Financial Performance - Commercial revenue for Q1 2024 was $1.4 million, a significant increase from less than $0.1 million in Q1 2023[8] - Gross margin improved to 56% in Q1 2024, compared to a negative margin in Q1 2023, due to the sale of three QT Breast Scanners[8] - Net loss for Q1 2024 was $4.3 million, which included $1.9 million of net non-cash income related to the change in fair value of warrants and transaction expenses of $4.3 million[10] - Non-GAAP Adjusted EBITDA for Q1 2024 was $(1.2) million, slightly worse than $(1.1) million in Q1 2023[10] - Net loss for the three months ended March 31, 2024, was $4,299,000, compared to a net loss of $1,883,000 for the same period in 2023, reflecting a deterioration of 128%[21] - The company reported net cash used in operating activities of $5,976,000 for the three months ended March 31, 2024, compared to $993,000 for the same period in 2023[21] - Net cash provided by financing activities was $11,431,000 for the three months ended March 31, 2024, compared to $916,000 in the same period of 2023[21] Assets and Liabilities - Total assets increased to $12,857,000 as of March 31, 2024, compared to $6,706,000 on December 31, 2023, representing an increase of 92%[19] - Current assets rose significantly to $11,433,000, up from $4,819,000, marking an increase of 137%[19] - Total liabilities increased to $17,772,000 as of March 31, 2024, compared to $12,018,000 at the end of 2023, an increase of 48%[19] - Long-term debt increased significantly to $3,331,000 from $96,000, a rise of 3,373%[19] - Cash and cash equivalents at the end of the period increased to $5,640,000 from $398,000, a rise of 1,316%[21] Strategic Developments - The company completed its merger with GigCapital5 on March 4, 2024, enhancing its strategic position[2] - The first commercial sale of a QT Breast Scanner occurred on March 7, 2024, to True Health Center for Functional Medicine[10] - A feasibility study agreement was initiated on March 28, 2024, to evaluate the business and clinical values of the QT Breast Scanner[10] - The company is focused on the commercialization and further development of the QT Imaging Breast Acoustic CT™ Scanner, with plans for new product development and introduction[22] Leadership and Guidance - Leadership updates include the appointment of Dr. Raluca Dinu as Acting CEO and the onboarding of Steve Choate as Chief Operating Officer[12] - The company plans to provide guidance for the remainder of 2024 as part of the Q2 2024 earnings release[12] Technology and Market Risks - A study published in Academic Radiology indicated that QT Imaging technology is similarly effective as digital breast tomosynthesis (DBT) for breast lesion detection[11] - QT Imaging anticipates potential risks related to the commercialization of its technology and market conditions, which could impact future performance[22]
QT Imaging(QTI) - 2024 Q1 - Quarterly Results