Quantum-Si (QSI) Q2 2026 earnings summary

Executive summary

• Proteus launch delayed to Q2 2027 to add an integrated instrument design cycle, aiming to reduce manufacturing risk and improve product readiness.

• 20% workforce reduction announced to align resources with the revised Proteus timeline, expected to generate $12 million in annualized savings.

• Revenue declined significantly year-over-year due to customer delays in anticipation of the Proteus launch and transition from Platinum.

• Cash runway extended into Q4 2028 due to cost-reduction actions and strong liquidity.

• Estimated non-human proteomics market opportunity for Proteus exceeds $4 billion annually, with additional potential in environmental, animal health, and industrial segments.

Financial highlights

• Q2 2026 revenue was $344,000, down from $591,000 in Q2 2025; first half 2026 revenue was $602,000, down from $1.4 million year-over-year.

• Q2 2026 gross profit was $172,000 (50% margin); first half gross profit was $246,000 (41% margin).

• Q2 2026 GAAP operating expenses were $25.8 million (vs. $30.5 million prior year); adjusted operating expenses were $22.6 million (vs. $23.8 million).

• Net loss for Q2 2026 was $23.5 million, improved from $28.8 million in Q2 2025; adjusted EBITDA was negative $21.2 million.

• Cash, cash equivalents, and marketable securities totaled $169.9 million as of June 30, 2026.

Outlook and guidance

• Full-year 2026 guidance reiterated: revenue of ~$1 million, adjusted operating expenses ≤ $98 million, and total cash usage ≤ $93 million.

• Capital is expected to fund operations into Q4 2028, supporting the updated Proteus plan and launch activities.

• Revenue expected to remain under pressure until Proteus is commercially available, as customers defer purchases.

• Early access program for Proteus is expected to begin after the new design cycle, likely in early 2027.