QuantumSi(QSI) - 2025 Q1 - Quarterly Results

Financial Performance - Revenue for Q1 2025 was $842,000, representing an 84% increase compared to Q1 2024[6] - Gross profit for the quarter was $486,000, with a gross margin of 58%[4] - Net loss for Q1 2025 was $19.2 million, slightly improved from a net loss of $19.5 million in Q1 2024[7] - Adjusted EBITDA was negative $21.5 million, compared to negative $20.5 million in the prior year[7] - Net loss for Q1 2025 was $19,189, compared to a net loss of $19,474 in Q1 2024, showing a slight improvement[21] - Adjusted EBITDA for Q1 2025 was $(21,455), compared to $(20,547) in Q1 2024, indicating a decline[21] Operating Expenses - Total operating expenses were $25.6 million, up from $23.6 million in the same period last year[5] - Total operating expenses increased to $25,598 in Q1 2025 from $23,629 in Q1 2024, reflecting a rise of approximately 8.3%[21] - Adjusted total operating expenses for Q1 2025 were $22,858, up from $21,877 in Q1 2024, marking an increase of about 4.5%[21] - Stock-based compensation rose to $2,362 in Q1 2025 from $1,609 in Q1 2024, representing a significant increase of approximately 46.6%[21] - Restructuring costs decreased slightly to $134 in Q1 2025 from $143 in Q1 2024[21] - Other non-recurring operating expenses were $244 in Q1 2025, compared to none in Q1 2024, indicating the introduction of new expenses[21] Cash and Financing - The company completed a $50 million registered direct offering, netting proceeds of $46.8 million[8] - Cash and cash equivalents as of March 31, 2025, totaled $232.6 million, providing a cash runway into the second half of 2027[8] Product Development - The company launched the Platinum Pro units and is on track for the Q3 2025 launch of the version 4 Sequencing Kit[6] - Development of a new version 3 Library Preparation Kit is expected to launch by the end of 2025[6] Market Expansion - The international channel partner network has expanded to 23 partners, reflecting strong momentum in international markets[3] Other Financial Metrics - The change in fair value of warrant liabilities was $(3,401) in Q1 2025, compared to $(319) in Q1 2024, indicating a notable increase in liability[21] - Dividend and interest income decreased to $(2,547) in Q1 2025 from $(3,574) in Q1 2024, showing a decline of approximately 28.7%[21] - Depreciation and amortization expenses decreased to $917 in Q1 2025 from $1,061 in Q1 2024, reflecting a reduction of about 13.5%[21]