Rigetti Computing Inc Stock Price, News & Analysis

Rigetti Computing (Nasdaq: RGTI) announced that founder and CEO Chad Rigetti will participate in a fireside chat at the 17th annual Needham Technology & Media Conference. The event is scheduled for May 19, 2022, from 11:45 a.m. to 12:25 p.m. ET. Investors can access a live webcast through the Investor Relations section of Rigetti's website, with a replay available for one year post-event.

Rigetti is a leader in quantum-classical computing, offering cloud-based quantum computing services since 2017.

Rigetti Computing, Inc. (Nasdaq: RGTI) announced its first-quarter 2022 financial results, revealing a revenue decline to $2.1 million from $2.4 million year-over-year, attributed mainly to a completed government project. Gross profit decreased to $1.7 million, with an 80.3% gross margin. Operating expenses surged to $25.5 million, significantly impacted by stock compensation costs. The net loss of $10.5 million equated to $0.20 per share. Rigetti anticipates total revenue for fiscal year 2022 to range between $12.0 million and $13.0 million and expects an Adjusted EBITDA loss of $50.0 million to $53.0 million.

Rigetti Computing, Inc. (RGTI) announced its first quarter 2022 financial results will be released on May 16, 2022, after market close. A conference call will follow at 5:00 p.m. ET for discussion on results and business updates. The call can be accessed via dial-in numbers or attended through a live audio webcast linked on their Investor Relations website. Rigetti is known for pioneering hybrid quantum-classical computing and has been operating quantum computers over the cloud since 2017, servicing various global clients.

Rigetti Computing (NASDAQ:RGTI) has appointed Eric Ostby as Vice President of Product, effective April 12, 2022. Ostby, previously at Google, will lead the development of Rigetti QCS™ to enhance the company’s Quantum Computing as a Service (QCaaS) offerings. His extensive background in product leadership is expected to boost Rigetti's market opportunities in both public and private sectors. Rigetti recently launched its 80-qubit Aspen-M quantum computer on QCS and Amazon Braket, now available in private preview on Microsoft Azure.

Rigetti Computing, Inc. (NASDAQ: RGTI) announced the departure of Chief Operating Officer Taryn Naidu, effective immediately. His exit is not tied to any financial issues or governance concerns. Responsibilities will transition to existing executives, including the CFO and CRO, while Rigetti bolsters its leadership with key hires in various sectors. Founder Chad Rigetti expressed optimism about future growth and plans to introduce new quantum processors via its Quantum Cloud Services. An earnings call is scheduled for mid-May to provide further updates.

Rigetti Computing (NASDAQ:RGTI) announced the appointment of Greg Peters as Chief Revenue Officer, effective March 14, 2022. His role will focus on expanding the Company's Quantum Computing as a Service (QCaaS) business. Rigetti has established its Revenue Organization to enhance revenue-generating activities. This follows the February 2022 launch of its 80-qubit quantum computer on its Quantum Cloud Services and plans for availability on Microsoft Azure. Rigetti aims to commercialize its technology through industry partnerships with organizations like Deloitte and Nasdaq.

Rigetti Computing reported a 48% year-over-year revenue growth for fiscal year 2021, totaling $8.2 million. The company's gross profit reached $6.6 million, up 62%. Significant milestones include the commercial availability of its 80-Qubit Aspen-M System and collaborations with major firms like Microsoft and Nasdaq. Despite an increase in operating expenses to $40.7 million, Rigetti achieved an 80.2% gross margin. However, they reported a net loss of $38.2 million.

Rigetti Computing (Nasdaq: RGTI) and Supernova Partners Acquisition Company II, Ltd. (NYSE: SNII) announced the completion of their Business Combination, approved by Supernova shareholders on February 28, 2022. Following the merger, Supernova changed its name to Rigetti Computing, Inc., with its stock now trading under the ticker RGTI. The transaction provided Rigetti with approximately $261.75 million to enhance its quantum processor development and expand operations. Rigetti aims to lead in quantum computing, boasting significant industry achievements and a robust patent portfolio.

Supernova Partners Acquisition Company II announced that its shareholders approved all proposals for the business combination with Rigetti Holdings on February 28, 2022. Approximately 95% of shareholders voted in favor, enabling Rigetti to receive $261.75 million in proceeds, including $147.51 million from a PIPE investment. The business combination is expected to close on March 2, 2022, at which point the company will be renamed Rigetti Computing, Inc. Rigetti specializes in quantum computing and provides services through its Quantum Cloud Services platform.