Quantum-Si (QSI) Q2 2024 earnings summary

Executive summary

• Q2 2024 marked the first full quarter of commercial sales for the Platinum system, generating $622,000 in revenue and strong customer interest, especially in academic, pharma, and biotech segments.

• Revenue for Q2 2024 increased 203% year-over-year, driven by the full commercial launch of the Platinum instrument and related products.

• The company is focused on accelerating commercial adoption, delivering on its innovation roadmap, and preserving financial strength.

• Chuck Kummeth was appointed as Independent Chairman of the Board, bringing significant leadership experience.

• Management expects continued negative operating cash flows until commercial scale is achieved.

Financial highlights

• Q2 2024 revenue was $622,000, primarily from Platinum instruments, consumable kits, and services, with gross profit of $354,000 and a gross margin of 57%.

• Net loss for Q2 2024 was $23.1 million, improved from $25.6 million in Q2 2023; net loss per share was $0.16.

• Adjusted EBITDA was negative $22.6 million, slightly better than the prior year.

• Cash, cash equivalents, and marketable securities totaled $218.1 million as of June 30, 2024.

• Dividend and interest income increased to $2.9 million, up 16% year-over-year.

Outlook and guidance

• 2024 revenue guidance reiterated at $3.7–$4.2 million, with adjusted operating expenses expected under $103 million and net cash usage below $100 million.

• Cash runway projected into 2026.

• Q3 expected to show a modest step up from Q2, with further acceleration anticipated in Q4 as new hires ramp up and new products launch.

• Existing liquidity is expected to fund operations, capital expenditures, and working capital needs for at least the next 12 months.

• Capital expenditures are forecasted to remain consistent with 2023 levels.