Quantum-Si Inc (QSI)·Q4 2024 Earnings Summary

Executive Summary

• Q4 delivered first $1M+ quarter with revenue of $1.19M, gross margin 51%, and gross profit $0.61M; FY24 revenue was $3.06M with gross margin 52% . Management emphasized momentum into 2025 with the January launch of Platinum Pro and broader kit roadmap (v4 kit targeted for Q3 2025) .
• Operating discipline continued: Q4 adjusted operating expenses were $26.7M and adjusted EBITDA was $(25.1)M; FY24 adjusted OpEx was $99.0M and adjusted EBITDA $(92.8)M .
• Capital position improved: $209.6M in cash and investments at 12/31/24; plus $50M raised Jan 6, 2025; cash runway now expected into 2H 2027 .
• Initial 2025 guide: Q1 revenue “at least $0.9M,” FY25 adjusted OpEx ≤$103M, FY25 cash use ≤$95M; drivers include Avantor distribution ramp (back-half weighted) and international partners, with NIH U.S. academic funding uncertainty a watch item .

What Went Well and What Went Wrong

• What Went Well

  • First-ever $1M+ quarter: “delivering our first quarter in excess of $1 million in revenue” with Q4 revenue of $1.2M (up 52% q/q) as commercial execution improved and instrument sales strengthened .
  • Channel and installed base momentum: 18 international distribution partners in place and the 50th Platinum instrument sold; Avantor distribution signed for North America, with training through Q1 2025 .
  • Strong liquidity and extended runway: ~$209.6M cash/investments at year-end and $86M capital raised across late 2024 and early 2025 extended runway into 2H 2027 .

• What Went Wrong

  • FY24 revenue missed prior guidance: Actual FY24 revenue of $3.06M came in below the prior $3.7–$4.2M outlook, which management had warned was unlikely in Q3 amid lengthening sales cycles .
  • Q4 loss widened y/y: Net loss was $(33.1)M vs $(22.0)M in Q4’23; GAAP OpEx rose to $31.3M y/y as SG&A ramped for commercialization (with restructuring) .
  • Margin variability and funding overhang: Gross margin remains variable given early commercialization and inventory accounting; NIH funding uncertainty could delay some U.S. academic capital decisions in early 2025 .

Financial Results

Quarterly trend (oldest → newest)

Q4 year-over-year comparison

Revenue mix (product vs service)

Actual vs Wall Street consensus (S&P Global)

• Q4 2024 Revenue: $1.192M; Consensus: Unavailable due to data access limits; Surprise: N/A .
• Q4 2024 EPS (diluted): $(0.23); Consensus: Unavailable due to data access limits; Surprise: N/A .
  Note: S&P Global consensus data were unavailable at the time of analysis due to API limits.

Non-GAAP reconciliation notes

• Q4 Adjusted EBITDA $(25.1)M and Q4 Adjusted Total OpEx $26.7M; FY24 Adjusted EBITDA $(92.8)M and Adjusted Total OpEx $99.0M; definitions and reconciliations provided in the release and 8-K .

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• CEO: “I am very pleased with how we closed out 2024, delivering our first quarter in excess of $1 million in revenue… We also had a very successful investor and analyst day… and… raised over $86 million in capital” .
• CEO: “We expect to achieve even greater results in 2025… Platinum® Pro… Avantor North American commercial distribution… international distribution partner network… anticipate significant revenue growth in 2025” .
• CEO: “We achieved a significant milestone having sold our 50th platinum instrument… exited 2024 with 18 international distribution partners” .
• CFO: “For Q1 2025, we anticipate revenue to be at least $900,000… Avantor training completes in Q1… NIH funding uncertainty may delay some academic customers” .
• CFO: “Preliminary guidance for adjusted operating expenses for 2025 is $103 million or less and total estimated cash use for 2025 will be $95 million or less” .

Q&A Highlights

• Platinum Pro launch/transition: Shipments expected before end of Q1; no negative impact on legacy Platinum sales or consumable ordering noted; consumables are cross-compatible .
• Q4 revenue timing: Some year-end purchases potentially pulled forward given expected pricing and Pro launch visibility; no push-outs from Q3 .
• Avantor contribution: Training/implementation in Q1; initial contribution in Q2; more meaningful ramp in H2 2025 as funnels mature .
• Competitive/technology positioning: Management contrasted its amino-acid recognizer/kinetic detection approach versus early-stage nanopore concepts for protein sequencing, citing scalability and complexity advantages, with Proteus designed for billions of reads .
• Sales cycle and market mix: Sales cycles remain elongated vs historical norms; customer base now ~50/50 academic vs pharma/biotech/government; international seen as a key untapped opportunity .

Estimates Context

• We attempted to retrieve S&P Global consensus for Q4 2024 revenue and EPS, but data were unavailable due to API rate limits at the time of analysis. As a result, we cannot quantify beats/misses versus consensus for this quarter. The company’s actuals were: revenue $1.192M and diluted EPS $(0.23) .

Key Takeaways for Investors

• Commercial ramp inflected: First $1M+ quarter and 52% q/q growth signal improving demand and sales execution; watch sustainability into Q1 given seasonal drop-off and NIH uncertainty .
• Distribution catalysts ahead: Avantor training finishes in Q1; expect incremental contribution from Q2 and stronger impact in H2 as pipelines mature .
• Product cadence supports adoption: Recent launches (V2 library prep, Barcoding) and Platinum Pro in January, with v4 kit targeted for Q3’25, provide recurring catalysts and capability expansion .
• Long-term platform optionality: Proteus targeted for 2H’26 with milestone to sequence on prototype by YE’25; partnerships with SkyWater, Planet Innovation, NVIDIA, IDEX help de-risk .
• Profitability remains distant near term: Adjusted EBITDA remains deeply negative; FY25 OpEx and cash-use guide emphasize continued investment balanced by expense discipline .
• Liquidity runway extended: ~$209.6M year-end cash/investments and $50M January raise support operations into 2H 2027, mitigating near-term financing risk .
• 2024 guidance miss is reset point: FY24 revenue ($3.06M) fell short of prior guidance; 2025 commentary is qualitative on “significant growth,” with early-year execution (Q1 ≥$0.9M) key to confidence building .

Citations

• Q4/FY24 8-K and press release: ;
• Q3 2024 press release:
• Q2 2024 press release:
• Q4 2024 earnings call transcript:
• Avantor distribution:
• V2 Library Prep Kit:
• Barcoding Kit: