Free cash flow remains deeply negative at -100.5% of revenue, highlighting a severe cash burn rate that is not currently offset by operational efficiencies.
Quantum-Si incorporated (QSI) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -92.45M | -94.72M | -87.8M | -94.04M | -90.56M | -66.81M | -32.57M | -30.71M |
| Operating CF Margin % | - | -3888.22% | -2870.99% | -8690.94% | - | - | - | - |
| Operating CF Growth % | 0.92% | -7.88% | 6.64% | -3.84% | -35.54% | -105.12% | -6.07% | - |
| Net Income | -98.52M | -101.34M | -101.01M | -95.96M | -132.44M | -94.99M | -36.61M | -35.79M |
| Depreciation & Amortization | 4.8M | 4.45M | 4.6M | 4.16M | 2.58M | 1.04M | 894K | 780K |
| Stock-Based Compensation | 11.13M | 10.77M | 8.89M | 8.52M | 11.21M | 24.92M | 1.92M | 2.71M |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 714K | 0 | 0 |
| Other Non-Cash Items | 67K | -4.03M | -4.92M | -7.55M | 25.04M | 36K | 2K | 501K |
| Working Capital Changes | -9.93M | -4.58M | 4.64M | -3.19M | 3.05M | 1.47M | 1.22M | 1.09M |
| Change in Receivables | 714K | 626K | -1.09M | -368K | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.55M | -2.01M | 4.34M | 286K | 0 | 0 | 0 | 0 |
| Change in Payables | -244K | -338K | 390K | -1.22M | 721K | 709K | 536K | -270K |
| Cash from Investing | 49.21M | -28.32M | -32.67M | 143.43M | 137.19M | -450.94M | -461K | -1.24M |
| Capital Expenditures | -1.24M | -2.52M | -4.58M | -4.51M | -10.74M | -5.76M | -461K | -1.24M |
| CapEx % of Revenue | 77.26% | 103.33% | 149.87% | 416.82% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | -4.63M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | -434K | 0 | -59K | -763K | 0 | -445.17M | 0 | 0 |
| Cash from Financing | 47.01M | 95.42M | 35.88M | 149K | 1.91M | 516.63M | 37.01M | 18.22M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -1.78M | 1.69M | -25K |
| Equity Issued (Net) | 46.79M | 95.42M | 34.79M | 0 | 2.76M | 512.79M | 35.31M | 18.18M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 222K | 1K | 1.09M | 149K | -848K | 5.61M | 11K | 65K |
| Net Change in Cash | 3.67M | -27.6M | -84.62M | 49.54M | 48.53M | -1.13M | 3.98M | -13.73M |
| Free Cash Flow | -93.69M | -97.23M | -92.38M | -99.31M | -101.3M | -72.58M | -33.03M | -31.95M |
| FCF Margin % | -5837.26% | -3991.54% | -3020.86% | -9178.28% | - | - | - | - |
| FCF Growth % | 2.84% | -5.26% | 6.98% | 1.97% | -39.58% | -119.7% | -3.4% | - |
| FCF per Share | -0.43 | -0.49 | -0.65 | -0.70 | -0.73 | -0.91 | -6.14 | -0.23 |
| FCF Conversion (FCF/Net Income) | 0.95x | 0.93x | 0.87x | 0.98x | 0.68x | 0.70x | 0.89x | 0.86x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying QSI stock.
Quantum-Si incorporated (QSI) generated $-94.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Quantum-Si incorporated (QSI) reported negative free cash flow of $97.2M in 2025, indicating capital requirements exceeded cash from operations.
Quantum-Si incorporated (QSI) spent $2.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Liquidity and adoption headwinds
Metrics are mathematically derived from official filings.
Earnings Quality Remains Fundamentally Disconnected
As reported in recent financial statements, Quantum-Si's operating cash flow consistently tracks below net income, with the OCF/NI ratio reaching 1.18 in 2026Q1, suggesting that the company's reported losses are being compounded by persistent cash outflows rather than mitigated by non-cash accounting adjustments.
The consistent gap between net income and operating cash flow indicates that the company's accrual-based losses are not merely accounting artifacts but reflect actual cash-consuming operations. Investors should monitor this divergence, as it suggests that the business model requires significant cash infusion to sustain its current operating scale.
Free Cash Flow Trajectory Remains Negative
Based on the company's quarterly filings, free cash flow margins have remained deeply negative, bottoming out at -100.5% in 2026Q1, which highlights the severe cash burn required to support the ongoing commercialization of the Platinum platform without achieving meaningful scale or operational self-sufficiency.
The persistent negative FCF trajectory suggests that the company is far from reaching a break-even point on its core hardware and consumable offerings. This trend warrants further investigation into whether the current cost structure can be optimized or if the business model is inherently capital-intensive.
Working Capital Volatility Signals Inefficiency
According to the provided cash flow data, working capital changes have been highly erratic, swinging from a $8.2M outflow in 2026Q1 to a $4.7M inflow in 2025Q2, indicating significant instability in the company's ability to manage its inventory and accounts receivable cycles effectively.
Such volatility in working capital often points to challenges in matching production schedules with actual market demand for the Platinum platform. This inconsistency may suggest that the company is struggling to manage its supply chain or that customer payment cycles are not yet stabilized.
Cash Burn Obscured by Stock Compensation
As indicated by the quarterly cash flow statements, stock-based compensation has remained a consistent expense, reaching $2.8M in 2025Q3, which effectively masks the true magnitude of the company's cash burn by shifting compensation costs away from immediate cash outflows to equity-based dilution.
While stock-based compensation is a standard practice, its role in the company's expense structure suggests that the reported operating cash flow may understate the total economic cost of operations. Investors should consider the dilutive impact of these programs when evaluating the company's long-term liquidity position.