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- **Technical Milestone**: Achieved 99.9% 2-qubit gate fidelity with 28-nanosecond speed, leading the industry in superconducting quantum computing performance.
- **System Deployments**: 108-qubit system on track for Q1 2026 deployment, with 150+ qubit system targeted for year-end and 1,000+ qubit system by 2027.
- **Strategic Partnerships**: Collaborations with NVIDIA, Reveriane, and QphoX enhance hybrid quantum computing capabilities and error correction.
- **Revenue Growth**: $14.1 million in new orders (C-DAC, Novera) positions 2026 revenue to grow significantly from 2025 levels.
- **Financial Strength**: $590 million cash balance provides runway for executing 3-year quantum advantage roadmap without debt.
- **International Expansion**: Secured first Japanese research organization order and India's first government quantum computer purchase, signaling global demand for on-premises systems.

**【CEO Summary Section】**
- Achieved 99.9% 2-qubit gate fidelity with 28-nanosecond gate speed using Adiabatic CZ scheme, marking a significant milestone in quantum computing performance.
- Deployed 108-qubit system with 99.5% median 2-qubit gate fidelity by end of March 2026, targeting 150+ qubits with 99.7% fidelity by year-end.
- Expanded partnerships with NVIDIA (NVQLink), Reveriane (error correction), and QphoX (optical readout), reinforcing open modular architecture strategy.
- Secured $8.4 million order from India's C-DAC for 108-qubit system, and $5.7 million for 2 Novera 9-qubit systems, reflecting growing demand for on-premises quantum solutions.
- Emphasized long-term focus on quantum advantage (1,000+ qubits, 99.8% fidelity) by 2027, with Fab 1 as a competitive advantage for scalable manufacturing.

**【CFO Financial Commentary】**
- Q4 2025 revenue: $1.9 million (down 17% YoY) due to timing of system deliveries and government contracts.
- Gross margin: 35% (down from 44% YoY) due to lower-margin strategic contracts with government and national lab customers.
- Operating expenses: $23.2 million (up 19% YoY), driven by R&D and system integration.
- Cash balance: $590 million, providing runway for executing 3-year quantum advantage roadmap.
- Key revenue contributors in 2026: $5.7 million Novera orders (Q1-Q2 delivery), $8.4 million C-DAC system (Q2 2026 deployment), and potential follow-on orders for maintenance/support.

**【Q&A Key Highlights】**
- **System Deployments**: 108-qubit system delayed due to tunable coupler interactions, now on track for end-March deployment with 99.5% 2-qubit fidelity. Chiplet architecture validated as scalable path to 1,000+ qubits.
- **Gross Margins**: Novera systems with dilution refrigeration have lower margins (resold components), while C-DAC system gross margin not disclosed but strategic for long-term positioning.
- **M&A Strategy**: Open to M&A if accelerates roadmap, but current road map executable organically with existing fab capacity.
- **Government Funding**: U.S. NQIRA bill expected to pass, supporting quantum R&D. India's first government quantum computer order reflects expanding international engagement.
- **International Expansion**: Secured first Japanese research organization order for Novera QPU, with potential for upgrades to 108-qubit systems in 2027.
- **Error Correction**: Partnering with Reveriane to integrate real-time error correction, critical for achieving quantum advantage with 99.9% fidelity systems.


Rigetti Computing, Inc.(RGTI)-20260305-2025 Q4 Earnings call transcript

- **Technical Milestones**: 100-qubit system launched, with 1,000-qubit target by 2027 at 99.8% fidelity.
- **Strategic Partnerships**: $5.8M AFRL contract, 9-qubit system sales, and India quantum R&D collaboration.
- **Financial Challenges**: 21% gross margin, $20.5M net loss, and reliance on government funding reauthorization.
- **Future Growth**: Exploring 200/300mm fabs for scalability, NVIDIA NVLink integration for hybrid systems.

**【CEO Opening Remarks】**
- Announced 100-plus qubit system with 99.5% 2-qubit gate fidelity, targeting 150 qubits (99.7% fidelity) by end-2026 and 1,000 qubits (99.8% fidelity) by end-2027.
- Highlighted collaborations: $5.8M AFRL contract for quantum networking, 9-qubit Novera system sales to Asian tech company and AI startup, and MoU with India's CDAC for hybrid quantum systems.
- Launched Italian subsidiary to expand European quantum ecosystem engagement.

**【CFO Financial Commentary】**
- Q3 2025 revenue: $1.9M (down 21% YoY due to expiring National Quantum Initiative Act funding).
- Gross margin: 21% (vs. 51% YoY), driven by lower-margin government contracts.
- Net loss: $20.5M (vs. $17.3M YoY), with cash balance of $600M post-warrant exercises.

**【Q&A Highlights】**
- DARPA Phase B: Constructive feedback received; focus on error correction and long-range coupling for FTQC milestone.
- Roadmap feasibility: 1,000-qubit system achievable with 36-qubit chiplets, maintaining 99.8% fidelity.
- NVLink integration: Expected to enable hybrid quantum-classical systems in AI data centers.
- CapEx plans: Exploring 200/300mm fabs for future scalability, potentially through government partnerships.
- Risk factors: Dependence on U.S. government funding reauthorization and DARPA Phase B selection.

Rigetti Computing, Inc. (RGTI) Q3 2025 Earnings Call Transcript

- **Breakthrough Quantum Performance**: Cepheus-1-36Q achieves 99.5% 2-qubit gate fidelity, 2x error rate reduction vs prior gen.
- **$350M Capital Raise**: Strengthens balance sheet for R&D scale-up.
- **4-Year Quantum Advantage Roadmap**: Targets 1,000+ qubits with 99.9% fidelity and <50ns gate speeds.
- **Revenue Challenges**: Q2 2025 revenue down 42% YoY due to gov funding expiration.
- **Partnership Progress**: Quanta control systems expected to deploy in coming quarters.

**【CEO Opening Remarks】**
- Demonstrated Cepheus-1-36Q, the industry's largest multi-chip quantum computer with 36 qubits, achieving 99.5% median 2-qubit gate fidelity (2x reduction in error rate from Ankaa-3). 
- Highlighted chiplet architecture advantages: improved uniformity, reduced manufacturing complexity, and scalability to 100+ qubits by end-2025.
- Announced $350M equity raise to strengthen balance sheet for commercial scale-up.

**【CFO Financial Commentary】**
- Q2 2025 Revenue: $1.8M (YoY -42%), impacted by National Quantum Initiative expiration and lower-margin UK government contracts.
- Gross Margin: 31% (YoY -33pp), driven by revenue mix.
- OpEx: $20.4M (YoY +13%), due to salary increases, R&D hiring, and consulting costs.
- Net Loss: $39.7M (YoY +215%), including $22.8M non-cash derivative liability impact.
- Cash Position: $571.6M as of June 30, 2025.

**【Q&A Highlights】**
1. **Technology Roadmap**
- Targeting 1,000+ qubits with 99.9% fidelity and <50ns gate speeds in ~4 years.
- Chiplet approach allows modular scaling; next milestone: 100+ qubit system by end-2025.
- Gate speed improvements: Cepheus-1 operating at 50-60ns, targeting sub-50ns in coming quarters.

2. **Strategic Initiatives**
- Quanta partnership progressing on control systems; expects deployment within next few quarters.
- No immediate M&A plans; focused on organic R&D with $350M proceeds.

3. **Government Funding**
- NQI reauthorization bipartisan support; expects consolidation in next few months.
- UK NQCC collaboration on quantum error correction and optical interconnects.

4. **Market Outlook**
- Sees $2.5B+ annual government quantum spending across US, UK, and other nations.
- Focus on R&D over near-term commercial sales; government contracts remain unpredictable.


Rigetti Computing, Inc. (RGTI) Q2 2025 Earnings Call Transcript

- **Strategic Wins**: DARPA Phase A selection validates chiplet scalability; $5.48M ABAA award advances defect mitigation. 
- **Partnership Power**: Quanta's $250M commitment accelerates non-QPU hardware development. 
- **Technical Breakthroughs**: 36-qubit NQCC upgrade Q2 2025; optical signaling R&D for >1,000 qubit systems. 
- **Financial Focus**: Q1 net income boosted by $62M derivative revaluation; cash runway secure with $237M. 
- **Risk Watch**: NQI funding delay could slow academic sales; government contract lumpy revenue persists.

**【CEO Summary Section】**
- **DARPA Quantum Benchmarking Initiative**: Selected for Phase A to develop a utility-scale quantum computer with 10,000+ qubits, 99.9%+ gate fidelity, and real-time error correction. Phase B winners will be announced in 6 months. 
- **ABAA Chip Fabrication Award**: Leading a $5.48M consortium to advance Alternating-Bias Assisted Annealing (ABAA) for defect mitigation in superconducting qubits. 
- **Innovate UK Projects**: Upgrading NQCC quantum computer to 36-qubit QPU with latest control systems; collaborating on open-architecture quantum workflows. 
- **Quanta Collaboration**: Quanta purchased $35M of Rigetti stock and committed $250M over 5 years for non-QPU hardware (control systems, cryogenics). 
- **Technical Milestones**: Demonstrating chiplet-based 4x9-qubit systems mid-2025; targeting >100 qubits by year-end with 99.5%+ fidelity. Optical signaling R&D to reduce thermal load for scaling beyond 1,000 qubits.

**【CFO Financial Commentary】**
- **Q1 2025 Results**: 
  - Revenue: $1.5M (down 52% YoY) due to lower government contract volumes. 
  - Gross Margin: 30% (down from 49%) due to low-margin NQCC sales. 
  - OpEx: $22.1M (up 22% YoY) driven by salary increases, stock comp, and reduced engineering utilization. 
  - Net Income: $42.6M (vs. $20.8M loss YoY) due to derivative warrant revaluation. 
  - Cash: $237.7M post-Quanta investment.

**【Q&A Highlights】**
- **NQI Reauthorization**: Bipartisan support but no timeline for passage; expect funding flow in 2026. 
- **NQCC Sales**: UK government cost-sharing model limits margins; strategic importance outweighs profitability. 
- **Chiplet Progress**: 2x9-qubit systems operational; 4x9-qubit demo on track for mid-2025. 
- **ABAA Impact**: Reduces qubit frequency spread by 10x, enabling better process control. 
- **Optical Signaling**: Fiber optics to replace coax cables for >1,000 qubit systems; 3-4 year roadmap. 
- **Quanta Partnership**: Quanta to handle non-QPU R&D (control systems, cryogenics) by 2026, freeing Rigetti to focus on qubit innovation.

Rigetti Computing (RGTI)-12 May 25-2025 Q1 Earnings call transcript

- **Strategic Collaboration**: $100M+ investment with Quanta to accelerate quantum hardware development, plus $35M equity injection.
- **Sales Momentum**: First academic QPU sale to MSU and UK government deal, signaling expanding market adoption.
- **Technical Breakthroughs**: 84-qubit Ankaa-3 system with 99.5% gate fidelity; chiplet-based scaling to 100+ qubits by end-2024.
- **Financial Strength**: $217M cash balance, sufficient for three+ years of R&D without additional funding.
- **Government Support**: $2.5B bipartisan bill poised to boost DOE/DoD quantum funding, aligning with DARPA's $300M utility-scale quantum project.

**【CEO Opening Remarks】**
- Announced a strategic collaboration with Quanta Computer, committing over $100 million each over five years to develop superconducting quantum computing technologies. Quanta will also invest $35 million in Rigetti's common stock.
- Sold two Novera QPUs in Q4: one to Montana State University for workforce development and another to the UK government.
- Launched the 84-qubit Ankaa-3 system with 99.0% median iSWAP gate fidelity and 99.5% median fSim gate fidelity, representing a 50% reduction in error rates from 2023.
- Highlighted the modular chiplet approach to scaling, aiming for 100+ qubits by end-2024 and 1,000+ qubits by 2030 through tiling 9-qubit chips.

**【CFO Financial Review】
- Q4 2024 revenue: $2.3 million (down 32% YoY) due to lower-margin UK government contracts.
- Gross margin: 44% (down from 75% YoY) due to contract mix.
- Net loss: $153 million (-$0.68/share), driven by non-cash derivative liability changes.
- Cash balance: $217.2 million, with $153 million raised via equity offerings and full repayment of Trinity Capital loans.
- CFO stated cash is sufficient for at least three years under current plans.

**【Q&A Key Highlights】**
- **Partnership with Quanta**: Quanta will handle non-QPU hardware manufacturing (e.g., control systems, refrigerators), freeing Rigetti to focus on chip fabrication. Total collaboration funding: ~$500 million over five years (Rigetti $100M, Quanta $250M in hardware + $35M equity).
- **Government Funding**: Bipartisan $2.5B quantum bill expected to pass, with DOE and DoD initiatives (e.g., DARPA's $300M utility-scale quantum computer project) likely to drive contracts in 2025.
- **Cash Utilization**: CEO emphasized R&D focus, with commercial sales ~4-5 years away. Targeting 100+ qubits by end-2024 and 1,000+ qubits via chiplets by 2030.
- **Error Rate Roadmap**: Aims for 2x reduction in error rates by end-2024 (e.g., 99.5% → 99.75% fidelity).

Actual	-0.2	-0.09	-0.16	-0.19	-0.19	-0.13	-0.17	-0.09	-0.14	-0.07	-0.08	-0.0832	-0.0759	-0.0536	-0.03	-0.03
Forecast		-0.095	-0.1333	-0.1219	-0.1533	-0.14	-0.105	-0.0967	-0.0867	-0.072	-0.074	-0.0717	-0.054	-0.0483	-0.0417	-0.0326
Surprise	0.00%	+5.26%	-20.03%	-55.87%	-23.94%	+7.14%	-61.90%	+6.93%	-61.48%	+2.78%	-8.11%	-16.04%	-40.56%	-10.97%	+28.06%	+7.98%

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