Revenue growth has stalled significantly, with the most recent quarterly figures showing a 69.4% year-over-year contraction and operating margins deteriorating to -93.2%.
Quantum-Si incorporated (QSI) annual income statement — 7-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Sales/Revenue | 1.6M | 2.44M | 3.06M | 1.08M | 0 | 0 | 0 | 0 |
| Revenue Growth % | -52.96% | -20.34% | 182.62% | - | - | - | - | - |
| Cost of Goods Sold | 1.04M | 1.28M | 1.46M | 594K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 52.67% | 47.68% | 54.9% | - | - | - | - |
| Gross Profit | 562K | 1.15M | 1.6M | 488K | 0 | 0 | 0 | 0 |
| Gross Margin % | 35.02% | 47.33% | 52.32% | 45.1% | - | - | - | - |
| Gross Profit Growth % | - | -27.94% | 227.87% | - | - | - | - | - |
| Operating Expenses | 95.73M | 98.51M | 110.18M | 111.66M | 123.84M | 96.91M | 36.69M | 36.62M |
| OpEx % of Revenue | - | 4044.05% | 3602.88% | 10319.69% | - | - | - | - |
| Selling, General & Admin | 40.59M | 44.75M | 50.53M | 44.63M | 42.3M | 50.33M | 9.14M | 8.52M |
| SG&A % of Revenue | - | 1837.19% | 1652.55% | 4125.14% | - | - | - | - |
| Research & Development | 55.14M | 53.76M | 59.64M | 67.03M | 72.06M | 46.58M | 27.55M | 28.1M |
| R&D % of Revenue | - | 2206.86% | 1950.33% | 6194.55% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 9.48M | 0 | -10K | 5K |
| Operating Income | -95.17M | -97.36M | -108.58M | -111.17M | -123.84M | -96.91M | -36.69M | -36.62M |
| Operating Margin % | -5929.72% | -3996.72% | -3550.56% | -10274.58% | - | - | - | - |
| Operating Income Growth % | - | 10.33% | 2.33% | 10.23% | -27.79% | -164.12% | -0.19% | - |
| EBITDA | -92.04M | -92.91M | -103.98M | -107.02M | -121.26M | -95.87M | -35.8M | -35.84M |
| EBITDA Margin % | -5734.45% | -3813.88% | -3400.13% | -9890.48% | - | - | - | - |
| EBITDA Growth % | 13.48% | 10.65% | 2.84% | 11.75% | -26.48% | -167.81% | 0.12% | - |
| D&A (Non-Cash Add-back) | 3.57M | 4.45M | 4.6M | 4.16M | 2.58M | 1.04M | 894K | 780K |
| EBIT | -95.61M | -97.36M | -100.95M | -95.96M | -114.36M | -94.98M | -36.69M | -36.62M |
| Net Interest Income | 3.4M | 8.96M | 0 | 0 | 0 | -5K | 79K | 0 |
| Interest Income | 3.4M | 8.96M | 0 | 0 | 0 | 0 | 88K | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 5K | 9K | 0 |
| Other Income/Expense | -3.44M | -3.92M | 7.63M | 15.21M | -8.6M | 1.92M | 78K | 828K |
| Pretax Income | -98.61M | -101.28M | -100.95M | -95.96M | -132.44M | -94.99M | -36.61M | -35.79M |
| Pretax Margin % | -6144.17% | -4157.68% | -3301.21% | -8868.76% | - | - | - | - |
| Income Tax | -95K | 58K | 56K | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0.1% | -0.06% | -0.06% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -98.52M | -101.34M | -101.01M | -95.96M | -132.44M | -94.99M | -36.61M | -35.8M |
| Net Margin % | -6138.26% | -4160.06% | -3303.04% | -8868.76% | - | - | - | - |
| Net Income Growth % | 7.46% | -0.33% | -5.26% | 27.55% | -39.43% | -159.45% | -2.28% | - |
| Net Income (Continuing) | -98.52M | -101.34M | -101.01M | -95.96M | -132.44M | -94.99M | -36.61M | -35.79M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.45 | -0.51 | -0.71 | -0.68 | -0.95 | -1.19 | -6.81 | -0.26 |
| EPS Growth % | 31.74% | 28.17% | -4.41% | 28.42% | 20.17% | 82.53% | -2519.23% | - |
| EPS (Basic) | - | -0.51 | -0.71 | -0.68 | -0.95 | -1.19 | -6.81 | -0.26 |
| Diluted Shares Outstanding | 217.8M | 197.76M | 143.2M | 141.3M | 139.26M | 79.58M | 5.38M | 136.4M |
| Basic Shares Outstanding | 217.8M | 197.76M | 143.2M | 141.3M | 139.26M | 79.58M | 5.38M | 136.4M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying QSI stock.
For fiscal year 2025, Quantum-Si incorporated (QSI) reported total revenue of $2.4M.
Quantum-Si incorporated (QSI) reported a net loss of $101.3M for the fiscal year ending 2025.
Quantum-Si incorporated (QSI) reported an operating income of $-97.4M, resulting in an operating profit margin of -3996.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Quantum-Si incorporated (QSI) generated $1.2M in gross profit for the year, representing a gross profit margin of 47.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Liquidity and adoption headwinds
Metrics are mathematically derived from official filings.
Revenue Growth Facing Significant Headwinds
As reported in recent financial filings, Quantum-Si experienced a sharp revenue contraction, with the most recent quarterly figures showing a year-over-year decline of 69.4%, suggesting that the initial commercial rollout of the Platinum platform is struggling to gain traction within the competitive life sciences research market.
The volatility in top-line performance, oscillating from triple-digit growth in 2024 to deep contraction in 2026, indicates that the company has yet to establish a predictable sales cycle. This instability suggests that the current installed base may be insufficient to drive the recurring revenue model necessary for long-term viability.
Gross Margin Volatility Reflects Inefficiency
Based on the provided income statement data, gross margins have fluctuated significantly, dropping to 28.7% in 2026Q1 from a peak of 59.4% in 2025Q2, which indicates that the company is struggling to achieve consistent manufacturing economies of scale for its semiconductor-based proteomics hardware and consumable kits.
The inability to maintain stable gross margins suggests that the cost of goods sold remains highly sensitive to production volumes or potential inventory write-downs. Investors should monitor whether these margin swings are a result of product mix shifts or underlying challenges in the semiconductor fabrication process.
Operating Leverage Remains Severely Constrained
According to the company's income statement, operating expenses continue to dwarf gross profit, resulting in an operating margin of -93.2% in the most recent quarter, which highlights a fundamental mismatch between the current organizational cost structure and the actual market demand for the Platinum platform.
The persistent reliance on heavy R&D and SG&A spending without a corresponding scale-up in revenue suggests that the company is currently unable to leverage its fixed cost base. This structure appears to necessitate a rapid increase in instrument placements to avoid further erosion of the operating margin.
Sustainability Risks Demand Close Scrutiny
Data from the latest quarterly reports indicates that the company is operating with a significant net loss, which, when viewed alongside the limited cash reserves, suggests that the current business model may face existential liquidity risks if the commercial adoption of the platform does not accelerate immediately.
Short-sellers would likely focus on the widening gap between cash burn and revenue generation, which may force management into dilutive financing rounds. The lack of a clear path to profitability warrants further investigation into whether the technology can achieve the necessary pull-through rates to sustain operations.