Quantum-Si Finishes Most of 20% Workforce Cut, Lowers 2026 Costs
Third-quarter revenue was $212,000 as the company cut 2026 adjusted operating-expense guidance to $87.0 million or less and kept Proteus on track for a second-quarter 2027 launch.
Quantum-Si Incorporated (QSI), a proteomics technology company developing single-molecule protein sequencing, completed the majority of a reduction in force affecting about 20% of headcount in the third quarter of 2026 and lowered its full-year 2026 cost outlook.
The company said it recorded $2.9 million of restructuring costs in the quarter and now expects those actions to generate about $12 million in annual operating expense savings. It said the cuts are aligning the expense base with the revised Proteus timeline and that it does not believe they have adversely impacted Proteus development to date.
Revenue was $212,000 in the third quarter, down from $344,000 in the second quarter, a further sequential decline during the Platinum-to-Proteus transition. The company said the year-over-year drop reflected the shift from Platinum to the anticipated Proteus platform, with 2026 and the first half of 2027 expected to serve as the transition period. Gross profit was $74,000 and gross margin was 35%, compared with $172,000 and a 50% margin in the second quarter.
Total operating expenses were $23.9 million in the third quarter, compared with $40.0 million a year earlier. Adjusted total operating expenses were $18.2 million, down from $22.6 million in the second quarter, reflecting in part the August 2026 restructuring. Net loss was $22.3 million, or $0.10 a share, compared with a $35.7 million loss, or $0.17 a share, a year earlier. Adjusted EBITDA was negative $17.0 million.
Cash, cash equivalents and investments in marketable securities were $149.4 million as of September 30, 2026. The company said that, based on its current operating plan including the completed cost-reduction actions, it continues to expect that cash to fund operations into the fourth quarter of 2028.
For full-year 2026, Quantum-Si reiterated revenue guidance of approximately $1.0 million and lowered adjusted total operating expenses to $87.0 million or less from $98.0 million or less, and total cash usage to $87.0 million or less from $93.0 million or less. The company said the lower cost guidance reflects the third-quarter cost-reduction actions and continued expense management while preserving investments in manufacturing readiness and inventory for the Proteus launch.
President and Chief Executive Officer Jeff Hawkins said the company substantially addressed instrument variability issues identified earlier in development and that design activities for an additional instrument cycle are complete. Recognizer development advanced to 19 amino acids, with the 20th expected before year-end. At World HUPO, the company said Proteus produced about 30 times more sequencing output per chamber than Platinum Pro in a controlled peptide study.
Quantum-Si launched a Proteus pre-order program in the quarter and said it remains confident in a commercial launch in the second quarter of 2027, the timeline it had already moved from an end-of-2026 target in its second-quarter update. It said it expects multiple updates over the coming months and into the first half of 2027 on system performance, commercial readiness and customer adoption.
The company said AI-driven demand has constrained global supply chains and extended lead times for certain components. It is placing orders earlier, committing volume with key suppliers and, where practical, qualifying second sources and building safety stock. Based on current visibility, it does not anticipate those supply-chain dynamics affecting its ability to launch Proteus in the second quarter of 2027.
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