The following is a summary of the Quantum-Si Incorporated (QSI) Q4 2023 Earnings Call Transcript:
Financial Performance:
Quantum-Si reported Q4 revenue of $400,000 and a gross margin of 45%.
Total operating expenses for Q4 were down from $38.8 million in Q4 2022 to $28.1 million.
For the full year of 2023, their revenue amounted to $1.1 million, with a net loss of $96 million.
As of the end of December 2023, they had a total of $257.7 million in cash and cash equivalents.
Quantum-Si anticipates annual revenue between $3.7 million and $4.2 million for 2024, and expects to manage operating expenses below $103 million.
The net cash usage for 2024 is forecasted less than $100 million, providing a cash runway into 2026.
Business Progress:
Quantum-Si effectively launched its Platinum system in 2023, laying the groundwork for its full commercialization scheduled by the end of March 2024.
They have built a strong sales strategy involving direct sales and service along with securing three distribution partnerships covering Eastern Europe, Southern Europe, and Japan.
Quantum-Si introduced the Version 2 sequencing kit, showcasing improvements over the prior version and is planning to launch the Version 3 sequencing kit by the end of Q3 2024.
The company plans to target prospective customers within its launch territories where it can adequately support them.
Quantum-Si aims to tap into the broader APAC market through a recently announced distribution partnership in Japan.
More details: Quantum-Si IR
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