Factors that may cause actual results to differ materially from current expectations include, but are not limited to: the Company’s ability to achieve milestones, technological advancements, including with respect to its technology roadmap, help unlock quantum computing, and develop practical applications; the ability of the Company to obtain government contracts successfully and in a timely manner and the availability of government funding; the potential of quantum computing; the ability of the Company to expand its QPU sales and the Novera QPU Partnership Program; the success of the Company’s partnerships and collaborations; the Company’s ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against the Company or others; the ability to maintain relationships with customers and suppliers and attract and retain management and key employees; costs related to operating as a public company; changes in applicable laws or regulations; the possibility that the Company may be adversely affected by other economic, business, or competitive factors; the Company’s estimates of expenses and profitability; the evolution of the markets in which the Company competes; the ability of the Company to implement its strategic initiatives, expansion plans and continue to innovate its existing services; the expected use of proceeds from the Company’s past and future financings or other capital; the sufficiency of the Company’s cash resources; unfavorable conditions in the Company’s industry, the global economy or global supply chain, including financial and credit market fluctuations and uncertainty, rising inflation and interest rates, disruptions in banking systems, increased costs, international trade relations, political turmoil, natural catastrophes, warfare (such as the ongoing military conflict between Russia and Ukraine and related sanctions and the state of war between Israel, Hamas and Hezbollah and related threat of a larger conflict), and terrorist attacks; the Company’s ability to maintain compliance with the continued listing standards of the Nasdaq Capital Market; and other risks and uncertainties set forth in the section entitled "Risk Factors” and "Cautionary Note Regarding Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, and other documents filed by the Company from time to time with the SEC.
Learn more at ContactsRigetti Computing Investor Contact:IR@Rigetti.com Rigetti Computing Media Contact:press@rigetti.com Cautionary Language Concerning Forward-Looking StatementsCertain statements in this communication may be considered "forward-looking statements” within the meaning of the federal securities laws, including statements with respect to the Company’s expectations with respect to its future success and performance, including expectations with respect to the Company’s future revenues and the timing, availability and impact of government programs relating to quantum information science; expectations related to the Company’s ability to achieve milestones including the development, performance and deployment of new systems with the anticipated timing and features or at all; expectations that the ABAA technique will allow the Company to manufacture high performance QPUs with the frequency precision necessary for high fidelities; expectations with respect to future sales or leases of the Novera QPU, customer adoption of the Ankaa-2 and Ankaa-3 systems and Novera QPU; expectations with respect to scaling to create larger qubit systems without sacrificing gate performance using the Company’s modular chip architecture, including expectations with respect to the Company’s anticipated systems; expectations with respect to the Company’s partners and customers and the quantum computing plans and activities thereof; and expectations with respect to the anticipated stages of quantum technology maturation, including the Company’s ability to develop a quantum computer that is able to solve practical, operationally relevant problems significantly better, faster, or cheaper than a current classical solution and achieve quantum advantage on the anticipated timing or at all; expectations with respect to the quantum computing industry and related industries.
CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except number of shares and par value)(unaudited) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents$20,286 $21,392 Available-for-sale investments 72,294 78,537 Accounts receivable 6,384 5,029 Prepaid expenses and other current assets 4,902 2,709 Total current assets 103,866 107,667 Property and equipment, net 44,837 44,483 Operating lease right-of-use assets 8,369 7,634 Other assets 178 129 Total assets$157,250 $159,913 Liabilities and Stockholders' Equity Current liabilities: Accounts payable$1,604 $5,772 Accrued expenses and other current liabilities 5,581 8,563 Deferred revenue 886 343 Current portion of debt 11,247 12,164 Current portion of operating lease liabilities 2,142 2,210 Total current liabilities 21,460 29,052 Debt, less current portion 2,061 9,894 Operating lease liabilities, less current portion 7,040 6,297 Derivative warrant liabilities 2,210 2,927 Earn-out liabilities 1,641 2,155 Total liabilities 34,412 50,325 Commitments and contingencies Stockholders’ equity: Preferred stock, par value $0.0001 per share, 10,000,000 shares authorized, none outstanding — — Common stock, par value $0.0001 per share, 1,000,000,000 shares authorized, 191,958,045 shares issued and outstanding at September 30, 2024 and 147,066,336 shares issued and outstanding at December 31, 2023 19 14 Additional paid-in capital 524,351 463,089 Accumulated other comprehensive income 254 244 Accumulated deficit (401,786) (353,759)Total stockholders’ equity 122,838 109,588 Total liabilities and stockholders’ equity$157,250 $159,913 RIGETTI COMPUTING, INC.
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