Summary of Quantum-Si (QSIAW) Q4 2025 Earnings Call

1Key Financial Results and Metrics

Q4 2025 Revenue: $451,000, impacted by capital sales headwinds.

Full Year 2025 Revenue: $2.4 million, with a gross profit of $1.2 million and a gross margin of 47%.

Q4 Gross Margin: 27%, affected by revenue mix and inventory adjustments.

Operating Expenses: Q4 GAAP total operating expenses were $21.2 million, down from $31.3 million in Q4 2024. Full year operating expenses were $117.3 million, up from $110.2 million in 2024.

Cash Position: $215.8 million in cash, cash equivalents, and marketable securities as of December 31, 2025.

2Strategic Updates and Business Highlights

Corporate Priorities for 2025: Focus on accelerating commercial adoption, delivering on innovation road map, and preserving financial strength.

Consumable Utilization: Aiming for a 25% increase in consumable kits run by customers in 2026, with revenue primarily from consumables and services.

Proteus Development: Preparing for the launch of the Proteus system at the end of 2026, with a list price set at $425,000. The company is focusing on market preparation and customer engagement.

Publication Pipeline: Five manuscripts submitted in 2025, with three published in early 2026, showcasing diverse applications of the technology.

3Forward Guidance and Outlook

2026 Revenue Guidance: Expected to be approximately $1 million, with adjusted operating expenses of $98 million or less.

Cash Usage: Anticipated to be $93 million or less in 2026.

Transition Year: 2026 is viewed as a transition year focusing on consumable revenue and preparing for Proteus rather than maximizing near-term capital sales.

4Bad News, Challenges, or Points of Concern

Capital Sales Headwinds: Ongoing delays in NIH funding and uncertainty in the budget are impacting capital expenditures.

Limited Capital Sales: Anticipated modest sales of the first-generation Platinum Pro instruments due to focus on Proteus.

Lower Gross Margins: Expected to be lower than the historical range of 40%-50% due to the revenue mix and potential deferred revenue from credits offered for future Proteus purchases.

5Notable Q&A Insights

Consumable Trends: Customers are purchasing consumables consistently, with an expectation of increased utilization.

Proteus Launch Curve: Anticipated to follow a typical S-curve adoption pattern, with existing Platinum users likely transitioning first.

Customer Feedback: Customers are hesitant to invest in Platinum machines with Proteus on the horizon, leading to a focus on consumable sales and placements.

Sales Strategy: The company is considering the potential for pooled funding among smaller labs to acquire Proteus.

Risks to Launch: Technical risks have been mitigated, but hardware integration and manufacturing quality remain key areas to monitor for potential delays. Overall, Quantum-Si is navigating a challenging market environment while preparing for a significant product launch in 2026, with a strategic focus on consumables and customer engagement to drive future growth.