Quantum-Si Reports 84.2% Revenue Growth in Q1 2025, Despite Net Loss

Quantum-Si Incorporated reported its financial results for the first quarter of 2025, revealing a total revenue of $842,000, a significant increase of 84.2% compared to $457,000 in the same period of 2024. The growth was primarily driven by an 88.8% rise in product revenue, which reached $808,000, up from $428,000. Service revenue also saw a modest increase, rising to $34,000 from $29,000. Despite the revenue growth, the company recorded a net loss of $19.2 million, slightly improved from a loss of $19.5 million in the prior year, reflecting ongoing investments in research and development and commercialization efforts.

The company's operating expenses increased to $25.6 million from $23.6 million year-over-year, with research and development costs rising by 13.4% to $13.7 million. Selling, general, and administrative expenses also saw a slight increase of 3.1%, totaling $11.9 million. The gross profit margin for the quarter was reported at 57.7%, down from 58.9% in the previous year, attributed to the mix of products sold and inventory costs.

In terms of strategic developments, Quantum-Si launched its Platinum Pro benchtop sequencer in January 2025, with first shipments occurring in March. The company has also undergone a restructuring process, reducing its workforce by approximately 23% to streamline operations and focus on future product development. As of March 31, 2025, Quantum-Si had cash and cash equivalents totaling $37.3 million, alongside marketable securities valued at $195.3 million, providing a total liquidity position of $232.6 million.

The company’s operational metrics indicate a continued focus on expanding its market presence, with a controlled commercial launch of its Platinum instrument initiated in early 2023. Quantum-Si's management believes that the current cash reserves, combined with anticipated revenue from product sales, will be sufficient to fund operations for at least the next twelve months. However, the company acknowledges the need for additional financing through equity offerings or collaborations to support its growth strategy and ongoing commercialization efforts.

Looking ahead, Quantum-Si aims to enhance its product offerings and expand its market reach, particularly in the proteomics sector. The company remains committed to addressing challenges in the proteomics tools market, including high instrument costs and data analysis complexities, with the goal of democratizing access to advanced proteomic analysis technologies.