Quantum-Si Reports Fourth Quarter and Full Year 2024 Financial Results

BRANFORD, Conn. -- (BUSINESS WIRE) -- March 3, 2025 -- Quantum-Si Incorporated (Nasdaq: QSI) (“Quantum-Si,” “QSI” or the “Company”), The Protein Sequencing Company™, today announced financial results for the fourth quarter and full year ended December 31, 2024.

“I am very pleased with how we closed out 2024, delivering our first quarter in excess of $1 million in revenue, the launch of our version 2 Library Preparation Kit and our new Barcoding Kit. We also had a very successful investor and analyst day where we showcased our technology roadmap and announced our next generation Proteus™ development program and related commercial and development partnerships” said Jeff Hawkins, President and Chief Executive Officer of Quantum-Si. “Further, with this momentum, in the fourth quarter of 2024 and first week of 2025 we were able to raise over $86 million in capital in a generally challenging macro market, which demonstrates the overall confidence in Quantum-Si and our strategic roadmap.”

Hawkins continued, “Building on our progress in 2024, we expect to achieve even greater results in 2025. We are very focused on commercial execution with the launch of our Platinum® Pro instrument in January, our Avantor North American commercial distribution relationship coming online during Q1, and our international distribution partner network in place. With all these milestones and more expected in 2025, we anticipate significant revenue growth in 2025. In addition, there is a strong pipeline of scientific data that we expect to be released throughout the year, a version 4 of our Sequencing Kit, amongst other initiatives and new product launches. These are all designed to maximize customer adoption during 2025 and beyond.”

For the fourth quarter of 2024, the Company recorded revenue of $1.2 million. Gross profit was $0.6 million and gross margin was 51%. For the full year ended December 31, 2024, the Company recorded revenue of $3.1 million, gross profit of $1.6 million, and gross margin of 52%. The periodic gross margin rate is expected to be variable in the near term as the Company works through the initial stages of commercialization as well as the timing and mix of product sales between instruments and consumable kits. Fourth quarter revenue momentum was strong, with some impact from year end pricing incentives and customers closing out their 2024 budgets.

Total operating expenses were $31.3 million in the fourth quarter of 2024, compared to $28.1 million for the same period in the prior year, and $110.2 million for the full year ended December 31, 2024, compared to $111.7 million for the same period in the prior year.

Adjusted total operating expenses were $26.7 million in the fourth quarter of 2024 compared to $26.3 million for the same period in the prior year, and adjusted total operating expenses for the full year ended December 31, 2024 were $99.0 million compared to $98.9 million for the same period in the prior year. Over the course of 2024, the Company has continued to optimize its adjusted operating expense spend, keeping total spend flat year-over-year, while funding the ramp up in commercialization efforts. These optimization efforts continued in the fourth quarter of 2024, with a restructuring program to further streamline and focus corporate resources, as well as align required resources to focus on its recently announced Proteus platform development.

Net loss was $33.1 million in the fourth quarter of 2024, compared to a net loss of $22.0 million in the same period of the prior year, and a net loss of $101.0 million for the full year ended December 31, 2024, compared to a net loss of $96.0 million for the same period in the prior year. Adjusted EBITDA was negative $25.1 million in the fourth quarter of 2024, compared to negative $25.1 million in the same period of the prior year, and negative $92.8 million for the year ended December 31, 2024, compared to negative $94.3 million for the same period in the prior year. Reconciliations of the non-GAAP financial measures adjusted total operating expenses and adjusted EBITDA are provided in the tables included in this press release.

As of December 31, 2024, the Company’s cash and cash equivalents and investments in marketable securities were $209.6 million. In addition, when including the incremental gross $50.0 million raised on January 6, 2025, the Company now believes that it has sufficient capital to carry the Company into the second half of 2027.

Quantum-Si will host a conference call to discuss its fourth quarter and full year 2024 financial results on Monday, March 3, 2025, at 4:30 p.m. Eastern Time. Individuals interested in listening to the conference call may do so by joining the live webcast in the Investors section of the Quantum-Si website under Events & Presentations. Alternatively, individuals can register here to receive a dial-in number and personalized PIN to participate in the call. An archived webcast of the event will be available for replay following the event.

Quantum-Si, The Protein Sequencing Company™, is focused on revolutionizing the growing field of proteomics. The Company’s Platinum® instruments enable Next-Generation Protein Sequencing™ that advances proteomic research, drug discovery, and diagnostics beyond what has been possible with existing proteomic tools. Learn more at quantum-si.com or follow us on LinkedIn or X.

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 and restructuring costs. In addition, adjusted EBITDA further excludes interest, taxes, depreciation, amortization, dividend and interest income, unrealized and realized gains and losses on trading securities, changes in fair value of warrant liabilities, stock-based compensation, restructuring costs 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 March 3, 2025.

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 Quantum-Si and our strategic roadmap, and any financial guidance for 2025. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the inability to maintain the listing of the Company’s Class A common stock on The Nasdaq Stock Market; the ability of the Company to grow and manage growth profitably and retain its key employees; the Company’s ongoing leadership transitions; changes in applicable laws or regulations; the ability of the Company to raise financing in the future; the success, cost and timing of the Company’s product development and commercialization activities; the commercialization and adoption of the Company’s existing products and the success of any product the Company may offer in the future; the potential attributes and benefits of the Company’s commercialized Platinum® protein sequencing instruments and kits and the Company’s other products once commercialized; the Company’s ability to obtain and maintain regulatory approval for its products, and any related restrictions and limitations of any approved product; the Company’s ability to identify, in-license or acquire additional technology; the Company’s ability to maintain its existing lease, license, manufacture and supply agreements; the Company’s ability to compete with other companies currently marketing or engaged in the development or commercialization of products and services that serve customers engaged in proteomic analysis, many of which have greater financial and marketing resources than the Company; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets once commercialized, either alone or in partnership with others; the Company’s estimates regarding future expenses, future revenue, capital requirements and needs for additional financing; the Company’s financial performance; and other risks and uncertainties described under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and in the Company’s other filings with the SEC. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.

Jeff Keyes

Chief Financial Officer

ir@quantum-si.com

Katherine Atkinson

SVP, Commercial Marketing

media@quantum-si.com

Source: Quantum-Si Incorporated

In addition to financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), information containing non-GAAP financial measures for Quantum-Si Incorporated (the “Company”) was disclosed in the Company’s press release (the “Press Release”) dated March 3, 2025 announcing results for the fourth quarter and full year ended December 31, 2024, that accompany a conference call to be held by the Company on March 3, 2025. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Management encourages readers to rely upon the reported GAAP results but includes the non-GAAP financial measures as supplemental metrics to assist readers. Definitions of the non-GAAP financial measures are included in the Press Release.

In the Press Release, the Company presented the non-GAAP financial measures “adjusted total operating expenses” and “adjusted EBITDA.” Company management uses these non-GAAP financial measures to evaluate the Company’s performance. As the Company’s core business is developing and commercializing products associated with proteomics sequencing, Company management finds it useful to use adjusted total operating expenses, which excludes stock-based compensation and restructuring costs. While the Company may have these types of items and charges in the future, Company management believes they are not reflective of the day-to-day core operations of the Company and relate more to strategic, multi-year corporate actions, without predictable trends, and that may obscure the trends and financial performance of the Company’s core business. In the case of “adjusted EBITDA,” Company management believes the exclusion of interest, taxes, depreciation, amortization, dividend and interest income, unrealized and realized gains and losses on trading securities, changes in fair value of warrant liabilities, stock-based compensation, restructuring costs and other income or expense is a very common measure utilized in the investment community and it helps Company management benchmark its operations and results with the industry.

The limitation associated with using these non-GAAP financial measures is that these measures exclude items that impact the Company’s current period operating results. This limitation is best addressed by using these non-GAAP financial measures in combination with “total operating expenses” and “net loss,” (the most comparable GAAP measures) because these non-GAAP financial measures do not reflect items that impact current period operating results and may be higher or lower than the most comparable GAAP measure.