Rigetti’s Third-Quarter Revenue Falls 28% to $1.4 Million

The Berkeley, California-based company reported a net loss of $3.1 million, compared with a loss of $201 million a year earlier. Excluding certain one-time items, Rigetti lost 6 cents a share, wider than the 5-cent loss analysts expected, according to FactSet.

Rigetti is developing and supplying a superconducting quantum computer to India’s Center for Development of Advanced Computing. The company expects full-year revenue of about $20 million, assuming C-DAC accepts the system and the associated revenue is recognized in the fourth quarter. Analysts forecast annual revenue of $22.6 million.

Rigetti shares fell 5% to $11.59 in after-hours trading.