QSI Q2 2026 - Preliminary Earnings Alert
Verdict
- Revenue beat on a base too small to matter: $344k against $302k consensus, +13.9%, and down 42% from $591k a year ago.
- EPS essentially in line: $(0.11) against $(0.1133) consensus, +2.9%.
- 2026 guidance reiterated in full — revenue of approximately $1.0m, adjusted total operating expenses of $98.0m or less, and total cash usage of $93.0m or less, all unchanged from March 3.
- The one thing that matters: the Proteus commercial launch moved to Q2 2027 and the company cut roughly 20% of its workforce on the same announcement. The cash runway extension to Q4 2028 from Q2 2028 is bought with the headcount reduction, not earned by the business — the entire equity is a bet on a launch date that just moved, and the offsetting news is a $4bn addressable-market estimate rather than a product milestone.
Consensus scorecard
| Metric / basis | Quartr actual | API Ninjas consensus | Beat/Miss | Beat/Miss % |
|---|---|---|---|---|
| Revenue (total revenue) | $0.344m | $0.302m | Beat +$0.042m | +13.9% |
| EPS (GAAP basic and diluted) | $(0.11) | $(0.1133) | Beat +$0.0033 | +2.9% |
Key metrics
| Metric | Reported | Prior year | Change |
|---|---|---|---|
| Total revenue | $0.344m | $0.591m | -42% |
| Gross profit | $0.172m | $0.351m | -51% |
| Total operating expenses | $25.801m | $30.471m | -15% |
| Adjusted total operating expenses | $22.556m | $23.767m | -5% |
| Adjusted EBITDA | $(21.155)m | $(22.225)m | +5% |
| Net loss per share | $(0.11) | $(0.16) | +$0.05 |
Cash, cash equivalents and marketable securities were $169.9m at June 30 against $215.8m at December 31.
Guidance changes
| Metric | New guidance | Prior guidance | Change |
|---|---|---|---|
| 2026 revenue | ~$1.0m | ~$1.0m | Reiterated |
| 2026 adjusted total operating expenses | $98.0m or less | $98.0m or less | Reiterated |
| 2026 total cash usage | $93.0m or less | $93.0m or less | Reiterated |
| Cash runway | Into Q4 2028 | Into Q2 2028 | Extended two quarters |
| Proteus commercial launch | Q2 2027 | Prior date not restated | Delayed |
Quality of earnings
- The 15% GAAP expense decline is mostly a prior-year charge. The 2025 quarter carried $3.362m of legal settlement expense; excluding it, operating expenses fell about 5% to $25.801m from $27.109m — the same 5% the adjusted measure shows.
- The adjusted EBITDA improvement is spending, not performance. Adjusted EBITDA improved 5% to $(21.155)m while revenue fell 42%; gross profit contributed $172k against a $21m quarterly burn.
- Dilution flattered the per-share line. Net loss narrowed 18% to $23.534m while loss per share narrowed 31% to $(0.11), because weighted average shares rose 19% to 217.8m from 183.6m.
Gotchas & watch items
- The reiterated $98.0m adjusted opex and $93.0m cash-usage guides contain none of the ~$12m of annualised savings from the reduction in force, which is roughly 12% of the opex guide and lands after 2026.
- Full-year revenue guidance of approximately $1.0m against $602k booked in the first half implies roughly $400k in the second — management is guiding revenue to keep falling through the transition.
- Cash and marketable securities fell $45.9m in six months, to $169.9m from $215.8m.
- Accrued payroll fell to $2.955m from $5.903m at year end, before any severance from the announced 20% headcount reduction is recognised.
Event: https://web.quartr.com/companies/5270/events/662686/overview Retrieved: 2026-08-13T20:55:00Z Comparison mode: maximal · Scorecard contract: v1 The 20:30 UTC call had not been held when this was written.