Quantum-Si incorporated

What they do

Quantum-Si develops a proprietary single-molecule detection platform applied to proteomics, enabling next-generation protein sequencing in a massively parallel fashion rather than sequentially, and it can also be used for nucleic acid study. Its current products are the Platinum line of instruments, Platinum Pro benchtop sequencer, Platinum Analysis Software, and consumable kits. The company began controlled commercial launch of Platinum in January 2023, moved to full commercial launch in the second quarter of 2024, and first shipped Platinum Pro in March 2025.

Revenue drivers

• Platinum instrument sales — Revenue from sales of the Platinum and Platinum Pro single-molecule protein sequencing instruments; instrument demand declined year over year in Q2 2026 during the transition to Proteus.
• Consumable kits — Sales of consumable kits used with the Platinum line, which the company cites as continuing usage by existing customers.
• Platinum Analysis Software — Software included in the Platinum platform offering; no separate revenue figure is disclosed.
• Non-human proteomics applications — Management highlighted an estimated $4 billion annual non-human proteomics opportunity from customer work in agricultural applications, pathogen detection and typing, and viral protein surveillance.

Recent performance

Second quarter 2026 revenue was $344 thousand, down from $591 thousand in the second quarter of 2025. Six-month 2026 revenue was $602 thousand versus $1.4 million in the prior-year period, with the decline attributed to the Platinum-to-Proteus transition, lower instrument demand, and commercial programs supporting customer migration. Q2 2026 gross profit was $172 thousand at a 50% gross margin; six-month gross profit was $246 thousand at a 41% gross margin. Q2 2026 net loss was $23.5 million, compared with a $28.8 million net loss in the prior-year quarter, and total operating expenses were $25.8 million versus $30.5 million.

Strategy

Quantum-Si's stated priority is completing development and commercialization of Proteus, its next-generation platform announced in November 2024 that aims to deliver single-molecule, amino acid-level resolution with higher sequencing output per sample, increased throughput per run, workflow automation, and automated data analysis versus Platinum Pro. The first Proteus generation is expected to include motion control, liquid handling, a new on-board optical system, and a consumable chip with approximately 80 million features. The company is pursuing this roadmap through internal development programs and external partnerships. In August 2026 it announced a reduction in force of approximately 20% of its workforce and cost-reduction actions expected to generate about $12 million in annualized operating expense savings, and it extended its cash runway into the fourth quarter of 2028 from the second quarter of 2028.

Risks

• Protracted losses and cash burn — Quantum-Si incurred net losses of $101.3 million, $101.0 million, and $96.0 million in 2025, 2024, and 2023, respectively, and had an accumulated deficit of $698.0 million as of December 31, 2025.
• Proteus launch timing — The anticipated Proteus launch was pushed from the end of 2026 to the second quarter of 2027 to add an integrated instrument design cycle for manufacturing readiness, system repeatability, and customer experience.
• Falling revenue during transition — Revenue fell to $344 thousand in Q2 2026 from $591 thousand a year earlier and to $602 thousand for the first half of 2026 from $1.4 million, driven by lower instrument demand and the Platinum-to-Proteus transition.
• Nasdaq listing-rule failure — Quantum-Si disclosed a delisting notice or listing-rule failure event on July 24, 2026.

Outlook

Management now expects Proteus, announced in November 2024, to launch in the second quarter of 2027, later than the previously stated end-of-2026 target. The company expects its August 2026 cost-reduction actions, including a roughly 20% workforce reduction, to generate approximately $12 million in annualized operating expense savings once fully implemented. It states that these actions extend its cash runway into the fourth quarter of 2028. Management also cites customer work in agricultural, pathogen detection and typing, and viral protein surveillance applications as evidence of a non-human proteomics market it estimates at more than $4 billion annually.