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Quantum-Si Incorporated (including its subsidiaries, Quantum-Si , QSI , or the Company ) was incorporated in Delaware on June 10, 2020 as HighCape Capital Acquisition Corp. ( HighCape ). The Company s legal name became Quantum-Si Incorporated following a business combination on June 10, 2021 between the Company and Q-SI Operations Inc. (formerly Quantum-Si Incorporated) (the Business Combinatio…
The business is unprofitable at the operating level (-4765.97% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 20.3% YoY. Margins deteriorated 1215.4pp alongside, both lines moving the wrong way.
ROIC dropped from -33.29% to -40.52%, capital efficiency is deteriorating. Negative free cash flow of -$97M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$2M
▼ -20.3% YoY
Net Income (TTM)
-$104M
▼ -0.3% YoY
Op. Margin
-6211.66%
▼ -1215.4pp YoY
ROIC
-40.36%
▼ -7.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$96M
▼ -5.3% YoY
Op. Cash Flow (TTM)
-$94M
▼ -7.9% YoY
Net Debt
-$124M
Net Cash Position
Cash & Equiv.
$127M
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