Rigetti Computing posts better-than-expected Q1 sales
The superconducting quantum computing company just released quarterly results.
Shares of Rigetti Computing are whipsawing in postmarket trading despite the quantum computing firm reporting Q1 sales that exceeded analysts’ estimates.
Revenue: $4.4 million (estimate: $4.1 million).
Adjusted loss per share: $0.04 (estimate: a $0.04 loss).
However, even at their postmarket lows of down nearly 6%, shares are still trading well above where they ended last week thanks to a big rally during the regular trading day on Monday. The stock also proceeded to erase that knee-jerk drop to trade higher.
Peer IonQ reported very sunny revenue results and hiked its guidance last Wednesday. But shares still fell the next day before going on to erase all of that decline, and then some, thereafter. That underscores how quantum companies often trade off the ebbs and flows of speculative appetite, rather than fundamental results.
The quantum computing space has gotten some of its mojo back lately as speculative appetite returned in April after the US and Iran agreed to a ceasefire. The cohort was later turbocharged after Nvidia unveiled a suite of open models designed to leverage AI to improve calibration and error correction for quantum computers.
Quantum computing companies are all, by their very nature, highly speculative investments. But among the pure-play firms with at least $3 billion in market cap that have been public for at least a year, Rigetti stands out for having by far the lowest revenues.
In early April, the firm announced the general availability of its 108-qubit system via the cloud. India’s Centre for the Development of Advanced Computing has ordered one of its 108-qubit systems, which the company expects to deploy in the second half of this year.
