QuantumSi(QSI) - 2025 Q2 - Quarterly Results

Quantum-Si Q2 2025 Earnings Release Executive Summary and Business Highlights Quantum-Si reported revenue growth, addressed commercial headwinds, advanced product development, and secured $50 million in capital - First half 2025 revenue grew 33% year-over-year to $1.4 million[5] - Commercial slowdowns due to NIH funding challenges led to expanded instrument acquisition options to drive user base growth[4][5] - Product development remains on schedule for Q3/Q4 2025 launches of the v4 Sequencing Kit and v3 Library Preparation Kit, with the Proteus system prototype on track for successful protein sequencing by end of 2025[4][5] - A registered direct offering raised $50 million in gross proceeds, extending the cash runway into Q2 2028[5][9] Financial Performance Q2 2025 revenue was $591K, with increased operating expenses and a widened net loss, while adjusted EBITDA remained stable Q2 & H1 2025 Revenue and Gross Profit | Metric | Q2 2025 ($) | H1 2025 ($) | | :--- | :--- | :--- | | Revenue | $591,000 | $1.4 million | | Gross Profit | $351,000 | $837,000 | | Gross Margin | 59% | 58% | Operating Expenses Comparison (in millions) | Period | Total Operating Expenses (GAAP, $ millions) | Adjusted Total Operating Expenses (Non-GAAP, $ millions) | | :--- | :--- | :--- | | Q2 2025 | $30.5 | $23.8 | | Q2 2024 | $26.8 | $24.4 | | H1 2025 | $56.1 | $46.6 | | H1 2024 | $50.4 | $46.3 | Net Loss and Adjusted EBITDA Comparison (in millions) | Period | Net Loss (GAAP, $ millions) | Adjusted EBITDA (Non-GAAP, $ millions) | | :--- | :--- | :--- | | Q2 2025 | $(28.8) | $(22.2) | | Q2 2024 | $(23.1) | $(22.6) | | H1 2025 | $(48.0) | $(43.7) | | H1 2024 | $(42.6) | $(43.2) | - As of June 30, 2025, cash, cash equivalents, and marketable securities totaled $214.2 million, with a subsequent $50 million capital raise extending the operational runway into Q2 2028[9] Financial Statements This section details Quantum-Si's unaudited balance sheets, statements of operations, and GAAP to non-GAAP reconciliations Condensed Consolidated Balance Sheets The balance sheet reflects total assets of $254.4 million, with liabilities of $33.4 million and equity of $221.0 million Key Balance Sheet Items (in thousands) | Account | June 30, 2025 ($ thousands) | December 31, 2024 ($ thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $22,188 | $49,241 | | Marketable securities | $192,023 | $160,362 | | Total current assets | $226,474 | $218,009 | | Total assets | $254,406 | $247,871 | | Total current liabilities | $24,019 | $18,187 | | Total liabilities | $33,423 | $32,451 | | Total stockholders' equity | $220,983 | $215,420 | Condensed Consolidated Statements of Operations Q2 2025 revenue was $591,000, with net loss widening to $28.8 million due to higher operating expenses and a legal settlement Statement of Operations Summary - Three Months Ended June 30 (in thousands, except per share data) | Metric | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Total revenue | $591 | $622 | | Gross profit | $351 | $354 | | Total operating expenses | $30,471 | $26,805 | | Loss from operations | $(30,120) | $(26,451) | | Net loss | $(28,836) | $(23,099) | | Net loss per share | $(0.16) | $(0.16) | Statement of Operations Summary - Six Months Ended June 30 (in thousands, except per share data) | Metric | 2025 ($ thousands) | 2024 ($ thousands) | | :--- | :--- | :--- | | Total revenue | $1,433 | $1,079 | | Gross profit | $837 | $623 | | Total operating expenses | $56,069 | $50,434 | | Loss from operations | $(55,232) | $(49,811) | | Net loss | $(48,025) | $(42,573) | | Net loss per share | $(0.26) | $(0.30) | Reconciliation of U.S. GAAP to Non-GAAP Financial Measures This section reconciles GAAP to non-GAAP financial measures, adjusting Q2 2025 net loss to negative $22.2 million Adjusted EBITDA Reconciliation to Adjusted EBITDA (in thousands) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | H1 2025 ($ thousands) | H1 2024 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | Net loss (GAAP) | $(28,836) | $(23,099) | $(48,025) | $(42,573) | | Adjustments | $6,611 | $466 | $4,345 | $(2,403) | | Adjusted EBITDA (Non-GAAP) | $(22,225) | $(22,633) | $(43,680) | $(43,180) | Reconciliation to Adjusted Total Operating Expenses (in thousands) | Metric | Q2 2025 ($ thousands) | Q2 2024 ($ thousands) | H1 2025 ($ thousands) | H1 2024 ($ thousands) | | :--- | :--- | :--- | :--- | :--- | | Total operating expenses (GAAP) | $30,471 | $26,805 | $56,069 | $50,434 | | Adjustments | $(6,704) | $(2,431) | $(9,444) | $(4,183) | | Adjusted total operating expenses (Non-GAAP) | $23,767 | $24,374 | $46,625 | $46,251 |