Financial Performance - Generated revenue of $3.7 million in Q2 2025, representing a 113% year-over-year growth and a 31% sequential increase from Q1 2025[6] - Achieved a gross margin of 50% in Q2 2025, slightly down from 51% in Q2 2024 due to variability in inventory costs[10] - Total operating expenses for Q2 2025 were $2.9 million, a 7% improvement from $3.1 million in Q2 2024[10] - Net loss of $4.0 million in Q2 2025, compared to a net loss of $1.2 million in Q2 2024[11] - Non-GAAP Adjusted EBITDA for Q2 2025 was $(0.8) million, an improvement from $(2.1) million in Q2 2024[14] - The company reported a net loss of $15,138,000 for the six months ended June 30, 2025, compared to a net loss of $1,877,000 for the same period in 2024, indicating a significant increase in losses[26] - Cash and restricted cash and cash equivalents at the end of the period were $2,042,000, down from $4,601,000 at the end of June 30, 2024, reflecting a decrease of 56%[26] - The company recorded a loss of $6.6 million upon the issuance of the Lynrock Lake Term Loan for the six months ended June 30, 2025[23] Assets and Liabilities - The company has cash of $4.3 million as of August 6, 2025, following collections from scanner shipments[14] - As of June 30, 2025, total current assets increased to $10,668,000 from $4,917,000 as of December 31, 2024, representing a 117% increase[25] - The total liabilities decreased to $11,957,000 as of June 30, 2025, from $15,625,000 as of December 31, 2024, a reduction of 23%[25] - The earnout liability related to the Merger Earnout Consideration Shares decreased to $280,000 from $440,000, a decline of 36%[25] - The company reported a significant increase in additional paid-in capital, rising to $46,751,000 as of June 30, 2025, from $22,400,000 as of December 31, 2024, an increase of 108%[25] Business Operations - Shipped eight QT Imaging Breast Acoustic CT™ scanners in Q2 2025, in line with minimum order quantities from the distribution agreement with NXC Imaging[10] - Plans to deliver $18 million in revenue for 2025 and $27 million for 2026, with shipments of 40 and 60 scanners respectively[16] - Launched the QTI Cloud Platform, expected to provide a new source of recurring revenue through subscription fees[10] - Appointed new leadership in medical and clinical operations to strengthen the company's capabilities[10] - The company anticipates future growth through the commercialization of the QT Imaging Breast Acoustic CT™ Scanner and the development of a scalable imaging platform[27] Financial Metrics and Guidance - EBITDA is defined as loss before interest expense, income tax expense, depreciation, and amortization, while Adjusted EBITDA further adjusts for various expenses[35] - Management uses EBITDA and Adjusted EBITDA as non-GAAP performance measures, but does not provide reconciliation for forward-looking non-GAAP measures due to unpredictability[37] - No guidance for the company's net income (loss) or reconciliation of Adjusted EBITDA guidance is provided due to the inability to forecast GAAP measures without unreasonable effort[37] - The principal limitation of non-GAAP measures is that they exclude significant expenses and income required by GAAP[36] - QT Imaging believes that non-GAAP financial measures provide useful information regarding financial and business trends[35] Company Vision and Strategy - QT Imaging Holdings, Inc. is focused on the research, development, and commercialization of innovative body imaging systems using low frequency sound waves[39] - The company's strategy emphasizes the importance of safe, affordable, and accessible medical imaging for disease detection, diagnosis, and treatment[39] - The company aims to improve global health outcomes through its innovative imaging technology[39] Trademark Information - Breast Acoustic CT is a trademark of an affiliate of QT Imaging Holdings, Inc.[40]
GigCapital5(GIA) - 2025 Q2 - Quarterly Results