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Rigetti's Q1: Tripled Revenue, Fidelity Hurdles
Description
Rigetti Computings Q1 revenue surged to $4.4 million, surpassing analyst estimates, driven by a Novera quantum processing unit sale. Despite a stock rollercoaster, gross margins improved slightly, and adjusted EPS loss narrowed. However, Rigettis quantum systems face accuracy challenges, with the new Cepheus-one-one-zero-eight-Q system falling short of the target fidelity. Rivals like IonQ outperform, but Rigetti has upcoming orders. With a high market cap and modest revenue projections, investors should approach with caution as the quantum race intensifies.
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