"Our plan is to get us from 98% median 2-qubit gate fidelity to 99-plus percent median 2-qubit gate fidelity, which is a big milestone not only because it's a 2x reduction in errors, but also at 99% fidelity, you can start doing realistic error correction." - Subodh Kulkarni, CEO
— Subodh Kulkarni
03Detailed Report
RGTI
Rigetti Computing Inc
Period
Q4 2023
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedMay 29, 2026
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Executive Summary
Rigetti Computing (RGTI) reported a challenging Q4 2023, with revenues falling to $3.4 million from $6.1 million year-over-year, amidst significant advancements in their quantum technology offerings. The company addressed a notable decrease in total operating expenses, highlighting operational streamlining and strategic focus on key growth initiatives, including their anticipated Ankaa-3 quantum processor aimed at improving error rates in quantum computation. Despite facing a net loss of $12.6 million, RGTI continues to enhance its technology platform, garnering support from collaborations with government entities and academic institutions for upcoming projects, including a 24-qubit quantum system in the UK. Investors should closely monitor Rigetti’s path towards profitability through its technology maturation and strategic partnerships in the quantum computing sector.
Key Performance Indicators
Revenue
Decreasing
3.38M
QoQ: 8.73% | YoY: -44.29%
Gross Profit
Decreasing
1.08M
31.90% margin
QoQ: -52.58% | YoY: -79.49%
Operating Income
Decreasing
-17.21M
QoQ: 2.23% | YoY: -19.40%
Net Income
Decreasing
-12.57M
QoQ: -43.41% | YoY: -48.01%
EPS
Decreasing
-0.09
QoQ: -47.35% | YoY: -55.25%
Revenue Trend
Margin Analysis
Financial Highlights
Revenue: Q4 2023 revenue declined by 44.29% year-over-year to $3.4 million, showing marginal growth of 8.73% compared to Q3 2023.\nGross Profit Margin: Achieved a gross profit margin of 75%, down from 87% in Q4 2022 due to lower revenues.\nOperating Expenses: Total operating expenses were significantly reduced to $19.7 million from $32 million in the previous year, reflecting cost management efforts.\nNet Loss: Reported a net loss of $12.6 million, an improvement from $22.9 million in the same quarter last year.\nCash Position: Cash and equivalents totaled $99.9 million, down from $110.2 million in Q3, providing a runway into Q3 2025, underpinned by recent financing initiatives and ongoing evaluations of capital structure.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
3.38M
-44.29%
8.73%
Gross Profit
1.08M
-79.49%
-52.58%
Operating Income
-17.21M
-19.40%
2.23%
Net Income
-12.57M
-48.01%
-43.41%
EPS
-0.09
-55.25%
-47.35%
Key Financial Ratios
Gross Profit Margin
Fair
31.90%
Gross profit margin is moderate, room for improvement in cost management
Operating Profit Margin
Weak
-5.10%
Operating margin is below industry norms, profitability concerns
Net Profit Margin
Weak
-3.72%
Net profit margin is below industry norms, profitability concerns
Return on Assets
Weak
-0.08%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
-0.12%
Return on equity suggests inefficient capital allocation
Current Ratio
Strong
3.71
Current ratio indicates excellent liquidity and financial flexibility
Debt to Equity
Conservative
0.22
Debt-to-equity shows conservative leverage and low financial risk
P/E Ratio
Negative
-2.75x
Negative earnings make P/E ratio not meaningful
Price to Book
Fair Value
1.26x
Price-to-book ratio reasonable for profitable companies
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