Rigetti Computing Delays Third Quarter Results, Appoints Interim CEO

Rigetti Computing

Insider Brief

  • Rigetti Computing filed for an extension for the filing of its Form 10-Q for the third quarter.
  • Rick Danis will serve as the Company’s Interim President and CEO until a more permanent CEO is appointed.
  • Chad Rigetti, prior President and CEO of the Company, will continue with the company in a non-executive capacity until December 15, 2022.

PRESS RELEASE — Rigetti Computing, Inc. (Nasdaq: RGTI) announced that it has filed for an extension for the filing of its Form 10-Q for the third quarter and nine months ended September 30, 2022, and provided business updates for the third quarter of 2022. Accordingly, the Company’s previously announced earnings conference call scheduled for 5:00 pm ET today will be a business update call to discuss the delay of its third quarter financial results, its recent executive transition announcements, and its technical roadmap progress and other business updates for the third quarter of 2022. Instructions for how to access this call can be found below.

Rick Danis, General Counsel, Named Interim CEO

On November 12, 2022, the Board of Directors of the Company appointed Rick Danis, General Counsel, to serve as the Company’s Interim President and CEO until a more permanent CEO is appointed. Mr. Danis has served Rigetti for three years in the General Counsel role and has more than 25 years of experience practicing law at technology companies, primarily in-house. Dr. Chad Rigetti, prior President and CEO of the Company, will continue with the Company in a non-executive capacity until December 15, 2022.

“On behalf of the Board and Rigetti team, I’d like to thank Chad for his visionary leadership and contributions to build Rigetti into a pioneering quantum computing company,” commented Dr. Alissa Fitzgerald, member of Rigetti’s Board of Directors and Audit Committee, and Chair of the Nominating and Corporate Governance Committee. “We maintain full confidence in the Company’s unique technology capabilities, approach, and highly capable technical teams to continue advancing the Company’s roadmap going forward.”

Third Quarter 2022 Roadmap Progress

“The Rigetti team made meaningful progress in the development of our 84-qubit Ankaa and 336-qubit Lyra systems in the third quarter,” commented Rick Danis, Interim President and CEO and General Counsel of Rigetti. “In addition, we announced relationships with Bluefors, Nvidia, and Keysight that we believe will further support our efforts to scale our systems and develop additional quantum use cases for our go-to-market activities. We remain laser-focused on advancing our technology to meet our roadmap milestones.”

Third Quarter 2022 Business Developments

During the third quarter the Company:

  • Made Rigetti’s 80-qubit Aspen-M-2 and 40-qubit Aspen-11 available for public preview on Microsoft Azure Quantum. Rigetti systems are now available on the world’s two largest public cloud platforms.
  • Announced a partnership with Bluefors, a leading provider of cryogenic systems, to deliver its next-generation KIDE cryogenic platforms expected to be needed for Rigetti’s planned 336Q, 1,000Q+, and 4,000Q+ quantum processing units.
  • Forged a new collaboration with Nvidia to develop a hybrid GPU-QPU workflow for climate modeling applications. This work is expected to build on Rigetti’s prior application of quantum-classical solutions to weather modeling.
  • Announced the upcoming release of Keysight’s True-Q error mitigation software integrated into Rigetti Quantum Cloud Service (QCSTM). True-Q will be the first third-party software tool to be integrated directly into the QCS platform.
  • Hosted its inaugural investor day at its Fab-1 quantum chip fabrication facility in Fremont, California, on September 16, 2022. As part of the event, the Company presented its planned product roadmap, which we believe is designed to achieve quantum advantage and deliver performance at scale, including the Company’s anticipated Ankaa™ 84-qubit system and Lyra™ 336-qubit system, planned for release in early 2023 and late 2023, respectively. Ankaa and Lyra are expected to leverage Rigetti’s fourth generation circuit architecture, which is designed for higher performance with tunable couplers and higher connectivity.

If you enjoyed this article, be sure to check out more quantum computing news.

Matt Swayne

Matt Swayne

Matt Swayne is a contributor at The Quantum Insider. He focuses on breaking news about quantum discoveries and quantum computing.

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