Quantum-Si (QSI) investor relations material

Executive summary

• 2026 is a transition year with revenue mainly from consumable utilization and modest new capital sales, while focusing on Proteus platform development and market preparation for a strong commercial launch by year-end.

• Three corporate priorities for 2026: deliver Proteus with required capabilities, prepare the market for its launch, and preserve financial strength.

• Proteus development achieved a major milestone with successful sequencing on fully integrated instruments, demonstrating superior technology over the Platinum platform.

• Early customer feedback on Proteus highlights increased amino acid detection and longer read lengths, providing more sequence-level information and broader application potential.

• Revenue declined as customers delayed purchases ahead of the Proteus launch.

Financial highlights

• Q1 2026 revenue was $0.3M, down 69% year-over-year, primarily from Platinum instruments, consumables, and services.

• Gross profit was $74,000, with a gross margin of 28.7%, down from 57.7% year-over-year due to product mix.

• GAAP operating expenses were $24.1M, down from $25.6M in Q1 2025; adjusted operating expenses were $21.4M, down from $22.9M.

• Net loss for Q1 2026 was $21.7M, compared to $19.2M in Q1 2025.

• Cash, cash equivalents, and marketable securities totaled $190.4M as of March 31, 2026.

Outlook and guidance

• 2026 revenue is expected to be approximately $1M, with adjusted operating expenses of $98M or less and total cash usage of $93M or less.

• Revenue expected to remain pressured in 2026 as customers defer purchases until Proteus is available.

• Cash runway is projected to support operations into Q2 2028, about 18 months post-Proteus launch.

• Management believes current liquidity is sufficient to fund operations for at least the next 12 months.

• Ongoing investments in R&D and commercialization ahead of Proteus launch may increase cash usage.