Skip to content
Sign in
Quantum-Si logo
Neurotech & BCIPublic

Quantum-Si

catalyst in 4dNo base rate yet — QSI has 0 graded prints on the record, and the bar is 3.Website
Ticker
QSI
Beat
bci
Size
Public Company
Revenue
$344K
as of Jun 2026
Cash
$23.7M
as of Jun 2026
Burn
$18.5M/qtr
as of Jun 2026
Runway
~1 qtr at this rate
as of Jun 2026
Researched · Fresh
7 days ago

A first-mover NGPS tools story whose commercial engine is going backwards (revenue −20% in FY25, −69% in Q1'26 to $258K) while it bets the company on Proteus by end-2026; ~$190M cash funds the bet, but a 69%-Rothberg-controlled sub-$1 microcap with collapsing instrument demand is a binary option, not an investment — WATCHING until Proteus ships and consumable pull-through proves real.

Orbit · who it trades with and competes with
no links read yet
Focus · BCI
Quantum-Si
QSI · public
No published house view
Links

NO LINKS READ YET · no published dossier names Quantum-Si beside another company

TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

QSI · weekly close
1.46 USD+4.3%
Friday 30 Oct 2026 · last 52 Fridays 0.71–1.58
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 52,033 sh · 3 filings, Form 4 · 21 Sept 2026
  2. Short interest: 13,207,743 sh · 1 days to cover, FINRA · settled 15 Oct 2026
  3. Next print: in 4 days, Scheduled · 7 Nov 2026, scheduled
1.46USD+4.3%QSI · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 21 Sept 2026
3 filings · 52,033 shares
Shares sold shortFINRA · settled 15 Oct 2026
13,207,743 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
1
see the whole series
Financials

The reported figures

Revenue · quarterly
$344K
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$344K USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Quantum-Si, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueFree cash flowCapexCashGradingSource
Q3 ’2330 Sept 2023$223K USD-$22.8M USD$1.3M USD$93.8M USDFiled · primarysec.gov
Q4 ’2331 Dec 2023$400K USD-$20.6M USD-$367K USD$134M USDFiled · primarysec.gov
Q1 ’2431 Mar 2024$457K USD-$24.3M USD$1.0M USD$53.2M USDFiled · primarysec.gov
Q2 ’2430 Jun 2024$622K USD-$19.7M USD$1.1M USD$59.6M USDFiled · primarysec.gov
Q3 ’2430 Sept 2024$787K USD-$24.1M USD$975K USD$42.3M USDFiled · primarysec.gov
Q4 ’2431 Dec 2024$1.2M USD-$24.3M USD$1.4M USD$49.2M USDFiled · primarysec.gov
Q1 ’2531 Mar 2025$842K USD-$27.5M USD$1.3M USD$37.3M USDFiled · primarysec.gov
Q2 ’2530 Jun 2025$591K USD-$20.5M USD$327K USD$22.2M USDFiled · primarysec.gov
Q3 ’2530 Sept 2025$552K USD-$32.9M USD$900K USD$30.9M USDFiled · primarysec.gov
Q4 ’2531 Dec 2025$451K USD-$16.3M USD-$17K USD$21.6M USDFiled · primarysec.gov
Q1 ’2631 Mar 2026$258K USD-$25.9M USD$279K USD$36.2M USDFiled · primarysec.gov
Q2 ’2630 Jun 2026$344K USD-$18.5M USD$78K USD$23.7M USDFiled · primarysec.gov

Quantum-Si’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$344K-42% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $223K, as of Sep 2023Revenue Q4 ’23: $400K, as of Dec 2023Revenue Q1 ’24: $457K, as of Mar 2024Revenue Q2 ’24: $622K, as of Jun 2024Revenue Q3 ’24: $787K, as of Sep 2024Revenue Q4 ’24: $1.2M, as of Dec 2024Revenue Q1 ’25: $842K, as of Mar 2025Revenue Q2 ’25: $591K, as of Jun 2025Revenue Q3 ’25: $552K, as of Sep 2025Revenue Q4 ’25: $451K, as of Dec 2025Revenue Q1 ’26: $258K, as of Mar 2026Revenue Q2 ’26: $344K, as of Jun 2026
Free cash flow · quarterlyQ3 ’23 – Q2 ’26
-$18.5M

Q2 ’26 · as of Jun 2026

Free cash flow Q3 ’23: -$22.8M, as of Sep 2023Free cash flow Q4 ’23: -$20.6M, as of Dec 2023Free cash flow Q1 ’24: -$24.3M, as of Mar 2024Free cash flow Q2 ’24: -$19.7M, as of Jun 2024Free cash flow Q3 ’24: -$24.1M, as of Sep 2024Free cash flow Q4 ’24: -$24.3M, as of Dec 2024Free cash flow Q1 ’25: -$27.5M, as of Mar 2025Free cash flow Q2 ’25: -$20.5M, as of Jun 2025Free cash flow Q3 ’25: -$32.9M, as of Sep 2025Free cash flow Q4 ’25: -$16.3M, as of Dec 2025Free cash flow Q1 ’26: -$25.9M, as of Mar 2026Free cash flow Q2 ’26: -$18.5M, as of Jun 2026

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$23.7M

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $93.8M, as of Sep 2023Cash Q4 ’23: $134M, as of Dec 2023Cash Q1 ’24: $53.2M, as of Mar 2024Cash Q2 ’24: $59.6M, as of Jun 2024Cash Q3 ’24: $42.3M, as of Sep 2024Cash Q4 ’24: $49.2M, as of Dec 2024Cash Q1 ’25: $37.3M, as of Mar 2025Cash Q2 ’25: $22.2M, as of Jun 2025Cash Q3 ’25: $30.9M, as of Sep 2025Cash Q4 ’25: $21.6M, as of Dec 2025Cash Q1 ’26: $36.2M, as of Mar 2026Cash Q2 ’26: $23.7M, as of Jun 2026
Shares outstanding · annualFY21 – FY25
197.8M+149% since FY21

FY25 · as of Dec 2025

Shares outstanding FY21: 79.6M, as of Dec 2021Shares outstanding FY22: 139.3M, as of Dec 2022Shares outstanding FY23: 141.3M, as of Dec 2023Shares outstanding FY24: 143.2M, as of Dec 2024Shares outstanding FY25: 197.8M, as of Dec 2025

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-10-27editorial noteSources added: 0 → 8The dossier's cited-link count grew from 0 to 8 (deep-dive-2026-06-20.md → deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteMargin figure revised: 47.3% → 50%Margin moved from 47.3% (deep-dive-2026-06-20.md) to 50% (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteRevenue figure revised: 20.3% → $344Revenue moved from 20.3% (deep-dive-2026-06-20.md) to $344 (deep-dive-2026-10-27.md).dossier
2026-10-15filingQuantum-Si 8-K: Nasdaq minimum bid price compliance regainedOn 14 Oct 2026 Nasdaq Staff notified Quantum-Si that as of 13 Oct 2026 it regained compliance with the $1.00 minimum bid price rule (Listing Rule 5450(a)(1)); matter closed.agent:company-events · SEC EDGAR 8-K
2026-10-08filing8-K Item 7.01: Quantum-Si reports detection of 19 amino acids in Proteus programOn 8 Oct 2026 issued a press release (Ex. 99.1) announcing it has demonstrated detection of 19 amino acids in its Proteus development program.agent:company-events · SEC EDGAR 8-K
2026-09-29filing8-K Item 7.01: Quantum-Si World HUPO 2026 presentation and press releasePress release and website presentation dated 28 Sep 2026 for use at World HUPO 2026 in Singapore on 29 Sep 2026 (Exhibits 99.1 and 99.2).agent:company-events · SEC EDGAR 8-K
dossier age
7 days
researched 27 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 24 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-20), 692 words, 18 filing mentions
  2. The dossier: What held, 88 words, 6 filing mentions
Research

The Quantum-Si dossier

The verdict

A first-mover NGPS tools story whose commercial engine is going backwards (revenue −20% in FY25, −69% in Q1'26 to $258K) while it bets the company on Proteus by end-2026; ~$190M cash funds the bet, but a 69%-Rothberg-controlled sub-$1 microcap with collapsing instrument demand is a binary option, not an investment — WATCHING until Proteus ships and consumable pull-through proves real.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-20)

  1. Q2 results. Revenue $344 thousand vs $591 thousand in Q2 2025 (-41.8%); product $314 thousand (-43.7%), service $30 thousand (-9.1%). Six-month revenue $602 thousand vs $1,433 thousand (-58.0%). Gross profit $172 thousand, gross margin 50% (six months: $246 thousand, 41%). The Form 10-QThe quarterly version of the annual report. Lighter, and not audited. attributes the decline to customers deferring purchases in anticipation of Proteus. [sec.gov: 10-Q filed 2026-08-13, https://www.sec.gov/Archives/edgar/data/1816431/000181643126000056/qsi-20260630.htm; Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-08-13, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1816431/000181643126000053/qsi8132026ex991.htm; quarter ended 2026-06-30]
  2. Loss and spend. Total operating expenses $25.8M (Q2 2025: $30.5M): R&D $15.8M (+4.0%), SG&A $10.0M (-16.1%). Loss from operations $25.6M; net loss $23.5M (Q2 2025: $28.8M). Adjusted EBITDA negative $21.2M (Q2 2025: negative $22.2M). Six-month net loss $45.2M; net cash used in operating activities $44.1M (six months 2025: $46.4M). Accumulated deficit $743.2M at 2026-06-30. [sec.gov: 10-Q filed 2026-08-13, same URL as item 1; 8-K filed 2026-08-13, exhibit 99.1, same URL as item 1]
  3. Cash. Cash, cash equivalents and marketable securities $169.9M at 2026-06-30. The company's RunwayHow long the cash lasts at the current rate of spending. It shortens the moment spending rises, which is why a figure taken from a quiet quarter flatters. statement moved from Q2 2028 to Q4 2028. [sec.gov: 8-K filed 2026-08-13, exhibit 99.1, same URL as item 1] The prior dossier carried $190.4M at 2026-03-31;.
  4. Proteus launch date moved. The company now estimates commercial launch of Proteus in Q2 2027, to add an integrated-instrument design cycle; the prior dossier and its seed catalyst carry "end-2026". The 10-Q risk factors say the launch was "originally anticipated" at end-2026. [sec.gov: 8-K filed 2026-08-13, exhibit 99.1, same URL as item 1; 10-Q filed 2026-08-13, same URL as item 1]
  5. Restructuring. On 2026-08-10 the company committed to a restructuring program terminating about 20% of its 152 employees, with one-time cash charges of about $2.6M in the second half of 2026 and about $12M of annualised operating-expense savings once fully implemented. [sec.gov: 10-Q filed 2026-08-13, same URL as item 1; 8-K filed 2026-08-13, exhibit 99.1, same URL as item 1]
  6. FY2026 guidance reiterated. Revenue about $1.0M, adjusted total operating expenses $98.0M or less, total cash usage $93.0M or less, as first issued 2026-03-03. [sec.gov: 8-K filed 2026-08-13, exhibit 99.1, same URL as item 1]
  7. Proteus data. On 2026-09-28 the company furnished interim data (developmental kit detecting 18 amino acids) versus Platinum Pro: median 30x more alignments from a single chamber, false discovery rate 1.36% vs 6.58%, all six control peptides identified in every run, and a projected ~60x more alignments for a full four-chamber run. [sec.gov: 8-K filed 2026-09-29, exhibit 99.2, https://www.sec.gov/Archives/edgar/data/1816431/000181643126000061/proteusvsplatinumdatapr.htm; company-reported, development stage] On 2026-10-08 the company announced detection of 19 amino acids and said it remains confident of all 20 by year-end 2026. [sec.gov: 8-K filed 2026-10-08, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1816431/000181643126000064/a19aadetectionpressrelea.htm]
  8. Nasdaq bid price. On 2026-07-23 Nasdaq notified the company that the bid price had been below $1.00 for 30 consecutive business days (compliance date 2027-01-19). [sec.gov: 8-K filed 2026-07-24, https://www.sec.gov/Archives/edgar/data/1816431/000181643126000049/qsi-20260723.htm] On 2026-10-14 Nasdaq told the company it had regained compliance as of 2026-10-13, with the closing bid at or above $1.00 for at least 10 consecutive business days, and closed the matter. [sec.gov: 8-K filed 2026-10-15, https://www.sec.gov/Archives/edgar/data/1816431/000181643126000068/qsi-20261014.htm, exhibit 99.1 https://www.sec.gov/Archives/edgar/data/1816431/000181643126000068/pressreleasedated1015202.htm]
  9. Warrants and share count. The public warrants expired 2026-06-10 and none were outstanding at 2026-06-30. Shares outstanding at 2026-08-11: 198,946,412 Class A and 19,937,500 Class B. [sec.gov: 10-Q filed 2026-08-13, same URL as item 1]
  10. New lease. On 2026-06-18 the company signed a 120-month lease for about 54,374 sq ft in San Diego (commencement about 2027-09-01) for office, laboratory and manufacturing space, initial base rent about $315 thousand a month with rent abated for months 1 to 20 and a landlord tenant allowance of up to $17.1M. [sec.gov: 8-K filed 2026-06-24, https://www.sec.gov/Archives/edgar/data/1816431/000181643126000046/qsi-20260618.htm]
  11. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed names the Proteus launch "end-2026" and the "Proteus Early-Access Program start" in "summer 2026"; item 4 reports a Q2 2027 launch estimate (the filings read do not mention a Proteus early-access program). The carried seed catalyst on the Nasdaq $1 bid defence meets item 8 (compliance regained, no Reverse stock splitMerging several shares into one to lift the share price. It changes nothing about what the company is worth, and is usually done to keep a listing or to prepare a larger raise. reported in the filings read). The carried catalyst on the "QSIAW warrant expiry" meets item 9. The carried seed's price figures rest on market data this delta does not refresh.

What held

  • The 10-Q contains no going-concern or substantial-doubt language (text searched), and the company states cash funds operations into Q4 2028 (item 3). [sec.gov: 10-Q filed 2026-08-13, same URL as item 1; 8-K filed 2026-08-13, exhibit 99.1]
  • Revenue remains tiny and falling, and FY2026 revenue guidance of about $1.0M is unchanged (items 1, 6). [sec.gov: 8-K filed 2026-08-13, exhibit 99.1]
  • The platform strategy, including the Proteus chip of about 80 million features, is unchanged in the 10-Q. [sec.gov: 10-Q filed 2026-08-13, same URL as item 1]

How our view changed

2 dossiers

Every dossier we have written on Quantum-Si, newest first.

  1. current

    A first-mover NGPS tools story whose commercial engine is going backwards (revenue −20% in FY25, −69% in Q1'26 to $258K) while it bets the company on…

  2. A first-mover NGPS tools story whose commercial engine is going backwards (revenue −20% in FY25, −69% in Q1'26 to $258K) while it bets the company on…

Company details

IndustryNeurotech & BCI
SizePublic Company
WebsiteVisit Quantum-Si

Others in bci

5 names

Where Quantum-Si sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.