QSI earnings analysis
What we found in QSI's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Q2 revenue of $344 thousand improved 33.3% sequentially but fell 41.8% year over year, while diluted EPS of $(0.11) was unchanged from consensus and modestly worse than Q1. The company maintained its 2026 financial outlook, but the Proteus launch was pushed to Q2 2027 and a restructuring affecting approximately 20% of employees introduces additional execution and cost risk. A new Nasdaq bid-price deficiency, with a January 19, 2027 compliance deadline, is a material financing and liquidity risk.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue rebounded sequentially
- Q2 revenue was $344 thousand, up from $258 thousand in Q1 2026, a sequential increase of approximately 33.3%. Revenue nevertheless declined from $591 thousand in Q2 2025, a year-over-year decrease of approximately 41.8%.
- EPS matched consensus
- Diluted EPS was $(0.11), in line with the reported consensus estimate of $(0.11). EPS deteriorated by $0.01 from $(0.10) in Q1 2026 but improved by $0.05 from $(0.16) in Q2 2025.
- Controls remained effective
- Management stated that disclosure controls and procedures were effective as of June 30, 2026, and reported no changes in internal control over financial reporting that materially affected, or were reasonably likely to materially affect, controls during the quarter.
- 2026 outlook reiterated
- The company reaffirmed 2026 targets of approximately $1.0 million of revenue, adjusted total operating expenses of $98.0 million or less, and total cash usage of $93.0 million or less.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Nasdaq minimum-bid deficiency
- Nasdaq notified the company on July 23, 2026 that its Class A shares had closed below the $1.00 minimum bid price for 30 consecutive business days. The initial compliance deadline is January 19, 2027, creating potential delisting and capital-markets risk.
- Proteus launch delayed
- Proteus' anticipated commercial launch moved from the end of 2026 to Q2 2027. The filing warns that further delays or delivery without desired customer applications could materially damage long-term financial prospects and market credibility.
- Restructuring creates execution risk
- The 2026 Restructuring Program will terminate approximately 20% of the 152-person workforce. Management expects approximately $2.6 million of one-time cash severance and benefit charges plus approximately $0.1 million of non-cash stock-option-modification expense in the second half of 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.11
What they said about what is next.
The company reiterated 2026 outlook of approximately $1.0 million in revenue, adjusted total operating expenses of $98.0 million or less, and total cash usage of $93.0 million or less. Proteus commercial availability is now expected in Q2 2027; no numeric EPS guidance was provided.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 7, 2026
- Quantum-Si reported Q1 2026 results with a disappointing revenue of $258,000, falling short of the estimated $319,200 due to customers delaying purchases in anticipation of the Proteus launch. The net loss widened to…
- 10-K · March 3, 2026
- Quantum-Si Incorporated reported a decline in revenues of 20.3% to $2.4 million for the year ended December 31, 2025, with a gross profit margin of 47.3%, down from 52.3% the previous year. The company incurred a net…
- 10-Q · November 5, 2025
- Quantum-Si Incorporated (QSI) reported disappointing Q3 2025 results, falling short of both revenue and earnings expectations. Revenue declined by 29.9% to $552K from $787K year-over-year, and the company recorded an…
- 10-Q · August 5, 2025
- Quantum-Si's Q2 2025 results show a significant drop in revenue and worsening losses compared to prior periods. Operating expenses surged, primarily due to a new legal settlement expense, while the company continues to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing QSI makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever