Rigetti Supplies Enterprise Replace and 9-Month 2021 Monetary Highlights

Rigetti Computing

Copyright Rigetti Computing 2021

Copyright Rigetti Computing 2021

BERKELEY, Calif., Dec. 20, 2021 (GLOBE NEWSWIRE) — Rigetti Computing (“Rigetti” or the “Firm”), a pioneer and chief in hybrid quantum-classical computing, immediately introduced enterprise highlights for the yr up to now and monetary highlights for the 9 months ended October 31, 2021. These highlights embrace roughly $6.9 million in income for the 9 months ended October 31, 2021, and the provision of the world’s first scalable multi-chip quantum processor.

Rigetti, at the moment a privately held firm, introduced in October 2021 that it had entered into an settlement and plan of merger with Supernova Companions Acquisition Firm II (NYSE: SNII) (“Supernova”), a publicly traded particular function acquisition firm. The proposed transaction is topic to the approval of Supernova stockholders and different closing circumstances. Following consummation of the proposed transaction, the surviving mixed firm can be named Rigetti Computing, Inc.

GAAP Monetary Highlights for 9 Months Ended October 31, 2021*

  • Income elevated by 68% to $6.9 million for the nine-months ended October 31, 2021, from $4.1 million for a similar interval in 2020. The rise in income was primarily pushed by new buyer relationships and the enlargement of current improvement contracts.

  • Complete working bills elevated by 7%, to $32.0 million for the 9 months ended October 31, 2021, from $29.8 million in identical interval in 2020.

  • R&D bills elevated by 14%, to $21.2 million for the 9 months ended October 31, 2021, from $18.6 million for a similar interval in 2020, representing 66% of complete working bills for the 9 months ended October 31, 2021 and underscoring the Firm’s dedication to advancing its know-how and product roadmap.

  • Internet working loss declined 3% to ($26.2) million for the 9 months ended October 31, 2021, from ($26.9) million in the identical interval in 2020.

“We imagine the time for quantum computing has arrived,” mentioned Chad Rigetti, founder and Chief Govt Officer of Rigetti. “Buyer demand is growing as Rigetti quantum computer systems start to handle high-impact computational issues.

“Per our mission to construct the world’s strongest computer systems to assist remedy humanity’s most essential and urgent issues, Rigetti achieved many crucial milestones in 2021. We launched the 80-qubit Aspen-M system, the world’s first multi-chip quantum processor, expanded our buyer and accomplice footprint, and delivered substantial year-over-year income progress,” continued Rigetti. “We sit up for continued momentum as we anticipate clients to leverage the growing velocity and scale of Rigetti {hardware} and quantum options of their pursuits to unravel essential issues that lie past the capabilities of immediately’s classical computer systems.”

Rigetti is absolutely vertically built-in, from chip design and manufacturing to cloud supply. Rigetti’s main enterprise mannequin is Quantum Computing as a Service (“QCaaS”). In 2021, Rigetti launched the world’s first scalable multi-chip quantum processor, which Rigetti believes is a key development in quantum processor scalability. Business researchers estimate absolutely fault tolerant quantum computer systems may in the end produce as much as $850 billion in annual worth creation for end-users and know-how corporations. Rigetti believes its scalable chip know-how has the potential to assist unlock this transformative alternative going ahead.

Enterprise Highlights in 2021 YTD

Know-how Developments

World’s First Scalable Multi-chip Quantum Processor

40-Qubit System

  • Rigetti made its subsequent technology 40-qubit system, that includes 2.5x speedups in quantum processing time, accessible on Rigetti Quantum Cloud Providers, Amazon Braket and Strangeworks Ecosystem in December 2021.

80-Qubit System

  • Rigetti made Aspen-M, its 80-qubit system powered by its proprietary multi-chip know-how, accessible to clients in non-public beta on its Quantum Cloud Providers platform in December 2021.

Business Collaboration Developments

Inclusion in Microsoft’s Azure Quantum Service

  • Rigetti introduced in December 2021 it’s collaborating with Microsoft to supply Rigetti quantum computer systems over the cloud to customers of Microsoft’s Azure Quantum service. When the Rigetti system turns into accessible, it’s anticipated to be the most important quantum pc accessible on Azure Quantum. The 2 corporations anticipate the mixing to be accomplished and accessible to customers of the service within the first quarter of 2022.

Collaboration with Deloitte and Strangeworks

  • Rigetti detailed its plans to collaborate with Deloitte and Strangeworks to discover quantum functions in materials simulation, optimization, and machine studying in a December 2021 announcement.

Buyer and Quantum-Utility Developments

Predictive Climate Modeling with Quantum Machine Studying

  • Rigetti developed an efficient answer to a climate modeling downside utilizing quantum computer systems and revealed the leads to November 2021. Constructing on current machine studying workflows, Rigetti utilized a mix of classical quantum machine studying strategies to provide high-quality artificial climate radar information and enhance classical fashions for storm prediction. The work was carried out on Rigetti’s 32-qubit system, demonstrating that sensible functions are inside attain for near-term quantum {hardware}.

Fusion Power through Quantum Computing for Division of Power

  • Rigetti introduced in November 2021 it was chosen to guide a quantum simulation undertaking for fusion power awarded by the Division of Power. Rigetti is collaborating with Lawrence Livermore Nationwide Laboratory and the College of Southern California on the three-year, $3.1 million undertaking that’s designed to simulate plasma dynamics on Rigetti’s cloud-based quantum computer systems.

Drug Discovery with Quantum Computing through Partnerships with Riverlane and Astex Prescription drugs

  • Rigetti UK Restricted, a completely owned subsidiary of Rigetti, introduced in July 2021 that it’s partnering with Riverlane and Astex Prescription drugs to develop an built-in software for simulating molecular programs utilizing Rigetti Quantum Cloud Providers. This cooperation paves the best way for brand spanking new industrial functions of Rigetti’s quantum computing options, with the potential to rework drug discovery in pharmaceutical R&D.

Expertise Developments

Key Hires Bolster Rigetti’s Expertise

  • Rigetti appointed Brian Sereda to the place of Chief Monetary Officer of the Firm in August 2021. Sereda has greater than 25 years of senior stage monetary expertise, most not too long ago serving as Chief Monetary Officer at Energous Company (NASDAQ: WATT) the place he led the elevate of serious working capital and oversaw finance, authorized, investor relations, human assets and IT.

  • Rigetti appointed Jackie Kaweck to the place of Senior Vice President, Human Sources, in July 2021. Kaweck brings greater than 20 years of expertise in human assets and government management to the function, most not too long ago as SVP, Individuals at Vivid Seats.

  • Rigetti appointed David Pappas to the place of Senior Principal Scientist in September 2021. Pappas joined the Firm after 25 years on the Nationwide Institute of Requirements and Know-how, the place he most not too long ago led the Quantum Processing Group. Rigetti additionally added Josh Mutus, former Google quantum analysis scientist, to its {hardware} improvement workforce as Director, Quantum Supplies in April 2021.

*The Firm modified its fiscal yr finish from January 31 to December 31, efficient December 31, 2021, and can first replicate the change in fiscal years for interim and annual filings for fiscal years starting January 1, 2022.

About Rigetti Computing

Rigetti Computing is a pioneer in full-stack quantum computing. The corporate has operated quantum computer systems over the cloud since 2017 and serves international enterprise, authorities and analysis purchasers by way of its Rigetti Quantum Cloud Providers platform. The proprietary quantum-classical infrastructure supplies ultra-low latency integration with private and non-private clouds for high-performance sensible quantum computing. Rigetti has developed the business’s first multi-chip quantum processor for scalable quantum computing programs. The Firm designs and manufactures its chips in-house at Fab-1, the business’s first devoted and built-in quantum system manufacturing facility. Rigetti was based in 2013 by Chad Rigetti and immediately employs greater than 140 folks with workplaces in america, U.Ok. and Australia. Be taught extra at www.rigetti.com.

About Supernova Companions Acquisition Firm II

Supernova II is led by Michael Clifton, who was most not too long ago a know-how investor at The Carlyle Group; Robert Reid, a long-time senior accomplice at Blackstone; Spencer Rascoff, a serial entrepreneur who co-founded Hotwire, Zillow, dot.LA and Pacaso and who led Zillow as CEO for almost a decade; and Alexander Klabin, founder and CEO of Historic and former managing accomplice, co-CIO and co-founder of Senator Funding Group.

Extra Info and The place to Discover It

Supernova Companions Acquisition Firm II (“Supernova”) has filed a registration assertion on Kind S-4 with the Securities Trade Fee (the “SEC”), which features a proxy assertion/prospectus, that can be each the proxy assertion to be distributed to holders of Supernova’s frequent shares in reference to its solicitation of proxies for the vote by Supernova’s shareholders with respect to the proposed enterprise mixture and different issues as could also be described within the registration assertion, in addition to the prospectus regarding the provide and sale of the securities to be issued within the enterprise mixture. After the registration assertion is asserted efficient, Supernova will mail a definitive proxy assertion/prospectus and different related paperwork to its shareholders. This communication doesn’t include all the data that needs to be thought of in regards to the proposed enterprise mixture and isn’t supposed to kind the premise of any funding resolution or every other resolution in respect of the enterprise mixture. Supernova’s shareholders and different individuals are suggested to learn, when accessible, the preliminary proxy assertion/prospectus included within the registration assertion and the amendments thereto and the definitive proxy assertion/prospectus and different paperwork filed in reference to the proposed enterprise mixture, as these supplies will include essential details about Rigetti Holdings, Inc. (“Rigetti”), Supernova and the enterprise mixture. When accessible, the definitive proxy assertion/prospectus and different related supplies for the proposed enterprise mixture can be mailed to shareholders of Supernova as of a report date to be established for voting on the proposed enterprise mixture. Shareholders may even have the ability to acquire copies of the preliminary proxy assertion, the definitive proxy assertion and different paperwork filed with the SEC, with out cost, as soon as accessible, on the SEC’s web site at www.sec.gov, or by directing a request to Supernova’s secretary at 4301 fiftieth Avenue NW, Suite 300 PMB 1044, Washington, D.C. 20016, (202) 918-7050.

Members within the Solicitation

Supernova and its administrators and government officers could also be deemed contributors within the solicitation of proxies from Supernova’s shareholders with respect to the proposed enterprise mixture. A listing of the names of these administrators and government officers and an outline of their pursuits in Supernova is contained in Supernova’s prospectus dated March 3, 2021 regarding its preliminary public providing, which was filed with the SEC and is accessible freed from cost on the SEC’s web site at www.sec.gov. To the extent such holdings of Supernova’s securities might have modified since that point, such adjustments have been or can be mirrored on Statements of Change in Possession on Kind 4 filed with the SEC. Extra data concerning the pursuits of such contributors can be contained within the proxy assertion/prospectus for the proposed enterprise mixture when accessible.

Rigetti and its administrators and government officers may be deemed to be contributors within the solicitation of proxies from the shareholders of Supernova in reference to the proposed enterprise mixture. A listing of the names of such administrators and government officers and knowledge concerning their pursuits within the proposed enterprise mixture can be included within the proxy assertion/prospectus for the proposed enterprise mixture when accessible.

No Provide or Solicitation

This communication doesn’t represent (i) a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed enterprise mixture or (ii) a suggestion to promote, a solicitation of a suggestion to purchase, or a advice to buy any safety of Supernova, Rigetti, or any of their respective associates.

Ahead-Trying Statements

Sure statements on this communication could also be thought of forward-looking statements. Ahead-looking statements typically relate to future occasions and may be recognized by terminology corresponding to “professional forma”, “might”, “ought to”, “may”, “would possibly”, “plan”, “doable”, “undertaking”, “attempt”, “funds”, “forecast”, “anticipate”, “intend”, “will”, “estimate”, “anticipate”, “imagine”, “predict”, “potential” or “proceed”, or the negatives of those phrases or variations of them or comparable terminology. Such forward-looking statements are topic to dangers, uncertainties, and different elements which may trigger precise outcomes to vary materially from these expressed or implied by such ahead trying statements. These forward-looking statements are primarily based upon estimates and assumptions that, whereas thought of cheap by Supernova and its administration, and Rigetti and its administration, because the case could also be, are inherently unsure. Elements that will trigger precise outcomes to vary materially from present expectations embrace, however aren’t restricted to: the result of any authorized proceedings which may be instituted towards Supernova, Rigetti, the mixed firm or others following the announcement of the enterprise mixture and any definitive agreements with respect thereto; the shortcoming to finish the proposed enterprise mixture because of the failure to acquire approval of the shareholders of Supernova or to fulfill different circumstances to closing; adjustments to the proposed construction of the enterprise mixture which may be required or applicable because of relevant legal guidelines or rules or as a situation to acquiring regulatory approval of the enterprise mixture; the power to satisfy inventory alternate itemizing requirements

following the consummation of the enterprise mixture; the danger that the proposed enterprise mixture disrupts present plans and operations of Rigetti because of the announcement and consummation of the enterprise mixture; the power to acknowledge the anticipated advantages of the enterprise mixture, which can be affected by, amongst different issues, competitors, the power of the mixed firm to develop and handle progress profitably, keep relationships with clients and suppliers and retain its administration and key workers; prices associated to the enterprise mixture; adjustments in relevant legal guidelines or rules; the chance that Rigetti or the mixed firm could also be adversely affected by different financial, enterprise, or aggressive elements; Rigetti’s estimates of bills and profitability; the evolution of the markets by which Rigetti competes; the power of Rigetti to execute on its know-how roadmap; the power of Rigetti to implement its strategic initiatives, enlargement plans and proceed to innovate its current companies; the impression of the COVID-19 pandemic on Rigetti’s enterprise; and different dangers and uncertainties set forth within the part entitled “Threat Elements” and “Cautionary Notice Relating to Ahead-Trying Statements” within the registration on Kind S-4 and proxy assertion/prospectus mentioned above and different paperwork filed with Supernova on occasion with the SEC.

Nothing on this communication needs to be considered a illustration by any individual that the forward-looking statements set forth herein can be achieved or that any of the contemplated outcomes of such forward-looking statements can be achieved. You shouldn’t place undue reliance on forward-looking statements, which converse solely as of the date they’re made. Neither Supernova nor Rigetti undertakes any responsibility to replace these forward-looking statements.

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CONTACT: Lauren Rugani Rigetti Computing [email protected] Polly Pearson Investor Relations [email protected]

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