Quantum-Si incorporated Q1 FY2026 earnings call

Jeffrey Alan Hawkins outlined three corporate priorities for 2026: delivering Proteus with needed capabilities, preparing the market for Proteus launch, and preserving financial strength. Progress on Proteus development was discussed, including successful sequencing on fully integrated instruments, increased amino acids detected, and progress on post-translational modification capabilities. For market preparation, the scientific affairs team released customer data, the Proteus roadshow series was announced, and efforts were underway to identify potential Proteus customers. Jeffry R. Keyes reviewed financial results, noting revenue, gross profit, expenses, and cash position.

Revenue in 2026 was $258 thousand, consisting of revenue from Platinum line of instruments, consumable kits, and related services. Gross profit was $74 thousand, resulting in a gross margin of 29%. Gross margin in the quarter was primarily driven by revenue mix with a higher proportion of consumables relative to hardware.

2026 outlook includes total revenue of approximately $1 million, adjusted operating expenses of $98 million or less, and total cash usage of $93 million or less. Expect Proteus launch to lead to meaningful operating expense leverage over time as launch-related development spend rolls off. Guidance for 2027 to be provided more quantitatively later.

Q: As customers use Proteus and see more amino acids and longer read length, talk about customer experience.

A: Jeffrey Alan Hawkins broke it down into protein identification, post-translational modifications, and variants. More amino acids and longer read lengths mean dealing with complex mixtures, detecting more modifications and variants.

Q: Anticipate customers' volume when switching from Platinum to Proteus.

A: Proteus should see more volume than Platinum in existing customer base, but exact amount hard to predict. Also, new addressable market with Proteus.

Q: Between now and launch, gating factors.

A: Next six months involve manufacturing transfer, hardware/instrument engineering, systems integration for reliability, not innovation breakthrough.

Q: Lower operating expense but higher R&D spend. How math works.

A: R&D can be lumpy with third-party partners, SG&A spending adjusted.

Q: Ramping production of instruments.

A: Focus on ramping R&D instruments, early access customers in summer, inventory build for launch later.

Q: Roadshow activity.

A: Continuing to scale roadshows, focusing on U.S. and Europe, roadshows are educational, training to come later.

Q: Early access site selection and internal fleet.

A: Early access sites span market segments, internal fleet to support engineering, reagent development, quality control.

Q: Platinum Pro units with embedded credit.

A: Credit available to customers if requested, not breaking out sales with credit yet.

Q: Early access program and internal fleet size.

A: Early access sites to be a handful, internal fleet to support multiple groups, timelines for build not specific.

Q: Recent Proteus sequencing run performance.

A: Higher number of reads, increased amino acid detection frequency, longer read lengths compared to Platinum.

Q: Roadshow feedback and pricing.

A: Customers excited about PTMs, positive feedback on roadshow format, no pushback on pricing as compared to high-end mass spec.

Q: 2027 capital deployment and use of external partners.

A: Using external partners in consumable, optic, and instrument development, expect R&D spend reduction post-launch with partner support.