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Quantum-Si Books First Revenue From Instrument Sales in Q1

NEW YORK – Single-molecule proteomics firm Quantum-Si reported after market close on Thursday that it generated its first revenue from sales of its Platinum instrument and kits in the first quarter.

"We are off to a good start in 2023 with first quarter customer orders coming in slightly above our internal plan," Quantum-Si CEO Jeff Hawkins said in a statement. "Our business funnel is robust, we have a strong team in place, and we are well positioned to accelerate commercial momentum in the second half of the year."

For the three months ended March 31, the Guilford, Connecticut-based company booked $254,000 in revenues, including $251,000 from product sales and $3,000 from services. Revenues came predominantly from sales of Platinum instruments and kits and were negatively impacted by a delay in the shipment of two international orders that were eventually shipped early in the second quarter. In total, customer orders were $449,000 in the first quarter.

The firm's net loss in Q1 narrowed to $23.6 million, or $.17 per share, compared to a net loss of $35.2 million, or $.25 per share, in the prior-year quarter.

Quantum-Si's Q1 R&D spending was $18.2 million, down 3 percent from $18.8 million a year ago, while its SG&A expenses were $11.2 million, up 33 percent from $8.4 million in Q1 2022.

Quantum-Si finished the quarter with $81.7 million in cash and cash equivalents and $240.4 million in marketable securities.

In Friday morning trading on Nasdaq, Quantum-Si's shares were down about 6 percent at $1.45.