QuantumSi(US:QSI)2025-05-15 20:36Part I. Financial Information Financial Statements Quantum-Si reported increased Q1 2025 revenue driven by instrument and consumable sales, a slightly improved net loss, and enhanced liquidity from an equity offering Condensed Consolidated Statements of Operations (Q1 2025 vs Q1 2024) | Metric | Q1 2025 (in thousands) | Q1 2024 (in thousands) | | :--- | :--- | :--- | | Total Revenue | $842 | $457 | | Gross Profit | $486 | $269 | | Loss from Operations | $(25,112) | $(23,360) | | Net Loss | $(19,189) | $(19,474) | | Net Loss per Share | $(0.11) | $(0.14) | Condensed Consolidated Balance Sheets (As of March 31, 2025) | Metric | March 31, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $37,293 | $49,241 | | Marketable securities | $195,308 | $160,362 | | Total Assets | $271,222 | $247,871 | | Total Liabilities | $24,302 | $32,451 | | Total Stockholders' Equity | $246,920 | $215,420 | - The company believes its current cash, cash equivalents, and marketable securities of $232.6 million as of March 31, 2025, are sufficient to fund planned operations for at least the next twelve months28 - On January 3, 2025, the company completed a registered direct offering, issuing 15,625,000 shares of Class A common stock for gross proceeds of $50.0 million, with net proceeds of approximately $46.8 million59 Management's Discussion and Analysis of Financial Condition and Results of Operations Management attributes Q1 2025 revenue growth to improved sales execution and new product launches, with increased operating expenses offset by a financing offering that bolstered liquidity - The company began a full commercial launch of its Platinum instrument in Q2 2024 and launched the Platinum Pro benchtop sequencer in January 2025, with first shipments in March 2025104117 Results of Operations Comparison (Q1 2025 vs Q1 2024) | Line Item | Q1 2025 (in thousands) | Q1 2024 (in thousands) | % Change | | :--- | :--- | :--- | :--- | | Total Revenue | $842 | $457 | 84.2% | | Gross Profit | $486 | $269 | 80.7% | | R&D Expenses | $13,717 | $12,101 | 13.4% | | SG&A Expenses | $11,881 | $11,528 | 3.1% | | Loss from Operations | $(25,112) | $(23,360) | 7.5% | - R&D expenses increased by $1.6 million (13.4%) due to a $1.7 million increase in fabrication and outsourced services related to the development of the recently announced Proteus™ platform119 - Net cash used in operating activities was $26.2 million for Q1 2025, compared to $23.2 million in Q1 2024, primarily due to the net loss and changes in operating assets and liabilities127128 - Net cash provided by financing activities was $48.4 million in Q1 2025, a significant increase from a $0.1 million use of cash in Q1 2024, mainly due to $46.8 million in net proceeds from the Registered Direct Offering132 Quantitative and Qualitative Disclosures About Market Risk The company identifies inflation, interest rate, and foreign currency as its primary market risks, noting inflation's impact on costs, minimal interest rate risk from short-term investments, and currently immaterial foreign currency risk - Inflation is identified as a risk that has impacted the cost of supplies and manufacturing components, which could harm business if not offset by price increases or efficiencies147 - Interest rate risk is considered minimal as investments are primarily in short-term, high-quality securities with a primary objective of capital preservation149 - Foreign currency risk is currently not material as most business is conducted in U.S. dollars, but this could change with planned international expansion150 Controls and Procedures Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of March 31, 2025152 - No changes occurred in the company's internal control over financial reporting during the quarter ended March 31, 2025, that have materially affected, or are reasonably likely to materially affect, internal controls153 Part II. Other Information Legal Proceedings The company is involved in various legal proceedings, including a class action lawsuit and disputes with a former manufacturer and a landlord, with details in Note 17 - The company is subject to several legal proceedings, including the Delaware Stockholder Litigation, a dispute with a former contract manufacturer, and a lawsuit against a landlord over lease incentives, with outcomes not currently estimable or probable99100101 Risk Factors The company highlights risks associated with its use of artificial intelligence, including evolving regulations, increased compliance costs, potential lawsuits, and data exposure - A key risk factor is the use of artificial intelligence (AI), which is subject to evolving laws and regulations157 - Potential risks associated with AI include additional compliance costs, regulatory investigations, lawsuits, and the exposure of sensitive data or intellectual property158159 Unregistered Sales of Equity Securities and Use of Proceeds This item is reported as not applicable for the period Defaults Upon Senior Securities This item is reported as not applicable for the period Mine Safety Disclosures This item is reported as not applicable for the period Other Information No officers or directors adopted, modified, or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q1 2025 - No officers or directors adopted, modified, or terminated a Rule 10b5-1 trading arrangement during the quarter ended March 31, 2025164 Exhibits This section lists exhibits filed with the Quarterly Report on Form 10-Q, including officer certifications and Inline XBRL documents