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Highlights

  • Quantum-SI’s Q3FY24 total revenue rose by 290% YoY to USD 0.8 million
  • Net income in Q3FY24 was negative at USD 25.3 million, impacted by higher expenses
  • Jonathan M. Rothberg has highest stake in QSI with a shareholding of nearly 7.32%

Quantum-SI Incorporated (NASDAQ:QSI) is a life sciences firm specializing in innovative hardware, consumables, and software solutions aimed at advancing protein detection and analysis for scientific and medical applications.

For the third quarter of the financial year 2024 (Q3FY24), the company reported total revenue of USD 0.8 million, a notable rise of 290.0% compared to Q3FY23. It was driven by higher organic revenue from both product and service segments.

However, net income remained negative at USD 25.3 million, slightly worsening from USD -24.7 million in Q3FY23, primarily due to increased cost of revenue and operating expenses.

During the reported period, net operating cash inflows were also negative at USD 23.2 million, reflecting the unfavourable impact of changes in net working capital. Cash and cash equivalents declined by 68.4% YoY in Q3FY24 to USD 42.3 million, a result of operating activity cash outflows, which were partially offset by inflows from investing and financing activities.

Recent Business Update

On January 13, 2025, Quantum-SI announced the launch of Platinum® Pro, an advanced benchtop sequencer designed to elevate proteomics research. This end-to-end solution offers deeper insights and sets a new benchmark in protein analysis. The Platinum® Pro is now available for ordering.

Company Outlook

The company has updated its financial guidance for the FY24. It now expects adjusted total operating expenses to be around USD 100 million. Total cash usage is projected to be approximately USD 92 million. This is expected to support operations through the second half of 2026.

Top 10 shareholders

The top 10 shareholders of Quantum-SI Incorporated (QSI) collectively hold approximately 33.32% of the company’s total shares, indicating a diverse ownership structure. The largest stakes are held by Jonathan M. Rothberg and ARK Investment Management LLC, with ownership percentages of around 8.49% and 7.32%, respectively.

Stock Performance

The stock has experienced a significant increase of 225.30% over the last three months and a 133.02% return over the past six months. Currently, it is trading near the lower end of its 52-week range, which spans from USD 5.77 to a low of USD 0.61. As of January 16, 2025, QSI closed at USD 2.54.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is January 16, 2025. The reference data in this report has been partly sourced from EODHD/Others.