Quantum-Si (QSI) investor relations material

Executive summary

• 2026 is a transition year focused on consumable utilization, modest new capital sales, and preparing for the Proteus platform launch by year-end, with three corporate priorities: deliver Proteus, prepare the market, and preserve financial strength.

• Proteus development achieved major milestones, including successful sequencing on integrated instruments, detection of 17 amino acids, and sequencing of first customer samples, demonstrating superior technology over Platinum.

• Early customer feedback on Proteus highlights increased amino acid detection, longer read lengths, and more sequence-level information.

• Roadshows and early access programs are expanding market awareness and building a funnel of potential Proteus customers across multiple segments and geographies.

• Revenue declined as customers delayed purchases ahead of the Proteus launch.

Financial highlights

• Q1 2026 revenue was $258,000, primarily from Platinum instruments, consumables, and services, with gross profit of $74,000 and a gross margin of 29%.

• Net loss for Q1 2026 was $21.7 million, compared to $19.2 million in Q1 2025.

• Adjusted EBITDA was negative $20.1 million, an improvement from negative $21.5 million year-over-year.

• GAAP operating expenses were $24.1 million, down from $25.6 million year-over-year; adjusted operating expenses were $21.4 million, down from $22.9 million.

• Cash, cash equivalents, and marketable securities totaled $190.4 million as of March 31, 2026.

Outlook and guidance

• 2026 revenue guidance is approximately $1 million, with adjusted operating expenses of $98 million or less and total cash usage of $93 million or less.

• Cash runway is expected to support operations into Q2 2028, about 18 months post-Proteus launch.

• Revenue is expected to remain pressured in 2026 as customers defer purchases until Proteus is available.

• Ongoing investments in R&D and commercialization ahead of Proteus launch may increase cash usage.