Quantum-Si Reports First Quarter 2025 Financial Results
Launches and Delivers First Platinum® Pro Units
Announces New Library Preparation Development Program
Press Release Highlights
-
First quarter 2025 revenue of
$842,000 , an 84% increase over the first quarter of 2024 - Launched and completed first deliveries of Platinum® Pro
- Announced on track development of Proteus™ Platform and v4 Sequencing Kit
- Announced development of a new v3 Library Preparation Kit with expected launch by end of 2025
- Expands international channel network
- Reaffirms cash runway into the second half of 2027
“We completed a productive quarter, including launching Platinum Pro, completing the training of Avantor, our North American channel partner, and solid progress across all of our development programs,” said
Hawkins continued, “In addition to our commercial progress, our R&D team continues to execute well, and our version 4 Sequencing Kit remains on track for Q3 2025 launch, and we remain on track to achieve successful protein sequencing on a prototype Proteus system by the end of 2025. Further, we have also launched the development of a version 3 Library Preparation Kit, which we expect to launch by the end of 2025. We remain confident in the long-term market opportunity in proteomics and the technology roadmap we are executing against to capitalize on that opportunity.”
First Quarter 2025 Financial Results
For the first quarter of 2025, the Company recorded revenue of
Total operating expenses were
Net loss was
The Company completed a
Webcast and Conference Call Information
About
Use of Non-GAAP Financial Measures
This press release presents the non-GAAP financial measures “adjusted total operating expenses” and “adjusted EBITDA.” The most directly comparable measures for these non-GAAP financial measures are total operating expenses and net loss. The Company has included below adjusted total operating expenses, which presents the Company’s total operating expenses after excluding stock-based compensation, restructuring costs and other non-recurring operating expenses. In addition, adjusted EBITDA further excludes interest, taxes, depreciation, amortization, dividend and interest income, and changes in fair value of warrant liabilities.
A discussion of the reasons why management believes that the presentation of non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition and results of operations is included as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The actual results of the Company may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and development and commercialization of products and services, its anticipated cash runway, anticipated data and product launches, investor confidence in
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and par value amounts) (unaudited) |
|||||||
|
|
|
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
37,293 |
|
|
$ |
49,241 |
|
Marketable securities |
|
195,308 |
|
|
|
160,362 |
|
Accounts receivable, net of allowance of |
|
1,032 |
|
|
|
1,333 |
|
Inventory |
|
4,423 |
|
|
|
4,067 |
|
Prepaid expenses and other current assets |
|
3,749 |
|
|
|
3,006 |
|
Total current assets |
|
241,805 |
|
|
|
218,009 |
|
Property and equipment, net |
|
16,179 |
|
|
|
15,993 |
|
Operating lease right-of-use assets |
|
12,430 |
|
|
|
13,061 |
|
Other assets |
|
808 |
|
|
|
808 |
|
Total assets |
$ |
271,222 |
|
|
$ |
247,871 |
|
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
1,894 |
|
|
$ |
1,931 |
|
Accrued payroll and payroll-related costs |
|
2,133 |
|
|
|
5,331 |
|
Accrued contracted services |
|
2,766 |
|
|
|
2,379 |
|
Accrued expenses and other current liabilities |
|
3,840 |
|
|
|
4,848 |
|
Current portion of operating lease liabilities |
|
1,936 |
|
|
|
3,698 |
|
Total current liabilities |
|
12,569 |
|
|
|
18,187 |
|
Warrant liabilities |
|
1,594 |
|
|
|
4,995 |
|
Operating lease liabilities |
|
10,118 |
|
|
|
9,250 |
|
Other long-term liabilities |
|
21 |
|
|
|
19 |
|
Total liabilities |
|
24,302 |
|
|
|
32,451 |
|
Stockholders’ equity: |
|
|
|
||||
Class A Common stock, |
|
16 |
|
|
|
16 |
|
Class |
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
862,734 |
|
|
|
811,998 |
|
Accumulated other comprehensive (loss) income |
|
(2 |
) |
|
|
45 |
|
Accumulated deficit |
|
(615,830 |
) |
|
|
(596,641 |
) |
Total stockholders’ equity |
|
246,920 |
|
|
|
215,420 |
|
Total liabilities and stockholders’ equity |
$ |
271,222 |
|
|
$ |
247,871 |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share amounts) (unaudited) |
|||||||
|
Three months ended |
||||||
|
|
2025 |
|
|
|
2024 |
|
Revenue |
|
|
|
||||
Product |
$ |
808 |
|
|
$ |
428 |
|
Service |
|
34 |
|
|
|
29 |
|
Total revenue |
|
842 |
|
|
|
457 |
|
|
|
|
|
||||
Cost of revenue |
|
|
|
||||
Product |
|
337 |
|
|
|
170 |
|
Service |
|
19 |
|
|
|
18 |
|
Total cost of revenue |
|
356 |
|
|
|
188 |
|
|
|
|
|
||||
Gross profit |
|
486 |
|
|
|
269 |
|
Operating expenses: |
|
|
|
||||
Research and development |
|
13,717 |
|
|
|
12,101 |
|
Selling, general and administrative |
|
11,881 |
|
|
|
11,528 |
|
Total operating expenses |
|
25,598 |
|
|
|
23,629 |
|
Loss from operations |
|
(25,112 |
) |
|
|
(23,360 |
) |
Dividend and interest income |
|
2,547 |
|
|
|
3,574 |
|
Change in fair value of warrant liabilities |
|
3,401 |
|
|
|
319 |
|
Other expense, net |
|
(14 |
) |
|
|
(7 |
) |
Loss before provision for income taxes |
|
(19,178 |
) |
|
|
(19,474 |
) |
Provision for income taxes |
|
(11 |
) |
|
|
— |
|
Net loss |
$ |
(19,189 |
) |
|
$ |
(19,474 |
) |
|
|
|
|
||||
Net loss per common share attributable to common stockholders, basic and diluted |
$ |
(0.11 |
) |
|
$ |
(0.14 |
) |
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
182,303 |
|
|
|
141,773 |
|
|
|
|
|
||||
Other comprehensive (loss) income: |
|
|
|
||||
Net unrealized loss on marketable securities, net of tax |
$ |
(53 |
) |
|
$ |
(28 |
) |
Foreign currency translation adjustment |
|
6 |
|
|
|
(5 |
) |
Total other comprehensive loss, net of tax |
|
(47 |
) |
|
|
(33 |
) |
Comprehensive loss |
$ |
(19,236 |
) |
|
$ |
(19,507 |
) |
RECONCILIATION OF (in thousands) (unaudited) |
|||||||
|
Three months ended |
||||||
|
|
2025 |
|
|
|
2024 |
|
Net loss |
$ |
(19,189 |
) |
|
$ |
(19,474 |
) |
Adjustments to reconcile to EBITDA: |
|
|
|
||||
Dividend and interest income |
|
(2,547 |
) |
|
|
(3,574 |
) |
Depreciation and amortization |
|
917 |
|
|
|
1,061 |
|
Income tax provision |
|
11 |
|
|
|
— |
|
EBITDA |
|
(20,808 |
) |
|
|
(21,987 |
) |
Adjustments to reconcile to Adjusted EBITDA: |
|
|
|
||||
Change in fair value of warrant liabilities |
|
(3,401 |
) |
|
|
(319 |
) |
Stock-based compensation |
|
2,362 |
|
|
|
1,609 |
|
Restructuring costs |
|
134 |
|
|
|
143 |
|
Other non-recurring operating expenses |
|
244 |
|
|
|
— |
|
Other expense, net |
|
14 |
|
|
|
7 |
|
Adjusted EBITDA |
$ |
(21,455 |
) |
|
$ |
(20,547 |
) |
|
Three months ended |
||||||
|
|
2025 |
|
|
|
2024 |
|
Total operating expenses |
$ |
25,598 |
|
|
$ |
23,629 |
|
Adjustments to reconcile to Adjusted total operating expenses: |
|
|
|
||||
Stock-based compensation |
|
(2,362 |
) |
|
|
(1,609 |
) |
Restructuring costs |
|
(134 |
) |
|
|
(143 |
) |
Other non-recurring operating expenses |
|
(244 |
) |
|
|
— |
|
Adjusted total operating expenses |
$ |
22,858 |
|
|
$ |
21,877 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250515717370/en/
Investor Contact:
Chief Financial Officer
ir@quantum-si.com
Media Contact:
SVP, Commercial Marketing
media@quantum-si.com
Source: