Revenue Performance - Full Year Research & Development Revenue for 2025 was $19.7 million, down from $29.6 million in 2024, reflecting a decrease in reimbursed costs associated with the BARDA PBS Contract[7] - Q4 2025 Revenue was $3.8 million, compared to $7.6 million in Q4 2024, due to a reduction in research direct labor and clinical trial costs[6] - The Company forecasts revenue of approximately $18.5 million for the year ending December 31, 2026, primarily from the continued development of the DeepView System[13] Financial Position - Cash balance improved to $15.4 million as of December 31, 2025, up from $5.2 million at the end of 2024, reflecting successful debt and equity financings[12] - Total current assets increased to $19.5 million as of December 31, 2025, compared to $10.1 million at the end of 2024[20] - Cash at the end of the period rose to $15,394 million, up from $5,157 million at the beginning of the period[24] Net Income and Loss - Net income for Q4 2025 was $0.6 million, or $0.02 per diluted share, a significant improvement from a net loss of $(7.7) million, or $(0.41) per diluted share, in Q4 2024[10] - Net loss for FY 2025 was $(7.6) million, or $(0.29) per diluted share, an improvement from a net loss of $(15.3) million, or $(0.85) per diluted share, in FY 2024[11] - Net loss for the twelve months ended December 31, 2025, was $7,571 million, an improvement from a net loss of $15,315 million for the same period in 2024[24] Expenses and Operational Efficiency - General and administrative expenses decreased to $4.0 million in Q4 2025 from $4.5 million in Q4 2024, reflecting a focus on operational efficiencies[9] - Gross margin for Q4 2025 was 39.8%, down from 44.0% in Q4 2024, primarily due to a lower percentage of reimbursed direct labor[8] Funding and Investments - The Company received $31.7 million in additional funding from BARDA to support the development of the DeepView System, with a total contract value of up to $150.0 million[4] Cash Flow and Working Capital - Net cash used in operating activities increased to $9,920 million from $9,198 million year-over-year[24] - Proceeds from the issuance of common stock and warrants amounted to $10,638 million, compared to $4,060 million in the previous year[24] - Net cash provided by financing activities was $20,120 million, significantly higher than $9,575 million in the prior year[24] Changes in Assets and Liabilities - Accounts receivable increased by $1,238 million, while accounts payable decreased by $1,025 million[24] - Inventory levels decreased by $413 million, while prepaid expenses increased by $761 million[24] - The change in fair value of warrant liabilities resulted in a loss of $3,249 million, compared to a gain of $4,633 million in the previous year[24] - The effect of exchange rate changes on cash resulted in a positive impact of $37 million[24]
Spectral AI(MDAI) - 2025 Q4 - Annual Results