Quantum-Si incorporated (QSI) Earnings
Quantum-Si incorporated is expected to report next earnings on November 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.13. QSI has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +5.2% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 13, 2026 | $-0.11 | $-0.11 | +2.9% | $344000 | +13.9% |
| May 7, 2026 | $-0.12 | $-0.10 | +16.7% | $258000 | -13.6% |
| Mar 3, 2026 | $-0.14 | $-0.08 | +42.9% | $451000 | -54.4% |
| Nov 5, 2025 | $-0.12 | $-0.17 | -41.7% | $552000 | -7.9% |
| May 15, 2025 | $-0.17 | $-0.11 | +35.3% | $842000 | -47.7% |
| Mar 3, 2025 | $-0.18 | $-0.18 | +0.0% | $1M | -6.1% |
| May 9, 2024 | $-0.23 | $-0.14 | +39.1% | $457000 | +6.3% |
| Feb 29, 2024 | $-0.16 | $-0.16 | +0.0% | $400000 | +33.3% |
| Nov 9, 2023 | $-0.19 | $-0.15 | +21.1% | $223000 | -25.7% |
| May 11, 2023 | $-0.19 | $-0.17 | +10.5% | $254000 | -76.9% |
| Mar 6, 2023 | $-0.20 | $-0.17 | +15.0% | — | — |
| Feb 28, 2022 | $-0.17 | $-0.21 | -23.5% | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · August 13, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Proteus Program Update - The Proteus launch timeline is revised from end of 2026 to Q2 2027, driven by the decision to add an extra integrated instrument design cycle before production to de-risk manufacturing, improve system repeatability, and ensure strong customer experience. The underlying Proteus technology remains validated, with sufficient successful sequencing data from integrated testing units. - A 20% targeted company-wide reduction in force is implemented to reduce cash burn, align the cost structure with the revised launch timeline, and extend capital runway, while preserving all high-priority Proteus development workstreams. Program leadership and governance changes are also made to strengthen accountability and technical oversight. - Recognizer development progress has met expectations: with the extra development time, Proteus is now expected to launch with detection capability for 19 or 20 amino acids, up from the prior target of 18 at launch. - The library preparation strategy has shifted from a single generic kit to a suite of application-oriented kits, which will reduce customer optimization work, speed up development, and lower technical risk. - Commercial and Market Development - The Platinum placement program has provided valuable real-world market and technical insights that support Proteus development. The program has confirmed attractive market opportunities, including AAV serotyping for gene therapy (an addressable market of over 150 biopharma companies) and non-human proteomics. - The non-human proteomics market opportunity for Proteus (specifically pathogen and agricultural research segments) is estimated at over $4 billion annually, a substantial under-served market that aligns well with Proteus' core capabilities. - To date, over 250 qualified institutions across academic research, biopharma, and industrial segments have expressed stated interest in Proteus. - Financial Discipline - The cost reduction actions are expected to generate $12 million in annual operating expense savings, reduce cash burn, and extend the company's capital runway.
Guidance
- Full year 2026 guidance is reaffirmed: expected revenue of approximately $1 million, adjusted operating expenses of $98 million or less, and total annual cash usage of $93 million or less. - After accounting for cost reduction actions, management expects current cash, cash equivalents, and marketable securities ($169.9 million as of June 30, 2026) to be sufficient to fund operations into the fourth quarter of 2028, covering the full updated Proteus development and launch plan. - The Early Access program for Proteus will be shifted to align with the revised launch timeline, currently expected to begin in early 2027 after completion of the new design cycle.
Segment performance
Quantum SI only reports aggregate company-level revenue in this earnings call, with no breakdown of financial performance by distinct product segment. Aggregate Q2 2026 revenue was $344,000, compared to $591,000 in Q2 2025. Aggregate year-to-date 2026 revenue (first six months) was $602,000, compared to $1.4 million in the same prior year period. Q2 2026 gross profit was $172,000 (50% gross margin), and first half 2026 gross profit was $246,000 (41% gross margin).
Risks & headwinds
- The complex Proteus development program carries inherent execution risk, even after adding the extra design cycle and governance improvements. - Global GPU supply constraints driven by strong AI and data center demand could impact Proteus instrument production, though management is mitigating this by procuring components well in advance. - Premature scaling of Proteus production before completing de-risking could harm customer experience and the company's market reputation, which is the key driver for the revised timeline. - Inconsistent performance and low first-pass manufacturing yields were observed in early integrated prototype testing, which must be resolved via the additional design cycle before production.
Analyst Q&A
Q: What drove the Proteus launch delay, and was it caused by customer feedback or internal findings? /
A: The timeline change came entirely from internal assessment, not new customer requests. Testing of integrated prototype units revealed inconsistencies in performance across units, manufacturing yield challenges for submodules including optical modules, and opportunities for design-for-manufacturing improvements. Management added the extra design cycle to ensure consistent product quality and reliable manufacturing before launch, rather than delivering a product that does not meet quality expectations.
Q: What will be the core early adopter hook and target initial market segments for Proteus at launch? /
A: Early adoption will likely come from two primary segments. First, academic research customers who will adopt the new technology early to explore its full capabilities, particularly for high coverage protein sequencing and post-translational modification analysis. Second, non-human proteomics applications including pathogen detection, surveillance, and agricultural research, which are poorly served by existing technologies and align well with Proteus' ability to identify novel amino acid changes without a predefined reference sequence. This segment includes academic, government, and industrial users.
Q: How does the extra design cycle improve manufacturing timelines and what is the company's exposure to semiconductor price and supply pressures? /
A: Early manufacturing of integrated units has taken longer than expected, but the design changes from the extra cycle are expected to compress future build times and improve first-pass yield. For supply risk: Proteus consumables use fused silica arrays rather than CMOS chips, eliminating exposure to foundry capacity constraints that impacted the first-generation Platinum platform. The only semiconductor exposure is GPUs for the instrument's data processing; the company is a small consumer and can stockpile components in advance to mitigate any potential supply shortages.
Q: Will Proteus launch with 19 or 20 amino acids, and what is the benefit of a full amino acid suite for customers? /
A: Historically, the company planned to launch with 18 amino acids and add 20 in 2027; with the extra development time, it now expects to launch with 19 or 20. For most applications, the difference between 18 and 20 is marginal, as the later additions are lower-abundance amino acids. However, having the full suite simplifies the sales process by eliminating the need to explain gaps to customers, and enables deeper protein profiling applications such as full antibody sequencing that require complete amino acid detection.