Rigetti Provides Business Update and Nine-Month 2021 Financial Highlights
(HPC.Wire) Rigetti Computing, a pioneer and leader in hybrid quantum-classical computing, today announced business highlights for the year to date and financial highlights for the nine months ended October 31, 2021. These highlights include approximately $6.9 million in revenue for the nine months ended October 31, 2021, and the availability of the world’s first scalable multi-chip quantum processor.
Rigetti, currently a privately held company, announced in October 2021 that it had entered into an agreement and plan of merger with Supernova Partners Acquisition Company II (NYSE: SNII) (“Supernova”), a publicly traded special purpose acquisition company. The proposed transaction is subject to the approval of Supernova stockholders and other closing conditions. Following consummation of the proposed transaction, the surviving combined company will be named Rigetti Computing, Inc.
GAAP Financial Highlights for Nine Months Ended October 31, 2021*
Revenue increased by 68% to $6.9 million for the nine-months ended October 31, 2021, from $4.1 million for the same period in 2020. The increase in revenue was primarily driven by new customer relationships and the expansion of existing development contracts.
Total operating expenses increased by 7%, to $32.0 million for the nine months ended October 31, 2021, from $29.8 million in same period in 2020.
R&D expenses increased by 14%, to $21.2 million for the nine months ended October 31, 2021, from $18.6 million for the same period in 2020, representing 66% of total operating expenses for the nine months ended October 31, 2021 and underscoring the Company’s commitment to advancing its technology and product roadmap.
Net operating loss declined 3% to ($26.2) million for the nine months ended October 31, 2021, from ($26.9) million in the same period in 2020.
“We believe the time for quantum computing has arrived,” said Chad Rigetti, founder and Chief Executive Officer of Rigetti. “Customer demand is increasing as Rigetti quantum computers begin to address high-impact computational problems.
