QSI (QSI) financial statements
QSI reported revenue of $2M in fiscal 2025, up 50.0% a year over 2 years.
Net income was -$101M.
Free cash flow was -$97M.
The diluted share count rose 3742% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from QSI's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | — | $0 | $0 | $1M | $3M | $2M |
| Cost of revenue | — | — | $0 | $0 | $594,000 | $1M | $1M |
| Gross profit | — | — | $0 | $0 | $488,000 | $2M | $1M |
| Research and development | $28M | $28M | $47M | $72M | $67M | $60M | $54M |
| Selling, general and admin | $9M | $9M | $50M | $42M | $45M | $51M | $45M |
| Operating income | -$37M | -$37M | -$97M | -$124M | -$111M | -$109M | -$116M |
| Interest expense | $0 | $9,000 | $5,000 | $0 | — | — | — |
| Pre-tax income | -$36M | -$37M | -$95M | -$132M | -$96M | -$101M | -$101M |
| Income tax | $0 | $0 | $0 | $0 | $0 | $56,000 | $58,000 |
| Net income | -$36M | -$37M | -$95M | -$132M | -$96M | -$101M | -$101M |
| EPS (diluted) | -$6.95 | -$6.84 | -$1.19 | -$0.95 | -$0.68 | -$0.71 | -$0.51 |
| Diluted shares | 5M | 5M | 80M | 139M | 141M | 143M | 198M |
| Gross margin | — | — | — | — | 45.1% | 52.3% | 47.3% |
| Operating margin | — | — | — | — | -10274.6% | -3550.6% | -4766.0% |
| Net margin | — | — | — | — | -8868.8% | -3303.0% | -4160.1% |
Balance sheet
Fiscal years, from QSI's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $33M | $37M | $471M | $84M | $134M | $210M | $216M |
| Receivables | — | — | — | $0 | $368,000 | $1M | $561,000 |
| Inventory | — | — | — | $0 | $4M | $4M | $3M |
| Total current assets | — | $38M | $477M | $358M | $266M | $218M | $176M |
| Property, plant and equipment | — | $2M | $9M | $17M | $16M | $16M | $13M |
| Goodwill | — | $0 | $9M | $0 | — | — | — |
| Total assets | — | $41M | $503M | $391M | $298M | $248M | $246M |
| Total current liabilities | — | $3M | $12M | $16M | $12M | $18M | $23M |
| Total liabilities | — | $5M | $26M | $33M | $27M | $32M | $25M |
| Shareholders' equity | -$125M | -$160M | $477M | $359M | $272M | $215M | $220M |
| Net debt | -$33M | -$37M | -$36M | -$84M | -$134M | -$49M | -$22M |
Cash flow
Fiscal years, from QSI's 10-K filings with the SEC.
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$31M | -$33M | -$67M | -$91M | -$94M | -$88M | -$95M |
| Capital spending | $1M | $461,000 | $6M | $11M | $5M | $5M | $3M |
| Free cash flow | -$32M | -$33M | -$73M | -$101M | -$99M | -$92M | -$97M |
| Stock-based compensation | $3M | $2M | $25M | $11M | $9M | $9M | $11M |
| Free cash flow margin | — | — | — | — | -9178.3% | -3022.8% | -3991.5% |
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Open QSI in InvestinglyQuestions
What was QSI's revenue in 2025?
$2M in fiscal 2025, from its 10-K filing.
How much free cash flow does QSI generate?
-$97M in fiscal 2025 (operating cash flow minus capital spending).
From QSI's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.