Rigetti Computing RGTI stock has formed a basing pattern as of September 10, 2023, with a positive divergence between price and The On Balance Volume (OBV) indicator is a technical analysis tool used to measure the cumulative flow of volume in a financial instrument, such as a stock, commodity, or currency .... RGTI stock is in a technical uptrend.
Rigetti Computing is a company that specializes in building and operating quantum computers. They develop and manufacture quantum processing units (QPUs), which are the core components of quantum computers. Rigetti Computing also offers cloud-based access to their quantum computers and provides software tools and programming languages for developers to write and run quantum algorithms. Their goal is to make quantum computing accessible and practical for solving real-world problems in various industries.
Rigetti Computing Reports Second Quarter 2023 Results
On August 10, 2023, Rigetti Computing announced its financial results for the second quarter ended June 30, 2023.
Rigetti’s revenues grew 53% last quarter, beating expectations. Rigetti Computing’s Q2 earnings showed strong The income statement provides a summary of a company's revenue and expenses over a specified period of time, typically a year or a quarter. It shows the company's total revenue, th... growth and improved cost control, but the company is still burning cash.
The Company recently completed its first QPU sale to a national lab. Rigetti delivered a 9-qubit QPU and associated hardware to the lab, which features a square lattice with tunable couplers that can perform entangling two-qubit gate operations.
The company also recently announced that it signed a collaboration agreement with ADIA Lab to design, build, execute, and optimize a quantum computing solution intended to address the probability distribution classification problem, which has many direct applications to practical use cases in the investment industry. Tackling real-world, computationally challenging problems like this is an important part of working towards narrow quantum advantage.
“After having launched the Ankaa-1 system internally, we are excited to have our longtime partner, Riverlane, as the first external partner using the system to work on improving error correction techniques on our new architecture,” said Dr. Subodh Kulkarni, Rigetti Chief Executive Officer. “We also look forward to making Ankaa-2, our most innovative system to date, available to the general public in Q4 of this year.”