Overview

• Rigetti Computing reported Q1 revenue of $1.47 million, falling short of analyst expectations of $2.56 million and down 51% year-over-year.
• The company posted an adjusted profit of 13 cents per share, driven by noncash accounting gains, surpassing consensus estimates of a 6-cent loss.
• Following the earnings announcement, Rigetti's stock dropped 11.4% in after-hours trading, reflecting heightened short interest and investor concerns.
• CEO Subodh Kulkarni reaffirmed that achieving quantum advantage remains four to five years away, emphasizing the industry's ongoing R&D phase.
• Rigetti continues to secure strategic funding and partnerships, including a $35 million investment from Quanta Computer and participation in DARPA's Quantum Benchmarking Initiative.