Quantum-Si Reports Third 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

September 30,

 

Nine months ended September 30,

 

2022

 

2021

 

2022

 

2021

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

Research and development

$

16,675

 

$

11,104

 

$

53,905

 

$

32,190

Selling, general and administrative

 

10,983

 

 

14,071

 

 

31,093

 

 

36,928

Total operating expenses

 

27,658

 

 

25,175

 

 

84,998

 

 

69,118

Loss from operations

 

(27,658)

 

 

(25,175)

 

 

(84,998)

 

 

(69,118)

Interest expense

 

-

 

 

-

 

 

-

 

 

(5)

Dividend income

 

1,381

 

 

739

 

 

3,288

 

 

741

Change in fair value of warrant liabilities

 

137

 

 

6,975

 

 

5,121

 

 

3,442

Other (expense), net

 

(5,573)

 

 

(630)

 

 

(22,713)

 

 

(627)

Loss before provision for income taxes

 

(31,713)

 

 

(18,091)

 

 

(99,302)

 

 

(65,567)

Provision for income taxes

 

-

 

 

-

 

 

-

 

 

-

Net loss and comprehensive loss

$

(31,713)

 

$

(18,091)

 

$

(99,302)

 

$

(65,567)

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

$

(0.23)

 

$

(0.13)

 

$

(0.71)

 

$

(1.09)

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

 

139,542,660

 

 

136,456,848

 

 

139,057,663

 

 

60,104,891

 

QUANTUM-SI INCORPORATED

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

(Unaudited)

 

 

September 30,

2022

 

December 31,

2021

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

78,263

 

$

35,785

Marketable securities

 

293,811

 

 

435,519

Prepaid expenses and other current assets

 

6,799

 

 

5,868

Total current assets

 

378,873

 

 

477,172

Property and equipment, net

 

13,764

 

 

8,908

Goodwill

 

9,483

 

 

9,483

Other assets

 

697

 

 

690

Operating lease right-of-use assets

 

15,166

 

 

6,973

Total assets

$

417,983

 

$

503,226

Liabilities and stockholders' equity

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

1,775

 

$

3,393

Accrued expenses and other current liabilities

 

9,586

 

 

7,276

Short-term operating lease liabilities

 

1,280

 

 

859

Total current liabilities

 

12,641

 

 

11,528

Long-term liabilities:

 

 

 

 

 

Warrant liabilities

 

2,118

 

 

7,239

Other long-term liabilities

 

-

 

 

206

Operating lease liabilities

 

15,774

 

 

7,219

Total liabilities

 

30,533

 

 

26,192

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

Class A Common stock, $0.0001 par value; 600,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 119,848,170 and 118,025,410 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively

 

12

 

 

12

Class B Common stock, $0.0001 par value; 27,000,000 shares authorized as of September 30, 2022 and December 31, 2021; 19,937,500 shares issued and outstanding as of September 30, 2022 and December 31, 2021

 

2

 

 

2

Additional paid-in capital

 

753,970

 

 

744,252

Accumulated deficit

 

(366,534)

 

 

(267,232)

Total stockholders' equity

 

387,450

 

 

477,034

Total liabilities and stockholders' equity

$

417,983

 

$

503,226

 

QUANTUM-SI INCORPORATED

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

(in thousands)

(Unaudited)

Adjusted EBITDA

 

 

Three months ended September 30,

 

Nine months ended September 30,

 

2022

 

2021

 

2022

 

2021

Net loss

$

(31,713)

 

$

(18,091)

 

$

(99,302)

 

$

(65,567)

Adjustments to reconcile to EBITDA:

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

-

 

 

-

 

 

-

 

 

5

Dividend income

 

(1,381)

 

 

(739)

 

 

(3,288)

 

 

(741)

Depreciation

 

729

 

 

264

 

 

1,789

 

 

712

EBITDA

$

(32,365)

 

$

(18,566)

 

$

(100,801)

 

$

(65,591)

Adjustments to reconcile to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of warrant liabilities

 

(137)

 

 

(6,975)

 

 

(5,121)

 

 

(3,442)

Other expense, net

 

5,573

 

 

630

 

 

22,713

 

 

627

Stock-based compensation

 

4,043

 

 

7,396

 

 

7,099

 

 

17,840

Transaction related costs - business combination

 

-

 

 

-

 

 

-

 

 

6,920

Adjusted EBITDA

$

(22,886)

 

$

(17,515)

 

$

(76,110)

 

$

(43,646)





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