Financial Performance - Generated revenue of $4.2 million in Q3 2025, representing a 339% year-over-year growth and a 15% sequential growth from Q2 2025[8] - Revenue for the three months ended September 30, 2025, was $4,192,000, a significant increase from $956,000 in the same period of 2024, representing a growth of 338%[21] - Gross profit for the three months ended September 30, 2025, was $1,803,000, compared to $605,000 in 2024, indicating an increase of 198%[21] - The company reaffirmed its revenue forecast of $18 million for 2025 and increased its 2026 revenue outlook from $27 million to $39 million[6] Operating Expenses and Losses - Total operating expenses for Q3 2025 were $3.5 million, an 18% increase from $2.9 million in Q3 2024[8] - Net loss for Q3 2025 was $4.6 million, or $(0.47) per share, compared to a net loss of $3.6 million, or $(0.51) per share, in Q3 2024[8] - The net loss for the three months ended September 30, 2025, was $4,557,000, compared to a net loss of $3,619,000 in 2024, reflecting a deterioration of 26%[21] - Net loss for the nine months ended September 30, 2025, was $19,695,000, compared to a net loss of $5,497,000 in 2024, representing an increase of 258%[27] Assets and Liabilities - Total current assets as of September 30, 2025, increased to $11,288,000 from $4,917,000 as of December 31, 2024, representing a growth of 129%[25] - Total liabilities as of September 30, 2025, were $21,197,000, up from $15,625,000 as of December 31, 2024, indicating an increase of 36%[25] - Cash and cash equivalents as of September 30, 2025, were $1,715,000, an increase from $1,172,000 as of December 31, 2024[25] Financing Activities - Secured $18.2 million in gross proceeds from a private placement financing, enhancing the financial position[3] - Proceeds from long-term debt, net of issuance costs, were $15,000,000 in 2025, up from $10,525,000 in 2024, indicating a growth of 42%[27] - Net cash provided by financing activities was $6,448,000 in 2025, down from $10,220,000 in 2024, a decline of 37%[27] - The company reported a repayment of long-term debt of $4,688,000 in 2025, compared to $1,243,000 in 2024, indicating an increase of 276%[27] Research and Development - Research and development expenses for the three months ended September 30, 2025, were $939,000, slightly up from $925,000 in the same period of 2024[21] Management Changes - Appointed Jay Jennings as Chief Financial Officer and Satrajit Misra as Chief Commercial Officer, bringing nearly 60 years of combined experience[2] Strategic Initiatives - Entered into an exclusive distribution agreement with Gulf Medical Co. for the QTI Breast Acoustic CT™ scanners in Saudi Arabia[3] - Submitted an application to relist on Nasdaq, including a 3:1 reverse stock split to meet listing requirements[3] Other Financial Metrics - Adjusted EBITDA for the three months ended September 30, 2025, was $(1,397,000), an improvement from $(2,163,000) in the same period of 2024[23] - The company incurred interest expense of $565,000 for the three months ended September 30, 2025, down from $1,455,000 in the same period of 2024[23] - Stock-based compensation increased to $519,000 in 2025 from $166,000 in 2024, reflecting a significant rise of 212%[27] - The company reported a loss on issuance of the Lynrock Lake Term Loan amounting to $6,640,000, which was not present in the previous year[27] - Change in fair value of warrant liability resulted in a gain of $3,581,000 in 2025, compared to a loss of $200,000 in 2024[27] - The company experienced a decrease in accounts receivable by $3,177,000 in 2025, compared to a decrease of $256,000 in 2024[27] - Net cash used in operating activities decreased to $5,858,000 in 2025 from $8,806,000 in 2024, showing an improvement of 33%[27] - Cash and restricted cash and cash equivalents at the end of the period increased to $1,735,000 in 2025 from $1,564,000 in 2024, a rise of 11%[27]
GigCapital5(GIA) - 2025 Q3 - Quarterly Results