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Spectral AI (MDAI) investor relations material
Spectral AI Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary11 Nov, 2025
Executive summary
Cash balance was $10.5 million as of September 30, 2025, remaining flat from Q2 2025, with an additional $7.6 million raised in October via a registered direct offering.
Focused on AI-driven predictive medical diagnostics, primarily for burn wound assessment using the DeepView System, with ongoing FDA submission and positive international feedback.
No product revenue to date; current revenue is from research and development contracts with U.S. government agencies, mainly BARDA and MTEC.
Completed pivotal clinical study and FDA De Novo submission for DeepView System in June 2025.
Received UKCA marking for DeepView System in the UK, with initial UK sales anticipated in 2025.
Financial highlights
Q3 2025 research and development revenue was $3.8 million, down 53.6%–54% year-over-year, due to reduced BARDA contract reimbursements.
Gross margin for Q3 2025 was 42.7%, down from 44.8%–44.9% in Q3 2024.
General and administrative expenses rose to $5 million from $4.6 million year-over-year, driven by higher consulting and service provider costs.
Net loss for Q3 2025 was $3.6 million, compared to $1.5 million in Q3 2024; net loss for the first nine months of 2025 was $8.6 million, up from $7.4 million in the same period last year.
Cash and cash equivalents totaled $10.5 million as of September 30, 2025, up from $3.7 million a year earlier and $5.2 million at year-end 2024.
Outlook and guidance
2025 revenue guidance reduced from $21.5 million to $18.5 million due to lower BARDA contract activity and government shutdown timing effects.
Revenue for 2026 expected to be flat or slightly lower than 2025, with significant growth anticipated in 2027 and 2028 as commercialization ramps up.
Guidance excludes potential sales from the DeepView System in the U.K. or Australia.
FDA clearance for DeepView System anticipated in the first half of 2026; government shutdown seen as a timing issue, not a material delay.
Sufficient working capital to fund operations for at least one year, supported by BARDA, MTEC, and Avenue Financing.
Pro forma cash position post-October raise
DeepView commercialization timeline
What is the FDA De Novo decision timeline?
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Next Spectral AI earnings date
Q4 202526 Mar, 2026
Next Spectral AI earnings date
Q4 202526 Mar, 2026
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Frequently asked questions
Spectral AI Inc., also known as Spectral AI, operates as an artificial intelligence company focused on medical diagnostics. The company specializes in predictive diagnostics for wound care, particularly for patients with burns and diabetic foot ulcers. Its primary product, the DeepView® Wound Imaging System, utilizes multispectral imaging and artificial intelligence to provide clinicians with immediate and objective assessments of a wound’s healing potential. This technology aids in making faster and more accurate treatment decisions. Spectral AI aims to expand its technology platform into other clinical indications beyond its current focus areas. The company is headquartered in Dallas, Texas, and its shares are listed on the Nasdaq.
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