Quantum-Si Inc Q4 FY2024 earnings call

Accelerate Commercial Adoption

• 2024 was a key year for commercialization of Platinum instrument, with transition to full commercial launch in Q1, consistent quarter-over-quarter revenue growth, and first quarter over $1M in revenue. Customer base diversified to include academic, biotech, pharma, government, and contract research organizations. Had 18 international distribution partners. Sold 50th Platinum instrument in Q4 2024. Entered distribution agreement with Avantor in Nov 2024 for North American market, in training and implementation phase.

Deliver on Innovation Roadmap

• R&D in 2024 delivered new sequencing kits, library prep kit, barcoding kit, and software workflows. Platinum Pro launched in Jan 2025 with shipping starting in Q1. At investor day in Nov 2024, outlined Proteus platform launch in H2 2026 with expanded reads and samples per run. Plan to launch version 4 sequencing kit in Q3 2025.

Preserve Financial Strength

• Raised capital in Dec 2024 via at-the-market facility and in Jan 2025, providing another year of cash runway. As of Dec 31, 2024, had $209.6M in cash and equivalents, and after Jan 2025 capital raise, expect cash runway into H2 2027.

In the fourth quarter of 2024, revenue was approximately $1.2 million. For the full year 2024, revenue was $3.1 million. Gross profit in Q4 2024 was $610,000 with a gross margin of 51%. Full year 2024 gross profit was $1.6 million and gross margin was 52%. The revenue from the Platinum instrument, consumable kits, and related services contributed to these figures.

First Quarter 2025

• Anticipates revenue of at least $900,000, representing ~100% year-over-year growth, accounting for typical Q4 to Q1 drop, minimal Avantor contribution, and NIH funding uncertainty. ### 2025 Operating Expenses
• Preliminary guidance for adjusted operating expenses in 2025 is $103M or less, and total estimated cash used in 2025 is $95M or less. ### Avantor Partnership
• Expect to see contribution from Avantor in the second half of 2025 as their reps get trained and start engaging in territories.

NIH Funding Uncertainty

• Uncertainty regarding NIH funding in the US academic research market could impact revenue, though international and other market segments (pharma, biotech) are not expected to be affected.

Q: Did you sell any Platinum Pro since its January announcement and how has it impacted sales of legacy Platinum boxes and consumables?

A: We expect to start shipping Platinum Pro before the end of the quarter. Not giving specific numbers, but no impact on Platinum sales currently as there are different price points and consumables are the same across machines.

Q: Would you clarify the expectations for the Avantor partnership this year?

A: Signed distribution agreement in Nov 2024. Q1 is training and implementation phase, expect contribution in H2 2025 as reps get trained and engage in territories.

Q: As you gain more experience with customers, are sales cycles becoming more predictable?

A: Sales cycles are longer than historical for similar instruments but are now consistent, though still elongated compared to historical in the space.

Q: What's the largest market and untapped opportunity?

A: Customer base is now ~50-50 between academic and other segments (pharma, biotech, etc.). Untapped opportunity is international market where legacy proteomics instruments are inaccessible, and Platinum's low cost and simplified workflow offer a good option.

Q: About internal commercial team expansion, where are they in the process?

A: Commercial team is staffed as expected. Some sales professionals are in territory, some still in training, with synergies expected to show in back half of 2025 as teams work together.