Financial Performance - Commercial revenue for Q1 2025 was $2.8 million, a 100% increase from $1.4 million in Q1 2024, driven by the shipment of six Breast Acoustic CT scanners[5] - Gross margin improved to 65% in Q1 2025, up from 56% in Q1 2024, attributed to variability in the weighted average cost of existing inventory[5] - Net loss for Q1 2025 was $11.1 million, significantly higher than a net loss of $0.6 million in Q1 2024[5] - The company reported an adjusted EBITDA of $(0.9) million for Q1 2025, an improvement from $(1.2) million in Q1 2024[5] - Net loss for the three months ended March 31, 2025, was $11,136,000, compared to a net loss of $629,000 for the same period in 2024[20] - Cash flows from operating activities resulted in a net cash used of $3,537,000 in Q1 2025, an improvement from $5,976,000 in Q1 2024[20] - The company reported a net cash provided by financing activities of $5,353,000 in Q1 2025, down from $11,431,000 in Q1 2024[20] - Cash and restricted cash and cash equivalents at the end of Q1 2025 totaled $3,008,000, compared to $5,640,000 at the end of Q1 2024[20] - The company incurred a loss of $6,640,000 on the issuance of the Lynrock Lake Term Loan during Q1 2025[20] Operational Developments - The company closed a $10.1 million term loan with Lynrock Lake, with $5.4 million allocated for working capital purposes[2] - The company shipped six QT Breast Acoustic CT scanners in Q1 2025, fulfilling minimum order quantities under its distribution agreement with NXC Imaging[10] - The company entered into a contract manufacturing agreement with Canon Medical Systems Corporation to enhance production capabilities[2] Future Projections - The company aims to achieve $18 million in revenue for 2025, with plans to ship 40 scanners, and $27 million in revenue for 2026, with 60 scanners[10] - Adjusted EBITDA is not provided for future periods due to the unpredictability of certain GAAP components, making it impractical for the company to forecast[28] Strategic Focus - QT Imaging is focused on the commercialization and further development of the QT Imaging Breast Acoustic CT™ Scanner, with plans for large-scale manufacturing[21] - The company anticipates future product sales growth and projected revenues related to its innovative body imaging systems[21] - QT Imaging's strategy emphasizes safe, affordable, and accessible medical imaging centered on patient experience[30] - The company acknowledges risks related to the commercialization of its technology and the ability to attract qualified personnel[21]
GigCapital5(GIA) - 2025 Q1 - Quarterly Results