Quantum-Si incorporated (QSI): Business Model Canvas [Dec-2025 Updated]

You're looking at a classic, high-burn, pre-scale growth story in the life sciences sector, and honestly, understanding the mechanics behind this kind of investment phase is key to knowing where the risk lies. For Quantum-Si incorporated (QSI), the story is simple: they are pouring capital-evidenced by a $35.7 million net loss in Q3 2025-into developing their proprietary Next-Generation Protein Sequencing (NGPS) technology, betting on a future where their benchtop Proteus platform democratizes single-molecule protein analysis. Still, they have the runway to execute this vision, sitting on a $230.5 million cash position as of September 30, 2025, even as TTM revenue only hit about $3.18 million; let's break down exactly how the nine building blocks of their Business Model Canvas support this aggressive roadmap below.

Quantum-Si incorporated (QSI) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Quantum-Si incorporated (QSI) relies on to get its specialized proteomics technology into the hands of researchers. These aren't just vendors; they are crucial for market reach and product realization. Honestly, for a company still scaling commercialization, these partnerships are the backbone of their go-to-market strategy.

The global reach is being built through a network of distributors. As of the first quarter of 2025, Quantum-Si incorporated (QSI) had expanded this international channel network to a total of 23 partners. This expansion was explicitly noted to position the company for continued revenue growth in 2025 and beyond. This global footprint works alongside the North American commercial strategy.

For the critical North American market, the distribution agreement with Avantor is key. Avantor, a global leader in life sciences products and services, began distributing Quantum-Si incorporated (QSI)'s Next-Generation Protein Sequencing (NGPS) portfolio across the U.S. and Canada. Quantum-Si incorporated (QSI) completed the training of Avantor in the first quarter of 2025, signaling readiness for scaled commercial activity in that region.

Securing the supply chain for the core technology components is non-negotiable. This involves strategic suppliers for the proprietary semiconductor chips and the necessary reagents. For instance, in early 2025, Quantum-Si incorporated (QSI) announced a deal with Skywater Technology to help design and build out the complex chips that run on their sequencing machines, locking down a key manufacturing aspect.

Developing applications and validating the technology requires deep scientific ties. Quantum-Si incorporated (QSI) maintains collaborations with academic and biopharma entities. Evidence of this engagement includes the submission of 5 manuscripts in 2025 to enhance scientific validation. Furthermore, a specific partnership with IDEX Health & Science was announced to help develop an optics module for the upcoming Proteus™ instrument.

Here's a quick look at the main players in this ecosystem as of late 2025:

The success of these partnerships directly impacts the commercial trajectory. While Q3 2025 revenue was reported at $552,000, the focus remains on scaling the user base, which is heavily reliant on these channel partners. The company's gross margin in that quarter was 35%, showing the variability during initial commercialization stages.

The academic engagement is showing tangible output:

• 5 manuscripts submitted in 2025.
• Instrument acquisition options resulted in 12 new customers.
• More than half of the new customers are in academic labs.

To support these ongoing commercial and development activities, Quantum-Si incorporated (QSI) maintained a strong cash position, exiting Q3 2025 with $230.5 million in cash and cash equivalents and investments, which management anticipated would carry operations into the second quarter of 2028.

Quantum-Si incorporated (QSI) - Canvas Business Model: Key Activities

You're looking at the core engine driving Quantum-Si Incorporated's strategy as of late 2025. This is where the money is spent and the future product is built, all while trying to get the current platform, Platinum, into more labs.

Intensive R&D for the Proteus platform and new sequencing kits

Research and development remains a massive focus, evident in the operating expenses. Quantum-Si incorporated (QSI) is pouring resources into the next-generation Proteus platform, which is still slated for a second half of 2026 launch. A key activity here is de-risking the core architecture; they reported successful sequencing runs on multiple prototype Proteus systems during the third quarter of 2025. Also critical is the continuous iteration on consumables to broaden the platform's utility.

The R&D focus translated into specific kit development milestones:

• Version 4 Sequencing Kit was launched, expanding proteome coverage.
• Version 3 Library Prep Kit for low input samples was confirmed on track for launch before year-end 2025.
• In the second quarter of 2025, they announced two new R&D initiatives aimed at accelerating amino acid coverage and PTMs (Post-Translational Modifications).

The financial commitment to this activity is substantial. For the third quarter of 2025, total GAAP operating expenses were $40.0 million. However, adjusted operating expenses (which strip out one-time items like legal settlements) were $21.4 million in Q3 2025. For the first nine months of 2025, adjusted total operating expenses reached $68.1 million. That's where the cash is going to build the future.

Manufacturing of Platinum Pro instruments and consumable kits

This activity centers on producing the current revenue drivers: the Platinum line instruments, specifically the newer Platinum Pro, and the associated consumable kits. The Platinum Pro shipments began in the first quarter of 2025. Revenue generation from this segment is still early-stage, which impacts margins.

Here's a snapshot of the Q3 2025 financial performance tied to these manufactured goods:

To be fair, that 35% gross margin in Q3 2025 was compressed from 59% in Q2 2025, which management noted is variable due to the mix of instrument sales versus consumable kit sales during these initial commercialization stages. The instrument placements are key to securing future consumable volume.

Accelerating commercial adoption, especially in biopharma

Given the headwinds from NIH funding uncertainty impacting capital purchases, Quantum-Si incorporated (QSI) pivoted its commercial focus in Q3 2025. The key activity became driving adoption through instrument placement options rather than solely relying on upfront capital sales. This strategy aims to get the technology into labs to generate recurring consumable revenue and publications.

The results of this pivot in Q3 2025 included:

• 12 new customer implementations added through the instrument placement program.
• Over half of these new placements were in academic labs.

Overall revenue performance for the year shows growth off a low base. First-quarter 2025 revenue was $842,000, marking an 84% increase over Q1 2024. For the first half of 2025, total revenue was $1.4 million. Analysts, as of early November 2025, expected the full year 2025 revenue to be $2.91 million.

Expanding the international sales and support channel network

Global reach is essential for a life science tool company, and Quantum-Si incorporated (QSI) has been actively building its distribution backbone. This activity supports the commercial adoption goal by ensuring the Platinum instruments and kits are available outside the US direct sales territories.

The expansion metrics show clear progress:

• As of the first quarter of 2025, the international channel partner network stood at 23 partners.
• This represented growth from an earlier figure of 15 partners reported in late 2024, covering regions like Western/Eastern Europe, Asia, the Middle East, Africa, South America, and the South Pacific.
• The North American reach is bolstered by the Avantor distribution agreement, which extends access to research customers in the US and Canada.

This network expansion is viewed as positioning the company for continued revenue growth in 2025 and beyond. Finance: draft 13-week cash view by Friday.

Quantum-Si incorporated (QSI) - Canvas Business Model: Key Resources

You're looking at the core assets Quantum-Si incorporated (QSI) is relying on to scale its disruptive proteomics platform. These aren't just line items on a balance sheet; they are the tangible and intangible foundations supporting their market entry strategy. Honestly, for a company in this high-R&D phase, the quality and defensibility of these resources are everything.

The most immediate, hard number you need to know is the liquidity. As of September 30, 2025, Quantum-Si incorporated held $230.5 million in cash and cash equivalents and investments in marketable securities. That's a solid war chest, which management has stated is anticipated to carry operations into the second quarter of 2028. This runway is critical, especially given the negative net loss of $35.7 million reported for the third quarter of 2025. It shows they have the capital to fund the ongoing commercialization and the heavy lift of next-generation development without immediate financing pressure.

Proprietary Technology and Intellectual Property

The engine driving Quantum-Si incorporated is its Proprietary Next-Generation Protein Sequencing (NGPS) technology. This isn't just incremental improvement; it's a fundamental shift in how proteins are analyzed, aiming to reduce the cost and complexity associated with legacy methods like mass spectrometry. This technology is what allows them to target a massive addressable market, estimated at a $75 billion proteomics TAM (Total Addressable Market).

Protecting this core capability is paramount. The intellectual property surrounding the single-molecule detection chip is the moat around this business. While specific patent counts aren't always public in real-time filings, the existence of this IP is what prevents competitors from immediately replicating the core sequencing mechanism. Furthermore, the development of the next-generation platform, Proteus, which saw successful sequencing runs on a prototype unit in Q3 2025, is a key future resource, with its launch targeted for the second half of 2026.

Here's a quick look at the technology focus:

• Proprietary NGPS platform.
• IP protecting the single-molecule detection chip.
• Development of the Proteus platform (launch H2 2026).
• Ongoing development of sequencing kits, like the version 4 Sequencing Kit, launched recently.

Commercial and Operational Assets

On the commercial front, the physical assets-the instruments-are the means of capturing revenue and building the installed base. You have the current generation of instruments, primarily the Platinum line, which saw the launch of the Platinum Pro in January 2025, with initial shipments completed by the end of the first quarter of 2025. The company is actively using instrument placement programs to counter capital spending headwinds from customers, which is a smart tactical move to drive consumable volume.

While the specific instrument named Carbon isn't detailed in the latest reports, the focus is clearly on driving adoption of the existing Platinum series to generate recurring revenue from consumables. The gross margin for the nine months ended September 30, 2025, was 52%, showing that once the instruments are placed, the consumables component is where the margin potential lies. The Q3 2025 gross margin was lower at 35%, which reflects the variable mix of instrument versus consumable sales during that quarter, as management noted.

You can map the key commercial assets and their recent performance below:

The combination of significant cash reserves and proprietary, protected technology in a large market defines the Key Resources for Quantum-Si incorporated right now. Finance: draft 13-week cash view by Friday.

Quantum-Si incorporated (QSI) - Canvas Business Model: Value Propositions

Quantum-Si is transforming proteomics with a benchtop platform that brings single-molecule protein analysis to every lab, everywhere.

The platform enables real-time, kinetic-based detection for dynamic protein insights.

This technology simplifies and speeds up protein analysis versus older, multi-step methods. For instance, an optimized protein barcoding workflow reduced the sample input requirement and the hands-on time to less than one hour.

The Proteus platform promises significantly more reads and greater workflow automation, with a launch expected by the end of 2026. The company reported revenue of $552,000 for the third quarter of 2025. For the nine months ended September 30, 2025, Quantum-Si recorded revenue of $2.0 million.

Here's a quick look at the expected leap in capability with the Proteus platform compared to the current state:

The value proposition centers on making advanced proteomics accessible and faster. You can see the focus on future output metrics:

• Benchtop platform for single-molecule protein analysis in every lab.
• Real-time, kinetic-based detection for dynamic protein insights.
• New controlled cleavage sequencing chemistry unveiled.
• Early Access Program for Proteus scheduled for summer 2026.
• Product pricing announcements for Proteus set for Q2 2026.

The company raised gross $50 million in capital through a registered direct offering in Q2 2025, updating cash runway into the second quarter of 2028. Still, net loss for Q3 2025 was $35.7 million.

Finance: draft 13-week cash view by Friday.

Quantum-Si incorporated (QSI) - Canvas Business Model: Customer Relationships

You're looking at how Quantum-Si incorporated (QSI) manages its relationships with customers as of late 2025, a period marked by capital sales headwinds, especially in the U.S. academic market.

Dedicated commercial team focused on high-growth pharma and biotech

Quantum-Si incorporated has been putting greater emphasis on the pharma and biotech opportunity with its U.S. commercial team, particularly as NIH funding uncertainty slowed capital purchases in the academic sector in the first half of 2025. The commercial team executed specific initiatives in Q2 2025 to grow this segment's pipeline. The funnel of opportunities in pharma and biotech more than doubled during the second quarter of 2025, moving from approximately 30 opportunities at the end of Q1 2025 to more than 60 by the end of Q2 2025. This focus is intended to drive continued growth in both new instrument sales and ongoing consumable revenue.

Instrument placement program to overcome capital sales headwinds

To counter the slow-down in capital spending, Quantum-Si incorporated launched an expanded set of instrument acquisition options, including the instrument placement program. Since this initiative started, a total of 12 new customers have implemented the Platinum Pro platform, and all of those customers proceeded to make their initial reagent purchases. To be fair, more than half of these 12 new customers are academic labs, a segment that management noted was difficult to access in 2025 due to NIH funding challenges. The company views increasing the number of users as key to driving greater awareness and capturing consumable volume and revenue.

Direct sales and technical support for the installed user base

The relationship with the installed user base is centered on driving recurring revenue through consumable sales, such as the version 4 Sequencing Kit launched in early September 2025. Consumable purchases in Q2 2025 were slightly ahead of expectations, showing engagement from existing customers across all market segments despite capital headwinds. The company's Q3 2025 revenue of $552,000 consisted of revenue from the Platinum line of instruments, consumable kits, and related services. The gross margin for Q3 2025 was 35%, and for the nine months ended September 30, 2025, the gross margin was 52%. Quantum-Si incorporated is on track for a Q4 2025 launch of its version 3 Library Prep Kit.

The company is well-capitalized to support this base, reporting cash and marketable securities of $230.5 million as of September 30, 2025, which is anticipated to carry operations into the second quarter of 2028.

Investor and analyst communications for market transparency

Quantum-Si incorporated maintains active communication with the financial community to provide market transparency. The company reported its Q3 2025 financial results on a conference call held on November 5, 2025, at 4:30 p.m. Eastern Time. Management also highlighted an upcoming Investor and Analyst Day scheduled for November 19, 2025, for further updates on the Proteus platform and strategic roadmap. Earlier in the year, the company completed a registered direct offering in July 2025, raising gross proceeds of $50 million.

• Investor and Analyst Day Date: November 19, 2025
• Q3 2025 Earnings Call Date/Time: November 5, 2025, at 4:30 p.m. ET
• Capital Raised in July 2025: $50 million
• Cash and Marketable Securities (as of 9/30/2025): $230.5 million

Finance: draft 13-week cash view by Friday.

Quantum-Si incorporated (QSI) - Canvas Business Model: Channels

You're looking at how Quantum-Si incorporated (QSI) gets its Platinum® instruments and consumables into the hands of researchers, especially as capital spending tightens. The focus is clearly shifting to make adoption easier, which is smart given the market headwinds.

Direct sales force targeting biopharma and government labs.

Quantum-Si incorporated (QSI) uses a hybrid approach, relying on direct engagement for key segments while leaning on partners for broader reach. The North American channel is anchored by the distribution agreement with Avantor, which completed its training as of the first quarter of 2025. While the exact size of the internal direct sales force isn't specified, the focus on biopharma and government labs is evident in the market segment data. As of the first quarter of 2025, U.S. academic institutions represented roughly 20% of account placements. The company remains optimistic about the pharma and biotech markets, alongside international opportunities.

International distribution network covering over 23 countries.

Quantum-Si incorporated (QSI) has aggressively built out its global footprint through channel partners. As of the first quarter of 2025, the international channel partner network stood at 23 partners, up from 15 partners announced in December 2024. This network spans several regions, including Western Europe, Eastern Europe, Asia, the Middle East, Africa, South America, and the South Pacific regions. The installed base outside the United States accounted for about 60% of the total installed base as of the second quarter of 2025. This international focus is seen as a cushioning factor against challenges in the U.S. academic market.

Expanded instrument acquisition options to drive user adoption.

To counter the slowdown in capital purchases, particularly from U.S. academic labs due to NIH funding uncertainty, Quantum-Si incorporated (QSI) launched an expanded set of instrument acquisition options during the second quarter of 2025. This strategic pivot converts a traditional capital expenditure (CapEx) into an operating expense (OpEx) model, allowing labs to deploy the Platinum® Pro instrument without upfront capital dollars. The goal is to grow the user base and secure recurring consumable revenue. Early results from this instrument placement program in the third quarter of 2025 have been promising, deploying technology to new academic customers who couldn't secure capital funding.

Here's a quick look at the channel strategy shift and financial context as of mid-2025:

Cloud-based Platinum Analysis Software for data processing.

Data processing is channeled through the Platinum® Analysis Software, which offers flexibility for local or cloud-based solutions. The software leverages a proprietary kinetic model and an AI-driven database containing nearly two million parameters. Recent upgrades have significantly improved the efficiency of this channel:

• Achieved a 70% reduction in primary analysis time, moving from 85 minutes down to 25 minutes.
• Delivered a 55% increase in the number of peptide alignments for protein samples.
• Improved the precision of identifying unknown proteins by 9%.

The successful execution of the v4 Sequencing Kit launch, on track for Q3 2025, and the v3 Library Preparation Kit launch expected by the end of 2025, will feed more data into this analysis channel. Finance: review the Q4 2025 revenue forecast based on consumable sales projections by next Tuesday.

Quantum-Si incorporated (QSI) - Canvas Business Model: Customer Segments

You're looking at the customer base for Quantum-Si incorporated (QSI) as they push their single-molecule detection technology into the market. The total addressable market (TAM) they are targeting across drug development, basic research, and precision medicine is cited at a massive $75 billion. This scale suggests a broad need, but QSI's near-term focus is clearly segmented based on budget cycles and technology adoption readiness.

Biopharma and pharmaceutical R&D labs.

This segment is viewed by Quantum-Si incorporated (QSI) management as a prime area for sustained growth, covering both initial instrument sales and the recurring revenue from consumable kits. These organizations typically have dedicated operating budgets less immediately impacted by the capital spending headwinds seen elsewhere. The focus here is on accelerating adoption within these labs to drive ongoing consumable volume and revenue.

Academic research institutions, especially outside the U.S.

U.S. academic labs experienced a near halt in capital purchases during the second quarter of 2025 due to uncertainty surrounding National Institutes of Health (NIH) funding. To counter this, Quantum-Si incorporated (QSI) launched an instrument placement program to deploy technology to new academic customers who couldn't proceed with traditional capital sales. It is noted that more than half of the customers acquired through this specific placement initiative are in academic labs. While the data points to U.S. academic headwinds, the focus on international institutions, especially those with different funding structures, remains a key strategic area for accessing this segment.

Government and large-scale proteomics research centers.

This group includes major collaborative centers that drive high-impact publications. Quantum-Si incorporated (QSI) has highlighted specific engagement with large-scale research organizations. For instance, the company has two active projects underway and another two in the final stages of study design with the Broad Institute. These partnerships are crucial for validating the technology at scale and generating the necessary data to drive broader awareness and adoption across the entire proteomics field.

Early-adopter research groups focused on proteomics and single-molecule defintely analysis.

These are the labs that are actively seeking to move beyond traditional, multistep workflows to access dynamic, functional protein insights with unparalleled resolution. They are the initial buyers who understand the value proposition of real-time kinetic-based detection. The instrument placement program, which deployed the sequencing technology to 12 new customers since its launch, specifically targeted groups ready to utilize the platform immediately, many of whom were academic. These early adopters are essential for driving the initial consumable purchases and providing the foundational use cases for the technology.

Here is a summary of the early traction seen through the instrument placement program as of the third quarter of 2025:

The company's strategy is clearly to use these placement options to build a user base and generate consumable revenue while the market for capital equipment sales, particularly in U.S. academia due to NIH funding uncertainty, remains slow.

Finance: draft 13-week cash view by Friday.

Quantum-Si incorporated (QSI) - Canvas Business Model: Cost Structure

You're looking at the cost side of Quantum-Si incorporated (QSI) as they push toward commercial scale, and honestly, it's what you expect from a company deep in the development and early adoption phase. The numbers show heavy investment right now.

High R&D expenses are a primary cost driver, which is normal when you're advancing a platform like Proteus and developing new kits. For the nine months ended September 30, 2025, the adjusted total operating expenses were $68.1 million. This figure strips out certain non-recurring or non-cash items to give a clearer view of the ongoing operational burn. Still, the GAAP total operating expenses for that same nine-month period hit $96.0 million.

The cost structure is clearly weighted toward getting the technology ready and into the hands of researchers. Here's a quick look at the major expense buckets for the nine months ended September 30, 2025, compared to the prior full year:

The Sales, General, and Administrative (SG&A) costs, totaling $48.78 million for the nine months ended September 30, 2025, reflect the push for commercial expansion. You're paying for the team, marketing efforts, and the infrastructure needed to support the instrument placement program, which is key to driving future consumable sales.

When you look at manufacturing and inventory costs for instruments and consumables, you see the early-stage economics. For the nine months ended September 30, 2025, the Cost of Revenue was $1.54 million on revenue of $2.0 million, resulting in a gross margin of 52% for that period. For Q3 2025 specifically, the gross margin was lower at 35% on revenue of $552,000, suggesting a mix shift or initial production costs impacting the quarter.

The heavy investment phase is starkly visible in the bottom line. Quantum-Si incorporated reported a net loss of $35.7 million in Q3 2025, a significant increase from the $25.3 million net loss in Q3 2024. This quarter's loss was also elevated by a one-time charge of $15.4 million related to settling legacy litigation cases. For context, the net loss for the nine months ended September 30, 2025, reached $83.7 million.

You should note a few key elements driving these costs:

• One-time charge for litigation settlement: $15.4 million in Q3 2025.
• Lease termination charge: $13.6 million accounting charge in Q3 2025.
• This termination is expected to avoid over $24 million of future operating expense.
• Cash position as of September 30, 2025, was $230.5 million, anticipated to carry operations into Q2 2028.

Finance: draft 13-week cash view by Friday.

Quantum-Si incorporated (QSI) - Canvas Business Model: Revenue Streams

You're looking at the engine that powers Quantum-Si incorporated (QSI), specifically how they are bringing in money as of late 2025. It's a mix of big upfront purchases and the steady drip of necessary supplies, which is typical for high-tech instrument companies.

The total revenue for the Trailing Twelve Months (TTM) ended September 30, 2025, was approximately $3.18 million. This figure reflects the company's progress through the initial stages of commercialization, which, as you know, can see revenue swings based on when large capital sales close.

Quantum-Si incorporated's revenue streams are clearly segmented into three main areas, though the precise TTM breakdown between capital and recurring is not fully public. We can look at a recent quarter to see the components at play. For instance, in the second quarter of 2025, the company reported total revenue of $591,000.

Here is a look at the components of revenue, using the Q2 2025 data to illustrate the mix:

The focus for Quantum-Si incorporated is clearly on driving the recurring revenue stream, which comes from the proprietary consumable kits and reagents used with their instruments. The strategy involves increasing the number of installed systems, even through placement programs, to capture that future consumable volume and revenue.

You can see the quarterly progression leading up to the TTM figure:

• Revenue for the first quarter of 2025 was $842,000.
• Revenue for the second quarter of 2025 was $591,000.
• Revenue for the third quarter of 2025 was $552.0 thousand.
• Revenue for the nine months ended September 30, 2025, was $2.0 million.

The company is actively working to overcome headwinds affecting capital sales, such as NIH funding uncertainty, by offering expanded instrument acquisition options. This approach is designed to build the installed base, which is the foundation for the higher-margin, recurring revenue from kits and reagents.