# Quantum-Si incorporated (QSI)

> Source: Nexqual · https://nexqual.com/QSI · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Quantum-Si incorporated (QSI), nexqual.com/QSI" · informational, not investment advice.

**Price:** USD 1.75 (+1.74% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 1.72 · day 1.66–1.81 · 52w 0.69–2.19 · market cap $383M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.6M, net income -$98.5M (-6138.3% margin), free cash flow -$93.7M (SEC filings).
- Analysts: Buy (mean 2.33 on a 1–5 scale) (3 analysts), mean target USD 2.28 (range 1–3.95).
- Total return with dividends: 1Y -15.3% vs S&P 500 +14.8%; 5Y -78.3% vs S&P 500 +79.1%.
- Next earnings: 2026-11-05, EPS estimate USD -0.12, revenue estimate $268K. All companies reporting that day: https://nexqual.com/earnings/2026-11-05
- Dividend: QSI paid no cash dividend in the last five years.
- Short interest: 7.41% of float (as of 2026-10-15), 1.4 days to cover.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0K | $0K | $1.1M | $3.1M | $2.4M | $1.6M |
| Gross profit | $0K | $0K | $488K | $1.6M | $1.2M | — |
| Operating income | -$96.9M | -$124M | -$111M | -$109M | -$116M | -$111M |
| Net income | -$95.0M | -$132M | -$96.0M | -$101M | -$101M | -$98.5M |
| EPS (diluted) | -$1.19 | -$0.95 | -$0.68 | -$0.71 | -$0.51 | — |
| Free cash flow | -$72.6M | -$101M | -$98.5M | -$92.4M | -$97.2M | -$93.7M |
| Gross margin | — | — | 45.1% | 52.3% | 47.3% | — |
| Operating margin | — | — | -10274.6% | -3550.6% | -4766.0% | -6887.8% |
| Net margin | — | — | -8868.8% | -3303.0% | -4160.1% | -6138.3% |
| Revenue growth | — | — | — | +182.6% | -20.3% | — |
| Cash + short-term investments | $471M | — | — | $210M | $216M | — |
| Total debt | $0K | — | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 238.7x · P/B 2.1x · FCF yield -24.46% · Earnings yield -25.72%

## Analysts
Consensus Buy (mean 2.33 on a 1–5 scale), 3 analysts; mean target USD 2.28 (low 1, high 3.95).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-29 | HC Wainwright & Co. | Reiterated | Buy | $4 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -15.3% | -78.3% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -15.4% | -26.3% |
| Volatility (annualized) | 95.9% | 110.6% |
| Max drawdown | -67.3% (Oct 2025→Jul 2026) | -91.3% (Nov 2021→Jul 2026) |

## Dividends
QSI paid no cash dividend in the last five years.

## Short interest
13,207,743 shares sold short, 7.41% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 13,046,142 shares (+1.2%). Days to cover: 1.4 (short shares ÷ average daily volume).

## Peers (Medical Devices)
INSP (Inspire Medical Systems, Inc.) USD 71.18 +0.30% · ESTA (Establishment Labs Holdings Inc) USD 68.41 -0.81% · BFLY (Butterfly Network, Inc.) USD 7.51 -3.84% · UFPT (UFP Technologies, Inc.) USD 293.3 +2.55% · TMDX (TransMedics Group, Inc.) USD 67.12 +0.33% · ALMR (Alamar Biosciences, Inc.) USD 34.04 -0.76%

## More
Full page: https://nexqual.com/QSI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in QSI's own 10-K filed 2026-03-03 (https://www.sec.gov/Archives/edgar/data/1816431/000181643126000011/qsi-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Competitor | Thermo Fisher (TMO) | "We also may compete with a number of emerging growth companies that have developed, or are developing, proteomic products and solutions, such as Nautilus Biotechnology, Olink Proteomics (acquired by Thermo Fisher Scienti…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $314,000 | 91.3% | -43.7% |
| Service | $30,000 | 8.7% | -9.1% |
| Total revenue | $344,000 | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| International Sales | $262,000 | 76.2% | -39.8% |
| Domestic Sales | $82,000 | 23.8% | -47.4% |
| Total revenue | $344,000 | 100% | — |

## Company outlook (8-K filed 2026-08-13)

- "For the full year 2026 , the Company reiterated the following financial guidance, as initially issued on March 3, 2026: Revenue: Approximately $1.0 million Adjusted total operating expenses: $98.0 million or less Total cash usage: $93.0 million or less The Company continues to view 2026 as a transition year ahead of the anticipated Proteus launch."
- "The updated anticipated launch timing of Q2 2027 is intended to allow the Company to complete additional integrated instrument design and testing work, advance verification and validation activities, and further prepare for manufacturing and commercial launch."
- "The Company expects 2026 revenue to continue to reflect the transition from Platinum to Proteus, including customer purchasing behavior, installed-base consumable activity, and customer planning for the anticipated new platform."
- "The Company plans to manage spending against the revised launch timeline while maintaining the resources needed to advance Proteus toward commercialization. 2 Total cash usage is expected to include Proteus development, selected inventory investments, and commercial readiness activities supporting the updated Q2 2027 anticipated launch timing."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.12 | $-0.11 | −$0.01 | $268,330 | 1 |
| Next quarter (ends 2026-12-31) | $-0.10 | $-0.11 | +$0.01 | $242,330 | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.40 | $-0.40 | $0.00 | $1.1M | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.35 | $-0.36 | +$0.01 | $5.8M | 1 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | −$0.10 | −$0.10 | In line | — |
| — | Quarter ended Mar 31, 2026 | −$0.09 | −$0.10 | Beat +10.0% | — |
| — | Quarter ended Dec 31, 2025 | −$0.08 | −$0.13 | Beat +38.5% | — |
| — | Quarter ended Sep 30, 2025 | −$0.09 | −$0.12 | Beat +25.0% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).