Rigetti Computing, Inc. (NASDAQ:RGTI) Q3 2023 Earnings Call Transcript

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And again, most of the applications are for research purposes, that they can do things anything from fundamental understanding of quantum computing, to pulse shape optimization, to algorithm development, and many other applications that they can think of. So hopefully, I’ve answered your question.

David Williams: No, no, that’s very helpful, thank you. And then maybe if you just kind of think about this opportunity as you go forward, it feels like you’ve got multiple revenue stream potentials here in terms of the processor. And then also the quantum as a service and, and you’ve made some really great progress. I have to commend you on just the efficiency that you’ve definitely instilled in getting the 84 out and everything you’ve been able to achieve there. So, congrats on that. But I guess just if you could help us understand how you envision the business developing over time, and if they’re any different today, I guess, given some of this interest on the QBUs versus where you would have thought whenever you came in some time ago. Thank you.

Subodh Kulkarni: Thanks, David. So as we have stated before, our fundamental strategy right now is to focus on technology development and improve our fidelity to 99% and then scale up to 336-qubit from there. As we mentioned in our press release right now, we are making QPUs, when we have the 9-qubit QPUs, we are talking more than 98% closer to 99% fidelity, then we are dealing with 24-qubit, we are at about 98%. And then we are at 84-qubit, we are at about 97%. All these numbers are two qubit fidelities. And these are remarkable the good numbers considering when started the years. So, our error rates have essentially been slashed by a factor of two, which is a huge accomplishment. Since I’ve been in the company, we will continue to focus on that, that is the core mission and objective of the company is to include error rates, because that’s what gets you to that quantum advantage.

That’s what enables the explosive growth opportunity. Having said that, in the meantime, we have latched on to this QPU sales opportunities for researchers who want to get their hands on and do experiments themselves. And as I mentioned, they 9-qubit QPUs already close to 99%. So, there are many practical things researchers can do and experiment with. And that’s why they are I believe they are finding value and will continue to generate sales. But again, I don’t want to — sales will hopefully continue to grow for QPU and attract quantum cloud as a service. Certainly exciting potential to keep moving safe in the near term. But again, we are not focused on that. Our focus is clearly on developing technology, getting us as fast as possible to narrow quantum advantage, and then go for the explosive growth opportunities that come after that.

David Williams: Thank you, very much.

Subodh Kulkarni: Thank you, David

Operator: And this concludes the question-and-answer session. I would like to turn the call back over to Dr. Kulkarni for closing remarks.

Subodh Kulkarni: Thank you for your interesting questions. We look forward to updating you after our Q4 results. Thanks, again.

Operator: And this concludes today’s conference call. Thank you all for participating. You may now disconnect.

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