Quantum-Si incorporated (QSI) SEC Filings & Earnings Calls

Future non-compliance with bid price requirement could lead to delisting.

“If the Company does not maintain compliance with Nasdaq Listing Rule 5450(a)(1) in the future, it is likely that Nasdaq will once again provide notice that the Company’s Class A common stock will be subject to delisting.” · word for word

Technical risk: remaining challenge to detect all 20 amino acids and deploy into commercial kit.

“The Company's current belief regarding remaining technical challenges associated with Proteus commercialization.” · word for word

Commercialization risk: launch timeline dependent on successful integration, optimization, and validation.

“The expected timing and successful completion of deployment into a developmental sequencing kit, system integration, optimization, verification, validation and launch-readiness activities.” · word for word

Proteus is still in development; commercialization timeline and technical challenges remain.

“Proteus is in development. Estimated dimensions subject to change.” · word for word

Insider selling pressure

“sales of up to 8,947,746 shares of Class A common stock may be effected during the plan sales period beginning following the cooling-off period contained in Rule 10b5-1(c) on January 15, 2027 and ending on January 15, 2028” · word for word

Insider selling pressure

“sales of up to 8,947,746 shares of Class A common stock may be effected during the plan sales period beginning following the cooling-off period contained in Rule 10b5-1(c) on January 15, 2027 and ending on January 15, 2028” · word for word

Product launch delay increases competitive risk and revenue uncertainty.

“Proteus launch delayed to Q2 2027 from earlier timeline.”

Workforce reduction may impact morale and execution capability.

“Reduction in force of approximately 20%.” · word for word

Product transition risk

“As a result of the anticipated launch of Proteus, we expect some customers may delay purchasing decisions for existing products, which is expected to adversely impact revenue until Proteus becomes commercially available.” · word for word

Cash burn / going concern risk

“We expect to incur negative operating cash flows on an annual basis for the foreseeable future until such time that we can scale our revenue growth.” · word for word

Dependence on future financing

“Going forward, we anticipate debt or equity offerings will be the primary source of funds to support our operating needs and capital expenditures until we reach scale of our commercial operations.” · word for word

Proteus launch delay risk

“Proteus ... is estimated to be launched in the second quarter of 2027.”

Delisting risk: Failure to regain compliance could lead to delisting from Nasdaq.

“Company received notice of non-compliance with minimum bid price requirement.”

Long-term lease obligation increases fixed costs; risk if Proteus platform development or commercialization is delayed.

“10-year lease term with 3% annual rent increases; prepaid rent and letter of credit required.”

Pre-commercial stage; revenue minimal and dependent on successful Proteus launch.

“Revenue of $258K; net loss of $21.7M; guidance of ~$1M revenue for FY2026.”

Proteus development and launch risk; competition in proteomics.

“Proteus still in development; commercial launch expected end of 2026.”

Customer concentration on next-gen platform launch

“The decrease in revenue was primarily driven by lower sales volumes of instruments and consumables as customers deferred purchasing decisions in anticipation of the expected commercial launch of Proteus.” · word for word

Prototype launch delay risk

“If Proteus is not launched within our communicated time frame, or is delivered without the customer-focused applications and capabilities, it could materially impact any potential of long-term financial success and our market credibility.” · word for word

Continued operating losses and cash burn

“The Company has incurred significant losses and negative cash flows from operations in all periods since inception and had an accumulated deficit of $719.7 million as of March 31, 2026.” · word for word

Pre-revenue with growing losses and cash burn

“We incurred net losses of $101.3 million, $101.0 million and $96.0 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, we had an accumulated deficit of $698.0 million.” · word for word

Customer adoption risk for novel proteomics platform

“The market for proteomics and genomics technologies and products is in its early stages of development and if widespread adoption of our products takes longer than anticipated, we will continue to experience operating losses.” · word for word

Cannibalization risk from next-gen Proteus platform

“As a result of the development of Proteus and its anticipated capabilities, we may experience customers or potential customers delaying any capital purchases or ongoing consumable purchases in anticipation of the launch of Proteus, potentially negatively affecting our revenue in the near term.” · word for word

NIH funding cuts impacting customer budgets

“On February 7, 2025, the NIH imposed a standard indirect rate of 15% across all NIH grants for indirect costs... This limitation may impact research institution’s ability to govern or even accept NIH grants, thereby affecting total spending on products such as ours.” · word for word

Tariff cost increases on imported materials

“Throughout 2025 the President of the United States issued executive orders directing the United States to impose new and changing tariffs on imports from many countries throughout the world, including many in which we buy materials and supplies from. These tariffs have increased the cost of the certain products we source from these international jurisdiction” · word for word

Revenue decline in FY2026 due to strategic actions; transition year risk.

“2026 revenue to be impacted by deliberate strategic actions...customers choosing to delay purchasing decisions.” · word for word

One-time litigation charges of $18.7M in FY2025.

“one‑time charges associated with legacy litigation matters...totaling $18.7 million.” · word for word

Gross margin variability due to product mix.

“Gross margin is expected to be variable in the near term.” · word for word

Net loss widened significantly due to $15.4M litigation settlement charges.

“Net loss was $35.7 million in the third quarter of 2025, compared to a net loss of $25.3 million in the same period of the prior year; two one-time charges associated with legacy litigation cases that were settled during the third quarter of 2025 for a total charge of $15.4 million”

Revenue remains very low, indicating limited commercial traction and NIH funding headwinds.

“Reported revenue of $552,000 for the third quarter of 2025; 'headwinds associated with the NIH funding uncertainty'”

NIH funding dependency

“For the three months ended September 30, 2025, we experienced longer capital sales cycles, largely driven by low or no capital spend budgets at certain customers, primarily from actual and potential budget cuts from the National Institute of Health ("NIH").” · word for word

Dilution from equity offerings

“The gross proceeds from the July 2025 Registered Direct Offering were $50.0 million... The gross proceeds from the January 2025 Registered Direct Offering were $50.0 million.” · word for word

Negative operating cash flow

“Net cash used in operating activities of $78.4 million for the nine months ended September 30, 2025.” · word for word