Quantum-Si (QSI) delays Proteus to Q2 2027, cuts 20% of staff and extends cash runway
Rhea-AI Filing Summary
Quantum-Si Incorporated reported second-quarter 2026 revenue of $344 thousand, down from $591 thousand a year earlier, as it transitions from its Platinum platform to the anticipated Proteus platform. Six-month 2026 revenue was $602 thousand versus $1.4 million in the prior-year period.
Gross profit for the quarter was $172 thousand with a 50% gross margin. Total operating expenses declined to $25.8 million from $30.5 million, and net loss improved to $23.5 million from $28.8 million. Adjusted EBITDA for the quarter was negative $21.2 million. The company ended June 30, 2026 with $169.9 million in cash, cash equivalents and marketable securities and expects this to fund operations into the fourth quarter of 2028.
Quantum-Si updated its anticipated commercial launch of Proteus to Q2 2027 to allow an additional integrated instrument design cycle, and announced a 20% workforce reduction expected to generate about $12 million in annualized operating expense savings. Management reiterated 2026 guidance of approximately $1.0 million in revenue, adjusted total operating expenses of $98.0 million or less, and total cash usage of $93.0 million or less, and highlighted an estimated $4 billion annual non-human proteomics market opportunity.
Positive
- Cash runway extended into Q4 2028, supported by $169.9 million in cash, cash equivalents and marketable securities and announced cost-reduction actions.
- Operating expenses reduced: total operating expenses fell to $25.8 million from $30.5 million year over year, with adjusted total operating expenses at $22.6 million versus $23.8 million.
- Annualized cost savings of approximately $12 million expected from restructuring actions, including a 20% workforce reduction.
- Large identified market opportunity: management highlighted an estimated $4 billion annual non-human proteomics market opportunity for Proteus.
Negative
- Revenue remains low and declining: Q2 2026 revenue was $344 thousand versus $591 thousand a year earlier, reflecting the platform transition.
- Significant ongoing losses: Q2 2026 net loss was $23.5 million, with adjusted EBITDA at negative $21.2 million.
- Proteus launch delayed: anticipated commercial launch shifted to Q2 2027 to add another integrated instrument design cycle.
- Workforce reduction of about 20% to align spending with the revised Proteus timeline, indicating restructuring and potential execution risk.
Filing Explained
The August 13 Form 8-K reports second-quarter results and a business update; Class A shares issued and outstanding were
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q2 2026 Revenue: $344 thousand
Q2 2026 Net Loss: $23.5 million
Q2 2026 Adjusted EBITDA: negative $21.2 million
+5 more
8 metrics
Q2 2026 Revenue
$344 thousand
Total revenue for the three months ended June 30, 2026
Q2 2026 Net Loss
$23.5 million
Net loss for the three months ended June 30, 2026
Q2 2026 Adjusted EBITDA
negative $21.2 million
Adjusted EBITDA for the three months ended June 30, 2026
Cash, Cash Equivalents and Marketable Securities
$169.9 million
Balance as of June 30, 2026
Total Operating Expenses Q2 2026
$25.8 million
GAAP operating expenses for the three months ended June 30, 2026
Workforce Reduction
approximately 20%
Reduction in force to align resources with Proteus timeline
Expected Annualized Cost Savings
$12 million
Annualized operating expense savings from cost-reduction actions
Estimated Non-Human Proteomics Market
$4 billion annually
Management’s estimate of non-human proteomics market opportunity for Proteus
Key Terms
adjusted EBITDA, non-GAAP financial measures, reduction in force, proteomics, +2 more
6 terms
adjusted EBITDA financial
"Adjusted EBITDA was negative $21.2 million for the second quarter of 2026"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
non-GAAP financial measures financial
"This press release presents the non-GAAP financial measures “adjusted total operating expenses”"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
reduction in force financial
"Announced a reduction in force of approximately 20% of the Company’s workforce"
A reduction in force is an organized cutback in a company's workforce—commonly known as layoffs—intended to lower costs or reshape operations. Like trimming a household budget or pruning a garden, it can improve long-term financial health but often brings one-time costs, reduced capacity, and morale or execution risks that can affect revenue, expenses, and the company’s stock performance. Investors watch these moves for signals about future profitability and operational stability.
proteomics medical
"Quantum-Si is transforming proteomics with a benchtop platform that brings single-molecule protein analysis"
Proteomics is the large-scale study of all the proteins produced by a cell, tissue or organism, like taking a full inventory and watching how the workforce and machines inside a factory behave. For investors, proteomics matters because it helps identify drug targets, disease indicators and responses to treatments—information that can speed development, reduce risk, guide partnerships and reveal new commercial opportunities in biotech and diagnostics.
marketable securities financial
"cash, cash equivalents and investments in marketable securities were $169.9 million"
Marketable securities are financial assets — such as publicly traded stocks, bonds, and short-term government bills — that a company can quickly sell for cash at a known price. Investors watch them because they show how much ready cash a company can access without selling core operations, like keeping money in a highly liquid savings account versus being tied up in a house, and they affect short-term risk, financial flexibility, and balance-sheet strength.
warrant liabilities financial
"Change in fair value of warrant liabilities"
Warrant liabilities are the financial obligations a company records when it grants warrants—special rights allowing someone to buy shares at a set price in the future. If the warrants are expected to be exercised, they are treated as a liability because the company might need to deliver shares or cash later. This matters to investors because it affects the company’s reported financial health and the potential dilution of existing shares.
Earnings Snapshot
Revenue Q2 2026: $344 thousand · Guidance included
Three and six months ended June 30, 2026
Revenue Q2 2026
$344 thousand
Compared to $591 thousand in Q2 2025
Net Loss Q2 2026
$23.5 million
Compared to $28.8 million in Q2 2025
Adjusted EBITDA Q2 2026
negative $21.2 million
Compared to negative $22.2 million in Q2 2025
Cash and Investments
$169.9 million
Balance as of June 30, 2026
Guidance
For full-year 2026, management guides to approximately $1.0 million in revenue, adjusted total operating expenses of $98.0 million or less, and total cash usage of $93.0 million or less.
FAQ
How did Quantum-Si (QSI) perform financially in Q2 2026?
Quantum-Si reported $344 thousand in Q2 2026 revenue and a net loss of $23.5 million. Gross profit was $172 thousand with a 50% margin, and adjusted EBITDA was negative $21.2 million, reflecting continued investment in Proteus development.
What is Quantum-Si’s updated launch timeline for Proteus?
Quantum-Si updated its anticipated Proteus launch to Q2 2027. The new timing allows an additional integrated instrument design cycle to enhance manufacturing readiness, system performance, and customer experience before commercialization.
How much cash does Quantum-Si (QSI) have and how long is its runway?
As of June 30, 2026, Quantum-Si held $169.9 million in cash, cash equivalents and marketable securities. Based on its updated operating plan and cost reductions, the company expects this capital to fund operations into the fourth quarter of 2028.
What restructuring actions did Quantum-Si (QSI) announce?
Quantum-Si announced a 20% reduction in force and other cost-management actions. These steps are expected to streamline operating expenses and generate approximately $12 million in annualized operating expense savings once fully implemented.
What 2026 guidance did Quantum-Si (QSI) provide?
For full-year 2026, Quantum-Si guided to approximately $1.0 million in revenue, adjusted total operating expenses of $98.0 million or less, and total cash usage of $93.0 million or less, viewing 2026 as a transition year ahead of the Proteus launch.
What market opportunity does Quantum-Si see for Proteus?
Quantum-Si highlighted an estimated $4 billion annual non-human proteomics market opportunity for Proteus. This estimate reflects customer work in agricultural applications, pathogen detection and typing, and viral protein surveillance use cases.
How are Quantum-Si’s operating expenses trending?
Q2 2026 total operating expenses were $25.8 million, down from $30.5 million a year earlier. Adjusted total operating expenses were $22.6 million versus $23.8 million, reflecting Proteus investment partially offset by expense management and restructuring.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 13, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (866 ) 688-7374
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02. Results of Operations and Financial Condition.
On August 13, 2026, Quantum-Si Incorporated (the “Company”) issued a press release announcing its results for the three and six months ended June 30, 2026 and provided a business update. A copy of the press release is furnished as Exhibit 99.1 hereto.
The information in this Current Report on Form 8-K (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits.
Exhibit No. | Description | |||||||
99.1 | Press Release dated August 13, 2026 | |||||||
99.2 | Use of Non-GAAP Financial Measures | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| QUANTUM-SI INCORPORATED | ||||||||
| By: | /s/ Jeffry Keyes | |||||||
| Name: | Jeffry Keyes | |||||||
| Title: | Chief Financial Officer | |||||||
Date: August 13, 2026 | ||||||||
Exhibit 99.1
Quantum-Si Reports Second Quarter 2026 Financial Results and
Provides Proteus™ Development Update
Company updates anticipated commercial launch of Proteus to Q2 2027, cost-reduction actions expected to extend cash runway into Q4 2028 and highlights estimated new market opportunities for protein sequencing
BRANFORD, Conn. -- (GLOBE NEWSWIRE) -- August 13, 2026 -- Quantum-Si Incorporated (Nasdaq: QSI) (“Quantum-Si,” “QSI” or the “Company”), a proteomics technology company redefining protein analysis through single-molecule protein sequencing, today announced financial results for the second quarter ended June 30, 2026.
| Press Release Highlights | ||
•Reported second quarter 2026 revenue of $344 thousand during the Proteus transition period. | ||
•Updated anticipated Proteus launch timeline to Q2 2027 to incorporate an additional integrated instrument design cycle focused on manufacturing readiness, system repeatability, and customer experience at launch. | ||
•Highlighted an estimated $4 billion non-human proteomics market opportunity identified through on-going Platinum commercialization activities. | ||
•Announced a reduction in force of approximately 20% of the Company’s workforce to align resources and spending with the updated Proteus launch timeline. | ||
•Extended cash runway into Q4 2028 from Q2 2028. | ||
“Our conviction in Proteus remains strong. Testing of our integrated instruments has generated sequencing data that reinforces our confidence in the underlying technology,” said Jeff Hawkins, president and Chief Executive Officer of Quantum-Si. “As we advanced the program, we concluded that adding an additional integrated instrument design cycle was the most responsible path to strengthen manufacturing readiness, improve system performance, and ensure a successful customer experience at launch. While this decision extends the timeline, we believe it significantly improves our readiness for commercialization and positions Proteus to create the maximum long-term value for customers, shareholders, and the broader scientific community.”
Hawkins continued, “As we continue to advance Proteus toward commercialization, our ongoing customer work is also expanding our view of the platform’s addressable markets. Over the past few months, we have been working with multiple customers applying protein sequencing to agricultural applications, pathogen detection and typing, and viral protein surveillance applications. Based on this work, we believe the non-human proteomics market opportunity for Proteus is substantial, at more than $4 billion annually and is likely to be larger as we continue to develop our understanding of additional non-human markets.”
Second Quarter 2026 Financial Results
For the second quarter of 2026, the Company recorded revenue of $344 thousand, compared to $591 thousand in the second quarter of 2025. For the six months ended June 30, 2026, the Company recorded revenue of $602 thousand, compared to $1.4 million in the prior-year period. The year-over-year decrease reflected the Company’s ongoing transition from Platinum to the anticipated Proteus platform, including lower instrument
demand, continued consumable usage by existing customers, and commercial programs intended to support customer migration to Proteus. Gross profit was $172 thousand and gross margin was 50% in the second quarter of 2026. For the six months ended June 30, 2026, gross profit was $246 thousand and gross margin was 41%, with results affected by revenue mix, timing of sales, and transition-period commercial activity.
Total operating expenses were $25.8 million for the second quarter of 2026, compared to $30.5 million for the same period in the prior year, and $49.9 million for the six months ended June 30, 2026, compared to $56.1 million for the same period in the prior year. Adjusted total operating expenses were $22.6 million for the second quarter of 2026, compared to $23.8 million for the same period in the prior year, and adjusted total operating expenses for the six months ended June 30, 2026, were $43.9 million compared to $46.6 million for the same period in the prior year. Spending levels reflected continued investment in Proteus development and commercialization readiness, partially offset by ongoing expense management.
The Company also announced cost-reduction actions, including a reduction in force affecting approximately 20% of total company headcount. The actions are expected to streamline operating expenses in connection with the revised Proteus development and launch timeline while maintaining resources for critical development, manufacturing, and commercial readiness activities. The Company expects the actions to generate approximately $12 million in annualized operating expense savings once fully implemented.
Net loss was $23.5 million for the second quarter of 2026, compared to a net loss of $28.8 million for the same period in the prior year, and net loss was $45.2 million for the six months ended June 30, 2026, compared to a net loss of $48.0 million for the same period in the prior year. Adjusted EBITDA was negative $21.2 million for the second quarter of 2026, compared to negative $22.2 million in the same period of the prior year, and negative $41.2 million for the six months ended June 30, 2026, compared to negative $43.7 million for the same period in the prior year. A reconciliation of the non-GAAP financial measures adjusted total operating expenses and adjusted EBITDA is provided in a table included in this press release.
As of June 30, 2026, the Company’s cash, cash equivalents and investments in marketable securities were $169.9 million. Based on the updated operating plan, including the announced workforce reduction and other cost-management actions, the Company expects its existing capital to fund operations into the fourth quarter of 2028.
2026 Financial Guidance
For the full year 2026, the Company reiterated the following financial guidance, as initially issued on March 3, 2026:
| Revenue: | Approximately $1.0 million | ||||
| Adjusted total operating expenses: | $98.0 million or less | ||||
| Total cash usage: | $93.0 million or less | ||||
The Company continues to view 2026 as a transition year ahead of the anticipated Proteus launch. The updated anticipated launch timing of Q2 2027 is intended to allow the Company to complete additional integrated instrument design and testing work, advance verification and validation activities, and further prepare for manufacturing and commercial launch. The Company expects 2026 revenue to continue to reflect the transition from Platinum to Proteus, including customer purchasing behavior, installed-base consumable activity, and customer planning for the anticipated new platform.
Adjusted total operating expenses are expected to support Proteus development, platform integration, verification and validation activities, chemistry and workflow development, and launch preparation. The Company plans to manage spending against the revised launch timeline while maintaining the resources needed to advance Proteus toward commercialization.
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Total cash usage is expected to include Proteus development, selected inventory investments, and commercial readiness activities supporting the updated Q2 2027 anticipated launch timing.
The Company does not provide a reconciliation of forward-looking adjusted total operating expenses to total operating expenses, the most directly comparable GAAP measure, because stock-based compensation, restructuring costs and other excluded items are dependent on future events and are not reasonably available without unreasonable efforts. These items could have a material effect on GAAP operating expenses.
The Company believes its cash, cash equivalents and investments in marketable securities of $169.9 million as of June 30, 2026, together with the announced cost-reduction actions, will support the Company’s operating plan into the fourth quarter of 2028.
Webcast and Conference Call Information
Quantum-Si will host a conference call to discuss its second quarter 2026 financial results on Thursday, August 13, 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 & Presentations. Alternatively, individuals may 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, 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 August 13, 2026.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. The actual results of the Company may differ from its expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and development and commercialization of
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products, services and applications, its anticipated cash runway, the anticipated timing of product launches and product capabilities (including Proteus), the Company’s current belief regarding remaining technical challenges associated with Proteus commercialization, the expected timing and successful completion of system integration, optimization, verification, validation and launch-readiness activities, the expected benefits of the Company’s development-process, organizational and cost-control actions, including the reduction in force, and any financial guidance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Many of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the inability to maintain the listing of the Company’s Class A common stock on The Nasdaq Stock Market; the ability of the Company to grow and manage growth and retain its key employees; the Company’s ongoing leadership transitions and succession planning; the Company’s ability to successfully implement organizational changes, including workforce reductions, cost-control actions and development-process improvements, without disrupting product development, launch readiness, employee retention or customer engagement; the possibility that additional technical, integration, performance, reliability, verification, validation or launch-readiness challenges may arise or take longer or cost more to address than expected; changes in applicable laws or regulations; the ability of the Company to raise financing in the future; the success, cost and timing of the Company’s product development and commercialization activities, including the use and benefit of artificial intelligence in these and other activities; the commercialization and adoption of the Company’s existing products and the success of any product the Company may offer in the future, including Proteus; the potential attributes and benefits of the Company’s commercialized Platinum protein sequencing instruments and kits and the Company’s other products (including Proteus) once commercialized; the Company’s ability to obtain and maintain regulatory approval for its products, and any related restrictions and limitations of any approved product; the Company’s ability to identify, in-license or acquire additional technology; the Company’s ability to maintain its existing lease, license, manufacture and supply agreements; the Company’s ability to compete with other companies currently marketing or engaged in the development or commercialization of products and services that serve customers engaged in proteomic analysis, many of which have greater financial and marketing resources than the Company; the size and growth potential of the markets for the Company’s products and services, and its ability to serve those markets once commercialized, either alone or in partnership with others; the Company’s estimates regarding future expenses, future revenue, capital requirements and needs for additional financing; the Company’s financial performance; the Company’s defense and initiation of litigation matters; and other risks and uncertainties described under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and in the Company’s other filings with the SEC. The Company cautions that the foregoing list of factors is not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
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QUANTUM-SI INCORPORATED
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and par value amounts)
(unaudited)
| June 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 23,653 | $ | 21,639 | |||||||
| Marketable securities, current | 88,088 | 141,271 | |||||||||
| Accounts receivable, net of allowance of $270 and $270, respectively | 57 | 561 | |||||||||
| Legal settlement insurance receivable | — | 4,638 | |||||||||
| Inventory | 2,027 | 3,197 | |||||||||
| Prepaid expenses and other current assets | 5,262 | 4,554 | |||||||||
| Total current assets | 119,087 | 175,860 | |||||||||
| Restricted cash, non-current | 2,202 | — | |||||||||
| Marketable securities, non-current | 58,122 | 52,855 | |||||||||
| Property and equipment, net | 10,905 | 13,194 | |||||||||
| Operating lease right-of-use assets | 2,707 | 3,464 | |||||||||
| Other assets | 552 | 234 | |||||||||
| Total assets | $ | 193,575 | $ | 245,607 | |||||||
| Liabilities and stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 1,591 | $ | 1,623 | |||||||
| Accrued payroll and payroll-related costs | 2,955 | 5,903 | |||||||||
| Accrued contracted services | 3,210 | 3,356 | |||||||||
| Accrued legal settlement liability | — | 8,000 | |||||||||
| Accrued expenses and other current liabilities | 2,347 | 1,505 | |||||||||
| Warrant liabilities | — | 794 | |||||||||
Current portion of operating lease liabilities | 1,843 | 1,844 | |||||||||
| Total current liabilities | 11,946 | 23,025 | |||||||||
| Operating lease liabilities | 1,410 | 2,322 | |||||||||
Other long-term liabilities | 18 | 34 | |||||||||
| Total liabilities | 13,374 | 25,381 | |||||||||
| Stockholders’ equity: | |||||||||||
| Class A Common stock, $0.0001 par value; 600,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 198,946,412 and 196,431,273 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 20 | 20 | |||||||||
| Class B Common stock, $0.0001 par value; 27,000,000 shares authorized as of June 30, 2026 and December 31, 2025; 19,937,500 shares issued and outstanding as of June 30, 2026 and December 31, 2025 | 2 | 2 | |||||||||
| Additional paid-in capital | 923,805 | 918,190 | |||||||||
| Accumulated other comprehensive loss | (441) | (6) | |||||||||
| Accumulated deficit | (743,185) | (697,980) | |||||||||
Total stockholders’ equity | 180,201 | 220,226 | |||||||||
Total liabilities and stockholders’ equity | $ | 193,575 | $ | 245,607 | |||||||
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QUANTUM-SI INCORPORATED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share amounts)
(unaudited)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Product | $ | 314 | $ | 558 | $ | 530 | $ | 1,366 | |||||||||||||||
| Service | 30 | 33 | 72 | 67 | |||||||||||||||||||
| Total revenue | 344 | 591 | 602 | 1,433 | |||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
| Product | 172 | 230 | 349 | 567 | |||||||||||||||||||
| Service | — | 10 | 7 | 29 | |||||||||||||||||||
| Total cost of revenue | 172 | 240 | 356 | 596 | |||||||||||||||||||
| Gross profit | 172 | 351 | 246 | 837 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | 15,824 | 15,213 | 30,311 | 28,930 | |||||||||||||||||||
| Selling, general and administrative | 9,977 | 11,896 | 19,617 | 23,777 | |||||||||||||||||||
| Legal settlement expense, net of insurance proceeds | — | 3,362 | — | 3,362 | |||||||||||||||||||
| Total operating expenses | 25,801 | 30,471 | 49,928 | 56,069 | |||||||||||||||||||
| Loss from operations | (25,629) | (30,120) | (49,682) | (55,232) | |||||||||||||||||||
| Dividend income | 114 | 155 | 245 | 376 | |||||||||||||||||||
| Interest income | 1,544 | 2,157 | 3,288 | 4,483 | |||||||||||||||||||
| Change in fair value of warrant liabilities | 437 | (994) | 794 | 2,407 | |||||||||||||||||||
| Other (expense) income, net | — | (14) | 28 | (28) | |||||||||||||||||||
| Loss before (provision) benefit for income taxes | (23,534) | (28,816) | (45,327) | (47,994) | |||||||||||||||||||
| (Provision) benefit for income taxes | — | (20) | 122 | (31) | |||||||||||||||||||
| Net loss | $ | (23,534) | $ | (28,836) | $ | (45,205) | $ | (48,025) | |||||||||||||||
| Net loss per common share attributable to common stockholders, basic and diluted | $ | (0.11) | $ | (0.16) | $ | (0.21) | $ | (0.26) | |||||||||||||||
| Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 217,802 | 183,625 | 217,141 | 182,968 | |||||||||||||||||||
| Other comprehensive income (loss) | |||||||||||||||||||||||
| Net unrealized loss on marketable securities, net of tax | $ | (37) | $ | (54) | $ | (341) | $ | (107) | |||||||||||||||
| Foreign currency translation adjustment | (22) | 16 | (94) | 22 | |||||||||||||||||||
| Total other comprehensive loss, net of tax | (59) | (38) | (435) | (85) | |||||||||||||||||||
| Comprehensive loss | $ | (23,593) | $ | (28,874) | $ | (45,640) | $ | (48,110) | |||||||||||||||
6
QUANTUM-SI INCORPORATED
RECONCILIATIONS OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands)
(unaudited)
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net loss | $ | (23,534) | $ | (28,836) | $ | (45,205) | $ | (48,025) | |||||||||||||||
| Adjustments to reconcile to EBITDA: | |||||||||||||||||||||||
| Dividend income | (114) | (155) | (245) | (376) | |||||||||||||||||||
| Interest income | (1,544) | (2,157) | (3,288) | (4,483) | |||||||||||||||||||
| Depreciation and amortization | 1,229 | 1,191 | 2,454 | 2,108 | |||||||||||||||||||
| Income tax provision (benefit) | — | 20 | (122) | 31 | |||||||||||||||||||
| EBITDA | (23,963) | (29,937) | (46,406) | (50,745) | |||||||||||||||||||
| Adjustments to reconcile to Adjusted EBITDA: | |||||||||||||||||||||||
| Change in fair value of warrant liabilities | (437) | 994 | (794) | (2,407) | |||||||||||||||||||
| Stock-based compensation | 3,050 | 2,789 | 5,615 | 5,151 | |||||||||||||||||||
| Legal settlement expense, net of insurance proceeds | — | 3,362 | — | 3,362 | |||||||||||||||||||
| Restructuring costs | 195 | 186 | 390 | 320 | |||||||||||||||||||
| Other non-recurring operating expenses | — | 367 | — | 611 | |||||||||||||||||||
| Other expense (income), net | — | 14 | (28) | 28 | |||||||||||||||||||
| Adjusted EBITDA | $ | (21,155) | $ | (22,225) | $ | (41,223) | $ | (43,680) | |||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Total operating expenses | $ | 25,801 | $ | 30,471 | $ | 49,928 | $ | 56,069 | |||||||||||||||
| Adjustments to reconcile to Adjusted total operating expenses: | |||||||||||||||||||||||
| Stock-based compensation | (3,050) | (2,789) | (5,615) | (5,151) | |||||||||||||||||||
| Legal settlement expense, net of insurance proceeds | — | (3,362) | — | (3,362) | |||||||||||||||||||
| Restructuring costs | (195) | (186) | (390) | (320) | |||||||||||||||||||
| Other non-recurring operating expenses | — | (367) | — | (611) | |||||||||||||||||||
| Adjusted total operating expenses | $ | 22,556 | $ | 23,767 | $ | 43,923 | $ | 46,625 | |||||||||||||||
Contacts
Investor and Media:
Jeff Keyes
Chief Financial Officer
ir@quantum-si.com
Source: Quantum-Si Incorporated
7
Exhibit 99.2
Use of Non-GAAP Financial Measures
In addition to financial results calculated in accordance with U.S. generally accepted accounting principles (“GAAP”), information containing non-GAAP financial measures for Quantum-Si Incorporated (the “Company”) was disclosed in the Company’s press release (the “Press Release”) dated August 13, 2026 announcing results for the three and six months ended June 30, 2026, that accompany a conference call to be held by the Company on August 13, 2026. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations to those financial statements should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. The Company has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures. Management encourages readers to rely upon the reported GAAP results but includes the non-GAAP financial measures as supplemental metrics to assist readers. Definitions of the non-GAAP financial measures are included in the Press Release.
In the Press Release, the Company presented the non-GAAP financial measures “adjusted total operating expenses” and “adjusted EBITDA.” Company management uses these non-GAAP financial measures to evaluate the Company’s performance. As the Company’s core business is developing and commercializing products associated with proteomics sequencing, Company management finds it useful to use adjusted total operating expenses, which excludes stock-based compensation, legal settlement expense, net of insurance proceeds, restructuring costs and other non-recurring operating expenses. While the Company may have these types of items and charges in the future, Company management believes they are not reflective of the day-to-day core operations of the Company and relate more to strategic, multi-year corporate actions, without predictable trends, and that may obscure the trends and financial performance of the Company’s core business. In the case of “adjusted EBITDA,” Company management believes the exclusion of interest, taxes, depreciation and amortization, dividend income and interest income, changes in fair value of warrant liabilities, stock-based compensation, legal settlement expense, net of insurance proceeds, restructuring costs, other non-recurring operating expenses, and other income or expense, net, is a very common measure utilized in the investment community and it helps Company management benchmark its operations and results with the industry.
The limitation associated with using these non-GAAP financial measures is that these measures exclude items that impact the Company’s current period operating results. This limitation is best addressed by using these non-GAAP financial measures in combination with “total operating expenses” and “net loss,” (the most comparable GAAP measures) because these non-GAAP financial measures do not reflect items that impact current period operating results and may be higher or lower than the most comparable GAAP measure.