Quantum-Si IncQSI

Quantum-Si Inc Leases Disclosure

10-KFiled Mar 3, 20262 min read
Leases
Lease-related costs for the years ended December 31, 2025, 2024 and 2023 are as follows (in thousands):
202520242023
Operating lease cost$3,036 $3,518 $3,478 
Variable lease cost1,591 1,786 1,678 
Total lease cost$4,627 $5,304 $5,156 
As of December 31, 2025, the maturities of the operating lease liabilities and a reconciliation to the present value of lease liabilities were as follows (dollars in thousands):
 Remaining
Lease Payments
2026$2,090 
20271,991 
2028354 
2029119 
Total remaining undiscounted lease payments$4,554 
Less: Imputed interest(388)
Total operating lease liabilities4,166 
Less: current portion(1,844)
Long-term operating lease liabilities $2,322 
Weighted-average remaining lease term (in years) 2.2
Weighted-average discount rate 8.1%
The following table provides certain cash flow and supplemental cash flow information related to the Company’s right-of-use assets and lease liabilities for the years ended December 31, 2025 and 2024 (in thousands):
 20252024
Operating cash paid to settle operating lease liabilities$3,910 $4,436 
Right-of-use assets obtained in exchange for lease liabilities(1)
$— $1,047 
Derecognition of right-of-use asset and lease liability due to operating lease termination$1,687 $— 
(1) The year ended December 31, 2024 includes an increase in right-of-use assets due to the change in estimated timing of receipt of reimbursements for tenant improvements related to the New Haven, Connecticut lease.
During the year ended December 31, 2025, the Company entered into the Mutual Release Agreement to terminate the lease of 67,000 square feet of space in New Haven, Connecticut, resulting in the derecognition of the right-of-use asset in the amount of $7.3 million and the related lease liability in the amount of $5.6 million which were included in Operating lease right-of-use assets and Operating lease liabilities, respectively, on the Consolidated Balance Sheets. For further details regarding this lease termination, please refer to Note 17. Commitments and Contingencies.

Historical Timeline

Fiscal YearFiled
2025Mar 3, 2026Showing above
2024Mar 3, 2025
2023Feb 29, 2024
2022Mar 17, 2023
2021Mar 1, 2022

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Other Available Disclosures

Income TaxesEarnings Per ShareFair ValuePP&ESegmentsCommitmentsStock CompensationNew Standards