Rigetti Computing Inc. (NASDAQ: RGTI) observed a decrease in its share value subsequent to the release of its third-quarter financial outcomes, which presented a varied performance against market predictions.
The company disclosed a net loss of three cents per share, surpassing the consensus analyst projection of a four-cent loss. Nevertheless, Rigetti's revenue for the quarter reached $1.94 million, failing to meet the Street's forecast of $2.17 million. This figure also marked a decline compared to the $2.37 million revenue reported in the corresponding quarter of the previous year. In response to these results, Rigetti Computing also provided updates on its technological development plans for the years 2026 and 2027. The company anticipates the deployment of a quantum system with over 150 qubits by the close of 2026, aiming for a median two-qubit gate fidelity of 99.7%. Furthermore, by the end of 2027, Rigetti expects to introduce a system exceeding 1,000 qubits, targeting an even higher median two-qubit gate fidelity of 99.8%.
Dr. Subodh Kulkarni, the CEO of Rigetti, expressed positive sentiment regarding the company's progress, highlighting the increasing demand for its on-premises quantum computers and the expansion of collaborations aimed at advancing internal research and development, as well as the broader quantum ecosystem. Dr. Kulkarni also confirmed that the company is on schedule to launch its 100+ qubit chiplet-based quantum system, which is projected to achieve a 99.5% median two-qubit gate fidelity by the conclusion of 2025. Following these announcements, Rigetti Computing's stock experienced a 2.57% drop, settling at $32.23 in extended trading on Monday.
In a rapidly evolving technological landscape, Rigetti Computing’s dedication to pushing the boundaries of quantum computing serves as a beacon of innovation, demonstrating that even in the face of financial fluctuations, the pursuit of scientific and technological advancement remains a powerful force for progress.