Quantum-Si — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported third quarter 2026 revenue of $212,000, a decrease from $552,000 in the third quarter of 2025.
• Revenue for the nine months ended September 30, 2026, was $814,000, compared to $2.0 million in the prior-year period.
• Gross profit was $74,000 (35% margin) for the third quarter of 2026, compared to $194,000 (35% margin) in the third quarter of 2025.
• Gross profit for the nine months ended September 30, 2026, was $320,000 (39% margin), compared to $1.0 million (52% margin) in the prior-year period.
• Total operating expenses were $23.9 million for the third quarter of 2026, down from $40.0 million in the same period in 2025.
• Adjusted total operating expenses were $18.2 million for the third quarter of 2026, down from $21.4 million in the prior-year period.
• Net loss was $22.3 million for the third quarter of 2026, compared to $35.7 million in the prior-year period.
• Net loss for the nine months ended September 30, 2026, was $67.5 million, compared to $83.7 million in the prior-year period.
• Adjusted EBITDA was negative $17.0 million for the third quarter of 2026, compared to negative $20.1 million in the prior-year period.
• Adjusted EBITDA for the nine months ended September 30, 2026, was negative $58.2 million, compared to negative $63.7 million in the prior-year period.
• Cash, cash equivalents, and investments in marketable securities totaled $149.4 million as of September 30, 2026.

Guidance and Future Outlook:

• Reiterated full-year 2026 revenue guidance of approximately $1.0 million.
• Lowered full-year 2026 adjusted total operating expenses guidance to $87.0 million or less (previously $98.0 million or less).
• Lowered full-year 2026 total cash usage guidance to $87.0 million or less (previously $93.0 million or less).
• Expects 2026 and the first half of 2027 to serve as a transition period from Platinum to Proteus.
• Anticipates commercial launch of the Proteus platform in the second quarter of 2027.
• Projects cash runway into the fourth quarter of 2028 based on current operating plan and cost-reduction actions.
• Plans to manage spending against the revised launch timeline while maintaining resources for manufacturing readiness and inventory.

Business Segments and Product Lines:

• Proteus remains on track for a Q2 2027 commercial launch.
• Interim Proteus performance data presented at World HUPO showed approximately 30 times more sequencing output per chamber in a controlled peptide study compared to Platinum Pro.
• Proteus technology has detected 19 amino acids, with the 20th expected before year-end 2026.
• Launched a Proteus pre-order program to allow customers to plan for adoption and secure priority access.
• Completed the majority of a reduction in force announced in August 2026, affecting approximately 20% of total company headcount.
• Restructuring costs of $2.9 million were recorded in the third quarter of 2026.
• Design activities for the additional instrument cycle are complete.
• Accelerated integration of AI throughout the data analysis pipeline.
• Advanced library preparation technology development.

Market and Competitive Landscape:

• Proteus significantly outperformed Platinum Pro across key measures of sequencing performance in interim studies.
• AI-driven demand has constrained global supply chains, extending lead times for certain components.
• Company is placing orders earlier, committing volume with key suppliers, qualifying second sources, and building safety stock for critical components.
• Believes current supply chain dynamics will not affect the ability to launch Proteus in Q2 2027.

Risks and Challenges:

• Transition period revenue reflects lower Platinum instrument demand, continued consumable usage by existing customers, and commercial programs supporting customer migration.
• Gross margin results for the nine months were affected by revenue mix, timing of sales, and transition-period commercial activity.
• Forward-looking statements involve significant risks, including potential technical, integration, performance, reliability, verification, validation, manufacturing-readiness, or launch-readiness challenges.
• Risks include the inability to maintain Nasdaq listing, ability to grow and manage growth, leadership transitions, and success of product commercialization.
• Potential for additional financing needs and competition from companies with greater financial and marketing resources.

Management Commentary and Tone:

• CEO Jeff Hawkins stated the company made significant progress advancing Proteus toward commercial launch.
• Management believes instrument variability issues identified earlier in development have been substantially addressed.
• Management expressed confidence in the commercial potential of the Proteus platform.
• Hawkins noted that the ultimate launched Proteus platform is expected to meaningfully exceed performance demonstrated in the interim study.
• Management remains confident in the path to commercial launch in Q2 2027.
• Restructuring actions are achieving intended objectives to align the expense base with the revised timeline while preserving resources.

Other Key Points:

• The reduction in force actions are expected to generate approximately $12 million in annual operating expense savings.
• The company does not provide a reconciliation of forward-looking adjusted total operating expenses to total operating expenses due to the dependency of stock-based compensation and restructuring costs on future events.
• Legal settlement expense of $1.8 million (net of insurance proceeds) and lease termination expense of $13.6 million were recorded in the third quarter of 2025 but were absent in the third quarter of 2026.
• The company plans to provide multiple updates over the coming months regarding system performance, commercial readiness, and customer adoption.