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Rigetti Computing, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $2,378,000 from $3,105,000 in the same quarter the previous year. The decrease is attributed to lower QCaaS revenue.
Cost of revenue for the quarter was $1,174,000, representing 49% of revenue, compared to 27% in the same quarter of the previous year. This increase in cost ratio is due to changes in the composition of revenue.
The company reported a gross profit of $1,204,000 for the quarter, compared to $2,271,000 in the previous year, with the decline attributed to the unfavorable mix of contracts.
Research and development expenses decreased to $12,752,000 from $13,056,000, primarily due to reductions in IT costs and stock-based compensation expenses.
Selling, general, and administrative expenses decreased to $5,798,000 from $6,047,000, primarily due to the expiration of the Ampere Forward Agreement.
Net loss for the quarter was $14,833,000, down from $22,215,000 in the previous year. The improvement is attributed to a gain in the change in fair value of derivative warrant liabilities.
Cash used in operating activities was $42,083,000, while cash used in investing activities was $768,000.
Rigetti had a working capital of $103,866,000 as of September 30, 2024. The company anticipates needing additional capital to fund research and development efforts.
The filing also details various financial agreements, including an amended loan agreement with Trinity Capital Inc (TRIN0.00%).
Rigetti continues to focus on improving the performance of its quantum processing units and plans to release new systems in 2025.
The company identified a material weakness in its internal controls over financial reporting related to the design and operation of its overall closing and financial reporting processes.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rigetti Computing Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.