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olivLaw · US equity research

Quantum-Si Incorporated QSI

Measuring & Controlling Devices, NEC · SIC 3829 · Vertical: Measuring & Controlling Devices, NEC (SIC 3829)

1.29USD−0.77% · 1 dayClose 04 Nov 2026

Quantum-Si is a proteomics technology company developing single-molecule protein sequencing, with its Platinum and Platinum Pro instruments already on the market. The company is in a transition period: revenue is very small and the Proteus platform launch has been pushed to Q2 2027, making the runway of available capital a central issue.

At the close of 04 Nov 2026, Quantum-Si Incorporated (QSI) stock was 1.29 USD (−0.77% on the day), with beta 2.42, 52-week range 0.70–1.80 USD. Latest reported quarter (Q2 2026): revenue of 344.0 k USD (−41.8% YoY), net income of -23.5 m USD, diluted EPS -0.11 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
unavailable
Diluted EPS TTM -0.46 · TTM to 30 Jun 2026
E/P (TTM)
-35.79%
TTM to 30 Jun 2026
Dividend yield
unavailable
Beta (2y)
2.42
Volatility (1y) 98%
52-week range
0.701.80

Price history

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Technical reading

RSI (14)
50.0
neutral
Bollinger (20, 2)
0.99 – 1.73
in the lower half of the band · %B 0.40 · band width 54.6%
SMA 50 / 200
1.07 / 0.97
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
0.09 / 0.12
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+0.8%−1.1%+1.9 pp—
3 months+70.4%−0.5%+70.9 pp—
6 months+25.2%+4.4%+20.9 pp—
Year to date+17.3%+12.3%+5.0 pp—
1 year−29.9%+13.5%−43.4 pp−33.4%
3 years−5.8%+76.4%−82.3 pp+16.9%
5 years−83.7%+63.7%−147.3 pp—
Max drawdown (1y)
−61.0%
05 Nov 2025 → 29 Jul 2026
Max drawdown (5y)
−92.3%
03 Jan 2022 → 19 Nov 2024
Compound annual growth (5y)
−30.4%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
344.0 k USD
−41.8% YoY
Net income
-23.5 m USD
unavailable YoY
Diluted EPS
-0.11
unavailable YoY
net / operating
-6,841.3% / -7,450.3%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue787.0 k1.2 m842.0 k591.0 k552.0 k451.0 k258.0 k344.0 k
Cost of revenue420.0 k582.0 k356.0 k240.0 k358.0 k329.0 k184.0 k172.0 k
Gross profit367.0 k610.0 k486.0 k351.0 k194.0 k122.0 k74.0 k172.0 k
Research & development16.2 m17.0 m13.7 m15.2 m13.9 m10.9 m14.5 m15.8 m
SG&A12.3 m14.3 m11.9 m11.9 m10.7 m10.3 m9.6 m10.0 m
Operating income-28.1 m-30.7 m-25.1 m-30.1 m-39.8 m-21.1 m-24.1 m-25.6 m
Depreciation & amortisation1.2 m994.0 k917.0 k1.2 m1.2 m1.2 m1.2 m1.2 m
Pre-tax income-25.3 m-33.1 m-19.2 m-28.8 m-35.7 m-17.6 m-21.8 m-23.5 m
Income tax43.0 k13.0 k11.0 k20.0 k19.0 k8.0 k-122.0 k0
Net income-25.3 m-33.1 m-19.2 m-28.8 m-35.7 m-17.6 m-21.7 m-23.5 m
Diluted EPS-0.18-0.23 ≈-0.11-0.16-0.17-0.08 ≈-0.10-0.11
Operating cash flow-23.2 m ≈-22.9 m-26.2 m-20.2 m ≈-32.0 m ≈-16.3 m-25.6 m-18.4 m ≈
Capex975.0 k ≈1.4 m1.3 m327.0 k ≈900.0 k ≈-17.0 k279.0 k78.0 k ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2019202020212022202320242025
Revenueunavailableunavailable001.1 m3.1 m2.4 m
Revenue YoYunavailableunavailableunavailableunavailableunavailable+182.6%−20.3%
Net income-35.8 m-36.6 m-95.0 m-132.4 m-96.0 m-101.0 m-101.3 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS-6.95-6.84-1.19-0.95-0.68-0.71-0.51
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %unavailableunavailableunavailableunavailable-8,868.8%-3,303.0%-4,160.1%
Free cash flow-31.9 m-33.0 m-72.6 m-101.3 m-98.5 m-92.4 m-97.2 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
21.6 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
220.2 m USD
Total assets
245.6 m USD
Debt / equity
unavailable
Current ratio
7.64x
ROE
-46.5%
ROA
-41.1%
FCF margin
-3,991.5%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
1.1 m
2024
3.1 m
2025
2.4 m

SEC (XBRL)· 03 Mar 2026verified

Cost of revenue
2023
594.0 k
2024
1.5 m
2025
1.3 m

SEC (XBRL)· 03 Mar 2026verified

Gross profit
2023
488.0 k
2024
1.6 m
2025
1.2 m

SEC (XBRL)· 03 Mar 2026verified

Research & development
2023
67.0 m
2024
59.6 m
2025
53.8 m

SEC (XBRL)· 03 Mar 2026verified

SG&A
2023
44.6 m
2024
50.5 m
2025
44.8 m

SEC (XBRL)· 03 Mar 2026verified

Operating income
2023
-111.2 m
2024
-108.6 m
2025
-116.1 m

SEC (XBRL)· 03 Mar 2026verified

Depreciation & amortisation
2023
4.2 m
2024
4.6 m
2025
4.5 m

SEC (XBRL)· 03 Mar 2026verified

EBITDA
2023
-107.0 m ≈
2024
-104.0 m ≈
2025
-111.6 m ≈

SEC (XBRL)· 03 Mar 2026derived

Interest expense
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Mar 2023verified

Pre-tax income
2023
-96.0 m
2024
-101.0 m
2025
-101.3 m

SEC (XBRL)· 03 Mar 2026verified

Income tax
2023
0
2024
56.0 k
2025
58.0 k

SEC (XBRL)· 03 Mar 2026verified

Net income
2023
-96.0 m
2024
-101.0 m
2025
-101.3 m

SEC (XBRL)· 03 Mar 2026verified

Diluted EPS
2023
-0.68
2024
-0.71
2025
-0.51

SEC (XBRL)· 03 Mar 2026verified

Weighted average diluted shares
2023
141.3 m
2024
143.2 m
2025
197.8 m

SEC (XBRL)· 03 Mar 2026verified

Balance sheet · USD

Cash
2023
133.9 m
2024
49.2 m
2025
21.6 m

SEC (XBRL)· 03 Mar 2026verified

Receivables
2023
368.0 k
2024
1.3 m
2025
561.0 k

SEC (XBRL)· 03 Mar 2026verified

Inventories
2023
3.9 m
2024
4.1 m
2025
3.2 m

SEC (XBRL)· 03 Mar 2026verified

Current assets
2023
266.3 m
2024
218.0 m
2025
175.9 m

SEC (XBRL)· 03 Mar 2026verified

Property, plant & equipment, net
2023
16.3 m
2024
16.0 m
2025
13.2 m

SEC (XBRL)· 03 Mar 2026verified

Goodwill
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Mar 2023verified

Intangibles (excl. goodwill)
2023
532.0 k
2024
0
2025
—

SEC (XBRL)· 03 Mar 2025verified

Total assets
2023
298.3 m
2024
247.9 m
2025
245.6 m

SEC (XBRL)· 03 Mar 2026verified

Accounts payable
2023
1.8 m
2024
1.9 m
2025
1.6 m

SEC (XBRL)· 03 Mar 2026verified

Current liabilities
2023
11.6 m
2024
18.2 m
2025
23.0 m

SEC (XBRL)· 03 Mar 2026verified

Total liabilities
2023
26.6 m
2024
32.5 m
2025
25.4 m

SEC (XBRL)· 03 Mar 2026verified

Equity
2023
271.6 m †
2024
215.4 m †
2025
220.2 m †

SEC (XBRL)· 03 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-94.0 m
2024
-87.8 m
2025
-94.7 m

SEC (XBRL)· 03 Mar 2026verified

Capex
2023
4.5 m
2024
4.6 m
2025
2.5 m

SEC (XBRL)· 03 Mar 2026verified

Free cash flow
2023
-98.5 m ≈
2024
-92.4 m ≈
2025
-97.2 m ≈

SEC (XBRL)· 03 Mar 2026derived

Investing cash flow
2023
143.4 m
2024
-32.7 m
2025
-28.3 m

SEC (XBRL)· 03 Mar 2026verified

Financing cash flow
2023
149.0 k
2024
35.9 m
2025
95.4 m

SEC (XBRL)· 03 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-20.3%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
the base of the ratio is not positive
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
35.0%
computed by olivLawTTM to 30 Jun 2026
EBITDA margin
-6,588.8%
computed by olivLawTTM to 30 Jun 2026
EBIT margin
-6,887.8%
computed by olivLawTTM to 30 Jun 2026
Net margin
-6,138.3%
computed by olivLawTTM to 30 Jun 2026
FCF margin
-5,837.3%
computed by olivLawTTM to 30 Jun 2026

Returns

ROE
-49.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-44.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-60.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
10.0x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
9.8x
computed by olivLawbalance sheet at 30 Jun 2026
Cash ratio
2.0x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-92.4 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
1.2 m USD
computed by olivLawTTM to 30 Jun 2026
Free cash flow
-93.7 m USD
computed by olivLawTTM to 30 Jun 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
111 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days inventory outstanding
1,038 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Days payables outstanding
669 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Cash conversion cycle
479 days
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
insufficient data
Earnings yield
-35.8%
computed by olivLawTTM to 30 Jun 2026
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 2 of at least 6
  • score weight coverage: 10.4% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.29 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-49.1%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-6,138.3%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
-20.3%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Source: SEC (XBRL)published 13 Aug 2026
verified 863derived 80

Score by group

10% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Measuring & Controlling Devices, NEC (SIC 3829)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-6,138.3%0 (vs peers)60%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet10.0x100 (on a fixed band)40%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

QUANTUM-SI INCORPORATED (QSI). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 2.4 m USD in 2025; YoY growth -20.3%; net margin -6,138.3%; ROE -49.1%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 10.0x

What contradicts it

  • Net margin: -6,138.3%

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Measuring & Controlling Devices, NEC (SIC 3829) · same industry (4-digit SIC) · compared with 9 companies

Multiples and returns vs the median

P/E
—
vertical median 55.5x
EV/EBITDA
—
vertical median 16.4x
P/S
—
vertical median 2.4x
P/B
—
vertical median 4.1x
ROE
-49.1%
vertical median -0.7%
below median
Net margin
-6,138.3%
vertical median -0.7%
below median
EBIT margin
-6,887.8%
vertical median 9.0%
below median (−76,745.1%)
Revenue YoY
-20.3%
vertical median 1.1%
below median (−1,941.7%)
Net debt/EBITDA
—
vertical median 1.2x
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TMOThermo Fisher Scientific Inc.261.6 bn37.313.4%14.9%+3.9%+20% / +42%
ROKRockwell Automation, Inc.49.3 bn41.634.5%13.4%+0.9%+12% / +61%
TRMBTrimble Inc.12.4 bn—-2.9%-4.1%−2.6%−33% / +17%
ONTOOnto Innovation Inc.9.1 bn69.46.8%11.8%unavailable+29% / +31%
MIRMirion Technologies, Inc.336.9 m159.41.6%2.7%+7.5%−31% / +101%
OWLTOwlet, Inc.132.4 m——-7.7%+35.4%−66% / −10%
GEOSGeospace Technologies Corp51.0 m—-34.4%-43.1%−18.3%−70% / −67%
BCHTBirchtech Corp.28.9 m—-134.4%-21.7%+1.3%−75% / −78%
NIKINiki BioSolutions, Inc.——-6.2%—−66.7%−87% / −90%
QSIQuantum-Si Incorporated——-49.1%-6,138.3%−20.3%−30% / −6%

1- and 3-year price returns: for QSI from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Quantum-Si is a proteomics technology company developing single-molecule protein sequencing, with its Platinum and Platinum Pro instruments already on the market. The company is in a transition period: revenue is very small and the Proteus platform launch has been pushed to Q2 2027, making the runway of available capital a central issue 123.

SWOT

Strengths

  • By its own account the company was the first to commercialise a next-generation protein sequencing product, and its instruments carry a far lower acquisition cost than mass spectrometry 1.
  • The management team has experience launching successful sequencing technologies at other companies, which may help execution 1.
  • The company has kept a relatively solid liquidity position, with funds that could support operations for some time if the plan is followed 23.

Weaknesses

  • Revenue is very small and fell in 2026, and the company has persistent net losses and a large accumulated deficit 123.
  • The main new product depends on a platform whose launch has already been delayed, which weighs on market credibility 12.
  • The company has carried out several staff reductions and cost cuts, which points to pressure on its expense structure 13.

Opportunities

  • Non-human markets such as agriculture and pathogen detection could significantly widen the customer base if products meet their requirements 3.
  • If Proteus reaches the announced performance, the company could displace more expensive instruments in core laboratories and in countries with limited access 1.
  • Recurring consumable sales could provide steadier revenue once the installed base grows 1.

Threats

  • Further delays to the Proteus launch could increase pressure on financing and investor confidence 23.
  • Competition from established technologies and other proteomics platforms could limit adoption 1.
  • Macroeconomic pressures, tariffs and supply chain disruptions could raise costs or slow sales 1.

Risks

  • Delay of the Proteus launchhigh

    If Proteus is not launched within the communicated timeframe or without the promised applications, the impact on growth and credibility could be significant 12.

  • Need for additional capitalhigh

    The company could need new funds sooner than planned, and issuing new shares could dilute existing shareholders 13.

  • Customers postponing purchasesmedium

    Customers could delay buying instruments and consumables until Proteus is launched, reducing revenue during the transition 12.

  • Limited adoption of the new technologymedium

    If laboratories do not adopt the technology at scale, consumable revenue could remain small 1.

  • Tariffs and supply chainlow

    Tariffs or supply chain disruptions could affect component costs and product availability 1.

Investment thesis

What would need to be true (bull case)

  • If Proteus launches in Q2 2027 with the promised performance, the company could open larger markets in both human and non-human research 13.
  • If the cost reduction takes hold, liquidity could support operations through the stated period, giving time for execution 3.
  • If the installed base of instruments grows, recurring consumable sales could produce more stable revenue 1.

What would break the thesis

  • If the Proteus launch is delayed again, very low revenue and persistent losses could put pressure on financing and on the company's credibility 123.
  • If customers keep postponing purchases, transition-period revenue could stay close to zero for longer 2.
  • If new share issues are needed, existing shareholders' stake could be diluted 1.

What to watch

  • Commercial launch of Proteus and first shipmentsQ2 2027
  • Development of consumable and instrument revenueQ4 2026
  • Realisation of the cost savings announced after the workforce reduction2027
  • Annual report on revenue and losses and update of financial guidancenext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Quantum-Si Incorporated is a life sciences company focused on proteomics research, aiming to make single-molecule protein analysis broadly accessible. Its platform includes the Platinum and Platinum Pro instruments, library preparation and sequencing consumable kits, and analysis software, all intended for research use only (RUO) 1. The company says a lower instrument price than mass spectrometry could broaden adoption in smaller research labs 1. Consumable sales are described as the expected source of recurring revenue 1.

The company launched Platinum fully commercially in Q2 2024 and Platinum Pro in March 2025 1. Revenue remained very low: in the first half of 2026 it was 602 thousand dollars, against 1.4 million dollars a year earlier, as customers transition toward Proteus 23. The company describes 2026 as a transition year 3.

The Proteus platform, announced in November 2024, is designed as a modular system with higher output and greater automation, and is intended to displace some equipment in core laboratories 1. Its launch was rescheduled first to the second half of 2026 and then to Q2 2027, to add an integrated instrument design cycle 23.

Segments

Instruments

The Platinum and Platinum Pro instruments, priced at about 85 thousand and 120 thousand dollars respectively, are the products that generate equipment revenue and opened the market 1. Sales fell in 2026 as customers await Proteus 2.

Consumables and services

Library preparation and sequencing kits, together with maintenance services and software access, are the recurring revenue streams the company targets 1. Their share of total revenue is limited during the transition period 2.

Market context

The company estimates the total proteomics opportunity at 75 billion dollars including diagnostics, and the research proteomics market at 20 billion dollars, of which it initially targets about 8 billion dollars 1. More recently it estimated an opportunity of more than 4 billion dollars a year in non-human markets such as agriculture and pathogen detection 3.

The market is fragmented, with legacy technologies such as mass spectrometry and affinity methods, and adoption is largely confined to core laboratories 1. In many countries access to advanced tools is very limited, which could favour a lower-cost product 1.

Trends

  • Transition to Proteusheadwind

    Customers could postpone instrument and consumable purchases until Proteus is launched, which affects near-term revenue 12.

  • Demand for proteomicstailwind

    Growing interest in protein analysis for biology and diagnostics could support long-term demand, if the new instruments meet expectations 1.

  • Macroeconomic conditionsmixed

    Interest rates, inflation and supply chain disruptions are monitored by the company and could affect laboratory budgets and production costs 1.

  • Trade tariffsheadwind

    Tariffs have not so far materially affected the company, but its finished goods or components could be affected if tariffs increase 1.

Competitive position

The main competitors are established technologies, notably mass spectrometry, along with affinity-based methods and Edman degradation sequencing 1. The company argues it can play a complementary role in core laboratories and, with Proteus, replace specialised instruments 1.

  • Mass spectrometry instrument makers

    The dominant technology for unbiased protein analysis, with high acquisition and running costs but a large installed base in core laboratories 1.

  • Affinity-based methods

    Use antibodies or aptamers, are effective for known proteins, and are cited by the company as limited in detecting protein variants 1.

  • Edman degradation sequencing

    An older method offering amino acid level resolution, but it is labour-intensive, uses hazardous chemicals and has limited use 1.

  • Core proteomics laboratories

    Not direct product competitors, but they are the current channel for complex proteomics work and a possible replacement target for Proteus 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Quantum-Si Incorporated · 03 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Quantum-Si Incorporated · 13 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Quantum-Si Incorporated · 13 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.