Earnings Summary Article Rigetti Computing Inc Q2 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Earnings Summary Article: Rigetti Computing, Inc. Q2 2024 Financial Results
Rigetti Computing, Inc. (Nasdaq: RGTI) has reported its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q1 2024 | Q2 2023 | YoY % Change | QoQ % Change | Consensus Estimate |
|---|---|---|---|---|---|---|
| Total Revenue | $3.10M | $3.20M | $3.30M | -6.1% | -3.1% | $3.53M |
| Earnings Per Share (EPS) | $-0.11 | $-0.13 | $-0.10 | 10% | 15.4% | $-0.10 |
Interpretation : Rigetti Computing reported total revenue of $3.10 million for Q2 2024, which represents a 6.1% decrease year-over-year (YoY) and a 3.1% decline quarter-over-quarter (QoQ). The company missed the consensus revenue estimate of $3.53 million. The Earnings Per Share (EPS) for the quarter stood at $-0.11, missing the consensus estimate of $-0.10, but reflecting a 10% YoY improvement and a 15.4% improvement QoQ.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q1 2024 Revenue | Q2 2023 Revenue |
|---|---|---|---|
| Development Contracts | $1.80M | $1.85M | $1.55M |
| Quantum Computing as a Service (QCaaS) | $0.90M | $1.00M | $1.45M |
| Sales of QPUs and other services | $0.40M | $0.35M | $0.30M |
Interpretation : Revenue from development contracts increased by 16.1% YoY but saw a slight QoQ decline. The QCaaS segment experienced a notable decline, both YoY and QoQ, which affected overall revenue. Sales of QPUs and other services showed significant YoY growth but remained relatively flat QoQ.
Comments from Company Officers
Chief Executive Officer (CEO) of Rigetti, Chad Rigetti commented, "We have made significant progress toward our long-term strategic goals, particularly in our quantum computing product development. However, our financial performance this quarter indicates the need to accelerate our commercial efforts to impact revenue growth significantly."
Announced Dividends or Share Repurchase Program
No dividends or share repurchase programs were announced.
Forward Guidance
Rigetti did not provide specific forward guidance for the next quarter or fiscal year.
Stock Price Movement
Following the earnings release, Rigetti’s stock experienced a 6.78% increase in its value, reflecting positive market sentiment despite the mixed financial performance.
Summary
Rigetti Computing, Inc. reported Q2 2024 financials with a disappointing revenue miss but showed improvement in EPS. Revenue from development contracts remains strong, while the QCaaS segment continues to face challenges. The company is focused on strategic initiatives to drive future growth and profitability.
The report has been organized into a clear and concise format suitable for investors.
