QuantumSi(QSI) - 2024 Q3 - Quarterly Results

Financial Performance - Reported revenue of $787,000 for Q3 2024, with a gross profit of $367,000 and a gross margin of 47%[3] - Year-to-date revenue for the nine months ended September 30, 2024, totaled $1.9 million, with a gross profit of $990,000 and a gross margin of 53%[3] - Total revenue for the three months ended September 30, 2023, was $787,000, a 253% increase compared to $223,000 for the same period in 2022[18] - Gross profit for the three months ended September 30, 2023, was $367,000, compared to $108,000 for the same period in 2022, reflecting a significant improvement[18] Operating Expenses - Total operating expenses for Q3 2024 were $28.5 million, compared to $27.3 million in Q3 2023[4] - Adjusted total operating expenses for Q3 2024 were $26.0 million, compared to $23.9 million in Q3 2023[4] - Operating expenses for the three months ended September 30, 2023, totaled $28,455,000, an increase from $27,283,000 in the same period last year[22] - Selling, general and administrative expenses for the three months ended September 30, 2023, were $12,284,000, compared to $10,696,000 for the same period in 2022[18] - Research and development expenses for the three months ended September 30, 2023, were $16,171,000, slightly down from $16,587,000 in the same period last year[18] Net Loss - Net loss for Q3 2024 was $25.3 million, slightly higher than the net loss of $24.7 million in Q3 2023[4] - Net loss for the three months ended September 30, 2023, was $25,313,000, compared to a net loss of $24,728,000 for the same period in 2022[21] - Adjusted EBITDA for Q3 2024 was negative $24.5 million, compared to negative $22.6 million in the same period last year[4] - Adjusted EBITDA for the three months ended September 30, 2023, was $(24,513,000), compared to $(22,613,000) for the same period in 2022[21] - Comprehensive loss for the three months ended September 30, 2023, was $25,153,000, compared to $24,728,000 for the same period in 2022[19] Cash Position - Cash and cash equivalents, along with investments in marketable securities, amounted to $196.3 million as of September 30, 2024, providing a runway into the second half of 2026[5][6] Future Outlook - The company anticipates not achieving its full-year revenue guidance range of $3.7 million to $4.2 million due to lengthening sales cycles[2] - Two new kits are on track for launch before the end of 2024, aimed at driving broader market adoption[2] Executive Changes - The company has appointed new executives, including Todd Bennett as Chief Commercial Officer and John Vieceli, Ph.D. as Chief Product Officer[2]