QSI Q2 2026 Earnings Call Summary

1Key Financial Results and Metrics

Revenue: $344,000 for Q2 2026, down from $591,000 in Q2 2025. Total revenue for the first half of 2026 was $602,000, compared to $1.4 million in the prior year.

Gross Profit: $172,000 in Q2 2026, with a gross margin of 50%. For the first half, gross profit was $246,000, resulting in a gross margin of 41%.

Operating Expenses: GAAP total operating expenses were $25.8 million in Q2 2026, down from $30.5 million in Q2 2025. Adjusted operating expenses were $22.6 million compared to $23.8 million in the prior year.

Net Loss: $23.5 million in Q2 2026, an improvement from a net loss of $28.8 million in Q2 2025. Adjusted EBITDA was negative $21.2 million.

Cash Position: As of June 30, 2026, cash, cash equivalents, and investments totaled $169.9 million, sufficient to support operations into Q4 2028.

2Strategic Updates and Business Highlights

Proteus Roadmap Update: The launch of the Proteus platform has been delayed from late 2026 to Q2 2027 due to the addition of an integrated instrument design cycle aimed at reducing manufacturing risks and improving product readiness.

Library Preparation Strategy: Transitioning from a generic kit to a suite of application-oriented kits to optimize sequencing performance for specific customer needs.

Market Preparation: The company has engaged over 250 institutions interested in Proteus, with positive feedback on its capabilities. They are also exploring applications in biopharma and non-human proteomics, identifying significant market opportunities.

3Forward Guidance and Outlook

Full Year 2026 Guidance: Revenue is expected to be approximately $1 million, with adjusted operating expenses capped at $98 million and total cash usage at $93 million or less.

Cost Management: Actions taken to reduce cash burn include a targeted reduction in workforce (approximately 20% of total headcount), expected to yield annual savings of about $12 million.

4Bad News, Challenges, or Points of Concern

Revenue Decline: Significant drop in revenue year-over-year, reflecting limited capital purchasing activity and ongoing consumable utilization issues.

Extended Timeline Risks: The delay in the Proteus launch raises concerns about execution risks and the potential impact on customer confidence and market positioning.

Operating Losses: Continued substantial net losses indicate challenges in achieving profitability in the near term.

Market Readiness: While there is interest in Proteus, the company must ensure that the product meets customer expectations upon launch to avoid damaging long-term value.

5Notable Q&A Insights

Customer Feedback: The decision to add an additional design cycle was driven by internal assessments rather than customer feedback, emphasizing the need for high-quality manufacturing and performance.

Early Access Program: The early access program has been delayed and is now expected to start in early 2027, following the completion of the additional design cycle.

Market Opportunities: The company sees substantial potential in the non-human proteomics market, particularly in pathogen detection and agricultural applications, which could exceed $4 billion annually.

AI Integration: There is growing interest in using proteomics data for AI model training, with the company positioning itself to leverage this trend as Proteus launches. This summary encapsulates the key points from the Q2 2026 earnings call, highlighting both the challenges and strategic initiatives that Quantum-Si is undertaking as it prepares for the launch of its Proteus platform.