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- **Instrument Placement Success**: 12 new customers (50% academic) using alternative acquisition models, driving consumable sales despite capital constraints.
- **Proteus Milestone**: Completed sequencing runs on multiple prototypes, with data to be shared at Nov 19 Investor Day.
- **Financial Resilience**: $230.5M cash, $24M lease savings, and tight cost controls support R&D while preserving runway.
- **Q4 Outlook**: Modest growth expected, with academic placements and V4/V3 kit launches offsetting capital market headwinds.
- **Strategic Focus**: Accelerating AI-driven recognizer development and expanding multi-omics applications through partnerships.

**【CEO Summary Section】**
- **Commercial Adoption Progress**: Launched instrument placement program, securing 12 new customers (50% academic), including Broad Institute collaboration with 4 active projects. V4 sequencing kit launched in Q3 with enhanced proline analysis and 24 barcodes for multiplexing. V3 library prep kit on track for end-2025 launch, reducing sample input by 100x.
- **Innovation Milestones**: Completed sequencing runs on Proteus prototype; multiple systems generating data. AI-driven recognizer program screens millions of candidates, aiming for faster proteome coverage. V4 kit and V3 library prep combo to improve complex sample analysis.
- **Financial Strength**: Strong balance sheet ($230.5M cash) supports strategic initiatives. Terminated $10.2M lease, saving $24M in future expenses. Focused on cost control while funding R&D.

**【CFO Financial Commentary】**
- **Q3 2025 Results**: Revenue $552K, gross margin 35%, operating expenses $40M (GAAP). 9M 2025 revenue $2M, gross profit $1M (52% margin). Adjusted operating expenses down 15% YoY to $68.1M. Cash use guidance updated to $103M (prev $95M) due to lease termination.
- **Guidance & Capital Management**: 2025 adjusted opex ≤$96M, total cash use ≤$103M. Filed $300M shelf registration (including $100M ATM) for strategic flexibility. Management holds 18% of shares, with no discretionary sales.
- **Lease Termination Impact**: One-time $10.2M payment offsets $24M future savings, neutralizing long-term cash impact.

**【Q&A Highlights】**
- **PROS Program & DARPA**: Aware of DARPA's PROS initiative but focus on lab-scale instruments. Existing DoD customers leverage tech for defense research. No direct PROS participation, but engaged in industry/DARPA dialogues.
- **Q4 Outlook**: Modest revenue growth expected vs. historical Q4 uptick, due to capital market headwinds. Consumable sales from placements may offset instrument sales weakness.
- **NIH Funding**: Uncertainty persists; academic placements mitigate capital constraints. NIH budget resolution stalled due to government shutdown.
- **Proteus Challenges**: Scaling from prototypes to manufacturing, optimizing sequencing chemistry, and integrating with library prep. Data sharing at Nov 19 Investor Day will clarify 2026 milestones.


Quantum-Si incorporated (QSI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

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Research and Development Expenses

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Loss on Disposal of Assets

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Operating Income

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Other Non-Operating Income (Loss)

Net Interest Expense

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Net Income

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QSI

QSI fundamentals

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