Quantum‑Si Incorporated (NASDAQ: QSI) reported fourth‑quarter and full‑year 2025 results on March 3 2026. Q4 revenue totaled $451,000, down 62% from $1.2 million in Q4 2024, while full‑year revenue fell 22% to $2.4 million from $3.1 million in 2024. Gross margin for the quarter was 27%, a decline from 51% in Q4 2024, but the full‑year margin of 47% remained above the 52% margin recorded in 2024. Earnings per share were $‑0.08, beating the consensus estimate of $‑0.12 to $‑0.13 by $0.04 to $0.05, a margin that reflects disciplined cost control amid a weaker top line.
The sharp drop in Q4 revenue and margin compression were driven by a higher proportion of consumable sales and inventory adjustments that lowered the average selling price. The company’s first‑generation Platinum Pro system, which had been a major revenue driver in 2024, saw reduced capital sales as customers postponed large‑ticket purchases. The shift toward consumables, while improving operating leverage, also exposed the business to pricing pressure and inventory write‑downs that compressed gross margin in the quarter.
Revenue missed analyst expectations of $0.76–$0.77 million for Q4 2025, largely because of capital headwinds and delays in NIH funding that dampened demand for high‑cost instruments. The company’s placement program, which offers new customers access to instruments without upfront revenue, further reduced immediate sales but is intended to build a pipeline of future consumable revenue. These factors combined to produce a revenue shortfall of roughly $300,000 compared with consensus estimates.
Looking ahead, Quantum‑Si reiterated its 2026 guidance, projecting revenue of about $1.0 million and adjusted operating expenses of $98 million or less. Cash usage is expected to be $93 million or less, underscoring a focus on conserving capital while preparing for the Proteus platform launch. The company described 2026 as a “deliberate transition year” in which it will prioritize long‑term platform adoption over near‑term revenue maximization, a strategy that will position Proteus for a stronger launch and support long‑term shareholder value.
"2025 was a year of significant progress as we continued to advance our technology through multiple new kit launches, expanding the installed base and consumable utilization of our first‑generation Platinum Pro system, and delivered on our key strategic goal of demonstrating sequencing on our Proteus prototype system that exceeded our current technology across all key performance metrics," said CEO Jeff Hawkins. "As we move through 2026, we expect tempered near‑term revenue based upon deliberate strategic choices. These include continuing to offer the placement program we initiated during 2025 and embedding upgrade credits into Platinum Pro units sold during 2026 to provide a clear path to Proteus for customers. While this approach moderates near‑term revenue, we believe it positions Proteus for a stronger launch and supports long‑term shareholder value creation," added Hawkins. CFO Jeff Keyes noted, "We view 2026 as a deliberate transition year for the company as we prepare for the anticipated launch of Proteus at the end of 2026, we are making intentional choices that prioritize long‑term platform adoption over near‑term revenue maximization." Keyes also explained that for adjusted operating expense, the company pulls out stock‑based compensation.
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