Quantum-Si Incorporated reported significant financial developments in its recent 10-K filing for the fiscal year ending December 31, 2024. The company achieved total revenue of $3.1 million, a substantial increase of 183% compared to $1.1 million in 2023. This growth was primarily driven by the sales of its Platinum instruments and related services, which saw a revenue increase of $2.0 million, or 182.6%. The cost of revenue also rose, increasing by 145.5% to $1.5 million, resulting in a gross profit of $1.6 million, up 227.9% from the previous year.
In terms of operational efficiency, Quantum-Si reported a decrease in research and development expenses, which fell by 11% to $59.6 million, largely due to restructuring activities and a reduction in payroll costs. Conversely, selling, general, and administrative expenses increased by 13.2% to $50.5 million, attributed to higher payroll costs and legal fees. The company recorded a net loss of $101.0 million for the year, compared to a loss of $96.0 million in 2023, reflecting ongoing investments in research and commercialization efforts.
Strategically, Quantum-Si initiated a controlled launch of its Platinum instrument in January 2023, transitioning to a full commercial launch in the second quarter of 2024. The company also expanded its market presence, generating $1.2 million in domestic sales and $1.8 million internationally. As of December 31, 2024, Quantum-Si had 146.9 million shares of Class A common stock outstanding, up from 121.8 million the previous year, following an at-the-market offering that raised approximately $34.8 million in net proceeds.
Looking ahead, Quantum-Si anticipates continued negative operating cash flows as it invests in scaling its commercial operations. The company reported cash and cash equivalents of $49.2 million and marketable securities totaling $160.4 million as of year-end, which management believes will be sufficient to fund operations for at least the next 12 months. However, the company cautioned that future capital requirements may vary based on the pace of product commercialization and other operational factors.
About Quantum-Si Inc
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