Why Quantum-Si (QSI) Stock Is Nosediving

Quantum-Si Inc QSI share are trading lower by 7.87% to $1.99 during Monday's session after the company reported fourth-quarter financial results.

What Happened?

Quantum-Si reported adjusted quarterly losses of 17 cents per share which beat the analyst consensus estimate of a loss of 20 cents.

The company meanwhile reported a net loss of $33.1 million in the fourth quarter of 2022, compared to a net loss of $29.4 million in the fourth quarter of 2021. Quantum-Si says adjusted EBITDA was negative $24.5 million in the fourth quarter of 2022, compared to negative $20.4 million in the fourth quarter of 2021.

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As of December 31, 2022, Quantum-Si says the company has cash and cash equivalents and investments in marketable securities of $351.3 million.

What Else?

"2022 was a benchmark year for Quantum-Si, setting the stage for strong growth as we bring next-generation single-molecule protein sequencing to labs everywhere," said CEO Jeff Hawkins.

"We released Platinum, our revolutionary benchtop protein sequencer, executed multiple industry collaborations, and strengthened our management team to support commercialization and scale-up."

According to data from Benzinga Pro, QSI has a 52-week high of $5.42 and a 52-week low of $1.64.