Quantum SI (QSI) Q2 2026 Earnings Call: Proteus Launch Moved to Q2 2027
Source Tradingkey
Key Takeaways
- Quantum SI moved the planned Proteus launch from the end of 2026 to Q2 2027 after deciding to add another integrated instrument design cycle. Management cited manufacturing risk, system repeatability and product-readiness requirements.
- Q2 2026 revenue declined to $344,000 from $591,000 a year earlier. The company attributed the result to limited Platinum capital purchases, ongoing consumables utilization, customer awareness of Proteus and commercial transition decisions.
- Q2 GAAP operating expenses fell to $25.8 million from $30.5 million, while net loss narrowed to $23.5 million from $28.8 million.
- Quantum SI announced a targeted workforce reduction of approximately 20%, expected to generate about $12 million in annual operating expense savings once fully implemented.
- Cash, cash equivalents and marketable securities totaled $169.9 million at June 30, 2026. Management said available capital should fund operations into Q4 2028 after the cost actions.
- Full-year 2026 guidance remains unchanged at approximately $1 million of revenue, adjusted operating expenses of $98 million or less, and total cash usage of $93 million or less.
Core Financial Data
| Metric | Q2 2026 | Q2 2025 | Commentary |
|---|---|---|---|
| Revenue | $344,000 | $591,000 | Lower Platinum capital purchasing activity and Proteus transition dynamics |
| Gross profit | $172,000 | — | Gross margin was 50% |
| GAAP operating expenses | $25.8 million | $30.5 million | Spending remained focused on Proteus development and readiness |
| Adjusted operating expenses | $22.6 million | $23.8 million | Lower year over year |
| Net loss | $23.5 million | $28.8 million | Loss narrowed year over year |
| Adjusted EBITDA | $(21.2) million | $(22.2) million | Improved by $1.0 million |
| Dividend and interest income | $1.7 million | $2.3 million | Reflected interest rates and changes in invested balances |
| Metric | First Half 2026 | First Half 2025 |
|---|---|---|
| Revenue | $602,000 | $1.4 million |
| Gross profit | $246,000 | — |
| Gross margin | 41% | — |
| GAAP operating expenses | $49.9 million | — |
| Adjusted operating expenses | $43.9 million | — |
Business and Operating Performance
Proteus launch moved to Q2 2027
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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