Quantum-Si (QSI) Q3 2026 earnings summary

Executive summary

• Proteus remains on track for Q2 2027 commercial launch; the added instrument design cycle is proceeding as planned, design activities are complete, and first build units are expected this quarter.

• Interim data showed ~30x more sequencing output per chamber than Platinum Pro; Proteus detected 19 amino acids, with the 20th targeted by year-end 2026. World HUPO results are not final launch specifications.

• Development priorities include detection of all 20 amino acids, AI/ML sequencing analysis, and expanded library preparation, with a path toward reference-free sequencing in 2027.

• The Proteus pre-order program launched; Roadshow events reached more than 800 attendees in over 35 cities across the U.S., Canada, and Europe.

Financial highlights

• Q3 revenue was $212,000 vs. $552,000; 9M revenue was $814,000 vs. $1.985 million, as customers deferred instrument and consumable purchases ahead of Proteus.

• Q3 GAAP operating expenses were $23.9 million vs. $40.0 million; adjusted OpEx was $18.2 million vs. $21.4 million. 9M adjusted OpEx was $62.1 million vs. $68.1 million.

• Q3 operating loss was $23.8 million vs. $39.8 million; 9M operating loss was $73.5 million vs. $95.0 million. Prior-year periods included lease termination and legal settlement expenses.

• Q3 net loss was $22.3 million vs. $35.7 million; 9M net loss was $67.5 million vs. $83.7 million. Q3 adjusted EBITDA was negative $17.0 million vs. negative $20.1 million.

• 9M R&D expense rose 3.0% to $44.1 million; SG&A fell 13.9% to $29.7 million, including lower legal, consulting, marketing, and payroll costs.

Outlook and guidance

• FY 2026 revenue guidance was reiterated at ~$1.0 million; adjusted OpEx guidance was lowered to $87 million or less from $98 million or less, and total cash use to $87 million or less from $93 million or less.

• Proteus commercial launch remains targeted for Q2 2027; supply-chain conditions, based on current visibility, are not expected to affect timing.

• The Platinum-to-Proteus transition is expected to continue through H1 2027, with revenue pressured by lower Platinum instrument demand and customer purchase deferrals.

• Cash, cash equivalents, and marketable securities of $149.4 million at September 30, 2026, plus cost reductions, are expected to fund operations into Q4 2028 under the current plan.

• 2026 capital expenditures are forecast at ~$2.0 million; gross margin is expected to remain variable during commercialization.