Quantum-Si Reports First Quarter 2022 Financial Results

 

QUANTUM-SI INCORPORATED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(in thousands, except share and per share amounts)

(Unaudited)

 
 

Three months ended March 31,

 

2022

 

 

2021

 

Operating expenses:

 

 

 

 

 

Research and development

$

18,771

 

 

$

7,972

 

Selling, general and administrative

 

8,369

 

 

 

3,807

 

Total operating expenses

 

27,140

 

 

 

11,779

 

Loss from operations

 

(27,140

)

 

 

(11,779

)

Dividend income

 

855

 

 

 

-

 

Change in fair value of warrant liabilities

 

2,647

 

 

 

-

 

Other expense, net

 

(11,537

)

 

 

-

 

Loss before provision for income taxes

 

(35,175

)

 

 

(11,779

)

Provision for income taxes

 

-

 

 

 

-

 

Net loss and comprehensive loss

$

(35,175

)

 

$

(11,779

)

Net loss per common share attributable to common stockholders, basic and diluted

$

(0.25

)

 

$

(2.13

)

Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted

 

138,619,929

 

 

 

5,528,551

 

 

QUANTUM-SI INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(Unaudited)

 

March 31,
2022

 

December 31,
2021

Assets

 

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

$

34,984

 

$

35,785

 

Marketable securities

 

399,810

 

 

 

435,519

 

Prepaid expenses and other current assets

 

4,985

 

 

 

5,868

 

Total current assets

 

439,779

 

 

 

477,172

 

Property and equipment, net

 

11,151

 

 

 

8,908

 

Goodwill

9,483

 

9,483

 

Other assets

 

690

 

 

 

690

 

Operating lease right-of-use assets

 

15,035

 

 

 

6,973

 

Total assets

$

476,138

 

 

$

503,226

 

Liabilities and stockholders' equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

4,293

 

 

$

3,393

 

Accrued expenses and other current liabilities

 

8,779

 

 

 

7,276

 

Short-term operating lease liabilities

973

 

859

 

Total current liabilities

 

14,045

 

 

 

11,528

 

Long-term liabilities:

 

 

 

 

 

Warrant liabilities

 

4,592

 

 

 

7,239

 

Other long-term liabilities

 

240

 

 

 

206

 

Operating lease liabilities

 

15,386

 

 

 

7,219

 

Total liabilities

 

34,263

 

 

 

26,192

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

Class A Common stock, $0.0001 par value; 600,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 118,972,397 and 118,025,410 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

 

12

 

 

 

12

 

Class B Common stock, $0.0001 par value; 27,000,000 shares authorized as of March 31, 2022 and December 31, 2021; 19,937,500 shares issued and outstanding as of March 31, 2022 and December 31, 2021

 

2

 

 

 

2

 

Additional paid-in capital

 

744,268

 

 

 

744,252

 

Accumulated deficit

 

(302,407

)

 

 

(267,232

)

Total stockholders' equity

 

441,875

 

 

 

477,034

 

Total liabilities and stockholders' equity

$

476,138

 

 

$

503,226

 

 

QUANTUM-SI INCORPORATED

RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES

(in thousands)

(Unaudited)

 

Adjusted EBITDA

 

Three months ended March 31,

2022

 

 

2021

 

Net loss

$

(35,175

)

 

$

(11,779

)

Dividend income

 

(855

)

 

 

-

 

Change in fair value of warrant liabilities

 

(2,647

)

 

 

-

 

Other expense, net

 

11,537

 

 

 

-

 

Stock-based compensation

 

(714

)

 

 

457

 

Depreciation

 

452

 

 

 

213

 

Adjusted EBITDA

$

(27,402

)

 

$

(11,109

)





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