Quantum-Si Reports Third Quarter 2024 Financial Results
Quantum-Si (QSI) reported Q3 2024 financial results with revenue of $787,000 and gross margin of 47%. The company experienced sales pipeline acceleration but noted lengthening sales cycles, making it unlikely to achieve the full-year revenue guidance of $3.7-4.2 million. Operating expenses were $28.5 million, with a net loss of $25.3 million. Cash position stands at $196.3 million, providing runway into H2 2026. New library preparation and barcoding kits remain on track for Q4 launch. The company appointed Todd Bennett as CCO, highlighting improved commercial execution despite market challenges.
Quantum-Si (QSI) ha riportato i risultati finanziari del terzo trimestre 2024, con ricavi di $787,000 e un margine lordo del 47%. L'azienda ha registrato un'accelerazione nel pipeline di vendita, ma ha notato l'allungamento dei cicli di vendita, rendendo improbabile il raggiungimento della previsione di ricavi per l'intero anno di $3.7-4.2 milioni. Le spese operative sono state di $28.5 milioni, con una perdita netta di $25.3 milioni. La posizione di cassa si attesta a $196.3 milioni, garantendo un margine di manovra fino al secondo semestre del 2026. I nuovi kit di preparazione delle librerie e di codifica rimangono programmati per il lancio nel quarto trimestre. L'azienda ha nominato Todd Bennett come CCO, evidenziando un miglioramento nell'esecuzione commerciale nonostante le sfide di mercato.
Quantum-Si (QSI) reportó los resultados financieros del tercer trimestre de 2024, con ingresos de $787,000 y un margen bruto del 47%. La empresa experimentó una aceleración en el pipeline de ventas, pero notó que los ciclos de venta se están alargando, lo que hace poco probable alcanzar la guía de ingresos del año completo de $3.7-4.2 millones. Los gastos operativos fueron de $28.5 millones, con una pérdida neta de $25.3 millones. La posición de efectivo se sitúa en $196.3 millones, proporcionando margen hasta la segunda mitad de 2026. Los nuevos kits de preparación de bibliotecas y codificación siguen según lo previsto para su lanzamiento en el cuarto trimestre. La empresa nombró a Todd Bennett como CCO, destacando una mejora en la ejecución comercial a pesar de los desafíos del mercado.
Quantum-Si (QSI)는 2024년 3분기 재무 결과를 보고하며, 수익이 $787,000, 총 마진이 47%임을 밝혔다. 회사는 판매 파이프라인이 가속화되었지만, 판매 주기가 길어지고 있어 연간 수익 목표인 $3.7-4.2백만 달러를 달성할 가능성이 낮다고 언급했습니다. 운영 비용은 $28.5백만 달러였으며, 순손실은 $25.3백만 달러에 달합니다. 현금 보유액은 $196.3백만으로 2026년 하반기까지의 운영 자금을 보장합니다. 새로운 라이브러리 준비 및 바코딩 키트는 4분기 출시를 위해 예정대로 진행 중입니다. 회사는 Todd Bennett를 CCO로 임명하여 시장의 도전에도 불구하고 상업적 실행이 향상되었음을 강조했습니다.
Quantum-Si (QSI) a rapporté les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires de $787,000 et une marge brute de 47%. L'entreprise a connu une accélération de son pipeline de ventes, mais a noté que les cycles de vente s'allongent, rendant peu probable l'atteinte des prévisions de revenus annuels de $3.7-4.2 millions. Les frais d'exploitation se sont élevés à $28.5 millions, avec une perte nette de $25.3 millions. La position de trésorerie s'élève à $196.3 millions, offrant une marge de manœuvre jusqu'au deuxième semestre 2026. De nouveaux kits de préparation de bibliothèques et de codage restent sur la bonne voie pour un lancement au quatrième trimestre. L'entreprise a nommé Todd Bennett en tant que CCO, soulignant une meilleure exécution commerciale malgré les défis du marché.
Quantum-Si (QSI) berichtete über die finanziellen Ergebnisse des dritten Quartals 2024, mit einem Umsatz von $787,000 und einer Bruttomarge von 47%. Das Unternehmen erlebte eine Beschleunigung des Verkaufspipelines, stellte jedoch fest, dass sich die Verkaufszyklen verlängern, was es unwahrscheinlich macht, die jährliche Umsatzprognose von $3.7-4.2 Millionen zu erreichen. Die Betriebskosten betrugen $28.5 Millionen, mit einem Nettoverlust von $25.3 Millionen. Die Liquiditätsposition liegt bei $196.3 Millionen, was einen Spielraum bis ins zweite Halbjahr 2026 bietet. Neue Bibliotheksvorbereitung und Etikettierungskits sind weiterhin auf Kurs für den Launch im vierten Quartal. Das Unternehmen ernannte Todd Bennett zum CCO und hob die verbesserte kommerzielle Umsetzung trotz der Marktherausforderungen hervor.
- Gross margin of 47% in Q3 2024
- Strong cash position of $196.3 million providing runway into H2 2026
- Successful reduction in year-to-date adjusted operating expenses while funding commercialization
- Accelerating sales pipeline under new CCO leadership
- Unlikely to meet full-year revenue guidance of $3.7-4.2 million
- Q3 2024 net loss of $25.3 million
- Lengthening sales cycles observed in Q3
- Operating expenses increased to $28.5 million from $27.3 million year-over-year
Insights
The Q3 results reveal concerning trends. Revenue of
Operating expenses increased to
The proteomics market entry shows mixed signals. While securing the first CRO customer demonstrates market expansion, the extended sales cycles align with broader life sciences tools sector challenges. The upcoming product launches of library preparation and barcoding kits could enhance market penetration, but current adoption metrics suggest a slower ramp than initially projected.
The integration with Liberate Bio for gene therapy applications highlights potential market diversification, though meaningful revenue impact likely remains distant. The
Sales Pipeline is Accelerating and New Kits Remain on Track for Q4 Launch
Press Release Highlights
-
Reported revenue of
for the third quarter of 2024$787,000 - Announced that Liberate Bio has integrated Platinum® Next-Generation Sequencing into their platform for developing novel gene therapies with improved targeting capabilities
- Announced appointments of industry veteran Todd Bennett as Chief Commercial Officer (“CCO”), John Vieceli, Ph.D. as Chief Product Officer and Lindsay Thompson as Chief Human Resources Officer
-
Highlighted Platinum-based advances in proteomic analysis presented at Human Proteome Organization World Congress 2024 in Dresden,
Germany -
Highlighted a manuscript from researchers at the University of
Virginia published on BioRxiv highlighting Platinum’s capability to discriminate peptide variants at single amino acid resolution - New library preparation kit and barcoding kit remain on track for launch before year end
- Highlighted the Company’s upcoming Investor Day on Wednesday, November 20, 2024, beginning at 10:00 a.m. ET
“We are pleased to see continued adoption of Platinum across multiple market segments, including academic research, pharma/biotech and most recently, adoption by our first customer from the contract research organization market. Under the leadership of our new CCO, there has been clear improvement in commercial execution and the overall acceleration of our sales pipeline,” said Jeff Hawkins, President and Chief Executive Officer of Quantum-Si. “Even with this acceleration, we, like others in the tools space, have observed some lengthening of the sales cycle in the third quarter, making it likely that we will not achieve our full year guided revenue range of
Hawkins continued, “In addition, we continue to execute on our innovation roadmap and are on track to deliver two new kits by end of the year, which we believe will continue to drive broader market adoption. We are looking forward to revealing more details on our exciting technology roadmap and expanding commercial opportunities at our upcoming Investor Day on November 20th.”
Third Quarter 2024 Financial Results
For the third quarter of 2024, the Company recorded revenue of
Total operating expenses were
Net loss was
As of September 30, 2024, the Company’s cash and cash equivalents and investments in marketable securities were
Financial Guidance
The Company provided updated full year 2024 financial guidance for adjusted operating expenses and cash usage as follows:
Adjusted total operating expenses |
Approximately |
|||
Total cash usage |
Approximately |
The Company also updated its expectation that the balance in cash and cash equivalents and investments in marketable securities of
Webcast and Conference Call Information
Quantum-Si will host a conference call to discuss its third quarter 2024 financial results on Tuesday, November 12, 2024, at 8:00 a.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.
Investor Day
The Company will host an Investor Day on Wednesday, November 20th beginning at 10:00 a.m. ET. To access the event, a live audio webcast will be available on the Investors section of the Company’s website.
About Quantum-Si Incorporated
Quantum-Si, The Protein Sequencing Company™, is focused on revolutionizing the growing field of proteomics. The Company’s Platinum® instrument enables 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.
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 goodwill impairment, stock-based compensation and restructuring costs. In addition, adjusted EBITDA further excludes interest, taxes, depreciation, amortization, dividend income, unrealized and realized gains and losses on marketable securities, 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 November 12, 2024.
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 and its financial guidance for the full year 2024. 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 instrument 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.
QUANTUM-SI INCORPORATED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share and par value amounts) (unaudited) |
|||||||
|
September 30,
|
|
December 31,
|
||||
Assets |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
42,268 |
|
|
$ |
133,860 |
|
Marketable securities |
|
154,076 |
|
|
|
123,876 |
|
Accounts receivable, net of allowance of |
|
1,022 |
|
|
|
368 |
|
Inventory |
|
4,091 |
|
|
|
3,945 |
|
Prepaid expenses and other current assets |
|
4,371 |
|
|
|
4,261 |
|
Total current assets |
|
205,828 |
|
|
|
266,310 |
|
Property and equipment, net |
|
16,254 |
|
|
|
16,275 |
|
Internally developed software, net |
|
— |
|
|
|
532 |
|
Operating lease right-of-use assets |
|
13,677 |
|
|
|
14,438 |
|
Other assets |
|
695 |
|
|
|
695 |
|
Total assets |
$ |
236,454 |
|
|
$ |
298,250 |
|
Liabilities and stockholders’ equity |
|
|
|
||||
Current liabilities: |
|
|
|
||||
Accounts payable |
$ |
2,153 |
|
|
$ |
1,766 |
|
Accrued payroll and payroll-related costs |
|
4,603 |
|
|
|
4,943 |
|
Accrued contracted services |
|
2,133 |
|
|
|
1,519 |
|
Accrued expenses and other current liabilities |
|
2,839 |
|
|
|
1,815 |
|
Current portion of operating lease liabilities |
|
3,614 |
|
|
|
1,566 |
|
Total current liabilities |
|
15,342 |
|
|
|
11,609 |
|
Warrant liabilities |
|
357 |
|
|
|
1,274 |
|
Operating lease liabilities |
|
10,211 |
|
|
|
13,737 |
|
Other long-term liabilities |
|
24 |
|
|
|
11 |
|
Total liabilities |
|
25,934 |
|
|
|
26,631 |
|
|
|
|
|
||||
Stockholders’ equity |
|
|
|
||||
Class A Common stock, |
|
12 |
|
|
|
12 |
|
Class B Common stock, |
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
773,873 |
|
|
|
767,239 |
|
Accumulated other comprehensive loss |
|
153 |
|
|
|
- |
|
Accumulated deficit |
|
(563,520 |
) |
|
|
(495,634 |
) |
Total stockholders’ equity |
|
210,520 |
|
|
|
271,619 |
|
Total liabilities and stockholders’ equity |
$ |
236,454 |
|
|
$ |
298,250 |
|
QUANTUM-SI INCORPORATED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except per share amounts) (unaudited) |
|||||||||||||||
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
||||||||
Product |
$ |
764 |
|
|
$ |
216 |
|
|
$ |
1,776 |
|
|
$ |
654 |
|
Service |
|
23 |
|
|
|
7 |
|
|
|
90 |
|
|
|
28 |
|
Total revenue |
|
787 |
|
|
|
223 |
|
|
|
1,866 |
|
|
|
682 |
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue |
|
420 |
|
|
|
115 |
|
|
|
876 |
|
|
|
372 |
|
|
|
|
|
|
|
|
|
||||||||
Gross profit |
|
367 |
|
|
|
108 |
|
|
|
990 |
|
|
|
310 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
16,171 |
|
|
|
16,587 |
|
|
|
42,653 |
|
|
|
50,588 |
|
Selling, general and administrative |
|
12,284 |
|
|
|
10,696 |
|
|
|
36,236 |
|
|
|
33,010 |
|
Total operating expenses |
|
28,455 |
|
|
|
27,283 |
|
|
|
78,889 |
|
|
|
83,598 |
|
Loss from operations |
|
(28,088 |
) |
|
|
(27,175 |
) |
|
|
(77,899 |
) |
|
|
(83,288 |
) |
Dividend and interest income |
|
2,688 |
|
|
|
2,572 |
|
|
|
9,149 |
|
|
|
7,274 |
|
Unrealized gain on trading securities |
|
— |
|
|
|
1,953 |
|
|
|
— |
|
|
|
8,302 |
|
Realized loss on trading securities |
|
— |
|
|
|
(1,901 |
) |
|
|
— |
|
|
|
(6,489 |
) |
Change in fair value of warrant liabilities |
|
121 |
|
|
|
(162 |
) |
|
|
917 |
|
|
|
(81 |
) |
Other income (expense), net |
|
9 |
|
|
|
(15 |
) |
|
|
(10 |
) |
|
|
370 |
|
Loss before provision for income taxes |
|
(25,270 |
) |
|
|
(24,728 |
) |
|
|
(67,843 |
) |
|
|
(73,912 |
) |
Provision for income taxes |
|
(43 |
) |
|
|
— |
|
|
|
(43 |
) |
|
|
— |
|
Net loss |
$ |
(25,313 |
) |
|
$ |
(24,728 |
) |
|
$ |
(67,886 |
) |
|
$ |
(73,912 |
) |
|
|
|
|
|
|
|
|
||||||||
Net loss per common share attributable to common stockholders, basic and diluted |
$ |
(0.18 |
) |
|
$ |
(0.17 |
) |
|
$ |
(0.48 |
) |
|
$ |
(0.52 |
) |
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted |
|
142,399 |
|
|
|
141,660 |
|
|
|
142,039 |
|
|
|
141,154 |
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive gain (loss): |
|
|
|
|
|
|
|
||||||||
Net unrealized gain on marketable securities, net of tax |
$ |
163 |
|
|
$ |
— |
|
|
$ |
163 |
|
|
$ |
— |
|
Foreign currency translation adjustment |
|
(3 |
) |
|
|
— |
|
|
|
(10 |
) |
|
|
— |
|
Total other comprehensive gain, net of tax |
|
160 |
|
|
|
— |
|
|
|
153 |
|
|
|
— |
|
Comprehensive loss |
$ |
(25,153 |
) |
|
$ |
(24,728 |
) |
|
$ |
(67,733 |
) |
|
$ |
(73,912 |
) |
QUANTUM-SI INCORPORATED
RECONCILIATION OF (in thousands) (unaudited) |
|||||||||||||||
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Net loss |
$ |
(25,313 |
) |
|
$ |
(24,728 |
) |
|
$ |
(67,886 |
) |
|
$ |
(73,912 |
) |
Adjustments to reconcile to EBITDA: |
|
|
|
|
|
|
|
||||||||
Dividend and interest income |
|
(2,688 |
) |
|
|
(2,572 |
) |
|
|
(9,149 |
) |
|
|
(7,274 |
) |
Depreciation and amortization |
|
1,158 |
|
|
|
1,170 |
|
|
|
3,606 |
|
|
|
3,063 |
|
Income tax provision |
|
43 |
|
|
|
— |
|
|
|
43 |
|
|
|
— |
|
EBITDA |
|
(26,800 |
) |
|
|
(26,130 |
) |
|
|
(73,386 |
) |
|
|
(78,123 |
) |
Adjustments to reconcile to Adjusted EBITDA: |
|
|
|
|
|
|
|
||||||||
Unrealized gain on trading securities |
|
— |
|
|
|
(1,953 |
) |
|
|
— |
|
|
|
(8,302 |
) |
Realized loss on trading securities |
|
— |
|
|
|
1,901 |
|
|
|
— |
|
|
|
6,489 |
|
Change in fair value of warrant liabilities |
|
(121 |
) |
|
|
162 |
|
|
|
(917 |
) |
|
|
81 |
|
Other (income) expense, net |
|
(9 |
) |
|
|
15 |
|
|
|
10 |
|
|
|
(370 |
) |
Stock-based compensation |
|
2,394 |
|
|
|
1,141 |
|
|
|
6,403 |
|
|
|
6,914 |
|
Restructuring costs |
|
23 |
|
|
|
2,251 |
|
|
|
197 |
|
|
|
4,131 |
|
Adjusted EBITDA |
$ |
(24,513 |
) |
|
$ |
(22,613 |
) |
|
$ |
(67,693 |
) |
|
$ |
(69,180 |
) |
|
Three months ended
|
|
Nine months ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Total operating expenses |
$ |
28,455 |
|
|
$ |
27,283 |
|
|
$ |
78,889 |
|
|
$ |
83,598 |
|
Adjustments to reconcile to Adjusted total operating expenses: |
|
|
|
|
|
|
|
||||||||
Stock-based compensation |
|
(2,394 |
) |
|
|
(1,141 |
) |
|
|
(6,403 |
) |
|
|
(6,914 |
) |
Restructuring costs |
|
(23 |
) |
|
|
(2,251 |
) |
|
|
(197 |
) |
|
|
(4,131 |
) |
Adjusted total operating expenses |
$ |
26,038 |
|
|
$ |
23,891 |
|
|
$ |
72,289 |
|
|
$ |
72,553 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112920059/en/
Investor Contact:
Doug Farrell
VP, Investor Relations
ir@quantum-si.com
Media Contact:
Katherine Atkinson
SVP, Commercial Marketing
media@quantum-si.com
Source: Quantum-Si Incorporated
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