53 million to $56 – $58 million due to these adjustments as well as additional expenses they will incur due to the search of a new CEO to replace Chad Rigetti who has decided to resign and leave the company by December 15, 2022.


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