"We believe that our existing balances of cash, cash equivalents, and marketable security should be sufficient to meet our anticipated operating cash needs until midway through Q4 2025" - Jeffrey Bertelsen
— Jeffrey Bertelsen
03Detailed Report
RGTI
Rigetti Computing Inc
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 29, 2026
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Executive Summary
Rigetti Computing Inc's first-quarter 2024 results reflect a notable 39% year-over-year revenue growth, driven by expanding sales in its quantum processor unit (QPU) segment. While the company's revenue increased to $3.1 million from $2.2 million in Q1 2023, it still reported a net loss of $20.8 million, slightly improving from $23.4 million in the same period last year. Rigetti's management highlighted promising technological advancements, including achieving a remarkable 99.3% median gate fidelity in their 9-qubit quantum system, setting the stage for launching the larger 84-qubit Ankaa 3 system later this year. Overall, the earnings call indicated a strategic pivot towards enhancing hardware sales while fostering vital partnerships across the growing quantum ecosystem.
Key Performance Indicators
Revenue
Increasing
3.05M
QoQ: -9.60% | YoY: 38.66%
Gross Profit
Decreasing
-287.00K
-9.40% margin
QoQ: -126.65% | YoY: -116.97%
Operating Income
Decreasing
-16.59M
QoQ: -3.61% | YoY: -21.13%
Net Income
Decreasing
-20.77M
QoQ: 65.23% | YoY: -20.57%
EPS
Decreasing
-0.14
QoQ: 56.42% | YoY: -33.33%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: $3.1 million (up 39% YoY)
Gross Profit: -$287,000 (-9.4% margin)
Operating Income: -$16.6 million
Net Income: -$20.8 million (-$0.14 per share)
Cash Position: $102.8 million (up from $99.9 million at 2023 year-end)
Rigetti’s revenue growth is a positive indicator; however, the company continues to face pressure on margins and persistent operating losses stemming from high R&D expenses ($9.7 million) and operational expenditures, which amounted to $18.1 million, down from $23.7 million in the previous year.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
3.05M
38.66%
-9.60%
Gross Profit
-287.00K
-116.97%
-126.65%
Operating Income
-16.59M
-21.13%
-3.61%
Net Income
-20.77M
-20.57%
65.23%
EPS
-0.14
-33.33%
56.42%
Key Financial Ratios
Gross Profit Margin
Weak
-0.09%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Weak
-5.43%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-6.81%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.13%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.18%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
4.42
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.24
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-2.67x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.92x
Price-to-book ratio reasonable for profitable companies
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