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01-07-2025
- Business
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Rigetti vs. D-Wave: Which Quantum Computing Stock Has Better Prospects?
As quantum computing evolves from theory to commercialization, two distinct visions are emerging. Rigetti Computing RGTI and D-Wave Quantum Inc. QBTS represent divergent paths toward unlocking quantum advantage. Rigetti focuses on gate-based quantum systems, emphasizing modular superconducting qubit architectures for universal quantum computing. In contrast, D-Wave pioneers quantum annealing, a near-term, optimization-first approach that is already being used in real-world applications. Both companies are advancing quantum adoption through innovation, strategic partnerships, and platform accessibility. Yet their technological bets, business models, and scaling roadmaps differ sharply. This faceoff compares Rigetti and D-Wave in terms of technology, commercial strategy, and long-term growth prospects, helping investors determine which stock better aligns with the future of quantum computing. Shares of Rigetti have plunged 22.3%, while QBTS stock has gained 74.2% in the year-to-date period. Image Source: Zacks Investment Research From a valuation standpoint, RGTI looks slightly more attractive than QBTS. According to the price-to-book ratio, Rigetti's shares currently trade at 16.43, which is lower than D-Wave's 18.82. Image Source: Zacks Investment Research Rigetti is building universal, gate-based quantum computers using superconducting qubits, currently operating the 84-qubit Ankaa-3 system with 99.5% two-qubit fidelity. Its modular architecture enables future chip interconnectivity, while its AI-assisted calibration and proprietary ABAA fabrication process aim to reduce errors and scale up qubit count. Rigetti aims to launch a 108-qubit system by late 2025, with a focus on long-term applications in machine learning, optimization, and materials science. D-Wave's quantum annealing systems are specialized for solving complex optimization problems. Its Advantage2 processor supports over 5,000 qubits, with the company now introducing gate-model quantum capabilities as part of a hybrid roadmap. While annealing is not universal, it is commercially available today, with enterprise use cases in logistics, supply chains, and finance. D-Wave's emphasis is on quantum-hybrid workflows that integrate classical solvers with quantum accelerators. Rigetti operates as a niche hardware innovator, focusing on the development of universal gate-based quantum processors. Its vertically integrated model allows Rigetti to control every aspect of quantum chip design, fabrication, testing, and deployment through its Fab-1 facility. Revenue is primarily generated through its Quantum Cloud Services (QCS) platform, which offers researchers and developers direct access to Rigetti's systems via integrations with Amazon Braket and Microsoft Azure Quantum. Rigetti also partners with government labs, universities, and select enterprises in long-term R&D collaborations. While its customer base is narrower, the company positions itself as a highly specialized enabler for those looking to experiment and build upon modular, gate-based systems. Its business model is long-term by nature, dependent on scientific breakthroughs and hardware scaling milestones rather than immediate commercial wins. D-Wave, in contrast, positions itself as a solution-oriented service provider. Its model emphasizes accessibility and near-term application of quantum technology through its Leap quantum cloud platform, which supports both quantum annealing and hybrid quantum-classical solutions. Unlike Rigetti, D-Wave's revenue streams are more diversified, including quantum application consulting, enterprise contracts, and platform subscriptions. The company targets large-scale industries, including logistics, automotive, aerospace, and finance, by offering ready-to-deploy quantum optimization solutions that seamlessly integrate into existing workflows. Notably, D-Wave already counts major clients like Volkswagen, Mastercard, and Lockheed Martin, validating its commercial-first approach. While its quantum annealing model isn't universal, it provides tangible value today, making its business model more usage-driven and enterprise-focused compared to Rigetti's research-driven path. Rigetti's growth hinges on advancing hardware scalability, doubling qubit counts, and improving fidelity through AI-assisted system calibration and fabrication improvements. The company's $250M Quanta partnership aims to boost chip production and cloud-based access. Rigetti is also increasingly leaning into hybrid workflows and AI integration to attract broader developer communities. D-Wave is expanding its customer base and hybrid capabilities while building toward a universal gate-based system to complement its annealing core. Its growth strategy includes government collaborations, quantum application consulting, and expanding enterprise use cases for its Leap platform. While near-term revenue is driven by annealing, its move toward gate-based systems signals a strategic pivot to stay relevant in future quantum benchmarks. The Zacks Consensus Estimate for RGTI's 2025 sales implies a year-over-year decline of 18.63%. For 2025, the loss per share is projected to be 5 cents compared with 36 cents a year ago. The earnings estimates have been trending upward over the past 60 days. Image Source: Zacks Investment Research The Zacks Consensus Estimate for QBTS' 2025 sales and earnings implies year-over-year growth of 183.4% and 72%, respectively. The earnings estimates have been trending upward over the past 60 days. Image Source: Zacks Investment Research Both Rigetti and D-Wave are pioneering distinct approaches in the quantum computing race—one focusing on gate-based universality, the other delivering real-world value through quantum annealing. Rigetti currently holds a Zacks Rank #4 (Sell), signaling weaker near-term sentiment despite a solid Growth Score of 'B' that reflects its technical roadmap and potential upside. D-Wave, by contrast, carries a Zacks Rank #2 (Buy) and a Growth Score of 'C', underpinned by strong sales momentum and a diversified commercial strategy. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. While Rigetti remains a promising deep-tech innovator targeting long-term breakthroughs, D-Wave's enterprise traction, revenue visibility, and hybrid quantum roadmap position it as the more favorable pick for investors seeking exposure to quantum computing with nearer-term commercial potential. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Rigetti Computing, Inc. (RGTI) : Free Stock Analysis Report D-Wave Quantum Inc. (QBTS) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
27-05-2025
- Business
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Rigetti vs. IBM: Which Quantum Computing Stock Has Better Prospects?
As quantum computing inches closer to practical, real-world applications, investors are turning their attention to the companies leading the charge in this transformative technology. Rigetti Computing RGTI and International Business Machines Corporation IBM are two prominent players in the quantum space, each with distinct approaches and advantages. Rigetti, a nimble startup, focuses on building cutting-edge quantum processors and scalable systems, while IBM leverages its decades-long expertise and vast resources to develop a comprehensive quantum ecosystem that integrates hardware, software, and cloud services. Both companies are rapidly expanding their quantum capabilities and securing partnerships with governments, research institutions, and enterprises eager to use quantum power. As the quantum computing market shifts from experimental research to commercial use, this faceoff compares Rigetti and IBM on technology, business models, and growth strategies, helping investors identify which stock offers better long-term upside in the emerging quantum era. Shares of Rigetti have plunged 8.2%, while IBM stock has gained 17.6% in the year-to-date period. Image Source: Zacks Investment Research From a valuation standpoint, IBM looks more attractive than RGTI. According to the price/book ratio, IBM's shares currently trade at 8.92, lower than 19.43 for Rigetti. Image Source: Zacks Investment Research Rigetti uses a modular quantum architecture that scales by linking smaller chips. Its latest Ankaa-3 system features 84 superconducting qubits with approximately 99.5% two-qubit gate fidelity, enabled by its proprietary ABAA process. Rigetti emphasizes AI-assisted calibration and error reduction to boost performance. It plans to launch a 36-qubit system in mid-2025 and exceed 100 qubits by year-end. Though innovative, its systems remain smaller in scale compared to industry leaders. IBM deploys a highly integrated quantum stack, led by its 133-qubit Heron processor, which improves error rates and reduces crosstalk over its Eagle predecessor. Its modular architecture supports interconnecting processors like the 1,121-qubit Condor, forming the backbone of Quantum System Two for scalable hybrid computing. With strong cloud integration, global infrastructure, and developer support via Qiskit, IBM remains a leader in practical, scalable quantum technology. Rigetti adopts a focused, hardware-first business model tailored to quantum computing, centered around its proprietary modular chip architecture and cloud-based Quantum Cloud Services. It monetizes through direct system access, strategic partnerships, and integration with platforms like Amazon Braket and Azure Quantum. Rigetti targets niche enterprise and research segments, offering flexible deployment and AI-assisted system calibration. In contrast, IBM leverages its vast resources to deliver a full-stack quantum computing model, combining hardware, software (Qiskit), and services under the IBM Quantum Platform. It commercializes through cloud access, consulting, and its 280+ member IBM Quantum Network, which includes Fortune 500 firms and academic institutions. With over $1 billion in cumulative quantum revenue and multi-billion-dollar R&D investments, IBM's business model emphasizes ecosystem dominance, global infrastructure, and long-term enterprise integration. Rigetti's growth strategy centers on scaling modular quantum systems, advancing hardware via ABAA fabrication and AI calibration, and targeting a 108-qubit system by the end of 2025 with halved error rates. It is expanding manufacturing through a $250M Quanta partnership and boosting cloud integration to widen access. While innovation-driven and agile, the strategy is limited by financial constraints and a smaller customer base. IBM's growth strategy focuses on quantum-centric supercomputing via a long-term roadmap, interconnecting modular chips like the 1,121-qubit Condor to achieve fault tolerance. It targets quantum advantage by 2026 through efforts like the '100×100 challenge' and Quantum System Two. Leveraging global infrastructure, enterprise partnerships, and strong R&D funding, IBM prioritizes scalability, reliability, and commercial adoption worldwide. The Zacks Consensus Estimate for RGTI's 2025 sales implies a year-over-year decline of 18.63%. For 2025, loss per share is projected to be 5 cents compared with 36 cents a year ago. The earnings estimates have been trending upward over the past 60 days. Image Source: Zacks Investment Research The Zacks Consensus Estimate for IBM's 2025 sales and earnings implies year-over-year growth of 5.5% and 6%, respectively. The earnings estimates have been trending upward over the past 60 days. Image Source: Zacks Investment Research Both Rigetti and IBM are advancing in the quantum computing space, but they differ significantly in scale, strategy, and market positioning. IBM holds a Zacks Rank #3 (Hold) with a strong Growth Score of 'A', reflecting solid potential driven by its expansive infrastructure, global partnerships, and ambitious quantum roadmap. Rigetti, on the other hand, carries a Zacks Rank #4 (Sell), indicating a challenging short-term prospect. However, its Growth score of 'B' reflects upside potential once the challenges subside. While Rigetti remains a compelling small-cap innovator with modular architecture and technical focus, IBM's full-stack capabilities and enterprise reach give it an edge for investors seeking more stability and long-term commercial traction in the quantum sector. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report International Business Machines Corporation (IBM) : Free Stock Analysis Report Rigetti Computing, Inc. (RGTI) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
27-05-2025
- Business
- Yahoo
Rigetti vs. IBM: Which Quantum Computing Stock Has Better Prospects?
As quantum computing inches closer to practical, real-world applications, investors are turning their attention to the companies leading the charge in this transformative technology. Rigetti Computing RGTI and International Business Machines Corporation IBM are two prominent players in the quantum space, each with distinct approaches and advantages. Rigetti, a nimble startup, focuses on building cutting-edge quantum processors and scalable systems, while IBM leverages its decades-long expertise and vast resources to develop a comprehensive quantum ecosystem that integrates hardware, software, and cloud services. Both companies are rapidly expanding their quantum capabilities and securing partnerships with governments, research institutions, and enterprises eager to use quantum power. As the quantum computing market shifts from experimental research to commercial use, this faceoff compares Rigetti and IBM on technology, business models, and growth strategies, helping investors identify which stock offers better long-term upside in the emerging quantum era. Shares of Rigetti have plunged 8.2%, while IBM stock has gained 17.6% in the year-to-date period. Image Source: Zacks Investment Research From a valuation standpoint, IBM looks more attractive than RGTI. According to the price/book ratio, IBM's shares currently trade at 8.92, lower than 19.43 for Rigetti. Image Source: Zacks Investment Research Rigetti uses a modular quantum architecture that scales by linking smaller chips. Its latest Ankaa-3 system features 84 superconducting qubits with approximately 99.5% two-qubit gate fidelity, enabled by its proprietary ABAA process. Rigetti emphasizes AI-assisted calibration and error reduction to boost performance. It plans to launch a 36-qubit system in mid-2025 and exceed 100 qubits by year-end. Though innovative, its systems remain smaller in scale compared to industry leaders. IBM deploys a highly integrated quantum stack, led by its 133-qubit Heron processor, which improves error rates and reduces crosstalk over its Eagle predecessor. Its modular architecture supports interconnecting processors like the 1,121-qubit Condor, forming the backbone of Quantum System Two for scalable hybrid computing. With strong cloud integration, global infrastructure, and developer support via Qiskit, IBM remains a leader in practical, scalable quantum technology. Rigetti adopts a focused, hardware-first business model tailored to quantum computing, centered around its proprietary modular chip architecture and cloud-based Quantum Cloud Services. It monetizes through direct system access, strategic partnerships, and integration with platforms like Amazon Braket and Azure Quantum. Rigetti targets niche enterprise and research segments, offering flexible deployment and AI-assisted system calibration. In contrast, IBM leverages its vast resources to deliver a full-stack quantum computing model, combining hardware, software (Qiskit), and services under the IBM Quantum Platform. It commercializes through cloud access, consulting, and its 280+ member IBM Quantum Network, which includes Fortune 500 firms and academic institutions. With over $1 billion in cumulative quantum revenue and multi-billion-dollar R&D investments, IBM's business model emphasizes ecosystem dominance, global infrastructure, and long-term enterprise integration. Rigetti's growth strategy centers on scaling modular quantum systems, advancing hardware via ABAA fabrication and AI calibration, and targeting a 108-qubit system by the end of 2025 with halved error rates. It is expanding manufacturing through a $250M Quanta partnership and boosting cloud integration to widen access. While innovation-driven and agile, the strategy is limited by financial constraints and a smaller customer base. IBM's growth strategy focuses on quantum-centric supercomputing via a long-term roadmap, interconnecting modular chips like the 1,121-qubit Condor to achieve fault tolerance. It targets quantum advantage by 2026 through efforts like the '100×100 challenge' and Quantum System Two. Leveraging global infrastructure, enterprise partnerships, and strong R&D funding, IBM prioritizes scalability, reliability, and commercial adoption worldwide. The Zacks Consensus Estimate for RGTI's 2025 sales implies a year-over-year decline of 18.63%. For 2025, loss per share is projected to be 5 cents compared with 36 cents a year ago. The earnings estimates have been trending upward over the past 60 days. Image Source: Zacks Investment Research The Zacks Consensus Estimate for IBM's 2025 sales and earnings implies year-over-year growth of 5.5% and 6%, respectively. The earnings estimates have been trending upward over the past 60 days. Image Source: Zacks Investment Research Both Rigetti and IBM are advancing in the quantum computing space, but they differ significantly in scale, strategy, and market positioning. IBM holds a Zacks Rank #3 (Hold) with a strong Growth Score of 'A', reflecting solid potential driven by its expansive infrastructure, global partnerships, and ambitious quantum roadmap. Rigetti, on the other hand, carries a Zacks Rank #4 (Sell), indicating a challenging short-term prospect. However, its Growth score of 'B' reflects upside potential once the challenges subside. While Rigetti remains a compelling small-cap innovator with modular architecture and technical focus, IBM's full-stack capabilities and enterprise reach give it an edge for investors seeking more stability and long-term commercial traction in the quantum sector. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report International Business Machines Corporation (IBM) : Free Stock Analysis Report Rigetti Computing, Inc. (RGTI) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research
Yahoo
03-05-2025
- Business
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Rigetti Computing (NasdaqCM:RGTI) Secures US$5M Air Force Research Grant
Rigetti Computing has seen a substantial price movement of 25% over the past month, coinciding with several key developments that may have added weight to the broader market's ascent of 10% over the past year. The company's significant milestones include closing a private placement transaction and receiving a $5.48 million grant from the Air Force Office of Scientific Research to advance its chip fabrication technology, ABAA. Additionally, Rigetti's selection for DARPA's Quantum Benchmarking Initiative highlights its ongoing commitment to quantum computing innovations, suggesting that these advancements play a role in its recent price performance, complementing the overall positive market trajectory. You should learn about the 4 risks we've spotted with Rigetti Computing (including 1 which is concerning). The end of cancer? These 23 emerging AI stocks are developing tech that will allow early identification of life changing diseases like cancer and Alzheimer's. Over the longer period of the last year, Rigetti Computing's shares have experienced a very large total return of 659.29%, an indication of significant investor interest and positive sentiment. When considering the company's share performance relative to a one-year timeframe, Rigetti outperformed the general US market, which gained 10%, and the US Semiconductor industry, which advanced 12.6% during the same period. The developments highlighted in the introduction, such as securing a US$5.48 million grant and participating in landmark quantum computing projects, underscore potential growth avenues for revenue. However, the company's earnings remain challenged, with considerable losses reported in their latest financial period. Despite revenue forecasts indicating significant growth, profitability remains out of reach for the foreseeable future. In terms of market valuation, Rigetti's current share price reflects a discount of approximately 41.1% to consensus analyst price targets, suggesting analysts anticipate potential upside. The recent price movement could be a reaction to these strategic developments, yet the path to achieving financial stability appear crucial, given the current negative margins and planned outsized revenue growth. Click to explore a detailed breakdown of our findings in Rigetti Computing's financial health report. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NasdaqCM:RGTI. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Sign in to access your portfolio
Yahoo
03-05-2025
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Rigetti Granted Air Force Office of Scientific Research Award to Further Develop Breakthrough Chip Fabrication Technology
The $5.48 million Rigetti-led consortium will include Iowa State University, the Royal Melbourne Institute of Technology, the University of Connecticut, and Lawrence Livermore National Laboratory. The project aims to develop a deeper understanding of how Rigetti's novel chip fabrication process, Alternating-Bias Assisted Annealing (ABAA), reduces defects in superconducting qubits. BERKELEY, Calif., April 28, 2025 (GLOBE NEWSWIRE) -- Rigetti Computing, Inc. (Nasdaq: RGTI) ('Rigetti' or the 'Company'), a pioneer in full-stack quantum-classical computing, announced today that it was granted an Air Force Office of Scientific Research award to further develop its breakthrough chip fabrication technology, Alternating-Bias Assisted Annealing (ABAA). The $5.48 million Rigetti-led consortium, including Iowa State University, the Royal Melbourne Institute of Technology, the University of Connecticut, and *Lawrence Livermore National Laboratory (LLNL), aims to develop a detailed understanding of how ABAA impacts the chip on a microscopic level — which will shed light on defects in superconducting qubits and open new avenues for understanding and mitigating them. Addressing defects in superconducting qubits is a fundamental challenge in building large-scale fault-tolerant quantum computers. Last year, Rigetti introduced ABAA which entails applying a series of alternating low-voltage pulses at room temperature to the oxide barrier of the Josephson junction, a critical part of Rigetti's superconducting qubits. Rigetti researchers discovered that this technique enables qubit frequencies to be precisely targeted prior to chip packaging. This improves the fidelity of two-qubit gates and the scalability of the technology. Unlike more complicated solutions that address the problem of tuning frequency, which often require laser trimming of the chip, ABAA is a simple and scalable process that only requires sending pulses of voltage to the chip. Rigetti devices that have been manufactured leveraging ABAA show a reduction in two-level systems (TLSs). TLSs are defects in a qubit's material that impact qubit performance by pulling energy from the qubit or dephasing it. Ultimately, understanding the effects of ABAA on TLSs will lay the groundwork for scaling the fabrication of superconducting quantum devices and other applications that rely on amorphous materials in tunnel junctions and dielectrics. 'This project gives us access to the resources and expertise to unlock the full potential of ABAA and gain a foundational understanding of defects in superconducting qubits,' says Dr. Subodh Kulkarni, Rigetti CEO. 'We already know that superconducting qubits have advantages in speed and scalability. Deepening our knowledge of superconducting qubit defects puts us in an even better position to scale our systems with improved performance.' Rigetti continues to support the U.S. Government's commitment to maintaining quantum computing leadership and advancing the field. Rigetti was recently selected to participate in DARPA's Quantum Benchmarking Initiative, which aims to determine if any approach to quantum computing can achieve utility-scale operation by 2033. *Funded separately though Laboratory for Physical Sciences, University of Maryland About RigettiRigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti's 9-qubit Novera™ QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer's existing cryogenic and control systems. The Company's proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry's first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry's first dedicated and integrated quantum device manufacturing facility. Learn more at Rigetti Computing Media Contactpress@ Cautionary Language and Forward-Looking StatementsCertain statements in this communication may be considered 'forward-looking statements' within the meaning of the federal securities laws, including but not limited to, expectations with respect to the Company's business and operations, including its expectations related to the Air Force Office of Scientific Research award and work with Iowa State University, the Royal Melbourne Institute of Technology, the University of Connecticut, and Lawrence Livermore National Laboratory to develop a detailed understanding of how Alternating-Bias Assisted Annealing (ABAA) impacts the chip on a microscopic level, unlocking ABAA's full potential, and expectations that deepening knowledge of superconducting qubit defects improves Rigetti's position to scale systems with improved performance. Forward-looking statements generally relate to future events and can be identified by terminology such as 'commit,' 'may,' 'should,' 'could,' 'might,' 'plan,' 'possible,' 'intend,' 'strive,' 'expect,' 'intend,' 'will,' 'estimate,' 'believe,' 'predict,' 'potential,' 'pursue,' 'aim,' 'goal,' 'outlook,' 'anticipate,' 'assume,' or 'continue,' or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Rigetti and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: Rigetti's ability to achieve milestones, technological advancements, including with respect to its roadmap, help unlock quantum computing, and develop practical applications; the ability of Rigetti to complete ongoing negotiations with government contractors successfully and in a timely manner; the potential of quantum computing; the ability of Rigetti to obtain government contracts and the availability of government funding; the ability of Rigetti to expand its QCS business; the success of Rigetti's partnerships and collaborations; Rigetti's ability to accelerate its development of multiple generations of quantum processors; the outcome of any legal proceedings that may be instituted against Rigetti or others; the ability to continue to meet stock exchange listing standards; costs related to operating as a public company; changes in applicable laws or regulations, including taxes and tariffs; the possibility that Rigetti may be adversely affected by other economic, business, or competitive factors; Rigetti's estimates of expenses and profitability; the evolution of the markets in which Rigetti competes; the ability of Rigetti to execute on its technology roadmap; the ability of Rigetti to implement its strategic initiatives, expansion plans and continue to innovate its existing services; disruptions in banking systems, increased costs, international trade relations, political turmoil, natural catastrophes, warfare, and terrorist attacks; and other risks and uncertainties set forth in the section entitled 'Risk Factors' and 'Cautionary Note Regarding Forward-Looking Statements' in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and does not intend to update or revise these forward-looking statements other than as required by applicable law. The Company does not give any assurance that it will achieve its in to access your portfolio
