Rigetti Computing Inc specializes in developing quantum computers and their core components, superconducting quantum processors. Offering a unique quantum computing as a Service platform, it allows seamless integration into various cloud environments. The company's offerings include platforms, research tools, and software applications, catering to a wide range of uses from chemical simulations to machine learning. Founded in 2013 and headquartered in Berkeley, California, Rigetti operates both in the United States and the United Kingdom, pioneering in the quantum computing industry.
Revenue nearly tripled year over year on on-premises quantum system deliveries, though the GAAP net loss widened to $52.61 million and adjusted EPS missed expectations. Rigetti closed the quarter with cash and investments and no debt, and holds a letter of intent with the Commerce Department for up to $100 million in CHIPS Act funding.
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