Quantum-Si Reports Third Quarter 2026 Financial Results and Provides Business Update Proteus™ remains on track for anticipated Q2 2027 commercial launch
Quantum-Si Inc (QSI) filed an SEC Form 8-K — Results of Operations and Financial Condition. 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” o
How this was made
The 30-second read
Why it matters
The quarter shows a steep revenue decline and a narrowed loss, while operating expenses fell sharply, leading management to lower expense guidance and reaffirm cash runway to 2028.
Market read
The filing provides fresh quarterly financials and a revised expense outlook for a niche biotech, which may affect valuation and trading sentiment for the stock.
What to watch
The pre‑order program for Proteus may generate early revenue streams not reflected in the guidance.
Quantum-Si Reports Third Quarter 2026 Financial Results and Provides Business Update; Proteus remains on track for anticipated Q2 2027 commercial launch
Operating expenses and net loss declined year over year and 2026 adjusted operating expense and cash-usage guidance were lowered, but revenue remained constrained by the Platinum-to-Proteus transition and nine-month gross margin declined.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, third quarter 2026GAAP | $212,000 | – | – |
| Product revenue, third quarter 2026GAAP | $173K | – | – |
| Service revenue, third quarter 2026GAAP | $39K | – | – |
| Gross profit, third quarter 2026GAAP | $74,000 | – | – |
| Gross margin, third quarter 2026GAAP | 35% | – | – |
| Total operating expenses, third quarter 2026GAAP | $23.9M | – | – |
| Research and development expense, third quarter 2026GAAP | $13.78M | – | – |
| Selling, general and administrative expense, third quarter 2026GAAP | $10.07M | – | – |
| Restructuring costs, third quarter 2026GAAP | $2.93M | – | – |
| Loss from operations, third quarter 2026GAAP | −$23.78M | – | – |
| Net loss, third quarter 2026GAAP | $22.3M | – | – |
| Net loss per common share attributable to common stockholders, basic and diluted, third quarter 2026GAAP | $(0.10) | – | – |
| Adjusted total operating expenses, third quarter 2026non-GAAP | $18.2M | declined sequentially from the second quarter of 2026 | – |
| Adjusted EBITDA, third quarter 2026non-GAAP | negative $17.0 million | – | – |
| Total revenue, nine months ended September 30, 2026GAAP | $814,000 | – | – |
| Product revenue, nine months ended September 30, 2026GAAP | $703K | – | – |
| Service revenue, nine months ended September 30, 2026GAAP | $111K | – | – |
| Gross profit, nine months ended September 30, 2026GAAP | $320,000 | – | – |
| Gross margin, nine months ended September 30, 2026GAAP | 39% | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $73.8M | – | – |
| Loss from operations, nine months ended September 30, 2026GAAP | −$73.46M | – | – |
| Net loss, nine months ended September 30, 2026GAAP | $67.5M | – | – |
| Net loss per common share attributable to common stockholders, basic and diluted, nine months ended September 30, 2026GAAP | $(0.31) | – | – |
| Adjusted total operating expenses, nine months ended September 30, 2026non-GAAP | $62.1M | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | negative $58.2 million | – | – |
| Cash, cash equivalents and investments in marketable securities, September 30, 2026GAAP | $149.4M | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $25.58M | – | – |
| Marketable securities, current, September 30, 2026GAAP | $77.93M | – | – |
| Marketable securities, non-current, September 30, 2026GAAP | $45.89M | – | – |
| Total assets, September 30, 2026GAAP | $172.9M | – | – |
| Total liabilities, September 30, 2026GAAP | $12.67M | – | – |
| Total stockholders' equity, September 30, 2026GAAP | $160.2M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| ProductRevenue reflected lower Platinum instrument demand during the transition from Platinum to Proteus. | $173K | – | – |
| ServiceRevenue reflected continued consumable usage by existing customers during the transition period. | $39K | – | – |
full year 2026 outlook
- RevenueApproximately $1.0 million
- Operating expenses$87.0 million or less
- NoteTotal cash usage: $87.0 million or less
- NoteExisting cash, cash equivalents and investments in marketable securities are expected to fund operations into the fourth quarter of 2028.
- NoteProteus is anticipated to launch in the second quarter of 2027.
What drove it
- The Company described 2026 and the first half of 2027 as a transition period from Platinum to Proteus, with lower Platinum instrument demand, continued consumable use by existing customers, customer awareness of Proteus and customer-migration commercial programs affecting revenue.
- Interim Proteus performance data presented at World HUPO showed approximately 30 times more sequencing output per chamber in a controlled peptide study.
- The Company reported detection of 19 amino acids and expects the 20th before year-end.
- The Company completed the majority of its August 2026 reduction in force during the quarter, affecting approximately 20% of total company headcount.
- The Company expects restructuring actions to generate approximately $12 million in annual operating expense savings.
- The Company launched a Proteus pre-order program and stated that additional updates on performance, commercial readiness and customer adoption are expected over the coming months and into the first half of 2027.
Concerns
- Third-quarter revenue was $212,000, compared to $552,000 in the third quarter of 2025.
- Nine-month revenue was $814,000, compared to $2.0 million in the prior-year period.
- Nine-month gross margin was 39%, compared to 52% in the prior-year period, with results affected by revenue mix, timing of sales and transition-period commercial activity.
- The Company recorded $2.9 million of restructuring costs in the third quarter of 2026.
- The release identifies potential technical, integration, performance, reliability, verification, validation, manufacturing-readiness and launch-readiness challenges, as well as supply-chain constraints and extended component lead times, as risks to the Proteus program.
What to watch
- Demonstration of detection of all 20 amino acids by year-end 2026.
- Proteus system performance, commercial readiness and customer-adoption updates expected over the coming months and into the first half of 2027.
- Execution against the anticipated Proteus commercial launch in the second quarter of 2027.
- Whether early component orders, supplier volume commitments, second-source qualification and safety-stock plans preserve the second-quarter 2027 launch timing.
- Execution of the $87.0 million or less full-year 2026 adjusted total operating expense and total cash-usage targets.
Balance sheet and cash flow
- Cash and cash equivalents were $25,578 (in thousands) as of September 30, 2026, compared to $21,639 (in thousands) as of December 31, 2025.
- Marketable securities, current were $77,929 (in thousands) as of September 30, 2026, compared to $141,271 (in thousands) as of December 31, 2025.
- Marketable securities, non-current were $45,892 (in thousands) as of September 30, 2026, compared to $52,855 (in thousands) as of December 31, 2025.
- Restricted cash, non-current was $2,202 (in thousands) as of September 30, 2026.
- Total assets were $172,887 (in thousands) as of September 30, 2026, compared to $245,607 (in thousands) as of December 31, 2025.
- Total liabilities were $12,668 (in thousands) as of September 30, 2026, compared to $25,381 (in thousands) as of December 31, 2025.
- No debt was reported in the condensed consolidated balance sheets.
Analysis
Quantum-Si reported third-quarter revenue of $212,000, compared with $552,000 in the third quarter of 2025. Product revenue was $173 (in thousands) and service revenue was $39 (in thousands). Management attributed the year-over-year revenue decrease to the Platinum-to-Proteus transition, which it expects to continue through the first half of 2027. Nine-month revenue was $814,000, compared with $2.0 million in the prior-year period, underscoring that the commercial base remains limited ahead of the planned Proteus launch.
Gross profit was $74,000 and gross margin was 35%, unchanged from 35% in the prior-year quarter. For the nine-month period, gross profit was $320,000 and gross margin was 39%, compared with $1.0 million and 52%, respectively, in the prior-year period. The Company cited revenue mix, sales timing and transition-period commercial activity as factors affecting nine-month results.
The cost base declined substantially. Total operating expenses were $23.9 million, compared with $40.0 million, while adjusted total operating expenses were $18.2 million, compared with $21.4 million. The GAAP decline 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 prior-year quarter, partly offset by $2.9 million of restructuring costs. The completed majority of the reduction in force affected approximately 20% of total company headcount and is expected to generate approximately $12 million in annual operating expense savings.
Net loss was $22.3 million, compared with $35.7 million, and adjusted EBITDA was negative $17.0 million, compared with negative $20.1 million. Cash, cash equivalents and investments in marketable securities were $149.4 million as of September 30, 2026. The Company lowered full-year 2026 adjusted total operating expense guidance to $87.0 million or less from $98.0 million or less and total cash usage guidance to $87.0 million or less from $93.0 million or less, while reiterating revenue guidance of approximately $1.0 million.
The quarter's operating focus was Proteus development and launch preparation. Management reported interim data indicating approximately 30 times more sequencing output per chamber in a controlled peptide study versus Platinum Pro, stated that recognizer development had advanced to 19 amino acids, and launched a pre-order program. The central execution milestones are detection of all 20 amino acids by year-end and commercial launch of Proteus in the second quarter of 2027. The Company stated that existing liquidity, including its cost-reduction actions, is expected to fund operations into the fourth quarter of 2028.
Management, verbatim
We made significant progress during the third quarter as we continued to advance Proteus toward commercial launch.
Jeff Hawkins, President and Chief Executive Officer
We remain confident in our path to commercial launch of Proteus in the second quarter of 2027.
Jeff Hawkins, President and Chief Executive Officer
Not in the filing
stated, not guessed- Previous-release outlook was not provided; therefore, no actual-versus-prior-guidance comparison is included.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Capital returns, including share repurchases and dividends, were not reported.
- Debt was not reported in the condensed consolidated balance sheets.
- Third-quarter prior-quarter revenue, gross profit, gross margin, operating expenses, net loss, EPS and adjusted EBITDA were not reported.
- Forward-looking gross margin and tax-rate guidance were not provided.
- A reconciliation of forward-looking adjusted total operating expenses to GAAP total operating expenses was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Quantum‑Si is a proteomics technology firm transitioning from its Platinum platform to the upcoming Proteus system, with a commercial launch targeted for Q2 2027.
Ticker impact
Quantum‑Si disclosed Q3 2026 results and lowered its full‑year 2026 guidance for adjusted operating expenses and cash usage.
likely pressure as investors price in reduced expense outlook and modest revenue outlook
The 8‑K provides the first public numbers for the quarter and a downward revision to expense guidance, which can prompt a sell‑off in a thinly‑traded micro‑cap.
Market effects
Signals a slower commercial rollout for proteomics sequencing tools, potentially affecting peers in biotech instrumentation.
Limited to US‑listed micro‑caps; no broader regional effect.
Minimal; the news is company‑specific.
Counterpoint
If the expense reduction translates into cash runway extension, the stock could be undervalued despite the lowered expense guidance.
Key entities
- companyQuantum‑Si Inc.
Nasdaq‑listed proteomics sequencing company.
- executiveJeff Hawkins
President and CEO of Quantum‑Si.
