Earnings on the way in the month of May: Arqit, IonQ, Rigetti
May is a month in which many things blossom and grow. Will that be the case for the revenue of quantum computing firms reporting earnings this month?
There is a busy two week stretch ahead for pure-play, publicly-traded quantum companies reporting earnings, with quantum encryption technology company Arqit starting us off. The U.K. company is scheduled on May 12 to post its financial performance for the six month period that ended on March 31.
Arqit recently was the subject of a report in The Wall Street Journal that questioned statements the company has made about it growth prospects, though on the more positive side Arqit also was select for the U.K.’s Multi-Domain Integrated Systems project.
Next up for earnings will be IonQ and Rigetti Computing, both reporting first quarter 2022 results on May 16. IonQ sounded bullish after reporting fourth quarter and full-year 2021 numbers in March, saying at that time that it expected to report at least $1.8 million in revenue for the first quarter on the way to a stellar 2022.
Rigetti, which had its public debut in early March after completing its SPAC merger, that same month reported 48% revenue growth during 2021, but a larger loss than the year before. The company has since terminated COO Taryn Naidu, a move Rigetti said was “not related” to the company’s financial condition, but more details could emerge during Rigetti’s earnings call.
Quantum stocks have been having a pretty tough spring, though that has been the story with te broader stock market as well. You can follow the stocks of all three companies mentioned in this report in the IQT Stocks Zone.
Dan has covered telecommunications and related topics including semiconductors, sensors, retail systems, digital payments and quantum computing/technology for over 25 years.