QuantumSi(QSI) - 2025 Q3 - Quarterly Results

Financial Performance - The Company reported revenue of $552,000 for Q3 2025, with a gross profit of $194,000 and a gross margin of 35%[5] - For the nine months ended September 30, 2025, total revenue was $2.0 million, with a gross profit of $1.0 million and a gross margin of 52%[5] - Total revenue for Q3 2025 was $552 million, a decrease of 30% compared to $787 million in Q3 2024[21] - Gross profit for Q3 2025 was $194 million, down from $367 million in Q3 2024, reflecting a gross margin of 35%[21] - Total cost of revenue for Q3 2025 was $358 million, down from $420 million in Q3 2024, indicating improved cost management[21] Operating Expenses - Total operating expenses for Q3 2025 were $40.0 million, compared to $28.5 million in Q3 2024, while adjusted total operating expenses were $21.4 million[7] - Total operating expenses increased to $39,967 million in Q3 2025, compared to $28,455 million in Q3 2024, primarily due to lease termination and legal settlement expenses[23] - Research and development expenses for Q3 2025 were $13,883 million, slightly down from $16,171 million in Q3 2024[21] - The company reported a significant increase in lease termination expense of $13,577 million in Q3 2025, compared to no such expense in Q3 2024[23] Net Loss - The net loss for Q3 2025 was $35.7 million, an increase from a net loss of $25.3 million in the same period last year[8] - Net loss for Q3 2025 was $35,703 million, compared to a net loss of $25,313 million in Q3 2024, resulting in a net loss per share of $0.17[21] - Adjusted EBITDA for Q3 2025 was negative $20.1 million, an improvement from negative $24.5 million in Q3 2024[8] - Adjusted EBITDA for Q3 2025 was $(20,068) million, an improvement from $(24,513) million in Q3 2024[23] - Comprehensive loss for Q3 2025 was $35,609 million, compared to a comprehensive loss of $25,153 million in Q3 2024[21] Cash Position - As of September 30, 2025, the Company had cash and cash equivalents of $230.5 million, expected to sustain operations into Q2 2028[9] Product Development - The Company successfully demonstrated sequencing on a prototype Proteus system and remains on track for the platform launch in the second half of 2026[4] - The version 4 Sequencing Kit was launched in early September, and the version 3 Library Prep Kit is on track for launch before year-end 2025[5] - The Company is utilizing a mix of instrument acquisition options to increase customer access and awareness of its technology[4] - The Company plans to provide updates on its Proteus platform development and future roadmap during the Investor and Analyst Day on November 19, 2025[4]