QuantumSi(QSI) - 2025 Q4 - Annual Results

Financial Performance - For Q4 2025, Quantum-Si reported revenue of $0.5 million, with a gross profit of $0.1 million and a gross margin of 27%[4] - For the full year 2025, total revenue was $2.4 million, gross profit was $1.2 million, and gross margin was 47%[4] - The net loss for Q4 2025 was $17.6 million, an improvement from a net loss of $33.1 million in Q4 2024, with a full year net loss of $101.3 million compared to $101.0 million in the prior year[7] - Total revenue for Q4 2025 was $451 million, a decrease of 62% compared to $1,192 million in Q4 2024[24] - Gross profit for the year ended December 31, 2025, was $1,153 million, down from $1,600 million in 2024, reflecting a gross margin decline[24] - Net loss for Q4 2025 was $17,611 million, compared to a net loss of $33,121 million in Q4 2024, indicating an improvement in financial performance[27] - Adjusted EBITDA for the year ended December 31, 2025, was $(80,731) million, compared to $(92,836) million in 2024, showing a narrowing loss[27] - Total comprehensive loss for Q4 2025 was $17,671 million, compared to $33,229 million in Q4 2024, reflecting a significant reduction in overall losses[24] Operating Expenses - Total operating expenses for Q4 2025 were $21.2 million, down from $31.3 million in Q4 2024, while full year operating expenses were $117.3 million compared to $110.2 million in 2024[5][6] - Adjusted total operating expenses for 2026 are projected to be $98.0 million or less, with total cash usage expected to be $93.0 million or less[9] - One-time charges related to legacy litigation matters totaled $18.7 million for the year ended December 31, 2025[8] - Research and development expenses for the year ended December 31, 2025, totaled $53,759 million, down from $59,641 million in 2024[24] Cash and Liquidity - As of December 31, 2025, Quantum-Si had cash and cash equivalents totaling $215.8 million, providing sufficient runway to support operations into Q2 2028[11] Strategic Initiatives - Quantum-Si announced a list price of $425,000 for the Proteus platform, aimed at capturing premium value while being accessible to more customers[3] - The company expects 2026 revenue to be approximately $1.0 million, impacted by strategic actions taken ahead of the Proteus launch[9] - The company is embedding upgrade credits into Platinum Pro units sold in 2026 to facilitate a transition to the Proteus platform[9] Shareholder Information - The company reported a weighted-average share count of 209,185 million for Q4 2025, up from 146,239 million in Q4 2024, affecting per-share loss calculations[27] Other Financial Metrics - Interest income for the year ended December 31, 2025, was $8,964 million, slightly down from $9,638 million in 2024[24] - The company experienced a change in fair value of warrant liabilities, resulting in a gain of $4,202 million for the year ended December 31, 2025[27]