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Rigetti Computing Inc. (RGTI) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Rigetti's operations, highlighting a decrease in revenue to $10.8 million from $12 million in the previous year, primarily due to reduced quantum computing as a service (QCaaS) revenue.
Cost of revenue increased to $5.1 million from $2.8 million, attributed to a change in the composition of revenue and variability in the pricing and terms of development contracts.
Operating expenses decreased to $74.2 million from $81.5 million, with research and development expenses decreasing by $3 million.
The company reported a net loss of $201 million, compared to a net loss of $75.1 million in the previous year, largely due to changes in the fair value of derivative warrant liabilities and earn-out liabilities.
Rigetti's cash and cash equivalents increased to $67.7 million, with total assets amounting to $284.8 million as of December 31, 2024.
The company continues to focus on its technology roadmap, aiming to achieve narrow and broad quantum advantage, with plans to introduce a new modular system architecture in 2025.
Rigetti entered into a Collaboration Agreement with Quanta Computer Inc. in February 2025, with both parties agreeing to invest at least $250 million over the next five years in quantum computing.
The filing also discusses the company's strategic partnerships, competitive landscape, and risks related to its business, including dependence on a limited number of customers and the need for additional capital.
Rigetti's stock price has experienced significant volatility, with a range between $0.66 and $19.35 in 2024, and the company does not anticipate paying cash dividends in the foreseeable future.
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. annual 10-K report dated March 7, 2025. To report an error, please email earnings@qz.com.