Executed Full Commercial Launch of Platinum® Instrument

Reaffirms Full Year 2024 Financial Guidance

BRANFORD, Conn. — (BUSINESS WIRE) — May 9, 2024 — Quantum-Si Incorporated (Nasdaq: QSI) (“Quantum-Si,” “QSI” or the “Company”), The Protein Sequencing Company™, today announced financial results for the first quarter ended March 31, 2024.

Press Release Highlights

• Reported revenue of $457,000 in the first quarter of 2024
• Commenced its full commercial launch of its Platinum^® instrument at the end of March 2024
• On track to launch version 3 of its sequencing kit, which is expected by the end of Q3 2024
• Announced addition of Paula Dowdy to the Board of Directors
• Announced the release of a new version of Platinum^® Analysis Software
• Reaffirmed full year 2024 financial guidance

“We concluded our first quarter of 2024 with great momentum on all fronts, including initiation of the full commercial launch of Platinum. Now that we have emerged from a controlled launch, we expect to generate steady quarter-over-quarter revenue growth as we move forward for the rest of the year. In addition to initiating our full commercial launch of Platinum in the first quarter, we also secured our first government and pharma customers. While academic research will remain an attractive market segment for the company, we are excited about the momentum we are seeing in these new market segments and the potential they represent for expanding our instrument adoption and utilization in the future,” said Jeff Hawkins, President and Chief Executive Officer of Quantum-Si.

Hawkins continued, “On the R&D front, we have made great progress on version 3 of our sequencing kit and we continue to expect to deliver it to the market by the end of Q3 2024. In addition to our version 3 sequencing kit, we have made steady progress on other development programs, including our library preparation kit, instrumentation roadmap and analysis software tools. Finally, we continue to enhance our Board of Directors, with the recent addition of Paula Dowdy to our Board. Her extensive global commercial experience, and specifically, her depth of knowledge in the life sciences markets in EMEA, will be very valuable as we progress with our full commercial launch of Platinum.”

First Quarter 2024 Financial Results

At the end of the first quarter of 2024, the Company concluded its controlled commercial launch of its Platinum^® instrument, recording revenue of $457,000 for the quarter. Gross profit was $269,000 and gross margin was 59%. The periodic gross margin rate is expected to be variable in the near term as the Company works through the initial stages of commercialization as well as the timing and mix of product sales between instruments and consumable kits.

Total operating expenses were $23.6 million in the first quarter of 2024, compared to $29.3 million for the same period in the prior year. Adjusted total operating expenses were $21.9 million in the first quarter of 2024, compared to $24.6 million for the same period in the prior year. Driven by the Company’s 2023 initiative to enact operating changes to utilize capital in the most efficient manner while accelerating R&D innovation and delivering product enhancements to customers, the overall adjusted operating expenses included reductions in R&D and G&A spend, partially offset with increased spending for commercial operations. Overall, the Company has been able to reduce core areas of spend while accelerating R&D focus, efficiency, and delivery while still funding the Company’s full commercial launch of its Platinum^® instrument.

Net loss was $19.5 million in the first quarter of 2024, compared to a net loss of $23.6 million in the same period of the prior year. Adjusted EBITDA was negative $20.5 million in the first quarter of 2024, compared to negative $23.7 million in the same period of the prior year. A reconciliation of the non-GAAP financial measures, adjusted total operating expenses and adjusted EBITDA, is provided in a table included in this press release.

As of March 31, 2024, the Company’s cash and cash equivalents and investments in marketable securities were $235.4 million.

2024 Financial Guidance

The Company reaffirms its full year 2024 financial guidance as follows:

The Company also maintains the expectation that the balance in cash and cash equivalents and investments in marketable securities of $235.4 million as of March 31, 2024 will provide a runway into 2026.

Webcast and Conference Call Information

Quantum-Si will host a conference call to discuss its first quarter 2024 financial results on Thursday, May 9, 2024, at 4:30 p.m. Eastern Time. Individuals interested in listening to the conference call may do so by joining the live webcast in the Investors section of the Quantum-Si website under Events & Presentations. Alternatively, individuals can register here to receive a dial-in number and personalized PIN to participate in the call. An archived webcast of the event will be available for replay following the event.

About Quantum-Si Incorporated

Quantum-Si, The Protein Sequencing Company™, is focused on revolutionizing the growing field of proteomics. The Company's suite of technologies is powered by a first-of-its-kind semiconductor chip designed to enable next-generation single-molecule protein sequencing and digitize proteomic research in order to advance drug discovery and diagnostics beyond what has been possible with DNA sequencing. Learn more at quantum-si.com or follow us on LinkedIn or X.

Use of Non-GAAP Financial Measures

This press release presents the non-GAAP financial measures “adjusted total operating expenses” and “adjusted EBITDA.” The most directly comparable measures for these non-GAAP financial measures are total operating expenses and net loss. The Company has included below adjusted total operating expenses, which presents the Company’s total operating expenses after excluding goodwill impairment, stock-based compensation and restructuring costs. In addition, adjusted EBITDA further excludes interest, taxes, depreciation, amortization, dividend income, unrealized and realized gains and losses on marketable securities, changes in fair value of warrant liabilities and other income or expense.

A discussion of the reasons why management believes that the presentation of non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition and results of operations is included as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on May 9, 2024.

Forward Looking Statements