Quantum-Si Q2 Earnings Call Highlights
Key Points
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- Proteus launch delayed to Q2 2027: Quantum-Si said it needs an additional instrument-design cycle to improve system repeatability, manufacturing readiness and production yields. The company has also delayed its early-access program, potentially to early 2027.
- Cost reductions will support the revised timeline: The company plans to cut its workforce by about 20%, targeting approximately $12 million in annual operating-expense savings. With $169.9 million in cash and marketable securities, Quantum-Si expects funding to last into Q4 2028.
- Revenue declined while losses narrowed: Q2 revenue fell to $344,000 from $591,000 a year earlier, but the net loss improved to $23.5 million from $28.8 million. Quantum-Si reiterated 2026 guidance for roughly $1 million in revenue and cash usage of $93 million or less.
Quantum-Si (NASDAQ:QSI) said it has moved the planned launch of its Proteus protein sequencing platform to the second quarter of 2027 from the end of 2026, citing the need for an additional integrated instrument design cycle before production. The company also announced a targeted workforce reduction of about 20% as it seeks to lower cash burn and fund the revised development timeline.
President and Chief Executive Officer Jeff Hawkins said the launch delay resulted from an internal review of instrument performance, manufacturing processes and supply-chain readiness, rather than new customer feedback or a change in planned product capabilities.
“We have generated sufficient sequencing data from integrated units that we remain confident in the underlying technology,” Hawkins said. “That said, we are taking these actions now because we believe it is more responsible and capital efficient to de-risk the platform before production than to move forward before product readiness is fully demonstrated.”
Additional Instrument Cycle Targets Repeatability and Manufacturing
Quantum-Si built and tested Proteus prototypes during 2025 and began testing integrated units during the first half of 2026. Those units provided information on manufacturing and system-level performance that was not available from prototype testing, according to Hawkins.
The additional design cycle is primarily focused on the hardware rather than reagents. Hawkins said some internally deployed instruments have performed above internal specifications, while others have performed at or somewhat below those targets. The company aims to use the added cycle to improve repeatability across systems and make design-for-manufacturability changes intended to simplify production and improve first-pass manufacturing yields.
Hawkins said the company expects to finalize changes, build the next set of instruments and test them through the remainder of 2026. If that work proceeds as planned, the company expects to combine the instrument work with reagent and consumable development in the first half of 2027 ahead of a second-quarter launch.
Quantum-Si has not yet begun its early-access program for Proteus. Hawkins said the timing for that activity will shift with the revised launch schedule and could be an early-2027 event, after the new instrument design cycle is completed and internally validated. The company may begin accepting customer samples for evaluation before deploying early-access instruments.
Reagent and Library Preparation Plans
The company said its developmental sequencing kit previously demonstrated detection of 17 amino acids. With the extended instrument timeline, Quantum-Si now expects Proteus to launch with the ability to detect either 19 or 20 amino acids. Hawkins said the company still expects to demonstrate all 20 amino acids during 2026, but has not yet determined whether the initial commercial kit will include 19 or 20.
Management also outlined a shift in its library-preparation strategy. Rather than offering a single general-purpose kit designed to work across a broad range of proteins and workflows, Quantum-Si plans to develop a suite of application-oriented kits that can be used individually or together for specific use cases.
Hawkins said the company’s experience supporting users of its first-generation Platinum system showed that proteins can behave differently during library preparation and that customers may need application-specific workflows. The company believes tailored kits can reduce customer optimization needs, speed development and lower technical risk compared with a single kit designed to perform optimally across all protein types.
Commercial Opportunities and Market Preparation
Quantum-Si said its Platinum placement program, which allows customers to use an instrument without an upfront capital purchase, has provided insights across academic research, biopharma and other applications.
One example involved a European biopharma customer evaluating protein sequencing for adeno-associated viral vector, or AAV, serotyping. Platinum demonstrated an ability to detect relevant amino-acid differences among AAV serotypes, but its output was not sufficient to achieve the sensitivity needed for the customer’s routine workflow. Using the Platinum data, Quantum-Si modeled expected performance from Proteus’ planned higher number of nanowells and said the model indicates the required sensitivity could be achievable with Proteus.
The company also highlighted non-human proteomics, including pathogen research, agricultural research, pathogen detection and viral protein surveillance. Hawkins said such applications can require the identification of proteins or pathogens that evolve through small amino-acid changes and may not be well served by immunoassays or Western blots. Quantum-Si estimated the pathogen and agricultural research portion of the non-human proteomics opportunity at more than $4 billion annually, while noting that estimate excludes potential environmental, animal health, industrial and food markets.
Quantum-Si has identified and qualified more than 250 institutions that have expressed interest in Proteus, according to management. These institutions span academic, biopharma and industrial segments and have requested updates as additional information and data become available.
Second-Quarter Results, Cost Actions and Outlook
Chief Financial Officer Jeff Keyes reported second-quarter revenue of $344,000, down from $591,000 in the second quarter of 2025. Revenue for the first six months of 2026 was $602,000, compared with $1.4 million in the prior-year period.
- Second-quarter gross profit was $172,000, for a gross margin of 50%.
- First-half gross profit was $246,000, for a gross margin of 41%.
- Second-quarter GAAP operating expenses were $25.8 million, compared with $30.5 million a year earlier.
- Adjusted operating expenses were $22.6 million, compared with $23.8 million in the prior-year quarter.
- Second-quarter net loss was $23.5 million, compared with a $28.8 million loss in the prior-year period.
- Adjusted EBITDA was negative $21.2 million, compared with negative $22.2 million a year earlier.
Keyes said revenue continued to reflect limited near-term capital purchasing for Platinum, consumable utilization from the installed base, customer awareness of the anticipated Proteus introduction and commercial choices intended to support customers’ eventual transition to Proteus.
The reduction in force and other expense actions are expected to generate about $12 million in annual operating-expense savings once fully implemented. Keyes said the company expects to begin seeing benefits during the fourth quarter, following severance-related costs and employee transition timing. He added that research and development spending should remain relatively consistent, with the company preserving investment in critical Proteus workstreams.
As of June 30, Quantum-Si had $169.9 million in cash equivalents and marketable securities. Taking account of the workforce reduction and other cost actions, the company said it expects to have sufficient capital to fund operations into the fourth quarter of 2028.
For full-year 2026, Quantum-Si reiterated guidance for approximately $1 million in revenue, adjusted operating expenses of $98 million or less, and total cash usage of $93 million or less.
About Quantum-Si (NASDAQ:QSI)
Quantum-Si Inc is a life sciences instrumentation company headquartered in Guilford, Connecticut, developing next-generation proteomics solutions based on semiconductor sequencing technology. The company’s core offering centers on a proprietary single-molecule protein sequencing platform that uses a silicon-based sensor chip to convert protein data into digital signals. This approach is designed to deliver high sensitivity, single-amino-acid resolution and deep proteome coverage while potentially reducing cost and complexity compared to traditional mass spectrometry methods.
Quantum-Si’s product roadmap includes the development and commercialization of an integrated system comprising instruments, consumable reagents and proprietary data analysis software.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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