Quantum-Si (QSI) Q4 2024 earnings summary

Executive summary

• Achieved $1.2M in Q4 2024 revenue and $3.1M for the full year, marking 183% annual growth and first $1M+ revenue quarter.

• Diversified customer base across academic, biotech, pharma, government, and CROs, with significant international expansion and 18 global distribution partners.

• Sold 50th Platinum instrument, launched Platinum Pro and multiple sequencing kits, and advanced the Proteus platform for future growth.

• Raised over $86M in capital between Q4 2024 and early 2025, extending cash runway into the second half of 2027.

• Maintained financial discipline and executed a key North American distribution agreement with Avantor.

Financial highlights

• Q4 2024 revenue: $1.2M; full year 2024 revenue: $3.1M.

• Q4 2024 gross profit: $610K; gross margin: 51%. Full year gross profit: $1.6M; gross margin: 52%.

• Q4 2024 GAAP operating expenses: $31.3M; adjusted operating expenses: $26.7M.

• Full year 2024 GAAP operating expenses: $110.2M (down 1% YoY); R&D expenses: $59.6M (down 11% YoY); SG&A: $50.5M (up 13% YoY).

• Cash, cash equivalents, and marketable securities at year-end: $209.6M; additional $50M raised in January 2025.

Outlook and guidance

• Expects Q1 2025 revenue of at least $900K, representing ~100% YoY growth.

• Preliminary 2025 adjusted operating expenses guidance: $103M or less; estimated cash use: $95M or less.

• Cash runway expected into the second half of 2027.

• Avantor partnership and NIH funding environment are key variables for 2025 revenue.

• Launch of version 4 Sequencing Kit expected in Q3 2025; Proteus prototype milestone targeted by end of 2025.

• Anticipates significant revenue growth in 2025, driven by new product launches and expanded distribution partnerships.