Rigetti Computing (RGTI) 9 May 242024 Q1 Earnings call transcript

Hello and welcome to the Rigetti Company First Quarter 2024 Financial Results Conference Call. [Operator Instructions] I would now like to turn the call over to Subodh Kulkarni.

You may begin.

Good afternoon and thank you for participating in Rigetti's earnings conference call covering the first quarter ended March 31, 2024.

Joining me today is Jeff Bertelsen, our CFO who will review our results in some detail following my overview.

is to Rivas Q&A in David session. CTO, also participate here the Our

materially XX, pleased questions XXXX expectations, that other by XX, time-to-time answer in of actual the number uncertainties will forward-looking March to We company be release press These events statements. your and underlying Rigetti's quarter regarding our pleased would contain address developments assumptions results results filed December with materially to from you of and to report from our We XX, I subject risks the uncertainties XXXX differ to discussed and cause detail could are and regarding our described like at and in risks point to call outlook Rigetti and Computing. those out at XX-K and ended and in current and those differ forward-looking that new review a filings discussions for identify on XXXX, factors.Today could this of future are These and March our statements a Exchange the first to ended urge am statements risk forward-looking objectives remarks.We the operating for actual important Commission. of to Securities XX-Q documents conclusion the these year that results. cause ended contained Form X from more months number the Form

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you. Our of first Bolton with Thank Instructions] [Operator & Quinn line comes the question Needham Company. from

Your line is open.

This Neil I'm Young Bolton. on for Quinn is

So, could Quantum Novera I was that just further wondering to you you elaborate if Computing. sold sale. Horizon on

So, sure.

primarily Computing of for to different a government of based funded in different and was with purchase their the So, goal quantum of company modalities. kinds evaluate by will where computing establish Singapore, This bed Their of the Horizon test modalities computing. quantum is a Singapore. is hardware they performance different experiment first

computing. our So, chose we that thrilled of some are Horizon superconducting really for with they quantum and superconducting over started us competitors other

mature overall, benefits now. purchase system. and an We they and and superconducting and available. them quantum with other question. is that and the right Singapore in expect of modalities applications that become other But are with initiative is government develop for But interesting kind they fares it computing they answers to of your the modalities of uses project be as us scaling this Singapore to see place how will kinds Horizon Hopefully what of where

it had Great. follow-up. a I Yes, does.

made then a sale? there partners similar was that sale also if release Horizon partner go of Novera a that list already customers maybe the you've was to into on what's potential the program. the one of detail members program to the and partners, I could for the in you QPU the other you. given the partnership So, of founding a are sale Thank likelihood wondering of

Sure. to quantum we Neil, growth quantum computing developing computing so, approach for a open the first, industry. of modular our is believe key enabler systems

chosen notice, have different if partners various stack. of we in the So, you parts

– believe quantum we have developed is allow fundamentally even So, the way approach we believe can modular in though right faster. stack come innovation open to full a computer, to and

to other So, at. develop we are what are they good allowing partner companies

UK, have partnered Cambridge, we Zurich who who with have and we Israel very good Quantum systems. partnered Instruments instance, error Switzerland, in is Machines in For in good control at are very Riverlane in And with correction.

and of the a more efficient QPU We to companies. other interface allowing from stack that's quantum our So, faster we develop in are computing think system to approach the other manner. with a parts right

of Regarding commitment, looking part Novera. your purchased But the second yes, companies purchasing is there Horizon hope no We partners the of per and the they have other some is Novera. of start one question, certainly se. partner into

We facility, the platform program within then are partner a sense that to is have not we enable purchase a development for on insisting insisting of computing doesn't, have them hardware it. will to quantum Novera a If that. faster. to If makes not it to The it they overall be company. of their system purchase are they goal

me add Subodh. there, Let something

David. ahead, Go

Yes.

– selling selling these fact, partners in them complementary is business of all QPU other about of are think to other the So to is the the most one thing in here product. complementary, here

these themselves, are channel and which to folks opportunity and And is with pretty here so of as likely together about. they customers excited most try we systems engage there put expected with an

question Global next comes Kinstlinger Our Alliance from Brian of line with Partners. the

in countries about given where within pipeline already coupled penetration talk early first fidelity top labs? you the sold you the you the national UK, with this the additional rates year U.S. sales Can Do your QPUs Great. have expect to that and XXXX?

other feel we and those by were with ones gives a national sell were good quantum it national the the and first set government. in labs jumpstart computers the very we UK and working So, DOD labs DOE ones to that definitely win those many us countries. Certainly, also competition yes, to to

labs in multiple and but lead U.S. As follow DOD. multiple there they the sponsor you DOE and labs, of lot labs university research also and DOE a research the fundamental from many know, are DOD other

QPUs. Same us labs So, QPU national good with with sales entry are for we UK, into that government. and sponsor. purchasing universities is were are mean DOE in early interested the a I where they quantum That's labs DOD and labs that enable national potentially on-premise in to system, their other geography sets and believe certainly, NQCC who the built foundational UK UK but future first universities lab the in those labs other there foundation the

pursue give jumpstart us great a to does it those opportunities. So,

of sales. feel It overall a pretty about pipeline, be seems on-premise pipeline good our to growing So, our we ecosystem. healthy, QPU

early on-premise are very of own as excited looking talking the we the certainly we certainly market, up development potential We infrastructure. or start about U.S. are quite into with are opportunities setting to and quantum they still in QPU countries other business and their but UK,

on of and many or labs am evaluate power potentially you and number, to, dozens in sure talking nor I do it is UK, who discussions expect test that are hands in the what overstating mostly is how want specifically for I to give get to you their in exact and Yes, with? the you but the to that can't them U.S. secondarily are you

wouldn't dozens. you discussions going we it's of to a in talking certainly now, XX neighborhood on the I number call right at customers. are active We look them of the labs. customers, number if of Overall, have handful XX to

demonstrate We that, over they are are computers a where not also today. funded, at B, make can computers quantum classical superiority point A, they serious, are understand Clearly, quantum is. sure computing we their they

research are these So, for purposes. primarily

are customer So, what exactly that they are pursuing understands get. value sure going that to of we get, we lead going before they single every the to out make it get and

XX worldwide. So, when interested XX think now bit we funnel look and that, right are Having what we narrow of reason. quite said the at we is pursuing to I about who leads a

anything be, next your that in importantly more of changed will terms would has there accomplish belief goal happened still Do this roadmap? my anything And Great. you technology is your second that's question that believe, year? year your then and changes you

the X-qubit or demonstrate more in gate mentioned XX.X% excited confidence our we accomplished as our X-qubit of release, gives on fidelity us certainly that device. to fidelity press we this with than XX-qubit X-qubit gate we That Well, XX% should year, end before our to be have that are we device. announce able higher

about we going long-term, mean XX.X% fidelity. So, is said. to quantum roadmap. also scaling Ultimately, good fidelity. executing XX%, to we continue on work we an I from have up count, the that's with consistent qubit will decade to what to or pretty will feel hit expect computers this embark that we hit on We be a ongoing now, higher we evolution. even Once but

fidelity and count. XX-qubit we will we really are X-qubit about So, We where continue right to feel improve our both and with qubit now good device the device.

point well this count to have So, roadmap. of we certainly and feel from And end that gate end we are year, or the we that the will we the qubit be the before next improve And XX% XX-qubit of on X-qubit fidelity. able fidelity should year, executing at significantly on. before better both

and the good about So, the computing of where feel very overall, overall the we overall are of superconducting quantum modality. that and and roadmap also we roadmap benefits

with line question TD Cowen. comes Sankar of the next Krish from Our

Krish. am for the of potentially behalf of the first regarding had a as on quarter a was sale. rev-rec of QPU And calling just based the Yes, well. follow-ups have like I all, wondering, during installation? was the Horizon I is that couple on recognized Steven or that I transaction, is later This first revenue question

ahead. Go

I to going rev-rec be in for that we that was anticipate QX. would say,

labs research of be In the these sales the future. I at And the for Okay. that – broadly is more Got in to the where is time related during or during to installation? announcements out further of may installation rev-rec speaking it. potentially time shipment guess the general,

contracts generally depend would one we of I in when the mean Subodh. revenue expect we recognize them the might ship QPUs on Novera. too, acceptance for the but somewhat be and what for that terms them, to criteria I does will take it

labs near-term revenue of contract-based Okay. of sort revenue bigger know quantum longer trade-off other Thank sales Great. And traded for selling longer and your QP term that opportunities the like I term question Novera these is kind a of potential sort are Novera sale? picture wondering QPUs to, and near, to being they off a versus research of sales just for lastly, in the generation, maybe sales sort you. labs from of kind for it's cash opportunity of the medium-term computing And hardware services. related here, for a just near-term you. incremental there great these the hardware that's but are in

call, work or on narrow that by they practical will purchases happen we think higher applications because hurting quantum are be at at benefits. future now, mostly kind a think XX.X% research fidelity, type will be XX-qubit see demonstrated be X-qubit experiment their the gate that couple commercial It's getting Right enable and few want it's don't The researchers the a we system. they improve good demonstrated quantum we should I is systems computing with want on the We be what X-qubit for when which UK's and They problems. there practical to more qubits working what case quantum trade-off Steven. fundamental be a how don't system question, be applications time QCS pulses using to understanding with to a it. to for advantage the and quantum purposes. who advantage using are quantum the they the hundred in is purchasing optimization want opportunities believe or will it running the them pulses get current and they that of in how going system. on. here. we are of labs primarily doing. computers of They they applications research kind They parts should research the national they their are doing or will and will years hands start of understand will involved of They work advantage, where are When or

So, trade-off. what necessary computing. what I works, computing. is the there need firmware kind to and is first It like, software they as a don't of to I really researchers and understand to believe step view it for of it They interfaces how looks a quantum develop. understand a and form labs national different a very need application user

it's if Once system will get fundamental into narrow understand at application enable on. hands we advantage, they quantum you their way more move so will the a dirty level. a good So, to and the

going trade-off there So, a I don't believe is on.

think opportunities. are I cumulative these

quantum narrow customers enable we devices are when going buying start want and the Hopefully So, against I and they start QCS not either bigger to or come current existing back that believe will advantage, that do to using question. purchases. answers your offset services

Our call the line line will am back showing Check over now Company. Subodh the turn The to your Benchmark Due next from is are to with question Ladies next go I gentlemen, and to David no I no mute. questions you the to closing we see response, remarks. the if open. on for further of Williams, comes person. would Williams David to in queue. like

and you QX We earnings updating to after you. look Thank you call. for your interest forward questions. Thank our

your conference for this today's Thank Ladies gentlemen, call. participation. concludes and you

may disconnect. now You