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] - 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] - Non-GAAP Adjusted EBITDA for Q3 2025 was $(1.4) million, an improvement from $(2.2) million in Q3 2024[8] - 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] - 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, indicating a significant increase in losses[27] Expenses and Liabilities - Total operating expenses for Q3 2025 were $3.5 million, an 18% increase from $2.9 million in Q3 2024[8] - Research and development expenses for the three months ended September 30, 2025, were $939,000, slightly up from $925,000 in 2024, showing a marginal increase of 2%[21] - 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] - The company’s accumulated deficit as of September 30, 2025, was $(51,635,000), compared to $(31,941,000) as of December 31, 2024, indicating a worsening of 62%[25] Cash Flow and Financing - Net cash used in operating activities decreased to $5,858,000 in 2025 from $8,806,000 in 2024, showing improved cash flow management[27] - Cash and cash equivalents as of September 30, 2025, were $1,715,000, compared to $1,172,000 as of December 31, 2024, reflecting an increase of 46%[25] - 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[27] - Proceeds from long-term debt, net of issuance costs, amounted to $15,000,000 in 2025, up from $10,525,000 in 2024, reflecting increased financing activity[27] - Net cash provided by financing activities decreased to $6,448,000 in 2025 from $10,220,000 in 2024, indicating a reduction in financing inflows[27] - The company reported a repayment of long-term debt of $4,688,000 in 2025, compared to $1,243,000 in 2024, reflecting a strategy to reduce debt obligations[27] Strategic Developments - Shipped nine QTI Breast Acoustic CT™ scanners in Q3 2025, aligning with the annual projection of shipping a total of 40 scanners in 2025[3] - The company reaffirmed its revenue forecast of $18 million for 2025 and increased its 2026 revenue outlook from $27 million to $39 million[6] - Entered into an exclusive distribution agreement with Gulf Medical Co. for QTI Breast Acoustic CT™ scanners in Saudi Arabia[3] - Appointed Jay Jennings as CFO and Satrajit Misra as Chief Commercial Officer, bringing nearly 60 years of combined experience to the company[2] Stock and Market Conditions - Stock-based compensation increased to $519,000 in 2025 from $166,000 in 2024, indicating a rise in employee compensation costs[27] - The 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, suggesting improved market conditions for warrants[27] - The company reported a loss on issuance of the Lynrock Lake Term Loan of $6,640,000, which was a new expense not present in the previous year[27] - The company experienced a significant loss on issuance of common stock in connection with a subscription agreement, totaling $206,000 in 2024, which was not reported in 2025[27]
QT Imaging(QTI) - 2025 Q3 - Quarterly Results