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 and 47% in Q4 2024, attributed to variability in inventory costs[5] - Net loss for Q1 2025 was $11.1 million, compared to a net loss of $0.6 million in Q1 2024 and $3.5 million in Q4 2024[5] - Net loss for the three months ended March 31, 2025, was $11,136 thousand, compared to a net loss of $629 thousand in the same period of 2024[20] - Adjusted EBITDA is used as a non-GAAP measure to provide insights into financial performance, but specific figures for this measure were not disclosed in the report[25] Cash Flow and Financing - Net cash used in operating activities was $3.5 million in Q1 2025, down from $6.0 million in Q1 2024[6] - Net cash used in operating activities decreased to $3,537 thousand in Q1 2025 from $5,976 thousand in Q1 2024, indicating improved cash flow management[20] - Cash and restricted cash and cash equivalents at the end of the period were $3,008 thousand, down from $5,640 thousand at the end of Q1 2024[20] - Proceeds from long-term debt in Q1 2025 were $10,000 thousand, compared to $10,525 thousand in Q1 2024, reflecting ongoing financing efforts[20] - The company closed a $10.1 million term loan with Lynrock Lake, with $5.4 million allocated for working capital[2][9] - The company received $0.7 million in PIPE investment from board members and other investors for working capital[1][9] Growth and Future Projections - The company aims to achieve $18 million in revenue for 2025 and $27 million for 2026, corresponding to the shipment of 40 and 60 scanners respectively[10] - The company anticipates future growth in product sales and revenues related to the QT Imaging Breast Acoustic CT™ Scanner, although specific projections were not provided[21] Operational Developments - The company entered into a contract manufacturing agreement with Canon Medical Systems Corporation to enhance production capabilities[2][9] - The company is focused on expanding its product offerings and improving operational efficiency to enhance market competitiveness[21] - QT Imaging is committed to addressing identified material weaknesses in internal controls over financial reporting to improve overall governance[21] Market Position and Risks - Management highlighted risks related to the commercialization of new products and the ability to attract qualified personnel, which could impact future performance[21] - The company successfully uplisted to the OTCQB Venture Market on March 11, 2025, after being suspended from Nasdaq trading[9] - The company emphasizes the importance of medical imaging technology in improving global health outcomes and patient experience[30]
QT Imaging(QTI) - 2025 Q1 - Quarterly Results