Rigetti Computing Declares Up to date Strategic Plan to

• Supplies Up to date Know-how Roadmap;
• Appoints Jeffrey Bertelsen as CFO and Promotes David Rivas to CTO;
• Implements Workforce Discount

BERKELEY, Calif., Feb. 10, 2023 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (“Rigetti” or “the Firm”) (NASDAQ: RGTI), a pioneer in hybrid quantum-classical computing programs, at this time introduced that its Board has permitted an up to date enterprise technique, together with revisions to its know-how roadmap. In reference to this up to date technique, the Firm will transition to a newly appointed CFO and CTO and is implementing a workforce discount with a view to focus the group and its sources on nearer-term strategic priorities.

“Upon assuming my function as CEO, we’ve moved shortly to evaluate and ensure key strategic priorities for the nearer time period,” said Dr. Subodh Kulkarni, Chief Govt Officer. “The Firm’s revised know-how roadmap will, (i) think about the objective to ship the anticipated Ankaa-1 84-qubit system in Q1 2023, aiming to ship denser qubit spacing and tunable couplers anticipated to allow higher efficiency in comparison with Rigetti’s present 80-qubit Aspen-M system; (ii) prioritize growing the efficiency of the anticipated Ankaa-1 84-qubit system as soon as it’s launched and (iii) focus efforts to attain slim quantum benefit, the purpose at which a quantum pc is ready to remedy a sensible, operationally related drawback considerably higher, quicker, or cheaper than a present classical answer. Particularly, upon the anticipated launch of the Ankaa-1 84-qubit system, Rigetti plans to focus its efforts on enhancing the efficiency of the system with the objective of reaching not less than 99% 2-qubit gate constancy on the anticipated Ankaa-2 84-qubit system, and if this goal is achieved, Rigetti plans to shift its focus to scaling to develop the anticipated Lyra 336-qubit system.”  

An up to date Investor Presentation, together with the revised know-how roadmap reflecting these adjustments, has been printed on the Investor part of the Firm’s web site (https://traders.rigetti.com/news-events/occasions), and the Firm’s beforehand introduced roadmap ought to not be referred to or relied upon. Rigetti believes that this revised marketing strategy and know-how roadmap will allow it to pay attention its software program utility growth technique on what the Firm believes to be the very best chance purposes for demonstrating nearer time period slim quantum benefit.

In reference to updating its marketing strategy, the Firm additionally introduced management adjustments on the CFO and CTO positions. Jeffrey Bertelsen will substitute Rigetti’s present Chief Monetary Officer, Brian Sereda, efficient February 15, 2023, and Mr. Sereda will thereafter stay with the Firm as a non-executive worker till March 31, 2023, with a view to help the transition. Mr. Bertelsen involves the Firm with greater than 25 years of expertise as a finance govt, most just lately as CFO and COO of CyberOptics Company, a developer and producer of excessive precision sensors and inspection programs for the semiconductor and electronics trade.

“I wish to thank Brian for getting the Firm by means of the difficult technique of going public and being ready handy off the CFO duties,” mentioned Dr. Kulkarni. “I’m excited to have Jeff be a part of Rigetti as our new CFO. I’ve beforehand labored with Jeff for 9 years and imagine he has the talents and expertise Rigetti wants at this part of the Firm’s evolution.”

“I’m wanting ahead to becoming a member of Rigetti to work alongside Subodh and the group throughout this essential part,” commented Mr. Bertelsen.

As well as, efficient February 9, 2023, David Rivas has been promoted to Chief Know-how Officer, changing Mike Harburn who’s leaving the Firm, efficient February 9. Mr. Rivas beforehand served as Rigetti’s Senior Vice President, Programs and Providers since March 2019, overseeing the engineering and operations of Rigetti’s Quantum Cloud Providers platform.

As a part of the up to date enterprise technique to slim Rigetti’s focus within the nearer time period on Ankaa 84-qubit system efficiency and the objective of advancing towards reaching slim quantum benefit, the Firm is also lowering its headcount by roughly 28% of total workers, with a view to decrease working bills in actions outdoors these focus areas and protect accessible money sources.

“We worth the contributions of all of our workers,” mentioned Dr. Kulkarni. “We imagine these actions put Rigetti in a greater place to ship on the promise of quantum computing and are aligned with the Firm’s refocus on nearer-term priorities.”

The Firm plans to debate the strategic and organizational adjustments throughout its earnings name saying This fall and full yr 2022 ends in March. Particulars of the earnings name will probably be forthcoming.

About Jeffrey Bertelsen

Mr. Jeffrey Bertelsen has greater than 25 years of govt accomplishments within the hi-tech trade. Beforehand, Mr. Bertelsen served as Chief Monetary Officer and Chief Working Officer for CyberOptics Company from 2005 till 2022.  Previous to CyberOptics, Mr. Bertelsen was Vice President, Finance, Company Controller, Treasurer, and Assistant Secretary of Pc Community Know-how Company (“CNT”), a supplier of storage networking gear and options. Throughout his 10 years at CNT, Mr. Bertelsen held numerous finance positions beginning as a controller in 1995. Previous to CNT, he served as a CPA with KPMG, LLP. Mr. Bertelsen has a B.S. in accounting and finance from the College of Minnesota.

About Rigetti

Rigetti is a pioneer in full-stack quantum computing. The Firm has operated quantum computer systems over the cloud since 2017 and serves international enterprise, authorities, and analysis purchasers by means of its Rigetti Quantum Cloud Providers platform. The Firm’s proprietary quantum-classical infrastructure offers excessive efficiency integration with private and non-private clouds for sensible quantum computing. Rigetti has developed the trade’s first multi-chip quantum processor for scalable quantum computing programs. The Firm designs and manufactures its chips in-house at Fab-1, the trade’s first devoted and built-in quantum gadget manufacturing facility. Be taught extra at www.rigetti.com.

Cautionary Language Regarding Ahead-Wanting Statements

This press launch contains “forward-looking statements” throughout the that means of the federal securities legal guidelines referring to the up to date marketing strategy, together with revisions to the know-how roadmap and a discount in workforce and the Firm’s expectations with respect to its up to date marketing strategy and know-how roadmap, together with reprioritizing workstreams, its potential to attain milestones together with creating the Ankaa 84-qubit system and talent to ship denser qubit spacing and tunable couplers to allow higher efficiency than the Firm’s present 80-qubit Aspen-M system and obtain not less than 99% 2-qubit gate constancy on the anticipated timing or in any respect; the Firm’s expectations with respect to the anticipated phases of quantum know-how maturation, together with its potential to develop a quantum pc that is ready to remedy a sensible, operationally related drawback considerably higher, quicker, or cheaper than a present classical answer and obtain slim quantum benefit on the anticipated timing or in any respect; the Firm’s potential to scale to develop the Lyra 336-qubit system and develop sensible purposes on the anticipated timing or in any respect; the Firm’s expectations with respect to the discount in power, together with anticipated advantages together with anticipated discount of working bills, anticipated preservation of obtainable money sources and anticipated bills and costs related to the discount in power, in addition to the expectation that the discount in power will put the Firm in a greater place to ship on the promise of quantum computing; and expectations with respect to administration transitions. These forward-looking statements are primarily based upon estimates and assumptions that, whereas thought of cheap by the Firm and its administration, are inherently unsure. Components that will trigger precise outcomes to vary materially from present expectations embrace, however are usually not restricted to: the Firm’s potential to attain milestones, technological developments, together with with respect to its know-how roadmap, assist unlock quantum computing, and develop sensible purposes; the power of the Firm to finish ongoing negotiations with authorities contractors efficiently and in a well timed method; the potential of quantum computing; the power of the Firm to acquire authorities contracts and the provision of presidency funding; the power of the Firm to broaden its QCaaS enterprise; the success of the Firm’s partnerships and collaborations; the Firm’s potential to speed up its growth of a number of generations of quantum processors; the result of any authorized proceedings that could be instituted in opposition to the Firm or others; the power to fulfill inventory trade itemizing requirements; the power to acknowledge the anticipated advantages of the enterprise mixture, which can be affected by, amongst different issues, competitors, the power of the Firm to develop and handle development profitably, keep relationships with prospects and suppliers and entice and retain administration and key workers; prices associated to working as a public firm; adjustments in relevant legal guidelines or rules; the likelihood that the Firm could also be adversely affected by different financial, enterprise, or aggressive components; the Firm’s estimates of bills and profitability; the evolution of the markets wherein the Firm competes; the power of the Firm to execute on its know-how roadmap; the power of the Firm to implement its strategic initiatives, enlargement plans and proceed to innovate its current providers; the impression of the COVID-19 pandemic on the Firm’s enterprise; the anticipated use of proceeds from the Firm’s previous and future financings or different capital; the sufficiency of the Firm’s money sources; unfavorable circumstances within the Firm’s trade, the worldwide economic system or international provide chain, together with monetary and credit score market fluctuations and uncertainty, rising inflation and rates of interest, elevated prices, worldwide commerce relations, political turmoil, pure catastrophes, warfare (corresponding to the continued navy battle between Russia and Ukraine and associated sanctions in opposition to Russia), and terrorist assaults; and different dangers and uncertainties set forth within the part entitled “Danger Components” and “Cautionary Word Concerning Ahead-Wanting Statements” within the Firm’s Kind 10-Q for the three months ended September 30, 2022, and different paperwork filed by the Firm on occasion with the SEC. These filings determine and handle different necessary dangers and uncertainties that might trigger precise occasions and outcomes to vary materially from these contained within the forward-looking statements. Ahead-looking statements communicate solely as of the date they’re made. Readers are cautioned to not put undue reliance on forward-looking statements, and the Firm assumes no obligation and doesn’t intend to replace or revise these forward-looking statements aside from as required by relevant legislation. The Firm doesn’t give any assurance that it’ll obtain its expectations.

Contacts
Rigetti Computing Investor Contact:
[email protected]

Rigetti Computing Media Contact:
[email protected]