QuantumSi(QSI) - 2024 Q4 - Annual Results

Financial Performance - The company reported revenue of $1.2 million for Q4 2024, with a full year revenue of $3.1 million, representing a 183% year-over-year growth[6] - Total revenue for Q4 2024 was $1,192 million, a significant increase from $400 million in Q4 2023, representing a growth of 198% year-over-year[19] - Product revenue reached $1,149 million in Q4 2024, compared to $377 million in Q4 2023, marking a 205% increase[19] - A net loss of $33.1 million was recorded in Q4 2024, compared to a net loss of $22.0 million in the same period of the prior year[8] - Net loss for Q4 2024 was $33,121 million, compared to a net loss of $22,048 million in Q4 2023, indicating a deterioration in financial performance[21] - Comprehensive loss for Q4 2024 was $33,229 million, compared to $22,048 million in Q4 2023, indicating an increase in overall losses[19] Operating Expenses - Total operating expenses for Q4 2024 were $31.3 million, compared to $28.1 million in the same period of the prior year[6] - Total operating expenses for Q4 2024 were $31,287 million, up from $28,061 million in Q4 2023, reflecting an increase of 8.0%[21] - Research and development expenses for the year 2024 totaled $59,641 million, down from $67,025 million in 2023, a decrease of 11%[19] - Selling, general and administrative expenses for the year 2024 were $50,535 million, compared to $44,634 million in 2023, an increase of 13.5%[19] Profitability Metrics - Gross profit for Q4 2024 was $0.6 million, resulting in a gross margin of 51%, while the full year gross margin was 52%[5] - The company reported a gross profit of $610 million for Q4 2024, up from $178 million in Q4 2023, representing a growth of 242%[19] - Adjusted EBITDA for Q4 2024 was negative $25.1 million, consistent with the same period in the prior year[8] - Adjusted EBITDA for Q4 2024 was $(25,143) million, slightly worse than $(25,078) million in Q4 2023[21] Capital and Cash Position - The company raised over $86 million in capital between Q4 2024 and the first week of 2025, extending its cash runway into the second half of 2027[6] - As of December 31, 2024, the company's cash and cash equivalents and investments in marketable securities totaled $209.6 million[9] Product Development and Launches - The company announced the launch of the Platinum Pro instrument in January 2025, with shipping expected to commence in Q1 2025[6] - The company plans to launch a new version 4 Sequencing Kit in Q3 2025[6] - The company has a strong pipeline of scientific data expected to be released throughout 2025, aimed at maximizing customer adoption[4] Shareholder Metrics - The weighted-average shares used to compute net loss per share for Q4 2024 were 146,329 thousand, compared to 141,575 thousand in Q4 2023[19]