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Quantum-Si Incorporated Financials

QSI
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE December

This page shows Quantum-Si Incorporated (QSI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI QSI FY2025

Quantum-Si’s economics are still laboratory-stage, with tiny revenue supporting a cash-burn model funded by repeated financing.

In FY2025, operating cash burn of -$94.7M was almost fully offset by $95.4M of financing cash flow, showing the business is still being funded by outside capital rather than customer receipts. That dependence persisted even as R&D spending fell from $67.0M in FY2023 to $53.8M in FY2025, so lower development spend has not yet translated into a meaningfully lighter cash burden.

The balance sheet remains lightly levered, so the main financial issue is not debt service but whether cash can bridge a still-precommercial cost structure. Liquidity is tightening: cash fell from $49.2M to $21.6M in FY2025 even after new financing, which narrows how much self-funded time the company has.

With revenue at only $2.4M and gross margin still a positive 47.3%, the problem is not product-level gross economics alone; it is that fixed operating costs are overwhelming the current sales base. R&D plus SG&A ran at about $98.5M in FY2025, making this a scale mismatch business where commercialization exists but is far too small to absorb the infrastructure around it.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Cash Runway Dilution R&D Intensity Revenue Progress Burn Trend Balance Sheet 48 / 100
Financial Health Score 48/100
Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Quantum-Si Incorporated's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway
15
R&D Intensity
76
Revenue Progress
85
Burn Trend
42
Balance Sheet
72
Altman Z-Score Distress
0.17

Quantum-Si Incorporated scores 0.17, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($209.6M) relative to total liabilities ($25.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
1/7

Quantum-Si Incorporated passes 1 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Low Quality
0.93x

For every $1 of reported earnings, Quantum-Si Incorporated generates $0.93 in operating cash flow (-$94.7M OCF vs -$101.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
$2.4M
YoY-20.3%

Quantum-Si Incorporated generated $2.4M in revenue in fiscal year 2025. This represents a decrease of 20.3% from the prior year.

EBITDA
-$111.6M
YoY-7.4%

Quantum-Si Incorporated's EBITDA was -$111.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 7.4% from the prior year.

Net Income
-$101.3M
YoY-0.3%

Quantum-Si Incorporated reported -$101.3M in net income in fiscal year 2025. This represents a decrease of 0.3% from the prior year.

EPS (Diluted)
$-0.51
YoY+28.2%

Quantum-Si Incorporated earned $-0.51 per diluted share (EPS) in fiscal year 2025. This represents an increase of 28.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$97.2M
YoY-5.3%

Quantum-Si Incorporated generated -$97.2M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 5.3% from the prior year.

Cash & Debt
$21.6M
YoY-56.1%
5Y CAGR-10.1%

Quantum-Si Incorporated held $21.6M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
N/A

Margins & Returns

Gross Margin
47.3%
YoY-5.0pp

Quantum-Si Incorporated's gross margin was 47.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 5.0 percentage points from the prior year.

Operating Margin
-4766.0%
YoY-1215.4pp

Quantum-Si Incorporated's operating margin was -4766.0% in fiscal year 2025, reflecting core business profitability. This is down 1215.4 percentage points from the prior year.

Net Margin
-4160.1%
YoY-857.0pp

Quantum-Si Incorporated's net profit margin was -4160.1% in fiscal year 2025, showing the share of revenue converted to profit. This is down 857.0 percentage points from the prior year.

Return on Equity
-46.0%
YoY+0.9pp

Quantum-Si Incorporated's ROE was -46.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.9 percentage points from the prior year.

Capital Allocation

R&D Spending
$53.8M
YoY-9.9%
5Y CAGR+14.3%

Quantum-Si Incorporated invested $53.8M in research and development in fiscal year 2025. This represents a decrease of 9.9% from the prior year.

Share Buybacks
N/A
Capital Expenditures
$2.5M
YoY-45.1%
5Y CAGR+40.4%

Quantum-Si Incorporated invested $2.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 45.1% from the prior year.

QSI Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $258K-42.8% $451K-18.3% $552K-6.6% $591K-29.8% $842K-29.4% $1.2M+51.5% $787K+26.5% $622K
Cost of Revenue $184K-44.1% $329K-8.1% $358K+49.2% $240K-32.6% $356K-38.8% $582K+38.6% $420K+56.7% $268K
Gross Profit $74K-39.3% $122K-37.1% $194K-44.7% $351K-27.8% $486K-20.3% $610K+66.2% $367K+3.7% $354K
R&D Expenses $14.5M+32.3% $10.9M-21.2% $13.9M-8.7% $15.2M+10.9% $13.7M-19.3% $17.0M+5.1% $16.2M+12.4% $14.4M
SG&A Expenses $9.6M-6.1% $10.3M-4.1% $10.7M-10.0% $11.9M+0.1% $11.9M-16.9% $14.3M+16.4% $12.3M-1.1% $12.4M
Operating Income -$24.1M-14.0% -$21.1M+47.0% -$39.8M-32.0% -$30.1M-19.9% -$25.1M+18.1% -$30.7M-9.2% -$28.1M-6.2% -$26.5M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax -$122K-1625.0% $8K-57.9% $19K-5.0% $20K+81.8% $11K-15.4% $13K-69.8% $43K $0
Net Income -$21.7M-23.1% -$17.6M+50.7% -$35.7M-23.8% -$28.8M-50.3% -$19.2M+42.1% -$33.1M-30.8% -$25.3M-9.6% -$23.1M
EPS (Diluted) $-0.10 N/A $-0.17-6.3% $-0.16-45.5% $-0.11 N/A $-0.18-12.5% $-0.16

QSI Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $213.3M-13.1% $245.6M-5.6% $260.1M+2.2% $254.4M-6.2% $271.2M+9.4% $247.9M+4.8% $236.5M-7.9% $256.7M
Current Assets $135.0M-23.3% $175.9M-26.1% $238.0M+5.1% $226.5M-6.3% $241.8M+10.9% $218.0M+5.9% $205.8M-9.1% $226.5M
Cash & Equivalents $36.2M+67.3% $21.6M-30.0% $30.9M+39.3% $22.2M-40.5% $37.3M-24.3% $49.2M+16.5% $42.3M-29.0% $59.6M
Inventory $2.2M-31.5% $3.2M-9.0% $3.5M-10.0% $3.9M-11.8% $4.4M+8.8% $4.1M-0.6% $4.1M-15.7% $4.9M
Accounts Receivable $203K-63.8% $561K-25.7% $755K-17.7% $917K-11.1% $1.0M-22.6% $1.3M+30.4% $1.0M+70.9% $598K
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $12.6M-50.3% $25.4M+1.7% $25.0M-25.3% $33.4M+37.5% $24.3M-25.1% $32.5M+25.1% $25.9M+10.4% $23.5M
Current Liabilities $10.7M-53.5% $23.0M+4.0% $22.1M-7.8% $24.0M+91.1% $12.6M-30.9% $18.2M+18.5% $15.3M+39.4% $11.0M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $200.7M-8.8% $220.2M-6.4% $235.2M+6.4% $221.0M-10.5% $246.9M+14.6% $215.4M+2.3% $210.5M-9.7% $233.3M
Retained Earnings -$719.7M-3.1% -$698.0M-2.6% -$680.4M-5.5% -$644.7M-4.7% -$615.8M-3.2% -$596.6M-5.9% -$563.5M-4.7% -$538.2M

QSI Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow -$25.6M-56.8% -$16.3M+48.9% -$32.0M-58.5% -$20.2M+22.8% -$26.2M-14.3% -$22.9M+1.2% -$23.2M-24.8% -$18.6M
Capital Expenditures $279K+1741.2% -$17K-101.9% $900K+175.2% $327K-75.0% $1.3M-8.9% $1.4M+47.2% $975K-13.5% $1.1M
Free Cash Flow -$25.9M-58.4% -$16.4M+50.3% -$32.9M-60.4% -$20.5M+25.3% -$27.5M-12.9% -$24.3M-0.8% -$24.1M-22.6% -$19.7M
Investing Cash Flow $40.3M+473.3% $7.0M+213.2% -$6.2M-223.2% $5.0M+114.7% -$34.2M-476.8% -$5.9M-200.9% $5.9M-76.3% $24.8M
Financing Cash Flow $0-100.0% $54K-99.9% $47.0M+114422.0% $41K-99.9% $48.4M+35.1% $35.8M+1789600.0% $2K-98.5% $136K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

QSI Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 28.7%+1.6pp 27.1%-8.1pp 35.1%-24.3pp 59.4%+1.7pp 57.7%+6.6pp 51.2%+4.5pp 46.6%-10.3pp 56.9%
Operating Margin -9322.9%-4645.7pp -4677.2%+2528.1pp -7205.2%-2108.8pp -5096.4%-2114.0pp -2982.4%-408.8pp -2573.6%+995.4pp -3569.0%+683.6pp -4252.6%
Net Margin -8399.6%-4494.7pp -3904.9%+2563.0pp -6467.9%-1588.7pp -4879.2%-2600.2pp -2279.0%+499.6pp -2778.6%+437.8pp -3216.4%+497.3pp -3713.7%
Return on Equity -10.8%-2.8pp -8.0%+7.2pp -15.2%-2.1pp -13.1%-5.3pp -7.8%+7.6pp -15.4%-3.4pp -12.0%-2.1pp -9.9%
Return on Assets -10.2%-3.0pp -7.2%+6.6pp -13.7%-2.4pp -11.3%-4.3pp -7.1%+6.3pp -13.4%-2.6pp -10.7%-1.7pp -9.0%
Current Ratio 12.60+5.0 7.64-3.1 10.75+1.3 9.43-9.8 19.24+7.3 11.99-1.4 13.42-7.2 20.57
Debt-to-Equity 0.06-0.1 0.120.0 0.11-0.0 0.15+0.1 0.10-0.1 0.15+0.0 0.12+0.0 0.10
FCF Margin -10045.4%-6417.0pp -3628.4%+2335.2pp -5963.6%-2490.8pp -3472.8%-211.4pp -3261.4%-1221.5pp -2039.9%+1025.9pp -3065.8%+98.2pp -3164.0%

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Frequently Asked Questions

Quantum-Si Incorporated (QSI) reported $2.4M in total revenue for fiscal year 2025. This represents a -20.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Quantum-Si Incorporated (QSI) revenue declined by 20.3% year-over-year, from $3.1M to $2.4M in fiscal year 2025.

No, Quantum-Si Incorporated (QSI) reported a net income of -$101.3M in fiscal year 2025, with a net profit margin of -4160.1%.

Quantum-Si Incorporated (QSI) reported diluted earnings per share of $-0.51 for fiscal year 2025. This represents a 28.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Quantum-Si Incorporated (QSI) had EBITDA of -$111.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Quantum-Si Incorporated (QSI) had a gross margin of 47.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Quantum-Si Incorporated (QSI) had an operating margin of -4766.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Quantum-Si Incorporated (QSI) had a net profit margin of -4160.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Quantum-Si Incorporated (QSI) has a return on equity of -46.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Quantum-Si Incorporated (QSI) generated -$97.2M in free cash flow during fiscal year 2025. This represents a -5.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Quantum-Si Incorporated (QSI) generated -$94.7M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Quantum-Si Incorporated (QSI) had $245.6M in total assets as of fiscal year 2025, including both current and long-term assets.

Quantum-Si Incorporated (QSI) invested $2.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Quantum-Si Incorporated (QSI) invested $53.8M in research and development during fiscal year 2025.

Quantum-Si Incorporated (QSI) had a current ratio of 7.64 as of fiscal year 2025, which is generally considered healthy.

Quantum-Si Incorporated (QSI) had a debt-to-equity ratio of 0.12 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Quantum-Si Incorporated (QSI) had a return on assets of -41.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Based on fiscal year 2025 data, Quantum-Si Incorporated (QSI) had $21.6M in cash against an annual operating cash burn of $94.7M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

Quantum-Si Incorporated (QSI) has an Altman Z-Score of 0.17, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Quantum-Si Incorporated (QSI) has a Piotroski F-Score of 1 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Quantum-Si Incorporated (QSI) has an earnings quality ratio of 0.93x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Quantum-Si Incorporated (QSI) scores 48 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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