Quantum-Si Incorporated,(QSI) a leading technology company focused on advancing the field of proteomics, has released its unaudited condensed consolidated financial statements for the first quarter ended March 31, 2023. The company reported a net loss of $23.6 million for the quarter and generated $254,000 in total revenue. The financial data provides insights into Quantum-Si's performance and its efforts to drive innovation in the proteomics space.
Quantum-Si faced a net loss of $23.6 million in the first quarter of 2023. This loss is attributed to operating expenses and various financial factors affecting the company's performance during the period.
Revenue of $254,000 Recorded in Q1 2023
Despite the net loss, Quantum-Si achieved a significant milestone in generating $254,000 in total revenue during the first quarter of 2023. This revenue was derived from both product and service segments, indicating the company's successful engagement with its customers and stakeholders.
Condensed Consolidated Balance Sheets
The company's balance sheet as of March 31, 2023, reveals a total of $365.0 million in assets, reflecting a decrease from the $391.5 million recorded on December 31, 2022. Current assets stood at $330.0 million, with cash and cash equivalents accounting for $81.7 million, marketable securities at $240.4 million, and other assets contributing to the overall value.
Condensed Consolidated Statements of Operations and Comprehensive Loss
The financial results for the three months ending March 31, 2023, detail the sources of Quantum-Si's revenue and expenses. Total revenue amounted to $254,000, comprising $251,000 from product sales and $3,000 from services. The cost of revenue was $130,000, resulting in a gross profit of $124,000. Operating expenses included research and development costs of $18.2 million and selling, general, and administrative expenses of $11.2 million, leading to a loss from operations of $29.2 million.
The statements show changes in Quantum-Si's stockholders' equity during the reported period. Common stock, additional paid-in capital, and accumulated deficit contribute to the overall equity balance. As of March 31, 2023, the company's total stockholders' equity amounted to $339.0 million, reflecting a decrease from the $358.7 million reported on December 31, 2022.
Quantum-Si's cash flows from operating activities indicate a net cash usage of $28.7 million during the first quarter of 2023, while investing activities resulted in a net cash provision of $26.0 million. The company's cash and cash equivalents decreased by $2.7 million from December 31, 2022, to $81.7 million on March 31, 2023.
Quantum-Si's financial data highlights its ongoing commitment to pushing the boundaries of proteomics technology, even as the company navigates financial challenges in pursuit of innovation and growth.