Rigetti Computing Inc . (NASDAQ:RGTI) stock has reached a new 52-week high, touching $2.65 and marking a significant milestone for the quantum computing company. This peak represents a substantial gain from the previous year, with the stock experiencing an impressive 65.71% increase over the past 12 months. Investors have shown growing confidence in Rigetti's potential within the burgeoning field of quantum computing, a sentiment that is reflected in the company's strong stock performance and its recent high. The achievement of this 52-week high underscores the market's optimism about Rigetti's future prospects and its role in shaping the next generation of computing technology.
In other recent news, Rigetti Computing, Inc. has reported its third-quarter earnings for 2024, revealing a drop in revenue and gross margins but showcasing significant advancements in quantum computing. The company's Q3 2024 revenues decreased to $2.4 million from $3.1 million in Q3 2023, with gross margins falling to 51%, while the net loss for Q3 2024 was $14.8 million, an improvement from the previous year's $22.2 million loss. Despite these financial hurdles, the company has outlined plans for a new 36-qubit system by mid-2025 and a system with over 100 qubits by the end of 2025.
Collaborations with Riverlane and NVIDIA (NASDAQ:NVDA) are central to Rigetti's strategy for quantum error correction and hybrid computing. The company is also focusing on securing government contracts and has expressed optimism about the National Quantum (NASDAQ:QMCO) Initiative Reauthorization Act. As part of recent developments, Rigetti is targeting the delivery of its 84-qubit Ankaa 3 system by the end of 2024 and is confident in the scalability of its systems.
In the face of declining revenue and gross margins, the company's advancements in hardware and practical applications are attracting interest from both government and commercial sectors internationally. Rigetti's financial position remains solid with sufficient cash to support operations through early 2026, as it eyes a growing total addressable market in the quantum computing sector.
InvestingPro Insights
Rigetti Computing's recent stock performance aligns with several key insights from InvestingPro. The company's stock has shown remarkable momentum, with InvestingPro data revealing a 42.62% return over the last month and an impressive 80.14% return over the past three months. These figures corroborate the article's mention of the stock's significant gains.
InvestingPro Tips highlight that Rigetti holds more cash than debt on its balance sheet, which could be a positive factor for investors considering the company's financial stability in the volatile quantum computing sector. Additionally, the tip noting that liquid assets exceed short-term obligations suggests a healthy short-term financial position.
However, it's important to note that Rigetti is not yet profitable, with an InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year. This aligns with the company's current focus on development and growth in the emerging quantum computing market.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for Rigetti Computing, providing a deeper understanding of the company's financial health and market position.
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