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what it is
It sells machines and kits that try to read proteins one molecule at a time for research labs.
how it gets paid
Last year Quantum-Si made $2M in revenue.
why growth slowed
Revenue fell 20.3% last year. $2 million of Revenue matters because it shows growth exists.
what just happened
Revenue reached $2M, but the company still lost $0.44 per share.
At a glance
B balance sheet — gets the job done, barely
-$0.51 fy2025 eps est
$2B fy2026 rev est
n/a operating margin
2.2 beta
xvary composite: 47/100 — below average
What they do
It sells machines and kits that try to read proteins one molecule at a time for research labs.
The real appeal is the model, not the current scale. If a lab buys the box once, you want it buying kits over and over. Gross margin was 51.9% on just $2 million of revenue, which means margin can work if adoption ever shows up.
How they make money
$2M
annual revenue · revenue declined -20.3% last year
total revenue
$2M
20.3%
The products that matter
protein sequencing hardware
Platinum Pro NGPS instrument
$1.3M segment revenue
this was 54% of the company's $2.4M revenue base, even after falling 30% from a year ago. you still need instrument placements before anything recurring can matter.
54% of revenue
recurring lab consumables
Consumables & Reagents
$1.1M · +10%
this segment grew to 46% of revenue, but the higher mix coincided with Q4 gross margin falling to 27%. recurring revenue is nice. recurring low-margin revenue is less exciting.
46% of revenue
next-generation instrument platform
Proteus Platform
$425,000 target price
management plans a late-2026 launch, with coverage of 18 amino acids. at this size, one product cycle is not a feature. it is the whole story.
late 2026 launch
Key numbers
$0.51
fy2025 eps est
EPS → profit per share → so what: analysts still expect a $0.51 loss this year, so you are buying a story, not earnings.
n/a
operating margin
Prior margin KPI failed sanity check — verify in filings. Operating margin → profit after running the business → so what: the core business lost about $47.66 for every $1 of sales.
$2M
annual revenue
Revenue → money coming in → so what: the whole company sold about as much in a year as some biotech peers sell in a week.
2.2
beta
Beta → how jumpy the stock is versus the market → so what: QSI has moved more than twice as much as the market on average.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for QSI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue reached $2M, but the company still lost $0.44 per share.
Revenue jumped 260% vs. prior year, but the base was tiny. Gross margin was 51.9%, yet the business still sits far from covering its costs.
$2M
revenue
$0.44
eps
51.9%
gross margin
the number that mattered
$2 million of quarterly revenue matters because it shows growth exists, but it is still far too small against a $205 million market cap.
source: EDGAR filing, 2026
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What could go wrong
the #1 risk is the proteus launch arriving into a business guiding to just $1M of 2026 revenue.
med
revenue shrinking during the launch window
management guides to about $1M of 2026 revenue versus $2.4M in 2025. this is not just slow growth. it is a business getting smaller while asking investors to fund a new chapter.
a miss here leaves very little commercial proof behind the current equity story.
med
proteus launch execution
proteus is expected by late 2026 at a $425,000 price point with 18 amino acid coverage. if the launch slips or the product underwhelms, the growth thesis loses its only near-term catalyst.
the market can forgive losses. it does not forgive missed product cycles forever.
med
margin swings from tiny scale
full-year gross margin was 47%, then Q4 dropped to 27%. when total revenue is measured in the low millions, product mix is not a footnote. it is the quarter.
that makes forecasting messy and pushes any path to operating leverage further out.
med
competition is already here
the company names Nautilus Biotechnology, Seer, Quanterix, Olink Proteomics, and Illumina as competitive context while ranking #4371 of 7333 for competitive position. that is not what market leadership looks like.
without a clear moat, better-funded tools companies can crowd out adoption before quantum-si reaches scale.
a $205M market cap against $1M of guided 2026 revenue means almost all of the value rests on future adoption, not current operations.
source: institutional data · regulatory filings · risk analysis
Pay attention to
late 2026
proteus commercial launch
this is the date the whole story bends around. a company guiding to $1M of revenue needs the next platform to show up on time.
quarterly metric
gross margin after the mix shift
Q4 landed at 27% versus 47% for the full year. you want to see whether that was temporary or the new economics of the business.
commercial trend
instrument sales versus consumables
instrument revenue fell 30% while consumables rose 10%. you need both lines to work together, not take turns disappointing you.
balance sheet risk
cash burn versus market cap
$215.8M of cash and investments is the safety net. if that cushion shrinks fast before proteus gains traction, the valuation stops looking protected.
Analyst rankings
risk profile
average
risk rank 3 — typical risk profile — neither especially safe nor risky.
chart momentum
below average
momentum rank 4 — analysts see underperformance risk in the near term.
source: institutional data
Institutional activity
institutional ownership data for QSI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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