Financial Performance - Generated sales of twelve scanners with revenue of approximately $5 million and a gross margin of 54% in 2024[1] - Commercial revenue for Q4 2024 was $0.8 million, down from $1.0 million in Q3 2024, and up from less than $0.1 million in Q4 2023[3] - Forecasts revenue growth of $18 million in 2025 and $27 million in 2026, corresponding to the shipment of 40 and 60 scanners, respectively[11] - Net loss for Q4 2024 was $3.5 million, compared to a net loss of $3.6 million in Q3 2024 and $1.5 million in Q4 2023[6] - The company reported a net loss of $8.985 million for the year ended December 31, 2024, compared to a net loss of $6.099 million in 2023, representing an increase in losses of approximately 47.5%[21] - The company reported a net cash used in operating activities of $10.033 million for the year ended December 31, 2024, compared to $2.651 million in 2023, indicating a significant increase in cash outflow[21] Gross Margin and Assets - Gross margin for Q4 2024 was 47%, down from 63% in Q3 2024, while the annual gross margin for 2024 was 54%[6] - Total current assets increased slightly to $4.917 million as of December 31, 2024, compared to $4.819 million in 2023, reflecting a growth of 2%[19] - Cash and restricted cash and cash equivalents at the end of the period increased to $1.192 million from $185, marking a significant increase of approximately 544%[22] Liabilities and Expenses - Total liabilities rose to $15.625 million in 2024, up from $12.018 million in 2023, indicating an increase of approximately 30%[19] - The company incurred transaction expenses of $3.7 million related to the merger with GigCapital5, Inc., which closed on March 4, 2024[21] - The earnout liability was recorded at $440,000 as of December 31, 2024, reflecting the contingent consideration for the merger[19] - The fair value of the derivative liability decreased by $4.818 million during the year ended December 31, 2024[21] Operational Developments - The company cleared all short-term debt liabilities and closed a $10.1 million term loan for working capital purposes[1] - Entered into a manufacturing agreement with Canon Medical Systems Corporation to scale up internal manufacturing capacity[9] - The company shipped twelve QT Breast Acoustic CT Scanners in 2024, compared to no shipments in 2023[3] - The company plans to commercialize the QT Imaging Breast Acoustic CT™ Scanner and expand its product offerings, with future repayment of the Lynrock Lake Term Loan anticipated[23] Investment and Funding - The company announced a PIPE investment of $2.56 million from insiders, fully funded by the Board of Directors and Management[1] - The company recorded $3.698 million in fair value of common stock issued in exchange for services during the year ended December 31, 2024[21] Strategic Focus - QT Imaging Holdings, Inc. is focused on the research, development, and commercialization of innovative body imaging systems using low frequency sound waves[32] - The Company's strategy emphasizes the importance of safe, affordable, and accessible medical imaging for disease detection, diagnosis, and treatment[32] - The Company uses EBITDA and Adjusted EBITDA as non-GAAP performance measures, but does not provide guidance for net income (loss) due to unpredictability of GAAP components[30]
GigCapital5(GIA) - 2024 Q4 - Annual Results