Quantum-Si Q3 2026 revenue falls to $212K; loss narrows
Quantum-Si expects its $149.4 million of cash, cash equivalents and marketable securities, together with cost reductions, to fund operations into the fourth quarter of 2028.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Quantum-Si reported third-quarter 2026 revenue of $212,000, compared with $552,000 a year earlier, as it transitions from Platinum to anticipated Proteus. Net loss narrowed to $22.3 million from $35.7 million, and adjusted EBITDA loss narrowed to $17.0 million from $20.1 million. For the nine months, revenue was $814,000 versus $2.0 million, and net loss was $67.5 million versus $83.7 million.
Cash, cash equivalents and marketable securities were $149.4 million as of September 30, 2026; based on its current operating plan and cost-reduction actions, the company expects these resources to fund operations into the fourth quarter of 2028. Full-year 2026 guidance is approximately $1.0 million in revenue, adjusted total operating expenses of $87.0 million or less (previously $98.0 million or less), and total cash usage of $87.0 million or less (previously $93.0 million or less). The third-quarter reduction in force affected approximately 20% of total company headcount; the company expects approximately $12 million in annual operating expense savings. Proteus remains on track for an anticipated Q2 2027 commercial launch, and its pre-order program has launched.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter net loss narrowed to $22.3 million from $35.7 million.
- Moderate pointThird-quarter adjusted EBITDA loss narrowed to $17.0 million from $20.1 million.
Negative
- Moderate pointThird-quarter revenue was $212,000, compared with $552,000 a year earlier.
Filing Explained
Class A shares outstanding rose from 196,431,273 at year-end to 199,804,914 on September 30, putting existing holdings against a larger share base.
Quantum-Si furnished third-quarter results and a business update; the quarter ended
The release says 2026 cash usage includes selected production-readiness and inventory spending, including long-lead components. It also says the company is ordering earlier and committing volume with key suppliers amid extended lead times; based on current visibility, it does not anticipate these supply-chain dynamics affecting the anticipated
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, or exhibit attachments filed with this report.
Key Figures
Third-quarter revenue: $212,000
Third-quarter net loss: $22.3 million loss
Third-quarter adjusted EBITDA: Negative $17.0 million
+5 more
8 metrics
Third-quarter revenue
$212,000
Third quarter 2026; $552,000 in third quarter 2025
Third-quarter net loss
$22.3 million loss
Third quarter 2026; $35.7 million loss in third quarter 2025
Third-quarter adjusted EBITDA
Negative $17.0 million
Third quarter 2026; negative $20.1 million in third quarter 2025
Cash, cash equivalents and marketable securities
$149.4 million
As of September 30, 2026
2026 revenue guidance
Approximately $1.0 million
Full year 2026
Adjusted total operating expenses guidance
$87.0 million or less
Full year 2026; previously $98.0 million or less
Total cash usage guidance
$87.0 million or less
Full year 2026; previously $93.0 million or less
Expected annual operating expense savings
Approximately $12 million
Expected from cost-reduction actions
Key Terms
single-molecule protein sequencing, Adjusted EBITDA, Adjusted total operating expenses, verification and validation
4 terms
single-molecule protein sequencing technical
"redefining protein analysis through single-molecule protein sequencing"
Single-molecule protein sequencing is a laboratory method that reads the exact order of building blocks in a single protein molecule, similar to reading letters in a word rather than averaging many copies. For investors it matters because it promises far more sensitive and precise detection of disease markers, faster drug discovery and highly personalized diagnostics, which could create new markets or disrupt existing lab testing and therapeutics businesses.
Adjusted EBITDA financial
"Adjusted EBITDA was negative $17.0 million"
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.
Adjusted total operating expenses financial
"Adjusted total operating expenses were $18.2 million"
Adjusted total operating expenses are a company’s regular running costs after removing or adding back one-time, unusual, or accounting-driven items so the number better reflects the ongoing cost of doing business. Investors use it like a household budget that excludes a one-off roof repair to judge how well the routine expenses are managed and to compare profitability and trends across quarters or peers without distortions from special events.
verification and validation technical
"verification and validation activities"
Earnings Snapshot
Revenue: $212,000 · Guidance included
Three months ended September 30, 2026
Revenue
$212,000
Compared with $552,000 in the third quarter of 2025
Net loss
$22.3 million loss
Compared with $35.7 million loss in the third quarter of 2025
Adjusted EBITDA
Negative $17.0 million
Compared with negative $20.1 million in the third quarter of 2025
Guidance
For full-year 2026, revenue is approximately $1.0 million; adjusted total operating expenses are $87.0 million or less, previously $98.0 million or less; and total cash usage is $87.0 million or less, previously $93.0 million or less.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was QSI's third-quarter 2026 revenue?
QSI recorded $212,000 of revenue in the third quarter of 2026, compared with $552,000 in the third quarter of 2025. The company attributed the decrease to its transition from Platinum to anticipated Proteus, which it expects to continue through the first half of 2027.
What is QSI's 2026 operating expense and cash usage guidance?
For full-year 2026, QSI expects adjusted total operating expenses of $87.0 million or less, compared with previous guidance of $98.0 million or less, and total cash usage of $87.0 million or less, compared with $93.0 million or less previously. Revenue guidance remains approximately $1.0 million.
How is QSI preparing for potential Proteus supply-chain delays?
Quantum-Si said it is placing orders earlier, committing volume with key suppliers and, where practical, qualifying second sources and building safety stock for critical components. Based on current visibility, the company does not anticipate these supply-chain dynamics affecting its anticipated second-quarter 2027 launch.
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): November 5, 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 November 5, 2026, Quantum-Si Incorporated (the “Company”) issued a press release announcing its results for the three and nine months ended September 30, 2026 and providing a business update. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. The Company is also furnishing as Exhibit 99.2 to this Current Report on Form 8-K a statement regarding its use of non-GAAP financial measures.
The information in this Current Report on Form 8-K (including Exhibits 99.1 and 99.2) shall not be deemed “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 November 5, 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: November 5, 2026 | ||||||||
Exhibit 99.1
Quantum-Si Reports Third Quarter 2026 Financial Results and
Provides Business Update
Proteus™ remains on track for anticipated Q2 2027 commercial launch
BRANFORD, Conn., November 5, 2026 (GLOBE NEWSWIRE) — 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 third quarter ended September 30, 2026.
| Press Release Highlights | ||
•Reported third quarter 2026 revenue of $212,000 during the transition period from Platinum® to Proteus, which is expected to continue through the first half of 2027 | ||
•Highlighted interim Proteus performance data presented at World HUPO including approximately 30 times more sequencing output per chamber in a controlled peptide study | ||
•Highlighted detection of 19 amino acids, with the 20th expected before year-end | ||
•Announced launch of the Proteus pre-order program | ||
•Updated full-year 2026 guidance for lower adjusted total operating expenses and lower total cash usage, and reaffirmed cash runway into the fourth quarter of 2028 | ||
“We made significant progress during the third quarter as we continued to advance Proteus toward commercial launch,” said Jeff Hawkins, President and Chief Executive Officer of Quantum-Si. “Based on recent performance data, we believe we have substantially addressed the instrument variability issues identified earlier in development, and design activities for our additional instrument cycle are now complete. During the quarter, we also advanced recognizer development to 19 amino acids, keeping us on track to achieve all 20 amino acids by year-end. We also made meaningful progress in our library preparation technology development and accelerated the integration of AI throughout our data analysis pipeline. Together, these advancements continue to strengthen the capabilities of the Proteus platform and our confidence in its commercial potential.”
Hawkins continued, “At World HUPO, we demonstrated that Proteus significantly outperformed Platinum Pro across key measures of sequencing performance. While we are encouraged by these results, we believe the Proteus platform we ultimately launch will meaningfully exceed the performance demonstrated in this interim study. Based on customer feedback and the positive reception to the data, we recently launched our Proteus pre-order program to help customers plan for adoption and secure priority access following commercial launch. We expect to provide multiple updates over the coming months and into the first half of 2027 related to system performance, commercial readiness, and customer adoption. We remain confident in our path to commercial launch of Proteus in the second quarter of 2027.”
Third Quarter 2026 Financial Results
For the third quarter of 2026, the Company recorded revenue of $212,000, compared to $552,000 in the third quarter of 2025. For the nine months ended September 30, 2026, the Company recorded revenue of $814,000, compared to $2.0 million in the prior-year period. The year-over-year decrease reflected the Company’s transition from Platinum to the anticipated Proteus platform, with 2026 and the first half of 2027 expected to
serve as the transition period. During this period, revenue is expected to reflect lower Platinum instrument demand, continued consumable usage by existing customers, customer awareness of the anticipated Proteus launch, and commercial programs intended to support customer migration to Proteus. Gross profit was $74,000 and gross margin was 35% in the third quarter of 2026 compared to gross profit of $194,000 and gross margin of 35% in the third quarter of 2025. For the nine months ended September 30, 2026, gross profit was $320,000 and gross margin was 39%, compared to gross profit of $1.0 million and gross margin of 52% in the prior-year period, with results affected by revenue mix, timing of sales, and transition-period commercial activity.
Total operating expenses were $23.9 million for the third quarter of 2026, compared to $40.0 million for the same period in the prior year, and $73.8 million for the nine months ended September 30, 2026, compared to $96.0 million for the same period in the prior year. Adjusted total operating expenses were $18.2 million for the third quarter of 2026, compared to $21.4 million for the same period in the prior year, and adjusted total operating expenses for the nine months ended September 30, 2026, were $62.1 million, compared to $68.1 million for the same period in the prior year. The year-over-year decrease in total operating expenses primarily reflected the absence of $13.6 million of net lease termination expense and $1.8 million of legal settlement expense, net of insurance proceeds, recorded in the third quarter of 2025, as well as lower selling, general and administrative expenses, partially offset by $2.9 million of restructuring costs recorded in the third quarter of 2026. Adjusted total operating expenses also declined sequentially from the second quarter of 2026, reflecting in part the restructuring actions announced in August 2026. Spending levels reflected continued investment in Proteus development, manufacturing readiness and commercial launch preparation, together with ongoing expense management.
During the third quarter of 2026, the Company completed the majority of the reduction in force announced in August 2026, which affected approximately 20% of total company headcount. The Company believes these actions are achieving their intended objectives, aligning the Company’s expense base with the revised Proteus timeline while preserving the resources and capabilities required to execute the program, and the Company does not believe these actions have adversely impacted Proteus development to date. The Company continues to expect these actions to generate approximately $12 million in annual operating expense savings.
Net loss was $22.3 million for the third quarter of 2026, compared to a net loss of $35.7 million for the same period in the prior year, and net loss was $67.5 million for the nine months ended September 30, 2026, compared to a net loss of $83.7 million for the same period in the prior year. Adjusted EBITDA was negative $17.0 million for the third quarter of 2026, compared to negative $20.1 million in the same period of the prior year, and negative $58.2 million for the nine months ended September 30, 2026, compared to negative $63.7 million for the same period in the prior year. Reconciliations of the non-GAAP financial measures adjusted total operating expenses and adjusted EBITDA are provided in a table included at the end of this press release.
As of September 30, 2026, the Company’s cash, cash equivalents and investments in marketable securities were $149.4 million. Based on its current operating plan, including the cost-reduction actions completed during the third quarter, the Company continues to expect its existing cash, cash equivalents and investments in marketable securities to be sufficient to execute the key activities required for the Proteus launch and to fund operations into the fourth quarter of 2028.
2026 Financial Guidance
For the full year 2026, the Company reiterated its revenue guidance and lowered its guidance for adjusted total operating expenses and total cash usage, as follows:
| Revenue: | Approximately $1.0 million | ||||
| Adjusted total operating expenses: | $87.0 million or less (previously $98.0 million or less) | ||||
| Total cash usage: | $87.0 million or less (previously $93.0 million or less) | ||||
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The Company expects 2026 and the first half of 2027 to serve as a transition period from Platinum to Proteus ahead of the anticipated Proteus launch. During the transition period, revenue is expected to reflect Platinum customer purchasing behavior, installed-base consumable activity, commercial programs supporting customer migration, and customer planning for the anticipated new platform.
The lower guidance for adjusted total operating expenses and total cash usage reflects the cost-reduction actions completed during the third quarter of 2026 and continued expense management, while preserving the investments in manufacturing readiness and inventory needed to support the Proteus launch. Adjusted total operating expenses are expected to support Proteus development, platform integration, verification and validation activities, chemistry and workflow development, manufacturing and supply chain readiness, and launch preparation. The Company plans to manage spending against the revised launch timeline while maintaining the resources needed to advance Proteus toward commercialization.
Total cash usage is expected to include Proteus development, selected production readiness and inventory investments, including long-lead components, and commercial readiness activities supporting the Q2 2027 anticipated launch timing. As AI-driven demand has constrained global supply chains and extended lead times for certain components, the Company is placing orders earlier, committing volume with key suppliers and, where practical, qualifying second sources and building safety stock for critical components. Based on current visibility, the Company does not anticipate these supply chain dynamics affecting its ability to launch Proteus in the second quarter of 2027.
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 $149.4 million as of September 30, 2026, together with its 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 third quarter 2026 financial results on Thursday, November 5, 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 GAAP financial measures for these non-GAAP financial measures are total operating expenses and net loss, respectively. 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
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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 furnished to the Securities and Exchange Commission (the “SEC”) on November 5, 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 the development and commercialization of products, services and applications; its anticipated cash runway; the anticipated timing of product launches and product capabilities, including Proteus; the expected demonstration of detection of all 20 amino acids by year-end 2026; the timing and content of anticipated updates regarding Proteus system performance, commercial readiness and customer interest, including the Proteus pre-order program; the expected duration and effects of the transition from Platinum to Proteus, including customer purchasing behavior, installed-base consumable activity, customer migration programs and customer planning for Proteus; the expected timing and successful completion of system integration, optimization, verification, validation, manufacturing-readiness and launch-readiness activities; the Company’s supply chain, procurement and inventory plans; 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, manufacturing-readiness or launch-readiness challenges may arise or take longer or cost more to address than expected; supply chain constraints, component shortages or extended lead times, including those resulting from demand related to artificial intelligence; 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
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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. Except as required by law, 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)
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 25,578 | $ | 21,639 | |||||||
| Marketable securities, current | 77,929 | 141,271 | |||||||||
| Accounts receivable, net of allowance of $270 and $270, respectively | 109 | 561 | |||||||||
| Legal settlement insurance receivable | — | 4,638 | |||||||||
| Inventory | 1,640 | 3,197 | |||||||||
| Prepaid expenses and other current assets | 7,115 | 4,554 | |||||||||
| Total current assets | 112,371 | 175,860 | |||||||||
| Restricted cash, non-current | 2,202 | — | |||||||||
| Marketable securities, non-current | 45,892 | 52,855 | |||||||||
| Property and equipment, net | 9,562 | 13,194 | |||||||||
| Operating lease right-of-use assets | 2,308 | 3,464 | |||||||||
| Other assets | 552 | 234 | |||||||||
| Total assets | $ | 172,887 | $ | 245,607 | |||||||
| Liabilities and stockholders’ equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 1,408 | $ | 1,623 | |||||||
| Accrued payroll and payroll-related costs | 3,582 | 5,903 | |||||||||
| Accrued contracted services | 1,659 | 3,356 | |||||||||
| Accrued legal settlement liability | — | 8,000 | |||||||||
| Accrued expenses and other current liabilities | 3,162 | 1,505 | |||||||||
| Warrant liabilities | — | 794 | |||||||||
Current portion of operating lease liabilities | 1,845 | 1,844 | |||||||||
| Total current liabilities | 11,656 | 23,025 | |||||||||
| Operating lease liabilities | 932 | 2,322 | |||||||||
Other long-term liabilities | 80 | 34 | |||||||||
| Total liabilities | 12,668 | 25,381 | |||||||||
| Stockholders’ equity: | |||||||||||
| Class A Common stock, $0.0001 par value; 600,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 199,804,914 and 196,431,273 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 20 | 20 | |||||||||
| Class B Common stock, $0.0001 par value; 27,000,000 shares authorized as of September 30, 2026 and December 31, 2025; 19,937,500 shares issued and outstanding as of September 30, 2026 and December 31, 2025 | 2 | 2 | |||||||||
| Additional paid-in capital | 926,641 | 918,190 | |||||||||
| Accumulated other comprehensive loss | (943) | (6) | |||||||||
| Accumulated deficit | (765,501) | (697,980) | |||||||||
Total stockholders’ equity | 160,219 | 220,226 | |||||||||
Total liabilities and stockholders’ equity | $ | 172,887 | $ | 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 September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Revenue | |||||||||||||||||||||||
| Product | $ | 173 | $ | 505 | $ | 703 | $ | 1,871 | |||||||||||||||
| Service | 39 | 47 | 111 | 114 | |||||||||||||||||||
| Total revenue | 212 | 552 | 814 | 1,985 | |||||||||||||||||||
| Cost of revenue | |||||||||||||||||||||||
| Product | 138 | 353 | 487 | 920 | |||||||||||||||||||
| Service | — | 5 | 7 | 34 | |||||||||||||||||||
| Total cost of revenue | 138 | 358 | 494 | 954 | |||||||||||||||||||
| Gross profit | 74 | 194 | 320 | 1,031 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | 13,779 | 13,883 | 44,090 | 42,813 | |||||||||||||||||||
| Selling, general and administrative | 10,071 | 10,707 | 29,688 | 34,484 | |||||||||||||||||||
| Lease termination expense, net | — | 13,577 | — | 13,577 | |||||||||||||||||||
| Legal settlement expense, net of insurance proceeds | — | 1,800 | — | 5,162 | |||||||||||||||||||
| Total operating expenses | 23,850 | 39,967 | 73,778 | 96,036 | |||||||||||||||||||
| Loss from operations | (23,776) | (39,773) | (73,458) | (95,005) | |||||||||||||||||||
| Dividend income | 123 | 166 | 368 | 542 | |||||||||||||||||||
| Interest income | 1,355 | 2,414 | 4,643 | 6,897 | |||||||||||||||||||
| Change in fair value of warrant liabilities | — | 1,516 | 794 | 3,923 | |||||||||||||||||||
| Other (expense) income, net | (18) | (7) | 10 | (35) | |||||||||||||||||||
| Loss before (provision) benefit for income taxes | (22,316) | (35,684) | (67,643) | (83,678) | |||||||||||||||||||
| (Provision) benefit for income taxes | — | (19) | 122 | (50) | |||||||||||||||||||
| Net loss | $ | (22,316) | $ | (35,703) | $ | (67,521) | $ | (83,728) | |||||||||||||||
| Net loss per common share attributable to common stockholders, basic and diluted | $ | (0.10) | $ | (0.17) | $ | (0.31) | $ | (0.44) | |||||||||||||||
| Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 218,984 | 209,041 | 217,762 | 191,754 | |||||||||||||||||||
| Other comprehensive income (loss) | |||||||||||||||||||||||
| Net unrealized (loss) income on marketable securities, net of tax | $ | (471) | $ | 102 | $ | (812) | $ | (5) | |||||||||||||||
| Foreign currency translation adjustment | (31) | (8) | (125) | 14 | |||||||||||||||||||
| Total other comprehensive (loss) income, net of tax | (502) | 94 | (937) | 9 | |||||||||||||||||||
| Comprehensive loss | $ | (22,818) | $ | (35,609) | $ | (68,458) | $ | (83,719) | |||||||||||||||
7
QUANTUM-SI INCORPORATED
RECONCILIATIONS OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands)
(unaudited)
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net loss | $ | (22,316) | $ | (35,703) | $ | (67,521) | $ | (83,728) | |||||||||||||||
| Adjustments to reconcile to EBITDA: | |||||||||||||||||||||||
| Dividend income | (123) | (166) | (368) | (542) | |||||||||||||||||||
| Interest income | (1,355) | (2,414) | (4,643) | (6,897) | |||||||||||||||||||
| Depreciation and amortization | 1,170 | 1,173 | 3,624 | 3,281 | |||||||||||||||||||
| Income tax provision (benefit) | — | 19 | (122) | 50 | |||||||||||||||||||
| EBITDA | (22,624) | (37,091) | (69,030) | (87,836) | |||||||||||||||||||
| Adjustments to reconcile to Adjusted EBITDA: | |||||||||||||||||||||||
| Change in fair value of warrant liabilities | — | (1,516) | (794) | (3,923) | |||||||||||||||||||
| Stock-based compensation | 2,721 | 2,827 | 8,336 | 7,978 | |||||||||||||||||||
| Lease termination expense, net | — | 13,577 | — | 13,577 | |||||||||||||||||||
| Legal settlement expense, net of insurance proceeds | — | 1,800 | — | 5,162 | |||||||||||||||||||
| Restructuring costs | 2,926 | (39) | 3,316 | 281 | |||||||||||||||||||
| Other non-recurring operating expenses | — | 367 | — | 978 | |||||||||||||||||||
| Other expense (income), net | 18 | 7 | (10) | 35 | |||||||||||||||||||
| Adjusted EBITDA | $ | (16,959) | $ | (20,068) | $ | (58,182) | $ | (63,748) | |||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Total operating expenses | $ | 23,850 | $ | 39,967 | $ | 73,778 | $ | 96,036 | |||||||||||||||
| Adjustments to reconcile to Adjusted total operating expenses: | |||||||||||||||||||||||
| Stock-based compensation | (2,721) | (2,827) | (8,336) | (7,978) | |||||||||||||||||||
| Lease termination expense, net | — | (13,577) | — | (13,577) | |||||||||||||||||||
| Legal settlement expense, net of insurance proceeds | — | (1,800) | — | (5,162) | |||||||||||||||||||
| Restructuring costs | (2,926) | 39 | (3,316) | (281) | |||||||||||||||||||
| Other non-recurring operating expenses | — | (367) | — | (978) | |||||||||||||||||||
| Adjusted total operating expenses | $ | 18,203 | $ | 21,435 | $ | 62,126 | $ | 68,060 | |||||||||||||||
Investor and Media Contact:
Jeff Keyes
Chief Financial Officer
ir@quantum-si.com
Source: Quantum-Si Incorporated
8
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 November 5, 2026 announcing its financial results for the three and nine months ended September 30, 2026, that accompany a conference call to be held by the Company on November 5, 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 measures 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 in the Press Release. 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 EBITDA” and “adjusted total operating expenses.” Company management uses these non-GAAP financial measures to evaluate the Company’s performance. In the case of “adjusted EBITDA,” Company management believes the exclusion of interest, taxes, depreciation and amortization, dividend income, interest income, changes in fair value of warrant liabilities, stock-based compensation, net lease termination expense, 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. 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 exclude stock-based compensation, net lease termination expense, 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.
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 “net loss” and “total operating expenses”, (the most comparable GAAP financial 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.