In the quarter, revenue came in at $4.4 million, up 199.3% year-over-year, and beating expectations by $0.27 million. At the other end of the scale, adjusted EPS reached -$0.04, in line with the forecast and improving on the -0.08 delivered during the same period last year.
While the market’s reaction appears to be a negative one, Rosenblatt analyst John McPeake likes how this story is developing. McPeake believes Rigetti is shifting its focus toward the longer-term goal of achieving high two-qubit gate fidelity, rather than prioritizing “intermediary proof points” along the way. “We think the company is executing well in the superconducting qubit modality and like their chances to achieve quantum utility by the end of the decade,” the analyst further said. “We also like the fab-to-compute stack at the company and their open solution approach to the market.”
