Releases List Price of Proteus$(TM)$ Platform
Reiterates Proteus Development Program On Track for Year End 2026 Launch
BRANFORD, Conn.--(BUSINESS WIRE)--March 03, 2026--
Quantum-Si Incorporated (Nasdaq: QSI) ("Quantum-Si," "QSI" or the "Company"), a proteomics technology company redefining protein analysis through single-molecule detection, today announced financial results for the fourth quarter and full year ended December 31, 2025.
Press Release Highlights
-- Reported fourth quarter revenue of $451,000
-- Reported on track development of the Proteus platform and related R&D
programs to expand proteome coverage and enable broad PTM analysis
capabilities
-- Announced list price for Proteus of $425,000
-- Announced 2026 Financial Guidance
"2025 was a year of significant progress as we continued to advance our technology through multiple new kit launches, expanding the installed base and consumable utilization of our first-generation Platinum Pro system, and delivered on our key strategic goal of demonstrating sequencing on our Proteus prototype system that exceeded our current technology across all key performance metrics," said Jeff Hawkins, President and Chief Executive Officer of Quantum--Si. "Since our Investor & Analyst Day in November 2025, engagement from both existing and prospective customers around Proteus has developed nicely. Given the level of customer, prospective customer, and channel partner interest, we elected to release our Proteus list price a quarter earlier than originally planned, allowing our commercial team to more effectively work with customers to incorporate Proteus into their capital budgeting cycles. At a list price of $425,000, we believe Proteus is priced to capture the premium value of the platform and expected launch capabilities while also making the platform accessible to a larger number of potential customers than existing technologies."
Hawkins continued, "As we move through 2026, we expect tempered near--term revenue based upon deliberate strategic choices. These include continuing to offer the placement program we initiated during 2025 and embedding upgrade credits into Platinum Pro units sold during 2026 to provide a clear path to Proteus for customers. While this approach moderates near--term revenue, we believe it positions Proteus for a stronger launch and supports long--term shareholder value creation."
Fourth Quarter 2025 and Full Year 2025 Financial Results
For the fourth quarter of 2025, the Company recorded revenue of $0.5 million. Gross profit was $0.1 million resulting in a gross margin of 27%. For the full year ended December 31, 2025, the Company recorded revenue of $2.4 million, gross profit of $1.2 million, and gross margin of 47%. Gross margin is expected to be variable in the near term as the Company progresses through the initial stages of commercialization and as the timing and mix of product sales between instruments and consumable kits fluctuate.
Total operating expenses were $21.2 million in the fourth quarter of 2025, compared to $31.3 million in the same period of the prior year, and $117.3 million for the full year ended December 31, 2025, compared to $110.2 million in the prior year. Adjusted total operating expenses, a non-GAAP financial measure, were $18.3 million in the fourth quarter of 2025 compared to $26.7 million in same period of the prior year, and $86.3 million for the full year ended December 31, 2025, compared to $99.0 million in the prior year. Overall, adjusted operating expenses decreased year over year, reflecting continued cost discipline, streamlined research and development activities, and a more focused allocation of resources toward delivering the Proteus platform.
Net loss was $17.6 million in the fourth quarter of 2025, compared to a net loss of $33.1 million in the same period of the prior year, and $101.3 million for the full year ended December 31, 2025, compared to $101.0 million in the prior year. Adjusted EBITDA, a non-GAAP financial measure, was negative $17.0 million in the fourth quarter of 2025, compared to negative $25.1 million in the same period of the prior year, and negative $80.7 million for the full year ended December 31, 2025, compared to negative $92.8 million in the prior year. A reconciliation of adjusted total operating expenses and adjusted EBITDA to the most directly comparable GAAP measures is included in this press release.
Included in total operating expenses and net loss were one--time charges associated with legacy litigation matters that were reserved or settled during the year ended December 31, 2025, totaling $18.7 million.
As of December 31, 2025, the Company's cash and cash equivalents and investments in marketable securities totaled $215.8 million.
2026 Financial Guidance
For the full year 2026, the Company provided the following financial guidance:
Revenue: Approximately $1.0 million Adjusted total operating expenses: $98.0 million or less Total cash usage: $93.0 million or less
The Company expects 2026 revenue to be impacted by deliberate strategic actions taken in advance of the anticipated Proteus launch. These actions include embedding upgrade credits into Platinum Pro units sold in 2026 to provide customers with a clear path to Proteus, as well as customers choosing to delay purchasing decisions as they plan for the Proteus platform. As a result, 2026 is expected to represent a transition year as the Company prioritizes positioning Proteus for a successful commercial launch and long--term adoption. This revenue guidance reflects intentional tradeoffs designed to support market readiness and long--term platform adoption and is not indicative of underlying demand or the Company's long--term growth opportunity.
Adjusted total operating expenses are expected to include all activities required to complete development and support of the commercial launch of the Proteus platform with its anticipated capabilities by the end of 2026. The Company expects to continue managing operating expenses with discipline while prioritizing investments directly tied to Proteus execution and launch readiness.
Total cash usage is expected to include operating expenses related to Proteus development, as well as modest inventory build and commercial readiness activities ahead of the anticipated Proteus launch.
The Company believes its cash, cash equivalents, and investments in marketable securities of $215.8 million as of December 31, 2025, will provide sufficient runway to execute on the Proteus launch and support operations into the second quarter of 2028.
Webcast and Conference Call Information
Quantum-Si will host a conference call to discuss its fourth quarter and full year 2025 financial results on Tuesday, March 3, 2026, at 4:30 p.m. Eastern Time. Individuals interested in listening to the conference call may do so by joining the live webcast in the Investors section of the Quantum-Si website under Events and Presentations. Alternatively, individuals can register here to receive a dial-in number and personalized PIN to participate in the call. An archived webcast of the event will be available for replay following the event.
About Quantum-Si Incorporated
Quantum-Si is transforming proteomics with a benchtop platform that brings single-molecule protein analysis to every lab, everywhere. The Company's platform enables real-time kinetic-based detection and allows researchers to move beyond traditional, multistep workflows and directly access dynamic, functional protein insights with unparalleled resolution. By making protein analysis simpler, faster, and more informative, Quantum-Si is accelerating proteomic discoveries to improve the way we live. Learn more at quantum-si.com or follow us on LinkedIn or X.
Use of Non-GAAP Financial Measures
This press release presents the non-GAAP financial measures "adjusted total operating expenses" and "adjusted EBITDA." The most directly comparable measures for these non-GAAP financial measures are total operating expenses and net loss. The Company has included below adjusted total operating expenses, which presents the Company's total operating expenses after excluding stock-based compensation, net lease termination expense, legal settlement expense, net of insurance proceeds, restructuring costs and other non-recurring operating expenses. In addition, adjusted EBITDA further excludes interest, taxes, depreciation, amortization, dividend and interest income, changes in fair value of warrant liabilities and other income or expense.
A discussion of the reasons why management believes that the presentation of non-GAAP financial measures provides useful information to investors regarding the Company's financial condition and results of operations is included as Exhibit 99.2 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission (the "SEC") on March 3, 2026.
Forward Looking Statements
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