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Quantum-Si Q1 Revenues up 79 Percent

NEW YORK – Quantum-Si reported after market close on Thursday that its Q1 2024 revenues were up 79 percent year over year.

For the three months ended March 31, the Guilford, Connecticut-based company booked $457,000 in revenues, up from $254,000 in Q1 2023.

Product revenues were $428,000, up 71 percent from $251,000 in the year-ago period. Service revenues were $29,000, up nearly tenfold from $3,000 in Q1 2023.

In a statement, Quantum-Si President and CEO Jeff Hawkins said that the company had initiated the full commercial launch of its Platinum protein sequencing instrument at the end of the quarter and that it is on track to release version 3 of its sequencing kit by the end of Q3 2024. He said the company expects to "generate steady quarter-over-quarter revenue growth" over the rest of the year.

The firm's net loss in Q1 narrowed to $19.5 million, or $.14 per share, from a net loss of $23.6 million, or $.17 per share, in the prior-year quarter.

Quantum-Si's Q1 R&D spending was $12.1 million, down 34 percent from $18.2 million a year ago, while its SG&A expenses were $11.5 million, up 3 percent from $11.2 million in Q1 2023.

Quantum-Si finished the quarter with $53.2 million in cash and cash equivalents and $182.3 million in marketable securities.

The company maintained its full-year 2024 guidance of revenues between $3.7 million and $4.2 million and total cash usage of less than $100 million.