Quantum-Si incorporated

Second-quarter 2026 revenue was $344,000 versus $591,000 in Q2 2025; first-half 2026 revenue was $602,000 versus $1.4 million in the prior-year period. Gross profit was $172,000 with gross margin of 50% in Q2, and first-half gross profit was $246,000 with gross margin of 41%. GAAP total operating expenses were $25.8 million in Q2 2026 versus $30.5 million a year ago; adjusted operating expenses were $22.6 million versus $23.8 million. Net loss was $23.5 million versus $28.8 million, and adjusted EBITDA was negative $21.2 million versus negative $22.2 million. Cash, cash equivalents and investments were $169.9 million at June 30, 2026. Full-year 2026 guidance was reiterated for revenue of approximately $1 million, adjusted operating expenses of $98 million or less, and total cash usage of $93 million or less. Management said the headcount reduction and related actions should generate about $12 million in annual operating expense savings and support operations into the fourth quarter of 2028.

Jeff Hawkins framed the quarter around three priorities: deliver Proteus with the capabilities customers need, prepare the market for launch, and preserve financial strength. His tone was cautious but confident; he said the roadmap change was the more responsible and capital-efficient choice because it reduces manufacturing risk and protects the customer experience at launch. He also emphasized that confidence in the underlying technology remains strong, citing sufficient sequencing data from integrated units and continued progress on recognizing 19 or 20 amino acids at launch.

Jeff Keyes focused on the financial impact of the delayed launch and the company’s response. He cited Q2 revenue of $344,000, gross margin of 50%, operating expenses of $25.8 million GAAP and $22.6 million adjusted, and a quarter-end cash position of $169.9 million. He said the targeted reduction in force represents about 20% of headcount and should produce roughly $12 million in annual operating expense savings, with benefits beginning in the fourth quarter as severance and exit timing roll through. He reiterated full-year guidance of about $1 million revenue, adjusted operating expenses of $98 million or less, and cash usage of $93 million or less, and said the company now expects runway into Q4 2028.

Analysts pressed on what caused the Proteus delay, whether customer feedback played a role, and how much risk remains around the new Q2 2027 target. Hawkins said the decision was based on internal assessment of machine repeatability, manufacturing yields, and supply-chain readiness, not new customer demands, and said the revised timeline reflects the work required to meet company standards. Questions also focused on early access and amino-acid coverage; management said early access has not started and is now expected later, likely early 2027, and that launch may feature either 19 or 20 amino acids, with all 20 still expected to be demonstrated during 2027 if launch starts at 19.