QT Imaging Reports 2025 Fourth Quarter and Full Year Financial Results

2025 Revenue of $18.9 Million Exceeded Outlook with a Record 40 Scanners Shipped

Affirms 2026 Revenue Guidance of $39 Million from Contracted Scanner MOQs and Initial QTI Cloud Platform Revenue

Advances Transition to a SaaS- and Biomarker-Driven Medical Imaging Platform

Conference Call Begins Today at 4:30 p.m. Eastern Time

NOVATO, Calif.--(BUSINESS WIRE)-- QT Imaging Holdings, Inc. (Nasdaq: QTI) (“QT Imaging” or the “Company”), a medical device company dedicated to transforming breast health management through innovative, radiation-free imaging technology, today reported financial results for the three and twelve months ended December 31, 2025 and provided a business update.

“I am proud of the transformation QT Imaging achieved over the past year. In 2025 we exceeded our revenue target, increased scanner deployments, laid the foundation for our cloud SaaS platform, expanded internationally through new distribution partnerships, and significantly strengthened our balance sheet. This progress reflects disciplined execution across our commercial and product strategies, and that momentum has carried into 2026 as we continue building a stronger and more scalable business,” said Dr. Raluca Dinu, Chief Executive Officer.

“We recently achieved an important reimbursement milestone with approval of our first CPT code, a key step toward broader clinical adoption of QTI’s Breast Acoustic CT™ scanner and our technology. Combined with our Nasdaq Capital Market relisting, new U.S. FDA and UAE regulatory clearances, and the addition of a leading breast cancer researcher as Medical Advisor, these achievements reflect the continued strengthening of QT Imaging’s clinical, regulatory, and commercial foundation,” Dr. Dinu added.

“Looking ahead, we expect revenue in 2026 to be approximately $39 million, more than double the 2025 level, driven by our distributor partnerships and the initial rollout of the QTI Cloud Platform,” she stated. “As we continue evolving from a traditional scanner company into a SaaS- and biomarker-driven medical imaging platform, our goal is to expand access to safer, more patient-friendly breast imaging while building a scalable, data-driven business that advances clinical insight and improves outcomes for women.”

Fourth Quarter and Recent Business Highlights

• Shipped a record 17 Breast Acoustic CT scanners in the fourth quarter of 2025 and 40 scanners for the year, generating record full-year revenue of $18.9 million, exceeding guidance of $18.0 million.
• Achieved a significant milestone in the clinical and commercial advancement of the Company’s technology with the American Medical Association’s (AMA) approval of a new Category III CPT^™ code, X579T, for 3D quantitative transmission volumetric ultrasound tomography of the breast. This code recognizes the distinct clinical service enabled by QTI's Breast Acoustic CT system’s radiation-free, compression-free, 3D breast imaging platform, and becomes effective January 1, 2027.
• Received U.S. Food and Drug Administration (FDA) 510(k) clearance for an updated configuration of the QTI's Breast Acoustic CT scanner, designed to enhance visualization and expand imaging coverage of the posterior breast tissue, a region that is challenging to capture.
• Uplisted to The Nasdaq Capital Market after having met all listing requirements, including financial, corporate governance, and regulatory criteria.
• Significantly strengthened its financial position through a private placement completed in October 2025 with gross proceeds of $18.2 million, which included lead investor Sio Capital and participation from other institutional investors and existing shareholders.
• Entered into a strategic collaboration with Intelerad Medical Systems, a global leader in providing medical imaging solutions, which supports QT Imaging’s mission to deliver safe, quantitative, and accessible imaging. The collaboration enables seamless integration of QTI's Breast Acoustic CT scanners with Intelerad’s secure, cloud-based platform, supporting the delivery of the QTI Cloud Platform to its customers.
• Announced a collaboration with Olea Medical, a renowned provider of advanced medical imaging software. The collaboration enhances the QTI Cloud Platform by integrating Olea Medical’s advanced visualization, quantitative analytics, and AI-ready imaging technologies to support clinical interpretation, research workflows, and quantitative imaging analyses. The Olea Medical collaboration builds on QT Imaging’s existing cloud infrastructure to be delivered through Intelerad’s platform, which provides the enterprise PACS and cloud backbone for QT Imaging’s clinical and research deployments.
• Entered into an exclusive distribution agreement for QTI's Breast Acoustic CT scanners and the QTI Cloud Platform in the United Arab Emirates (UAE) with Al Naghi Medical Co., a leading regional distributor of medical devices. The agreement provides for committed, minimum order quantities of seven scanners in 2026, with shipments starting in the second quarter of 2026, increasing to 16 scanners in 2027 and 20 scanners in 2028, for a total minimum of 43 scanners, representing revenue of more than $24 million.
• Appointed accomplished industry veteran Satrajit Misra as Chief Commercial Officer, who brings significant experience in global commercial strategy, market development, and scaling imaging businesses.
• Named renowned breast cancer researcher Dr. Mary W. Yamashita as Medical Advisor to provide strategic advisory and development support across several key areas, including optimizing clinical integration and user experience, and ensuring the Company’s technologies meets and exceeds the expectations of clinicians and patients.
• Partnered with the intergenerational women’s media platform The Shift and engaged the investor relations firm Alliance Advisors IR to increase awareness of QTI's Breast Acoustic CT system as a safe alternative to traditional mammography and the Company’s growing commercial momentum with women, the medical community, and investors.

Fourth Quarter Financial Results

• Revenue for the fourth quarter of 2025 was $8.3 million, representing 877% year-over-year growth and 97% sequential-quarter growth. The increase was primarily attributable to the shipment of 17 Breast Acoustic CT scanners in the quarter to the Company’s U.S. distributor NXC Imaging.
• Gross margin for the fourth quarter of 2025 was 38% compared with 47% for the fourth quarter of 2024. The decline was primarily attributable to the shipment of two scanners in the 2025 quarter that were built by the Company’s contract manufacturing partner at a higher cost due to tariffs and other fees.
• Total operating expenses for the fourth quarter of 2025 were $3.8 million, a 57% increase from $2.5 million for the same period of 2024. The increase was primarily attributable to increases in employee compensation and professional and outside service costs, partially offset by an increase in the allocation of overhead expenses from operating expenses to cost of revenue.
• Net loss for the fourth quarter of 2025 of $1.4 million, or $0.10 per share, compared with a net loss of $3.5 million, or $0.44 per share, for the fourth quarter of 2024.
• Non-GAAP adjusted EBITDA* for the fourth quarter of 2025 of $(0.4) million compared with $(1.9) million for the fourth quarter of 2024.
• Net cash used in operating activities during the fourth quarter of 2025 was $3.1 million compared with $1.2 million during the fourth quarter of 2024. The increase was primarily due to an increase in accounts receivable to $5.8 million as of December 31, 2025, which was subsequently collected, partially offset by a lower net loss as adjusted for non-cash expenses.
• As of December 31, 2025, the Company had cash, restricted cash, and cash equivalents of $10.5 million.

2025 Financial Results

• Revenue for 2025 was $18.9 million, surpassing the Company’s guidance of $18.0 million and representing 288% growth from $4.9 million for 2024.
• Gross margin for 2025 was 45% compared with 54% for 2024. The decline was primarily attributable to three scanners that were built by our contract manufacturing partner at a higher cost, including tariffs and other fees.
• Total operating expenses for 2025 were $13.0 million, a 12% improvement from $14.8 million for 2024. The decrease was primarily attributable to a $4.3 million decrease in transaction expenses related to the Business Combinations in 2024, a $1.7 million increase in the allocation of overhead expenses from operating expenses to cost of revenue, and a $0.3 million reduction in insurance expense, partially offset by a $3.0 million increase in compensation and benefits, a $1.0 million increase in professional and outside services, and a $0.2 million increase in technology infrastructure expenses.
• Net loss for 2025 was $21.1 million, or $2.01 per share, and included other expense of $8.8 million consisting of non-cash expense of $6.6 million incurred at the issuance of the Lynrock Lake Term Loan, an extinguishment loss of $2.1 million for the Yorkville Note and Cable Car Note, and a $0.1 million extension fee for the Cable Car Note, as well as a $3.6 million increase in the fair value of warrant liability and a $1.8 million increase in the fair value of earnout liability. This compared with a net loss of $9.0 million, or $2.13 per share, for 2024.
• Non-GAAP Adjusted EBITDA* for 2025 of $(3.5) million compared with $(7.4) million for 2024.
• Net cash used in operating activities for 2025 was $9.0 million compared with $10.0 million in 2024.

2026 Revenue Guidance

The Company affirmed guidance for 2026 revenue to be approximately $39 million, reflecting scanner shipments and initial revenue from the QTI Cloud Platform. These expectations are in accordance with the MOQs per its Amended Distribution Agreement with its U.S. strategic business and distribution partner, NXC Imaging, Inc., a wholly owned subsidiary of Canon Medical Systems USA, as well as its new distribution partners in the Gulf region, Gulf Medical and Al Naghi Medical.

Conference Call and Webcast

QT Imaging management will host an investment community conference call today beginning at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss the Company’s financial and operational results and answer questions. Participant can pre-register for the conference call here. Callers who pre-register will be given a conference passcode and unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

Those who choose not to pre-register can access the live conference call by dialing the 866-777-2509 from within the U.S. and 412-317-5413 from outside the U.S. and requesting the QT Imaging call.

A live and archived webcast of the conference call will be available on the IR Calendar section of the Company website.

Non-GAAP Financial Measures

Some of the financial information and data contained in this press release, such as EBITDA and Adjusted EBITDA, have not been prepared in accordance with GAAP. To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP in our press release, we also report certain non-GAAP financial measures. A “non-GAAP financial measure” refers to a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in such company’s financial statements. Non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Because not all companies use identical calculations, our presentation of non-GAAP measures may not be comparable to other similarly titled measures of other companies.

The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should not be considered measures of QT Imaging's liquidity. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of certain items, as defined in our non-GAAP definitions below, which are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-GAAP financial measures used by other companies, even where similarly titled, limiting their usefulness for comparison purposes and therefore should not be used to compare QT Imaging’s performance to that of other companies. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures and descriptions of the reconciling items and adjustments to derive the non-GAAP financial measures.

We believe these non-GAAP financial measures provide investors and analysts with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key measures used by management to operate and analyze our business over different periods of time.

EBITDA is defined as loss before interest expense, income tax expense, depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted for stock-based compensation, net change in fair value of the derivative, earnout and warrant liabilities, transaction expenses, warrant modification expense, loss on debt extinguishment, debt issuance expense and other income (expense), net. Similar excluded expenses may be incurred in future periods when calculating these measures. QT Imaging believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. QT Imaging believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing QT Imaging’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors.

Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expense and income items are excluded or included in determining these non-GAAP financial measures.

Management uses EBITDA and Adjusted EBITDA as a non-GAAP performance measure that is defined in the accompanying tables and is reconciled to net loss, the most directly comparable GAAP measure, in the tables below.

We present reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures in the tables below.

About QT Imaging

QT Imaging Holdings, Inc. (Nasdaq: QTI) is a medical device company engaged in the research, development and commercialization of innovative imaging systems using low frequency sound waves. QT Imaging Holdings, Inc. strives to improve global health outcomes. Its strategy is predicated upon the fact that medical imaging is critical to the detection, diagnosis, and treatment of disease and that it should be safe, affordable, accessible, and centered on the patient’s experience. For more information on QT Imaging Holdings, Inc., please visit the Company’s website at www.qtimaging.com.

Breast Acoustic CT^™ is a trademark of an affiliate of QT Imaging Holdings, Inc.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding any express or implied statements or guidance regarding current or future financial performance and position, including the Company’s results for the three and 12 months ended December 31, 2025, the timing of the filing of the Company’s Form 10-K, QTI's Breast Acoustic CT scanner, including its commercialization, manufacturing (including large scale) and further development, the evolution of QT Imaging into a scalable imaging platform combining proprietary hardware, advanced image reconstruction software, and AI-powered clinical decision tools to address the growing need for precision in breast health, the QTI Cloud Platform and SaaS pricing model, performance of software enhancements, plans for QT Imaging, new product development and introduction, product sales growth and projected revenues, QT Imaging’s industry, future events, and other statements that are not historical facts. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These statements are based on various assumptions, whether or not identified herein, and on the current expectations of QT Imaging's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by you or any other investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including those relating to: the ability of the Company to sell and deploy QTI's Breast Acoustic CT Scanner; the ability to extend product offerings into new areas or products; the ability to commercialize technology; unexpected occurrences that deter the full documentation and “bring-to-market” plan for products; trends and fluctuations in the industry; changes in demand and purchasing volume of customers; unpredictability of suppliers; the ability to attract and retain qualified personnel and the ability to move product sales to production levels; changes in domestic and foreign business, market, financial, political, and legal conditions; the uncertainty of projected financial information; delays caused by factors outside of our control; changes in our ability to successfully receive purchase orders and generate revenue under our existing contracts with partners and distributors; our ability to realize the benefits of the strategic partnerships; the rollout of the business and the timing of expected business milestones; the effects of competition on our future business; our ability to obtain and access financing in the future; our ability to pay our debt obligations as they come due; and those factors discussed in the Company’s reports and other documents filed with the SEC, including under the heading “Risk Factors.” If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that QT Imaging presently does not know or that QT Imaging currently believes are immaterial which could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect QT Imaging's expectations, plans, or forecasts of future events and views as of the date of this release. QT Imaging anticipates that subsequent events and developments will cause QT Imaging's assessments to change. However, while QT Imaging may elect to update these forward-looking statements at some point in the future, QT Imaging specifically disclaims any obligation to do so. Accordingly, undue reliance should not be placed upon the forward-looking statements.

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Investors
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Media
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Source: QT Imaging Holdings, Inc.

Released March 25, 2026