Quantum-Si (QSI) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue reached $787,000, up 252.9% year-over-year, driven by the Platinum instrument launch and commercial ramp-up.

• Gross profit for Q3 2024 was $367,000 with a gross margin of 47%.

• Net loss for Q3 2024 was $25.3 million, compared to $24.7 million in Q3 2023; nine-month net loss was $67.9 million, improved from $73.9 million year-over-year.

• Cash, cash equivalents, and marketable securities totaled $196.3 million as of September 30, 2024, expected to fund operations into the second half of 2026.

• Leadership strengthened with new CCO, CPO, and CHRO appointments, and ongoing innovation recognized by industry awards.

Financial highlights

• Product revenue grew 253.7% year-over-year in Q3 2024, while service revenue increased 228.6%.

• Gross margin for Q3 2024 was 47%, impacted by inventory carried at low or no value.

• Adjusted operating expenses for Q3 2024 were $26 million, up from $23.9 million in Q3 2023; GAAP operating expenses were $28.5 million.

• Adjusted EBITDA for Q3 2024 was negative $24.5 million.

• Cash used in operating activities was $64.9 million for the nine months ended September 30, 2024.

Outlook and guidance

• Sequential revenue increase expected in Q4 2024, with confidence in surpassing $1 million in quarterly revenue for the first time.

• Full-year 2024 revenue is expected to fall short of the $3.7–$4.2 million guidance due to lengthening sales cycles.

• Adjusted operating expenses for 2024 projected at ~$100 million, with net cash usage of ~$92 million.

• Cash runway projected into the second half of 2026.

• May seek additional financing if revenue growth does not meet expectations.