QSI · Quantum-Si incorporated

Quantum-Si's first quarter 2026 results reflect a deliberate strategic pivot toward the upcoming Proteus platform launch, with revenue declining to $258,000 from $842,000 in the prior year quarter. The company attributed the drop to customers delaying purchases in anticipation of Proteus and the inclusion of upgrade credits in Platinum Pro units sold. Gross margin fell to 29% from 58% a year ago, likely due to lower revenue and product mix. Total operating expenses decreased slightly to $24.1 million from $25.6 million, driven by lower SG&A costs, while R&D spending increased to $14.5 million to support Proteus development. Net loss widened to $21.7 million from $19.2 million, but adjusted EBITDA improved to negative $20.1 million from negative $21.5 million, reflecting cost discipline. Management highlighted key Proteus milestones: automated sequencing on integrated instruments, detection of 17 amino acids, and sequencing of first customer samples. The company reiterated full-year 2026 guidance of approximately $1.0 million in revenue, adjusted operating expenses of $98 million or less, and total cash usage of $93 million or less. With $190.4 million in cash and investments, Quantum-Si expects to fund operations into Q2 2028, providing a runway to execute the Proteus commercial launch targeted for end of 2026. The focus on Proteus readiness and market-building activities positions the company for a potential inflection point, but near-term financial performance will remain subdued as the transition year unfolds.