Quantum-Si Reports Fourth Quarter and Full Year 2025 Financial Results
Releases
Reiterates Proteus Development Program On Track for Year End 2026 Launch
Press Release Highlights
-
Reported fourth quarter revenue of
$451,000 - Reported on track development of the Proteus platform and related R&D programs to expand proteome coverage and enable broad PTM analysis capabilities
-
Announced list price for Proteus of
$425,000 - Announced 2026 Financial Guidance
“2025 was a year of significant progress as we continued to advance our technology through multiple new kit launches, expanding the installed base and consumable utilization of our first-generation Platinum Pro system, and delivered on our key strategic goal of demonstrating sequencing on our Proteus prototype system that exceeded our current technology across all key performance metrics,” said
Hawkins continued, “As we move through 2026, we expect tempered near‑term revenue based upon deliberate strategic choices. These include continuing to offer the placement program we initiated during 2025 and embedding upgrade credits into Platinum Pro units sold during 2026 to provide a clear path to Proteus for customers. While this approach moderates near‑term revenue, we believe it positions Proteus for a stronger launch and supports long‑term shareholder value creation.”
Fourth Quarter 2025 and Full Year 2025 Financial Results
For the fourth quarter of 2025, the Company recorded revenue of
Total operating expenses were
Net loss was
Included in total operating expenses and net loss were one‑time charges associated with legacy litigation matters that were reserved or settled during the year ended
As of
2026 Financial Guidance
For the full year 2026, the Company provided the following financial guidance:
|
Revenue: |
Approximately |
||
|
Adjusted total operating expenses: |
|
||
|
Total cash usage: |
|
The Company expects 2026 revenue to be impacted by deliberate strategic actions taken in advance of the anticipated Proteus launch. These actions include embedding upgrade credits into Platinum Pro units sold in 2026 to provide customers with a clear path to Proteus, as well as customers choosing to delay purchasing decisions as they plan for the Proteus platform. As a result, 2026 is expected to represent a transition year as the Company prioritizes positioning Proteus for a successful commercial launch and long‑term adoption. This revenue guidance reflects intentional tradeoffs designed to support market readiness and long‑term platform adoption and is not indicative of underlying demand or the Company’s long‑term growth opportunity.
Adjusted total operating expenses are expected to include all activities required to complete development and support of the commercial launch of the Proteus platform with its anticipated capabilities by the end of 2026. The Company expects to continue managing operating expenses with discipline while prioritizing investments directly tied to Proteus execution and launch readiness.
Total cash usage is expected to include operating expenses related to Proteus development, as well as modest inventory build and commercial readiness activities ahead of the anticipated Proteus launch.
The Company believes its cash, cash equivalents, and investments in marketable securities of
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, net lease termination expense, legal settlement expense, net of insurance proceeds, restructuring costs and other non-recurring operating expenses. In addition, adjusted EBITDA further excludes interest, taxes, depreciation, amortization, dividend and interest income, changes in fair value of warrant liabilities and other income or expense.
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 Securities and Exchange Commission (the “SEC”) on
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 |
$ |
21,639 |
|
|
$ |
49,241 |
|
|
Marketable securities, current |
|
141,271 |
|
|
|
160,362 |
|
|
Accounts receivable, net of allowance of |
|
561 |
|
|
|
1,333 |
|
|
Legal settlement insurance receivable |
|
4,638 |
|
|
|
— |
|
|
Inventory |
|
3,197 |
|
|
|
4,067 |
|
|
Prepaid expenses and other current assets |
|
4,554 |
|
|
|
3,006 |
|
|
Total current assets |
|
175,860 |
|
|
|
218,009 |
|
|
Marketable securities, non-current |
|
52,855 |
|
|
|
— |
|
|
Property and equipment, net |
|
13,194 |
|
|
|
15,993 |
|
|
Operating lease right-of-use assets |
|
3,464 |
|
|
|
13,061 |
|
|
Other assets |
|
234 |
|
|
|
808 |
|
|
Total assets |
$ |
245,607 |
|
|
$ |
247,871 |
|
|
Liabilities and Stockholders’ Equity |
|
|
|
||||
|
Current liabilities: |
|
|
|
||||
|
Accounts payable |
$ |
1,623 |
|
|
$ |
1,931 |
|
|
Accrued payroll and payroll-related costs |
|
5,903 |
|
|
|
5,331 |
|
|
Accrued contracted services |
|
3,356 |
|
|
|
2,379 |
|
|
Accrued legal settlement liability |
|
8,000 |
|
|
|
— |
|
|
Accrued expenses and other current liabilities |
|
1,505 |
|
|
|
4,848 |
|
|
Warrant liabilities, current |
|
794 |
|
|
|
— |
|
|
Current portion of operating lease liabilities |
|
1,844 |
|
|
|
3,698 |
|
|
Total current liabilities |
|
23,025 |
|
|
|
18,187 |
|
|
Warrant liabilities, non-current |
|
— |
|
|
|
4,995 |
|
|
Operating lease liabilities |
|
2,322 |
|
|
|
9,250 |
|
|
Other long-term liabilities |
|
34 |
|
|
|
19 |
|
|
Total liabilities |
|
25,381 |
|
|
|
32,451 |
|
|
Stockholders’ equity: |
|
|
|
||||
|
Class A Common stock, |
|
20 |
|
|
|
16 |
|
|
Class |
|
2 |
|
|
|
2 |
|
|
Additional paid-in capital |
|
918,190 |
|
|
|
811,998 |
|
|
Accumulated other comprehensive (loss) income |
|
(6 |
) |
|
|
45 |
|
|
Accumulated deficit |
|
(697,980 |
) |
|
|
(596,641 |
) |
|
Total stockholders’ equity |
|
220,226 |
|
|
|
215,420 |
|
|
Total liabilities and stockholders’ equity |
$ |
245,607 |
|
|
$ |
247,871 |
|
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share amounts) (unaudited) |
|||||||||||||||
|
|
Three months ended |
|
Years ended |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Revenue |
|
|
|
|
|
|
|
||||||||
|
Product |
$ |
415 |
|
|
$ |
1,149 |
|
|
$ |
2,286 |
|
|
$ |
2,925 |
|
|
Service |
|
36 |
|
|
|
43 |
|
|
|
150 |
|
|
|
133 |
|
|
Total revenue |
|
451 |
|
|
|
1,192 |
|
|
|
2,436 |
|
|
|
3,058 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cost of revenue |
|
|
|
|
|
|
|
||||||||
|
Product |
|
329 |
|
|
|
569 |
|
|
|
1,249 |
|
|
|
1,404 |
|
|
Service |
|
— |
|
|
|
13 |
|
|
|
34 |
|
|
|
54 |
|
|
Total cost of revenue |
|
329 |
|
|
|
582 |
|
|
|
1,283 |
|
|
|
1,458 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Gross profit |
|
122 |
|
|
|
610 |
|
|
|
1,153 |
|
|
|
1,600 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
|
Research and development |
|
10,946 |
|
|
|
16,988 |
|
|
|
53,759 |
|
|
|
59,641 |
|
|
Selling, general and administrative |
|
10,270 |
|
|
|
14,299 |
|
|
|
44,754 |
|
|
|
50,535 |
|
|
Lease termination expense, net |
|
— |
|
|
|
— |
|
|
|
13,577 |
|
|
|
— |
|
|
Legal settlement expense, net of insurance proceeds |
|
— |
|
|
|
— |
|
|
|
5,162 |
|
|
|
— |
|
|
Total operating expenses |
|
21,216 |
|
|
|
31,287 |
|
|
|
117,252 |
|
|
|
110,176 |
|
|
Loss from operations |
|
(21,094 |
) |
|
|
(30,677 |
) |
|
|
(116,099 |
) |
|
|
(108,576 |
) |
|
Dividend income |
|
155 |
|
|
|
152 |
|
|
|
697 |
|
|
|
1,728 |
|
|
Interest income |
|
2,067 |
|
|
|
2,065 |
|
|
|
8,964 |
|
|
|
9,638 |
|
|
Change in fair value of warrant liabilities |
|
279 |
|
|
|
(4,639 |
) |
|
|
4,202 |
|
|
|
(3,722 |
) |
|
Other income (expense), net |
|
990 |
|
|
|
(9 |
) |
|
|
955 |
|
|
|
(19 |
) |
|
Loss before provision for income taxes |
|
(17,603 |
) |
|
|
(33,108 |
) |
|
|
(101,281 |
) |
|
|
(100,951 |
) |
|
Provision for income taxes |
|
(8 |
) |
|
|
(13 |
) |
|
|
(58 |
) |
|
|
(56 |
) |
|
Net loss |
$ |
(17,611 |
) |
|
$ |
(33,121 |
) |
|
$ |
(101,339 |
) |
|
$ |
(101,007 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
Net loss per common share attributable to common stockholders, basic and diluted |
$ |
(0.08 |
) |
|
$ |
(0.23 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.71 |
) |
|
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
209,185 |
|
|
|
146,239 |
|
|
|
197,765 |
|
|
|
143,196 |
|
|
|
|
|
|
|
|
|
|
||||||||
|
Other comprehensive (loss) gain: |
|
|
|
|
|
|
|
||||||||
|
Net unrealized (loss) gain on marketable securities, net of tax |
$ |
(58 |
) |
|
$ |
(93 |
) |
|
$ |
(63 |
) |
|
$ |
70 |
|
|
Foreign currency translation adjustment |
|
(2 |
) |
|
|
(15 |
) |
|
|
12 |
|
|
|
(25 |
) |
|
Total other comprehensive (loss) gain, net of tax |
|
(60 |
) |
|
|
(108 |
) |
|
|
(51 |
) |
|
|
45 |
|
|
Comprehensive loss |
$ |
(17,671 |
) |
|
$ |
(33,229 |
) |
|
$ |
(101,390 |
) |
|
$ |
(100,962 |
) |
|
RECONCILIATION OF (in thousands) (unaudited) |
|||||||||||||||
|
|
Three months ended |
|
Years ended |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Net loss |
$ |
(17,611 |
) |
|
$ |
(33,121 |
) |
|
$ |
(101,339 |
) |
|
$ |
(101,007 |
) |
|
Adjustments to reconcile to EBITDA: |
|
|
|
|
|
|
|
||||||||
|
Dividend income |
|
(155 |
) |
|
|
(152 |
) |
|
|
(697 |
) |
|
|
(1,728 |
) |
|
Interest income |
|
(2,067 |
) |
|
|
(2,065 |
) |
|
|
(8,964 |
) |
|
|
(9,638 |
) |
|
Depreciation and amortization |
|
1,173 |
|
|
|
994 |
|
|
|
4,454 |
|
|
|
4,600 |
|
|
Provision for income taxes |
|
8 |
|
|
|
13 |
|
|
|
58 |
|
|
|
56 |
|
|
EBITDA |
|
(18,652 |
) |
|
|
(34,331 |
) |
|
|
(106,488 |
) |
|
|
(107,717 |
) |
|
Adjustments to reconcile to Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
|
Change in fair value of warrant liabilities |
|
(279 |
) |
|
|
4,639 |
|
|
|
(4,202 |
) |
|
|
3,722 |
|
|
Other (income) expense, net |
|
(990 |
) |
|
|
9 |
|
|
|
(955 |
) |
|
|
19 |
|
|
Stock-based compensation |
|
2,687 |
|
|
|
2,319 |
|
|
|
10,665 |
|
|
|
8,722 |
|
|
Lease termination expense, net |
|
— |
|
|
|
— |
|
|
|
13,577 |
|
|
|
— |
|
|
Legal settlement expense, net of insurance proceeds |
|
— |
|
|
|
— |
|
|
|
5,162 |
|
|
|
— |
|
|
Other non-recurring operating expenses |
|
252 |
|
|
|
— |
|
|
|
1,230 |
|
|
|
— |
|
|
Restructuring costs |
|
— |
|
|
|
2,221 |
|
|
|
280 |
|
|
|
2,418 |
|
|
Adjusted EBITDA |
$ |
(16,982 |
) |
|
$ |
(25,143 |
) |
|
$ |
(80,731 |
) |
|
$ |
(92,836 |
) |
|
|
Three months ended |
|
Years ended |
||||||||||||
|
|
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
|
Total operating expenses |
$ |
21,216 |
|
|
$ |
31,287 |
|
|
$ |
117,252 |
|
|
$ |
110,176 |
|
|
Adjustments to reconcile to Adjusted total operating expenses: |
|
|
|
|
|
|
|
||||||||
|
Stock-based compensation |
|
(2,687 |
) |
|
|
(2,319 |
) |
|
|
(10,665 |
) |
|
|
(8,722 |
) |
|
Lease termination expense, net |
|
— |
|
|
|
— |
|
|
|
(13,577 |
) |
|
|
— |
|
|
Legal settlement expense, net of insurance proceeds |
|
— |
|
|
|
— |
|
|
|
(5,162 |
) |
|
|
— |
|
|
Other non-recurring operating expenses |
|
(252 |
) |
|
|
— |
|
|
|
(1,230 |
) |
|
|
— |
|
|
Restructuring costs |
|
— |
|
|
|
(2,221 |
) |
|
|
(280 |
) |
|
|
(2,418 |
) |
|
Adjusted total operating expenses |
$ |
18,277 |
|
|
$ |
26,747 |
|
|
$ |
86,338 |
|
|
$ |
99,036 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20260303534840/en/
Investor and Media:
Chief Financial Officer
ir@quantum-si.com
Source:
