QuantumSi(US:QSI)2024-08-07 20:12Revenue Growth - Total revenue for the three months ended June 30, 2024, increased to $622,000, a 203.4% increase compared to $205,000 for the same period in 2023[107] - Product revenue for the three months ended June 30, 2024, was $584,000, representing a 212.3% increase from $187,000 in the same period in 2023[107] - Total revenue for the six months ended June 30, 2024, was $1,079,000, a 135.1% increase from $459,000 in the same period in 2023[107] Profitability - Gross profit for the three months ended June 30, 2024, was $354,000, a 353.8% increase compared to $78,000 for the same period in 2023[111] - Gross profit for the six months ended June 30, 2024, was $623,000, a 208.4% increase compared to $202,000 for the same period in 2023[111] - The company reported a net loss of $23,099,000 for the three months ended June 30, 2024, a decrease from a net loss of $25,573,000 in the same period in 2023[107] Expenses - Research and development expenses decreased by $1.5 million, or 9.2%, for the three months ended June 30, 2024, compared to the same period in 2023[113] - Research and development expenses for the six months ended June 30, 2024, decreased by $7.5 million, or 22.1%, compared to the same period in 2023[113] - Selling, general and administrative expenses increased by $1.3 million, or 11.6%, for the three months ended June 30, 2024, compared to the same period in 2023, primarily due to a $0.9 million increase in stock-based compensation[115] Cash Flow - Net cash used in operating activities was $41.8 million for the six months ended June 30, 2024, a decrease of $9.8 million compared to $51.6 million for the same period in 2023[125] - Net cash used in investing activities was $32.6 million for the six months ended June 30, 2024, compared to net cash provided of $55.2 million for the same period in 2023[126] - As of June 30, 2024, the company had cash and cash equivalents and investments in marketable securities totaling $218.1 million[129] Future Outlook - The company expects to incur negative operating cash flows on an annual basis for the foreseeable future until it can scale revenue growth[128] - The company initiated a full commercial launch of the Platinum instrument at the end of the first quarter of 2024, following a controlled launch in December 2022[105] - The company believes its platform could be utilized for various applications, including biomarker discovery and vaccine development[105] Market and Economic Factors - Inflation has impacted the underlying cost of supplies and manufacturing components, potentially harming the company's financial condition if costs cannot be offset[138] - As of June 30, 2024, the company's marketable securities primarily consist of investments in money market funds, U.S. Treasury bills, and high-quality corporate commercial paper, focusing on capital preservation[139] - The company currently operates mainly in the U.S. and anticipates future expansion into Europe and other regions, which may involve transactions in currencies other than the U.S. Dollar[140] - Foreign currency translation risk is not expected to have a material impact on the company's financial statements in the near term, but this may change as international operations grow[140] - The company has not entered into any hedging arrangements for foreign currency risk to date, but will reassess its approach as operations expand[140] Investment and Income - Dividend and interest income increased by $0.4 million, or 16.3%, for the three months ended June 30, 2024, and by $1.8 million, or 37.4%, for the six months ended June 30, 2024, compared to the same periods in 2023[118] - There was no gain or loss on marketable securities for the three and six months ended June 30, 2024, compared to a loss of $1.2 million and a gain of $1.8 million for the same periods in 2023[120] - The change in fair value of warrant liabilities decreased by $0.5 million for the three months ended June 30, 2024, compared to an increase of $0.3 million for the same period in 2023[121] - Other (expense) income, net, decreased by $0.3 million, or 103.7%, for the three months ended June 30, 2024, compared to the same period in 2023[122]