QT Imaging(US:QTI)2026-03-25 12:03Revenue Growth - Generated record revenue of $8.3 million in Q4 2025, up 97% from Q3 2025 and 877% from Q4 2024[1][3] - Surpassed 2025 revenue guidance of $18 million, achieving total revenue of $18.9 million for the year, representing 288% growth compared to 2024[1][3] - Revenue for Q4 2025 reached $8,275,000, a significant increase from $847,000 in Q4 2024, representing a growth of 876%[23] Scanner Shipments - Shipped 17 QTI Breast Acoustic CT™ scanners in Q4 2025, totaling 40 scanners for the year, compared to 12 scanners shipped in 2024[1][3] - Announced an exclusive distribution agreement in the UAE for a minimum of 43 scanners, projected to generate over $24 million in revenue[1][6] Financial Performance - Gross margin for Q4 2025 was 38%, down from 47% in Q4 2024, primarily due to higher costs associated with scanner shipments[1][3] - Total operating expenses for Q4 2025 were $3.8 million, a 57% increase from $2.5 million in Q4 2024[1][3] - Net loss for Q4 2025 improved to $1.4 million, a 60% reduction compared to a net loss of $3.5 million in Q4 2024[1][3] - Non-GAAP Adjusted EBITDA for 2025 was $(3.5) million, improving 52% from $(7.4) million in 2024[1][10] - Gross profit for the year ended December 31, 2025 was $8,584,000, compared to $2,640,000 in 2024, marking an increase of 225%[23] - Total operating expenses for 2025 were $13,021,000, down from $14,817,000 in 2024, reflecting a decrease of 12.1%[23] - Net loss for Q4 2025 was $1,387,000, an improvement from a net loss of $3,489,000 in Q4 2024, showing a reduction of 60%[23] - The company reported a net loss of $21,083,000 for the year ended December 31, 2025, compared to a net loss of $8,985,000 in 2024[29] Cash and Assets - Cash and cash equivalents increased to $10,412,000 as of December 31, 2025, up from $1,172,000 in 2024, indicating a growth of 786%[27] - Total assets grew to $23,021,000 in 2025, compared to $6,087,000 in 2024, representing an increase of 278%[27] - Cash, restricted cash, and cash equivalents at the end of the period reached $10,462,000, up from $1,192,000 at the beginning of the period[29] Inventory and Deficit - Inventory increased to $5,027,000 in 2025, up from $3,141,000 in 2024, reflecting a rise of 60%[27] - The company’s accumulated deficit as of December 31, 2025 was $(53,024,000), compared to $(31,941,000) in 2024, indicating an increase in the deficit of 66%[27] Financing Activities - The company generated $17,569,000 from the sale of common stock and warrants, net of issuance costs, in 2025[29] - Proceeds from long-term debt, net of issuance costs, amounted to $14,856,000 in 2025, compared to $10,525,000 in 2024[29] - The net cash provided by financing activities was $18,353,000 in 2025, an increase from $11,128,000 in 2024[29] Strategic Collaborations - Entered into a strategic collaboration with Intelerad Medical Systems to integrate QT Imaging's scanners with their cloud-based platform[1][3] Stock and Compensation - Stock-based compensation increased to $801,000 in 2025 from $290,000 in 2024[29] - The change in fair value of warrant liability resulted in a gain of $3,578,000 in 2025[29]