NEW YORK – Quantum-Si reported after the close of markets Wednesday that its Q2 2024 revenues rose more than threefold year over year.
For the quarter ended June 30, the Branford, Connecticut-based proteomics firm reported revenue of $622,000, up from $205,000 in the year-ago period.
It posted $584,000 in product revenue compared to $187,000 in Q2 2023. The company's Q2 service revenue was $38,000, roughly double the $18,000 in service revenue it posted in Q2 2023.
Quantum-Si also announced the launch of its version 3 sequencing kit, which President and CEO Jeff Hawkins said in a statement will allow researchers to identify more peptides per protein and more amino acids per peptide. He added that the company plans to release a version 2 of its library prep kit as well as a barcoding library prep kit by the end of the year.
Quantum-Si's net loss in the quarter was $23.1 million, or $.16 per share, versus a net loss of $25.6 million, or $.18 per share, in Q2 2023.
The company's R&D spending was down 9 percent during the quarter to $14.4 million from $15.8 million in Q2 2023. Its SG&A spending was $12.4 million, up 12 percent from $11.1 million in Q2 2023.
Quantum-Si maintained its full-year 2024 guidance of between $3.7 million and $4.2 million in revenue.
As of June 30, the company had $59.6 million in cash and cash equivalents and $158.6 million in marketable securities. It said it expects this to provide a runway into 2026.