Financial Performance - Commercial revenue for Q1 2024 was $1.4 million, a significant increase from less than $0.1 million in Q1 2023[8] - Gross margin improved to 56% in Q1 2024, compared to a negative margin in Q1 2023, due to the sale of three QT Breast Scanners[8] - Net loss for Q1 2024 was $4.3 million, which included $1.9 million of net non-cash income related to the change in fair value of warrants and transaction expenses of $4.3 million[10] - Non-GAAP Adjusted EBITDA for Q1 2024 was $(1.2) million, slightly worse than $(1.1) million in Q1 2023[10] - The company reported a significant increase in operating expenses to $5.7 million in Q1 2024, up from $1.3 million in Q1 2023[13] - Net loss for the three months ended March 31, 2024, was $4,299,000, compared to a net loss of $1,883,000 for the same period in 2023, indicating a 128% increase in losses[21] - The accumulated deficit increased to $(22,069,000) as of March 31, 2024, from $(17,770,000) at the end of 2023, reflecting a worsening financial position[19] Assets and Liabilities - Total assets increased to $12,857,000 as of March 31, 2024, compared to $6,706,000 as of December 31, 2023, representing an increase of 92%[19] - Cash and cash equivalents rose to $5,620,000 as of March 31, 2024, from $165,000 at the end of 2023, marking a significant increase[19] - Total current liabilities decreased to $4,371,000 as of March 31, 2024, down from $7,338,000 as of December 31, 2023, a reduction of 40%[19] - Long-term debt increased to $3,331,000 as of March 31, 2024, compared to $96,000 as of December 31, 2023, reflecting a substantial rise[19] Cash Flow - Net cash used in operating activities for the first quarter of 2024 was $5,976,000, compared to $993,000 for the same period in 2023, indicating a significant increase in cash outflow[21] - The company reported a net cash provided by financing activities of $11,431,000 for the three months ended March 31, 2024, compared to $916,000 in the same period of 2023[21] Strategic Developments - The company completed its merger with GigCapital5 on March 4, 2024, enhancing its strategic position[2] - The company delivered its first commercial sale of a QT Breast Scanner on March 7, 2024, as part of its U.S. commercialization efforts[10] - A feasibility study agreement was initiated on March 28, 2024, to evaluate the QT Breast Scanner's business, technical, and clinical values[10] - The company plans to provide guidance for the remainder of 2024 as part of the Q2 2024 earnings release[12] - The company is focused on the commercialization and further development of the QT Imaging Breast Acoustic CT™ Scanner, with plans for new product development and introduction[22] - QT Imaging anticipates future events and developments will cause assessments to change, highlighting the uncertainty in projected financial information[22] Technology and Research - The area under the receiver operating characteristic curve (AUC) for QT Imaging technology was found to be statistically non-inferior to digital breast tomosynthesis (DBT) in a recent study[11]
GigCapital5(GIA) - 2024 Q1 - Quarterly Results