QSI

Quantum-Si is an early-stage life-sciences company that, by its own words, 'recently commercialized our first product and have generated limited revenue to date' and expects to 'continue to incur losses.' The numbers confirm a business years from viability: FY2025 revenue was just $2.44M and actually FELL 20.3% YoY, with gross profit of $1.15M down 27.9% — the opposite of the ramp you'd want to see as Platinum moved to full commercial launch in Q2 2024 and Platinum Pro shipped in March 2025. Against $2.44M of sales the company posted a $101M net loss and a -$116M operating loss (operating margin -4766%), and it has burned through a $698M accumulated deficit. At a $184M market cap that is 75.5x sales for a top line that is going backwards.

The balance sheet is the acute problem. Operating cash flow was -$94.7M in FY2025 while cash & equivalents fell 56.1% to just $21.6M. Even with $176M of current assets (mostly marketable securities that also declined 19.3%), a ~$95M annual burn means the runway is measured in a couple of years at most, and the 38.1% YoY jump in share count shows how that gap gets filled — continuous dilution of existing holders. Liabilities/equity of 0.12x looks pristine, but that is only because equity is propped up by capital raised, not by an operating business; ROE is -46%.