Rigetti reports FY2024 revenue of $10.8M and a wide EPS miss
On 2025-03-05 Rigetti reported FY2024 revenue of $10.8 million with Q4 revenue of $2.3 million. EODHD recorded actual EPS of -$0.68 versus a -$0.08 estimate, a large miss driven substantially by $133.9 million of non-cash charges for fair-value changes in earn-out and derivative-warrant liabilities (full-year net loss $201.0 million; operating loss $68.5 million). The company highlighted a strategic collaboration with Quanta Computer (each to invest over $100 million in superconducting quantum technology) and a first QPU sale to Montana State University, and reported a cash position of $217.2 million after raising $153.3 million via equity offerings.
Low absolute revenue and a headline EPS miss are dominated by non-cash warrant/earn-out remeasurement rather than operating deterioration; the Quanta collaboration and first QPU sale are the operationally meaningful items in the print.
A $217M cash position plus the Quanta co-investment extends Rigetti's runway for its superconducting roadmap; the warrant-driven loss is a recurring source of reported-EPS noise for SPAC-origin quantum names and complicates headline comparability.