Rigetti Computing posts lower-than-expected Q2 sales
Rigetti Computing is little changed in postmarket trading even as the quantum computing company delivered lower-than-expected revenue yet again.
Revenue: $1.8 million (compared to estimates for $1.87 million).
Operating loss: -$19.9 million (estimated -$20.9 million).
Of course, with revenues so low to begin with in what is very much an emerging growth industry, any technological breakthroughs and shifting investor sentiment toward quantum computing will likely be bigger drivers of the share price in the near term.
“We continue to achieve our ambitious road map goals, most recently by demonstrating the industry’s largest multi-chip quantum computer with impressive performance,” CEO Dr. Subodh Kulkarni said. “Our industry-leading proprietary chiplet approach to scaling and strong financial position makes us confident in hitting our end-of-year technology goals.”
Shares of Rigetti enjoyed their biggest one-day gain since January in mid-July, rising 30% after the company announced that its quantum computing system “achieved its mid-year performance milestone,” including a significant improvement in error rates, and that its development was proceeding on schedule.
Still, the company’s share price has yet to reclaim its closing peak of $20 set on the first trading day of 2025. Soon thereafter, Rigetti and peers cratered after Nvidia CEO Jensen Huang said it would likely be 15 to 30 years before quantum computers would be “very useful.”
