Quantum computing firm Rigetti misses Q3 revenue estimates
Overview
Rigetti Q3 revenue misses analyst expectations, adjusted EPS beats estimates
Company reports operating loss of $20.5 mln for Q3
Rigetti secures $5.7 mln in purchase orders for quantum systems
Outlook
Rigetti expects to deliver 100+ qubit system with 99.5% fidelity by end of 2025
Company plans 150+ qubit system by end of 2026 with 99.7% fidelity
Rigetti plans to open Italian subsidiary to accelerate business opportunities
Result Drivers
QUANTUM DEMAND - Strong demand for on-premises quantum computers contributed to revenue, per CEO Dr. Subodh Kulkarni
COLLABORATIONS - Collaborations with AFRL, QphoX, and NVIDIA to advance quantum networking and hybrid computation development
PURCHASE ORDERS - Secured $5.7 mln in purchase orders for two quantum computing systems, indicating growing interest in technology
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Revenue | Miss | $1.9 mln | $2.17 mln (7 Analysts) |
Q3 Adjusted EPS | Beat | -$0.03 | -$0.04 (6 Analysts) |
Q3 Operating Income | -$20.5 mln |
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the semiconductors peer group is "buy"
Wall Street's median 12-month price target for Rigetti Computing Inc is $31.00, about 8.9% below its November 7 closing price of $33.77
Press Release:
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