Rigetti Computing, Inc. Stock Research

Market Summary

USD0.53-0.06

Market Closed

-10.04%

RGTI Stock Price

RGTI RSI Chart

RGTI Valuation

Market Cap

65.6M

Price/Earnings (Trailing)

-1.48

Price/Sales (Trailing)

7.79

EV/EBITDA

-0.44

Price/Free Cashflow

-1.25

RGTI Price/Sales (Trailing)

RGTI Profitability

Operating Margin

67.33%

EBT Margin

-770.34%

Return on Equity

-26.64%

Return on Assets

-20.78%

Free Cashflow Yield

-80.27%

RGTI Fundamentals

RGTI Revenue

Revenue (TTM)

8.4M

Revenue Y/Y

-3.94%

Revenue Q/Q

31.4%

RGTI Earnings

Earnings (TTM)

-44.2M

Earnings Y/Y

-92.24%

Earnings Q/Q

-53.08%

Price Action

52 Week Range

0.521.55

(Low)(High)

Last 7 days

-26.5%

Last 30 days

-48.1%

Last 90 days

-40.2%

RGTI Financial Health

Current Ratio

10.4

Debt/Equity

0.19

Debt/Cashflow

-0.84

RGTI Investor Care

Shares Dilution (1Y)

444.19%

Diluted EPS (TTM)

-0.8

Financials for Rigetti Computing

Income Statement (Last 12 Months)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Revenue	-1.3%	8,420,306	8,535,306	7,941,306	8,196,306	9,092,000
Gross Profit	-8.2%	6,638,667	7,232,000	7,117,333	7,646,667	-
Operating Expenses	33.1%	116,444,000	87,497,333	65,940,000	43,013,333	-
S&GA Expenses	17.0%	8,088,921	6,910,921	6,067,921	4,904,921	2,317,333
R&D Expenses	28.9%	58,718,667	45,544,000	38,542,667	29,218,667	-
EBITDA	-72.0%	-54,272,000	-31,545,333	-33,302,000	-	-
EBITDA Margin	-74.4%	-6.45	-3.70	-4.57	-	-
Earnings Before Taxes	-22.7%	-64,865,333	-52,866,666	-49,962,666	-36,822,666	-
EBT Margin	-63.3%	-7.70	-4.72	-5.64	-	-
Interest Expenses	36.9%	4,192,000	3,062,667	2,498,667	1,436,000	-
Net Income	-25.6%	-44,202,100	-35,203,100	-33,025,100	-23,170,100	-36,822,666
Net Income Margin	-295.4%	-5.25	-1.33	-4.46	-	-
Free Cahsflow	-0.5%	-52,631,308	-52,389,850	-26,390,405	-	-

Balance Sheet					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Assets	-7.0%	213	229	246	46.00	346
Current Assets	-11.8%	170	192	215	18.00	1.00
Cash Equivalents	-59.9%	74.00	184	207	12.00	1.00
Net PPE	22.4%	37.00	31.00	24.00	22.00	-
Goodwill	0%	5.00	5.00	5.00	5.00	-
Liabilities	-20.0%	47.00	58.00	82.00	36.00	24.00
Current Liabilities	26.7%	16.00	13.00	13.00	8.00	1.00
Long Term Debt	0%	32.00	32.00	32.00	27.00	-
Shareholder's Equity	-2.5%	166	170	164	-71.53	-57.94
Retained Earnings	-7.9%	-255	-237	-224	-207	-22.25
Additional Paid-In Capital	3.7%	422	407	389	136	-
Shares Outstanding	4.8%	123	117	114	18.00	23.00

Cashflow (Last 12 Months)					(In Millions)
Description	(%) Q/Q	2022Q3	2022Q2	2022Q1	2021Q4	2021Q3
Cashflow From Operations	-22.6%	-26.91	-21.95	-10.89	-0.96	-30.05
Share Based Compensation	63.4%	50.00	31.00	17.00	2.00	-
Cashflow From Investing	-26.7%	-445	-351	-346	-345	-7.72
Cashflow From Financing	-0.1%	543	544	548	346	27.00

Risks for RGTI

What is the probability of a big loss on RGTI?

92.3%

Probability that Rigetti Computing stock will be more than 20% underwater in next one year

92.3%

Probability that Rigetti Computing stock will be more than 30% underwater in next one year.

92.3%

Probability that Rigetti Computing stock will be more than 40% underwater in next one year.

*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does RGTI drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Rigetti Computing was unfortunately bought at previous high price.

Drawdowns

Returns for RGTI

Cumulative Returns on RGTI

Which funds bought or sold RGTI recently?

View All Details

Datesorted ascending	Fund Name	Type	% Chg	$ Change	$ Held	% Portfolio
2023-03-06	OLD MISSION CAPITAL LLC	new	-	889	889	-%
2023-02-15	JANE STREET GROUP, LLC	sold off	-100	-65,000	-	-%
2023-02-15	ASHFORD CAPITAL MANAGEMENT INC	reduced	-25.00	-770,023	356,977	0.06%
2023-02-15	JANE STREET GROUP, LLC	added	2.78	-6,743	4,257	-%
2023-02-15	Vestcor Inc	unchanged	-	-	-	-%
2023-02-15	SALEM INVESTMENT COUNSELORS INC	unchanged	-	-453	547	-%
2023-02-15	CAPTRUST FINANCIAL ADVISORS	sold off	-100	-2,000	-	-%
2023-02-15	ALLIANCEBERNSTEIN L.P.	added	29.73	-24,499	24,501	-%
2023-02-15	Virtu Financial LLC	new	-	1,000	1,000	-%
2023-02-15	Point72 Middle East FZE	new	-	7,659	7,659	-%

Latest Funds Activity

Are funds buying RGTI calls or puts?

Calls

Puts

Are funds bullish or bearish(Calls - Puts)?

Net Call Options

No. of funds that own RGTI

No. of Funds

Rigetti Computing News

Schedule 13G FIlings of Rigetti Computing

Date Filed	Name of Filer	Percent of Class	No. of Shares	Form Type
Feb 13, 2023	beryl capital management llc	0%	0	SC 13G/A
Feb 10, 2023	millennium management llc	0.2%	218,803	SC 13G/A
Jan 26, 2023	rigetti chad	5.0%	6,144,379	SC 13D/A
Jan 12, 2023	rigetti chad	5.6%	6,901,448	SC 13D/A
Sep 02, 2022	supernova partners ii, llc	0%	0	SC 13D/A
Aug 31, 2022	rigetti chad	6.5%	8,139,269	SC 13D/A
Aug 22, 2022	rigetti chad	7.1%	8,733,050	SC 13D/A

RGTI Fair Value

Recent SEC filings of Rigetti Computing

View All Filings

Date Filed	Form Type	Document
Feb 17, 2023	3	Insider Trading
Feb 17, 2023	3	Insider Trading
Feb 16, 2023	424B3	Prospectus Filed
Feb 16, 2023	424B3	Prospectus Filed
Feb 16, 2023	424B3	Prospectus Filed
Feb 16, 2023	8-K/A	Current Report
Feb 13, 2023	SC 13G/A	Major Ownership Report
Feb 10, 2023	SC 13G/A	Major Ownership Report
Feb 10, 2023	8-K	Current Report
Feb 10, 2023	424B3	Prospectus Filed

Latest Insider Trading transactions for RGTI

Filter Transactions

Datesorted ascending	Name	Buy/Sell	$ Value	Avg. Price	# Shares	Title
2023-02-08	Fitzgerald Alissa	acquired	1,123	0.272	4,131	-
2023-02-08	Fitzgerald Alissa	sold	-5,287	1.28	-4,131	-
2023-02-06	Fitzgerald Alissa	sold	-4,952	1.28	-3,869	-
2023-02-06	Fitzgerald Alissa	acquired	1,052	0.272	3,869	-
2022-12-20	Danis Richard	acquired	51,499	0.272	189,337	general counsel & corp. sec.
2022-12-13	Harburn Mike	sold	-5,803	0.97	-5,983	svp, fabrication ops. hardware
2022-12-13	Sereda Brian J	sold	-8,557	0.97	-8,822	chief financial officer
2022-12-13	Rigetti Chad	sold	-128,320	0.97	-132,289	-
2022-12-13	Danis Richard	sold	-7,029	0.97	-7,247	general counsel & corp. sec.
2022-12-12	Rigetti Chad	sold	-99,211	0.97	-102,280	-

About Rigetti Computing

Chad T. Rigetti, PhD

www.rigetti.com

160

Rigetti Computing, Inc. operates as an integrated systems company. The company builds quantum computers and the superconducting quantum processors that power them. Its machines are integrated into various public, private, or hybrid clouds through its Quantum Cloud Services platform. The company was founded in 2013 and is based in Berkeley, California.

RGTI Income Statement

2022-06-30

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2022

Jun. 30, 2021

Jun. 30, 2022

Jun. 30, 2021

Revenue

$ 2,134

$ 1,540

$ 4,238

$ 3,900

Cost of revenue

873

365

1,287

637

Total gross profit

1,261

1,175

2,951

3,263

Operating expenses:

Research and development

12,747

7,496

26,673

14,431

General and administrative

12,785

2,711

24,345

5,232

Sales and marketing

1,487

644

2,963

957

Total operating expenses

27,019

10,851

53,981

20,620

Loss from operations

(25,758)

(9,676)

(51,030)

(17,357)

Other (expense) income, net:

Interest expense, net of interest income

(1,040)

(405)

(2,244)

(481)

Change in fair value of derivative warrant liabilities

7,980

11,750

^[1]

Change in fair value of earn-out liability

6,566

12,557

^[1]

Transaction costs

(927)

Other income (expense)

(23)

Total other income (expense), net

13,506

(398)

21,136

(504)

Net loss before provision for income taxes

(12,252)

(10,074)

(29,894)

(17,861)

Provision for income taxes

Net loss

$ (12,252)

^[1]

$ (10,074)

$ (29,894)

^[1]

$ (17,861)

Weighted average shares used in computing net loss per share attributable to common stockholders – basic

^[2]

114,096,390

^[1]

21,977,123

84,060,966

^[1]

21,912,665

Weighted average shares used in computing net loss per share attributable to common stockholders – diluted

^[2]

114,096,390

^[1]

21,977,123

84,060,966

^[1]

21,912,665

Net loss per share attribute to common stockholders - basic

$ (0.11)

$ (0.46)

$ (0.36)

$ (0.82)

Net loss per share attribute to common stockholders - diluted

$ (0.11)

$ (0.46)

$ (0.36)

$ (0.82)

[1]	For discussion on the restatement adjustments, see Note 1 — Description of Business — Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Errors
[2]	Weighted-average shares have been retroactively restated to give effect to the Business Combination.

RGTI Balance Sheet

2022-06-30

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2022

Dec. 31, 2021

Current assets:

Cash

$ 184,020

$ 11,729

Accounts receivable

2,572

1,543

Prepaid expenses and other current assets

4,248

1,351

Forward contract - assets

1,543

Deferred offering costs

3,449

Total current assets

192,383

18,072

Property and equipment, net

30,583

22,497

Restricted cash

117

317

Other assets

130

165

Goodwill

5,377

Total assets

228,590

46,428

Current liabilities:

Accounts payable

1,517

1,971

Accrued expenses and other current liabilities

6,018

3,806

Deferred revenue

1,108

985

Debt - current portion

4,226

575

Forward contract - liabilities

230

Total current liabilities

12,869

7,567

Debt - net of current portion

25,201

24,216

Derivative warrant liabilities

12,148

4,355

Earn-out liabilities

7,856

Other liabilities

416

295

Total Liabilities

58,490

36,433

Commitments and contingencies (Note 5)

Stockholders' (deficit) equity:

Preferred Stock, par value $0.0001 per share; 10,000,000 shares and 0 shares authorized at June 30, 2022 and December 31, 2021, respectively; 0 shares and 0 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

Common stock (2), par value $0.0001 per share; 1,000,000,000 shares and 134,050,472 shares authorized at June 30, 2022 and December 31, 2021, respectively; 117,102,735 shares and 18,221,069 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

^[1]

Additional paid-in capital

407,015

135,549

Accumulated deficit

(237,025)

(207,131)

Accumulated other comprehensive gain

Total stockholders' equity (deficit)

^[2]

170,100

(71,528)

Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit)

228,590

46,428

Redeemable Convertible Preferred Stock [Member]

Current liabilities:

Redeemable convertible preferred stock (2), par value $0.0001 per share; 0 shares and 80,974,757 shares authorized at June 30, 2022 and December 31, 2021, respectively; 0 shares and 77,696,679 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

^[1]

$ 0

$ 81,523

[1]	Shares of legacy Redeemable Convertible Series C Preferred Stock, Redeemable Convertible Series C-1 Preferred Stock, legacy Class A common stock, and legacy Class B common stock have been retroactively restated to give effect to the Business Combination.
[2]	For discussion on the restatement adjustments, see Note 1 — Description of Business — Restatement of Condensed Consolidated Financial Statements and Immaterial Correction of Prior-Period Errors