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QT Imaging Holdings, Inc. (QTI) reported FY2025 revenue of $18.9M, a 288% YoY increase from $4.9M in FY2024, driven by sales of 40 QT Breast Scanners versus 12 units prior year under the Amended NXC Distribution Agreement. Gross profit rose 225% to $8.6M, though margin declined to 45% from 54% due to higher-cost Model B scanners and Canon manufacturing. Operating loss improved 64% to -$4.4M from -$12.2M, reflecting lower SG&A expenses ($9.1M vs $11.6M) amid reduced transaction costs post-Business Combination. Net loss widened 135% to -$21.1M from -$9.0M, pressured by $6.6M non-cash loss on Lynrock Lake Term Loan issuance, $2.1M debt extinguishment, and $3.6M warrant fair value change, offset by $3.9M R&D and revenue growth. Cash position strengthened to $10.4M from $1.2M, bolstered by $18.4M financing inflows including $14.9M Lynrock debt and $17.6M equity. FY2025 EPS was -$2.00 basic/diluted (10.5M weighted shares). Forward-looking, MOQs from NXC ($28.5M potential 2026), Gulf Medical ($11-12M), and Al Naghi ($24M+) signal revenue acceleration, supporting commercialization amid ongoing losses and $23.0M assets.
QT Imaging Holdings reported FY2025 revenue of $18.9M, up 288% YoY from $4.9M, fueled by 40 QT Breast Scanner units sold (vs 12 prior year) under the Amended NXC Distribution Agreement. Gross profit climbed 225% to $8.6M despite margin compression to 45% from 54%, attributed to higher-cost Model B scanners and initial Canon production. Operating loss improved 64% to -$4.4M, with R&D up 20% to $3.9M and SG&A down 21% to $9.1M post-Merger normalization. Net loss widened to -$21.1M from -$9.0M due to $6.6M Lynrock loan loss, $2.1M debt extinguishment, and $3.6M warrant changes, partially offset by revenue gains. EPS held at -$2. Cash ended at $10.4M (up from $1.2M), supported by $18.4M financing. Total assets $23.0M, equity $6.4M.
Revenue totaled $18.9M, 100% from U.S. Customer A (NXC), up from $4.9M (87% U.S.). Product sales $18.8M (99%), services $0.2M. Growth from 40 scanners (vs 12), per NXC MOQs. No geographic/international breakdown beyond U.S. dominance; Gulf Medical/Al Naghi deals signal 2026 expansion ($28.5M NXC, $11-12M Gulf, $24M Al Naghi potential).
Gross margin 45% (down from 54%) due to $1.7M overhead allocation shift, 18 Model B/higher-cost units. Operating margin -23% (improved from -250%). SG&A declined on $4.3M lower transaction costs. Other expenses ballooned to -$16.6M (Lynrock $6.6M loss, warrants $3.6M). R&D 21% of revenue, SG&A 48%.
Operating cash -$9.0M (vs -$10.0M), investing -$0.1M, financing +$18.4M (Lynrock $14.9M net, equity $17.6M). Net cash increase $9.3M to $10.5M (cash + restricted). Assets $23.0M (current $22.1M, cash $10.4M, AR $5.8M, inventory $5.0M). Liabilities $16.6M (debt $0.7M net, related notes $3.9M). Equity $6.4M, deficit -$53.0M accumulated.
MOQs underpin 2026 revenue: NXC $28.5M, Gulf $11-12M, Al Naghi $24M+. Lynrock debt matures 2027 ($10.1M principal). Clinical trials, FDA clearances (e.g., open-angle scanner), Canon manufacturing scale-up key. Risks: losses persist, debt covenants, competition. Management eyes commercialization, partnerships.
EPS
-$2
Revenue
$18.9M
Net Income
-$21.1M
Gross Margin
45%
Gross Profit
$8.6M
Operating Income
-$4.4M