Quantum-Si (QSI) Q4 2025 earnings summary

Executive summary

• 2026 is positioned as a transition year, focusing on consumable utilization from the installed base and limited new capital sales, with major emphasis on preparing for the Proteus platform launch at year-end.

• Proteus platform development remains on track for a year-end 2026 launch, with a list price set at $425,000 to facilitate customer capital planning and grant applications.

• Strategic focus in 2025 included new kit launches, expanding installed base, and demonstrating superior sequencing on Proteus prototype.

• Three corporate priorities in 2025: accelerate commercial adoption, deliver on innovation roadmap, and preserve financial strength.

• Placement program for instruments expanded, securing 17 new customers and building a publication pipeline to demonstrate technology value.

Financial highlights

• Q4 2025 revenue was $451,000, with gross profit of $122,000 and gross margin of 27%; full year 2025 revenue reached $2.4 million, gross profit $1.2 million, and gross margin 47%.

• Q4 2025 GAAP operating expenses were $21.2 million (adjusted: $18.3 million); full year GAAP operating expenses were $117.3 million (adjusted: $86.3 million).

• Q4 2025 net loss was $17.6 million, improved from $33.1 million in Q4 2024; full year net loss was $101.3 million, nearly flat year-over-year.

• Adjusted EBITDA for Q4 2025 was negative $17.0 million; full year adjusted EBITDA was negative $80.7 million.

• Year-end cash, cash equivalents, and marketable securities totaled $215.8 million.

Outlook and guidance

• 2026 revenue expected to be approximately $1 million, with adjusted operating expenses of $98 million or less and cash usage of $93 million or less.

• 2026 will see very modest new instrument placements, with most revenue from consumables and services.

• Company is fully funded to support operations into Q2 2028.

• Focus remains on Proteus development, commercial readiness, and maintaining cost discipline.