Rigetti Computing, Inc.

Good day, and thank you for standing by. Welcome to the Rigetti Computing Second Quarter 2025 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Dr. Subodh Kulkarni, Chief Executive Officer.

Please go ahead.

Subodh Kulkarni, Chief Executive Officer, Good afternoon, and thank you for participating in Rigetti's earnings conference call covering the second quarter ended. June 30th, 2025. Joining me today is Jeff Bertelsen, our CFO, who will review our results in some detail following my overview. Our CTO, David Rivas, is also here to participate in the Q&A session. We will be pleased to answer your questions at the conclusion of our remarks. We would like to point out that this call and Regatta's second quarter ended June 30th, 2025 press release contain forward-looking statements regarding current expectations objectives, and underlying assumptions regarding our outlook and future operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described and are discussed in more detail in our Form 10-K for the year ended December 31st, 2024, our Form 10-Q for the three and six months ended June 30th, 2025, and other documents filed by the company from time to time with the Securities and Exchange Commission. These findings identify and address important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. We urge you to review these discussions of risk factors. Today, I'm pleased to report that we continue to achieve our ambitious roadmap goals and maintain our momentum on the technology front, most recently by demonstrating the industry's largest multi-chip quantum computer with impressive performance. Our multi-chip quantum computer, CPS-136Q, the industry's largest multi-chip quantum computer, is released for general availability and deployed on the Rigetti Quantum Cloud Services Platform, QCS, and will be available on Microsoft Azure thereafter. Just six months after our record performance with Anka 3, we have once again hugged our error rates. With a median two-qubit gate of 99.5%, CPS136Q has achieved a 2x reduction in two-qubit gate error rate from our previous ANCA3 system. CPS136Q is the first multi-chip quantum computer in the industry to achieve this level of performance. With four chips, CFIUS-136Q contains the largest number of chiplets in a quantum computer and further validates our approach to scaling Rigetti's quantum computers. It's our view that superconducting qubits are the leading modality for quantum computers due to their ability to scale and their ability to achieve gauge speeds more than 1,000 times faster than other modalities like ion traps and pure atoms. Our superconducting qubits leverage technologies like chiplets that have been maturing in the semiconductor industry for decades. Use of these well-established methods enables Rigetti to scale its quantum computers to higher levels of performance and qubit counts. This legacy of technological advancement continues with the CFIUS-1 architecture and includes the following features that contribute to improved performance. Transitioning from a monolithic chip to chiplets enables greater control over chip uniformity, which in turn improves performance. Leveraging chiplets also reduces manufacturing complexity and improves fabrication yield. Optimized two-qubit gates enable faster gate times while reducing coherent errors, which improves fidelity and is important for executing quantum error correction techniques. These improvements enable a 2x reduction in error rates. Advances in multi-layer chip and tunable coupler design also enables higher performance. Our industry-leading proprietary chiplet approach to scaling makes us confident that we will hit our end-of-year technology goals. We believe quadrupling our chiplet count and significantly decreasing error rates is a clear path towards quantum advantage and fault tolerance. We intend to continue our momentum and expect to release a 100-plus-qubit chiplet-based system at 99.5% median two-qubit gate fidelity before the end of 2025. While we are pleased with our sequential growth in quarterly revenues, we believe achievement of our technology milestones remains the key metric to achieving our long-term success. On the financing front, I'm pleased to report that Rigetti has significantly strengthened its balance sheet. During the second quarter of 2025, Rigetti completed the sales of 350 million gross proceeds of its common stock pursuant to our previously disclosed at-the-market equity offering program. We are well positioned to support commercial scale-up of our superconducting gate-based quantum computers. Thank you. Jeff will now make a few remarks regarding our recent financial performance.