Quantum-Si incorporated Q4 FY2025 earnings call

2026 is a transition year with revenue driven by consumable utilization and modest new capital sales, focusing on Proteus development. Accelerate commercial adoption: placement program secured 17 new customers, expanded instrument acquisition options successful, built publication pipeline. Scientific affairs: 5 manuscripts submitted in 2025, 3 released in first two months of 2026, exploring partnership opportunities. Innovation roadmap: 2025 successful in development programs, 2026 focused on Proteus development, instrument development on track, protein coverage and sequencing read length progress ahead of expectations, version 3 library prep kit launched. Preserve financial strength: operate with fiscal discipline, ensure strategic initiatives funded.

Fourth quarter of 2025 revenue was $451,000. Gross profit was $122,000 with a gross margin of 27%. Full year 2025 revenue was $2.4 million, gross profit was $1.2 million and gross margin was 47%. Fourth quarter gross margin was impacted by revenue mix (higher consumable to hardware) and inventory adjustments. Full-year gross margin benefited from higher instrument sales mix and lower inventory adjustment impact.

Anticipates total revenue of approximately $1 million in 2026, adjusted operating expenses of $98 million or less and total cash usage of $93 million or less. 2026 is a deliberate transition year prioritizing long-term platform adoption over near-term revenue maximization, with expected cash usage including inventory build and commercial readiness efforts ahead of Proteus launch.

Potential delays in Proteus development such as hardware integration, performance optimization; NIH funding authorization delays affecting customer capital budgets; market acceptance risk where Proteus price and functionality may not be fully embraced by the market.

Q: What are you seeing as far as consumable trends, as far as the trends within the installed base?

A: Continuing to see consistent purchase rate, guidance for 2026 includes more than 25% increase in consumable kits run.

Q: If I'm interpreting that correct, for 2026, in anticipation of the Proteus launch, we should really factor in very, very few placements with almost all the revenue coming from consumables and service revenues?

A: Yes, a lot of revenue from consumables and services, very modest Platinum Pro machines purchased for capital, and customers might ask for credit towards Proteus.

Q: With you announcing the price point for Proteus, does this mean that you have some secured pre-orders or letters of intent?

A: No secured orders to communicate, releasing price to help customers with capital planning for grants/tenders.

Q: As far as Proteus is concerned, when you look at your existing customer base versus the potential customer base for Proteus, how much overlap do you think there really is?

A: Some overlap with larger core labs, some smaller basic research labs may not convert easily, but focus on larger core labs and new potential customers.

Q: What would be the biggest risks to launching Proteus in this R&D ramp?

A: Risk in hardware integration, performance and reliability optimization, manufacturing quality, but technical risk of big breakthroughs behind us now.