Rigetti announced fiscal year 2021 results, with revenue up 48% year-on-year

Key points:

• Generated revenue of $8.2 million for fiscal year 2021, growing 48% year over year, and gross profit of $6.6 million for fiscal year 2021, growing 62% year over year
• Delivered commercial availability of 80-Qubit Aspen-M System on Rigetti Quantum Cloud Services (QCS) and to end-users of Amazon Braket
• Established new collaborations with renowned public and private sector players, such as Ampere Computing, Nasdaq, Deloitte, DARPA, and the DOE, to advance key quantum computing applications with strong use case potential
• Announced collaboration with Microsoft to provide Rigetti quantum computers over the cloud to Microsoft’s Azure Quantum Service users

BERKELEY, Calif., March 10, 2022 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in hybrid quantum-classical computing, recently announced its financial results for the eleven months ended December 31, 2021 (fiscal year 2021). As rigetti has changed its fiscal year end from January 31 to December 31, the fiscal year is only 11 months.

“We are generating strong momentum in our business strategy for quantum computing,” commented Chad Rigetti, Founder and CEO of Rigetti. “We have achieved significant technical milestones and attracted a multitude of industry leaders to work toward practical quantum applications. Today, our pioneering technology is already fueling business momentum, resulting in solid top-line growth for our fiscal year 2021.”“Real-world application interest in quantum computing is rapidly emerging, with enterprise players now joining the public sector as early movers in quantum. Rigetti is working with these organizations to establish use cases in critical areas, including machine learning, optimization, and simulation using our hybrid quantum-classical approach.”

Financial Results for the Fiscal Year 2021

Revenue for fiscal year 2021 was $8.2 million, increasing by 48% from $5.5 million for the fiscal year 2020. The year-over-year growth was mainly due to an increase of $2.6 million in revenue from the addition of new development contracts with U.S. and U.K. government agencies in fiscal year 2021, as well as the expansion of work scope for the Company’s existing customers. Cost of revenues for fiscal year 2021 was $1.6 million, versus $1.5 million for fiscal year 2020, mainly due to higher sub-contract costs, partially offset by lower employee costs due to the shorter operating period as a result of the fiscal year change. Gross margin for fiscal year 2021 was 80.2%, compared with 73.1% for fiscal year 2020.

Total GAAP operating expenses for fiscal year 2021 were $40.7 million, versus $39.1 million for fiscal year 2020. The year-over-year increase in operating expenses was mainly due to the increase in research and development expenses, which is in line with Company’s long-term commitment to further its technology advancements, and partially due to an increase in sales and marketing expenses. General and administrative expenses for fiscal year 2021 declined 14.1% compared with fiscal year 2020.

Total other expense, net for fiscal year 2021 was $4.1 million, compared with total other income, net of $9.0 million in fiscal year 2020. The year-over-year decrease in total other income (expense), net was mainly due to the conversion of outstanding convertible notes in fiscal year 2020, compared with the absence of any such one-off events during fiscal year 2021.

Net GAAP loss for fiscal year 2021 was $38.2 million, compared with $26.1 million for fiscal year 2020. Net GAAP loss per share for fiscal year 2021 was $1.74 versus $1.26 for fiscal year 2020.

Adjusted EBITDA2, which excludes depreciation, stock compensation, interest expense (net), change in fair value of warrant liabilities, change in fair value of forward contract agreement liabilities, gain on extinguishment of debt, and other non-recurring costs3, was negative $27.5 million for fiscal year 2021, approximately flat compared with fiscal year 2020.

The Company had $11.7 million in cash and cash equivalents as of December 31, 2021. The Company received net proceeds of approximately $205.0 million in connection with the closing of its business combination with Supernova Acquisition Company II, Ltd.

Recent Technology Updates

• Achieved entangling gate fidelities as high as 99.5% on Rigetti’s next-generation chip architecture, crossing what is believed to be a key threshold for achieving commercial quantum computing.

• Made 80-qubit quantum system, Aspen-M, commercially available on February 15, 2022.

• Conducted CLOPS (circuit layer operations per second) tests on Rigetti’s 40-qubit system, Aspen-11, and 80-qubit system, Aspen-M. The CLOPS metric was originally developed by IBM in October 2021. Test results suggest current Rigetti systems perform as well or better as the number of qubits in the system increases.4

• Developed an effective solution to a weather modeling problem using quantum computers.

• Launched world’s first multi-chip quantum processor to solve a key scaling challenge for fault-tolerant quantum computers.

Recent Business and Partnership Developments

• Creating hybrid quantum-classical computers designed to unlock a new generation of machine learning applications over the cloud in partnership with Ampere Computing.

• Pursuing development of quantum applications to help solve high-impact computation problems in the financial industry through a collaboration with Nasdaq.

• Pursuing development of an industry-first hybrid quantum-classical compilation toolchain designed to better enable researchers to advance hybrid applications, including quantum sampling and quantum machine learning, in new phase of long-standing partnership with Zapata.

• Delivering hardware, software, and benchmarks for phase two of DARPA’s program to develop quantum computers capable of solving complex optimization problems.

• Exploring quantum applications in material simulation, optimization, and machine learning using Rigetti’s new scalable processors and in collaboration with Deloitte and Strangeworks.

• Providing access to Rigetti’s quantum computers over the cloud to users of Microsoft’s Azure Quantum service.

• Advancing quantum computing research and collaborating to identify real-world artificial intelligence use cases through partnership with PlanQK.

• Leading a quantum simulation project for fusion energy, awarded by the Department of Energy (DoE), with Lawrence Livermore National Laboratory and the University of Southern California.

• Pursuing development of an integrated application for simulating molecular systems using Rigetti Quantum Cloud Services in partnership with Riverlane and Astex Pharmaceuticals.

Link：

https://investors.rigetti.com/news-releases/news-release-details/rigetti-computing-announces-financial-results-fiscal-year-2021