QuantumSi(US:QSI)2024-08-07 20:07Revenue and Profit - Reported revenue of $622,000 in the second quarter of 2024[2] - Gross profit of $354,000 with a gross margin of 57% in Q2 2024[3] - Total revenue for Q2 2024 increased to $622K, up 203% from $205K in Q2 2023[14] - Gross profit for Q2 2024 rose to $354K, a 354% increase from $78K in Q2 2023[14] Operating Expenses - Total operating expenses of $26.8 million in Q2 2024, compared to $27.0 million in the prior year[3] - Adjusted total operating expenses of $24.4 million in Q2 2024, compared to $24.0 million in the prior year[3] - Research and development expenses for Q2 2024 decreased to $14,381K from $15,834K in Q2 2023[14] - Selling, general and administrative expenses for Q2 2024 increased to $12,424K from $11,136K in Q2 2023[14] - Adjusted total operating expenses for Q2 2024 were $24,374K, compared to $24,038K in Q2 2023[16] Net Loss and Adjusted EBITDA - Net loss of $23.1 million in Q2 2024, compared to a net loss of $25.6 million in the prior year[3] - Adjusted EBITDA of negative $22.6 million in Q2 2024, compared to negative $22.9 million in the prior year[3] - Net loss for Q2 2024 improved to $(23,099)K, compared to $(25,573)K in Q2 2023[14] - Adjusted EBITDA for Q2 2024 was $(22,633)K, slightly better than $(22,870)K in Q2 2023[15] Cash and Investments - Cash and cash equivalents and investments in marketable securities totaled $218.1 million as of June 30, 2024[4] - Dividend and interest income for Q2 2024 was $2,887K, up from $2,483K in Q2 2023[14] Product Launches and Development - Expects to launch a version 2 library prep kit and a barcoding application specific library prep kit by the end of 2024[2] - Announced the launch of the version 3 sequencing kit[2] - Completed the first quarter of full commercial launch of the Platinum instrument in Q2 2024[2] Other Financial Metrics - Stock-based compensation for Q2 2024 was $2,400K, compared to $1,865K in Q2 2023[15] - Restructuring costs for Q2 2024 were $31K, down from $1,067K in Q2 2023[15]