Quantum-Si (QSI) Q4 2024 earnings summary

Executive summary

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

• Diversified customer base from primarily academic to a balanced mix including biotech, pharma, government, and CROs, with significant international expansion and 18 global distribution partners.

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

• Launched new products, including Platinum Pro, v2 Library Preparation Kit, Barcoding Kit, and advanced the innovation roadmap with the upcoming Proteus platform.

• Maintained flat adjusted operating expenses year-over-year while ramping commercialization and product development.

Financial highlights

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

• Q4 2024 gross profit: $610,000; gross margin: 51%. Full year 2024 gross profit: $1.6 million; gross margin: 52%.

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

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

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

Outlook and guidance

• Expect Q1 2025 revenue of at least $900,000, representing ~100% YoY growth, factoring in typical Q1 seasonality and minimal Avantor contribution.

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

• Cash runway expected into the second half of 2027.

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

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