2023 Q4 Form 10-K Financial Statement

#000114036124010438 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $400.0K $1.082M $0.00
YoY Change
Cost Of Revenue $222.0K $594.0K $0.00
YoY Change
Gross Profit $178.0K $488.0K $0.00
YoY Change
Gross Profit Margin 44.5% 45.1%
Selling, General & Admin $11.60M $44.63M $42.30M
YoY Change 3.51% 5.53% -15.97%
% of Gross Profit 6514.61% 9146.31%
Research & Development $16.09M $67.03M $72.06M
YoY Change -11.37% -6.99% 54.72%
% of Gross Profit 9040.45% 13734.63%
Depreciation & Amortization $1.093M $4.156M $2.584M
YoY Change 37.48% 60.84% 148.22%
% of Gross Profit 614.04% 851.64%
Operating Expenses $27.69M $111.7M $123.8M
YoY Change -5.69% -9.84% 27.79%
Operating Profit -$27.51M -$111.2M -$123.8M
YoY Change -10.23% 27.79%
Interest Expense $6.036M $15.12M $0.00
YoY Change 199.85% -100.0%
% of Operating Profit
Other Income/Expense, Net -$201.0K $366.0K -$20.15M
YoY Change -105.45% -101.82% 302.58%
Pretax Income -$22.05M -$95.96M -$132.4M
YoY Change -33.47% -27.55% 39.43%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$22.05M -$95.96M -$132.4M
YoY Change -33.47% -27.55% 39.43%
Net Earnings / Revenue -5512.0% -8868.76%
Basic Earnings Per Share -$0.68 -$0.95
Diluted Earnings Per Share -$0.16 -$0.68 -$0.95
COMMON SHARES
Basic Shares Outstanding 141.3M 139.3M
Diluted Shares Outstanding 141.3M 139.3M

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $257.7M $257.7M $351.3M
YoY Change -26.64% -26.64% -25.46%
Cash & Equivalents $133.9M $133.9M $84.32M
Short-Term Investments $123.9M $123.9M $267.0M
Other Short-Term Assets $4.261M $4.261M $6.873M
YoY Change -38.0% -38.0% 17.13%
Inventory $3.945M $3.945M
Prepaid Expenses
Receivables $368.0K $368.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $266.3M $266.3M $358.2M
YoY Change -25.65% -25.65% -24.94%
LONG-TERM ASSETS
Property, Plant & Equipment $16.28M $30.71M $32.61M
YoY Change -3.41% -5.81% 105.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $695.0K $695.0K $697.0K
YoY Change -0.29% -0.29% 1.01%
Total Long-Term Assets $31.94M $31.94M $33.30M
YoY Change -4.09% -4.09% 27.82%
TOTAL ASSETS
Total Short-Term Assets $266.3M $266.3M $358.2M
Total Long-Term Assets $31.94M $31.94M $33.30M
Total Assets $298.3M $298.3M $391.5M
YoY Change -23.82% -23.82% -22.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.766M $1.766M $3.903M
YoY Change -54.75% -54.75% 15.03%
Accrued Expenses $9.843M $9.843M $11.80M
YoY Change -16.61% -16.61% 45.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.61M $11.61M $15.71M
YoY Change -26.09% -26.09% 36.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.00K $15.02M $17.07M
YoY Change -12.01% 16.43%
Total Long-Term Liabilities $11.00K $15.02M $17.07M
YoY Change -12.01% 16.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.61M $11.61M $15.71M
Total Long-Term Liabilities $11.00K $15.02M $17.07M
Total Liabilities $26.63M $26.63M $32.78M
YoY Change -18.76% -18.76% 25.15%
SHAREHOLDERS EQUITY
Retained Earnings -$495.6M
YoY Change 24.01%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $271.6M $271.6M $358.7M
YoY Change
Total Liabilities & Shareholders Equity $298.3M $298.3M $391.5M
YoY Change -23.82% -23.82% -22.2%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$22.05M -$95.96M -$132.4M
YoY Change -33.47% -27.55% 39.43%
Depreciation, Depletion And Amortization $1.093M $4.156M $2.584M
YoY Change 37.48% 60.84% 148.22%
Cash From Operating Activities -$20.97M -$94.04M -$90.56M
YoY Change 7.08% 3.84% 35.54%
INVESTING ACTIVITIES
Capital Expenditures -$367.0K $4.510M $10.74M
YoY Change -110.49% -58.01% 86.38%
Acquisitions
YoY Change
Other Investing Activities $60.70M $148.7M $147.9M
YoY Change 109.31% 0.52% -133.23%
Cash From Investing Activities $61.07M $143.4M $137.2M
YoY Change 139.47% 4.55% -130.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -61.00K 149.0K 1.909M
YoY Change -144.2% -92.19% -99.63%
NET CHANGE
Cash From Operating Activities -20.97M -94.04M -90.56M
Cash From Investing Activities 61.07M 143.4M 137.2M
Cash From Financing Activities -61.00K 149.0K 1.909M
Net Change In Cash 40.04M 49.54M 48.53M
YoY Change 561.13% 2.07% -4414.13%
FREE CASH FLOW
Cash From Operating Activities -$20.97M -$94.04M -$90.56M
Capital Expenditures -$367.0K $4.510M $10.74M
Free Cash Flow -$20.60M -$98.55M -$101.3M
YoY Change -10.75% -2.72% 39.58%

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<div><span style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; font-weight: bold;">Reclassifications</span></div> <div style="text-align: left; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;"> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">Certain prior year amounts have been reclassified for consistency with the current year’s presentation.</div>
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001-39486
CY2023 dei Entity Registrant Name
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QUANTUM-SI INCORPORATED
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DE
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85-1388175
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29 Business Park Drive
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Branford
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CT
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06405
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866
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688-7374
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Deloitte & Touche LLP
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New York, New York
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CY2022 qsi Deferred Offering Costs Payable
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CY2023 us-gaap Concentration Risk Credit Risk
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<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Concentration of Business Risk</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents and marketable securities. As of December 31, <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">2023, the Company’s marketable securities consist of mutual funds, U.S. Treasury securities</span> and<span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;"> commercial paper. As of December 31,</span> 2022, substantially all of the Company’s marketable securities were invested in fixed income mutual funds at one financial institution. For further information regarding realized losses related to marketable securities please refer to Note <span style="font-size: 10pt; font-family: 'Times New Roman', Times, serif;">5</span>. Investments in Marketable Securities. The Company also maintains balances in certain operating accounts above federally insured limits and, as a result, the Company is exposed to credit risk in the event of default by the financial institutions to the extent account balances exceed the amount insured by the Federal Deposit Insurance Corporation.</div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"> </span></div> <div><span style="font-weight: normal; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;"><br/> </span></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt; font-weight: normal; font-style: normal; font-variant: normal; text-transform: none;">The <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-align: justify; text-indent: 0px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">Company sources certain key materials and components utilized in the Company’s products from single or limited suppliers. Historically, the Company has not experienced significant issues sourcing these materials and components. However, if these suppliers were not able to supply the requested amount of materials or components, it could take a considerable length of time to obtain alternative sources, which could affect the Company’s development efforts and commercial operations</span>.</div>
CY2023 us-gaap Use Of Estimates
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<div style="text-align: justify; color: rgb(0, 0, 0); font-style: italic; font-weight: bold; font-family: 'Times New Roman'; font-size: 10pt;">Use of Estimates</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions about future events that affect the amounts recorded in its Consolidated Financial Statements and accompanying notes. Future events and their effects cannot be determined with certainty. On an ongoing basis, management evaluates these estimates and assumptions. Significant estimates and assumptions include:</div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 27pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">●</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0); text-align: justify;">valuation allowances with respect to deferred tax assets;</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 27pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">●</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0);">inventory valuation;</div> </td> </tr> </table> </div> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 27pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">●</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0); font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">valuation of excess and obsolete inventory reserves;</div> </td> </tr> </table> </div> <div> <br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 27pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">●</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0);">valuation for acquisitions;</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 27pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">●</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0);">valuation of goodwill;</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 27pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">●</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0);">assumptions used for leases;</div> </td> </tr> </table> <div style="font-family: 'Times New Roman'; font-size: 10pt;"><br/> </div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 27pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">●</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0); text-align: justify; font-weight: normal; font-family: 'Times New Roman'; font-size: 10pt; font-style: normal; font-variant: normal; text-transform: none;">valuation of warrant <span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 24px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">liabilities;</span><br/> </div> </td> </tr> </table> <div> <br/> </div> <div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 27pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">●</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0);"><span style="font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; text-indent: 24px; word-spacing: 0px; white-space: normal; text-decoration-style: initial; text-decoration-color: initial; display: inline ! important; float: none;">assumptions associated with revenue recognition;</span> and</div> </td> </tr> </table> </div> <div><br/></div> <table cellpadding="0" cellspacing="0" class="DSPFListTable" style="font-family: 'Times New Roman'; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);"> <tr> <td style="width: 27pt;"><br/> </td> <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">●</td> <td style="width: auto; vertical-align: top;"> <div style="color: rgb(0, 0, 0); text-align: justify;">assumptions underlying the fair value used in the calculation of the stock-based compensation.</div> </td> </tr> </table> <div><br/></div> <div style="text-align: justify; color: rgb(0, 0, 0); font-family: 'Times New Roman'; font-size: 10pt;">The Company bases these estimates on historical and anticipated results and trends and on various other assumptions the Company believes are reasonable under the circumstances, including assumptions as to future events. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates, and any such differences may be material to the Consolidated Financial Statements.</div>
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CY2023 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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Files In Submission

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