Spectral AI, Inc.

Spectral AI, Inc. (MDAI) reported FY 2025 research and development revenue of $19.6 million, down 33.6% YoY from $29.6 million in 2024, primarily due to reduced activity under the BARDA PBS contract nearing base phase completion. Gross profit was $8.9 million, a 32.8% YoY decline from $13.3 million, with gross margin improving slightly to 45.4% from 44.9% due to higher direct labor allocation. Operating loss widened to $8.6 million from $6.6 million, driven by $17.5 million in G&A expenses, down 11.7% YoY amid lower non-revenue R&D and headcount. Net loss narrowed to $7.6 million from $15.2 million, aided by $1.0 million in other income net, including warrant liability changes. Balance sheet shows $21.4 million total assets, with $15.4 million cash, but $27.1 million liabilities exceed equity by $5.7 million deficit. Operating cash use was $9.9 million, offset by $20.1 million financing inflows, yielding $10.2 million net cash increase. BARDA funding up to $150 million and UK commercialization plans signal growth potential, though regulatory approvals and funding reliance pose risks.

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