)

Spectral AI (MDAI) investor relations material
Spectral AI Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved major milestone with De Novo FDA submission for DeepView System in June 2025, positioning for U.S. market entry and supported by UKCA marking for UK market entry.
Focused on AI-driven predictive medical diagnostics for burn assessment, with no product revenue yet; current revenue from government R&D contracts.
Strengthened financial position through $8.5M Avenue Financing draw, $2.7M equity raise, and cash balance of $10.5M as of June 30, 2025.
Substantial U.S. government support, including BARDA contract up to $150M, and additional grants from MTEC and DHA.
Commercialization planning underway, leveraging BARDA partnership and exploring broader DeepView applications beyond burns.
Financial highlights
Q2 2025 research and development revenue was $5.1M, down 32% year-over-year due to reduced BARDA reimbursements and contract activity.
Gross margin for Q2 2025 was 45.2%, with H1 2025 at 46.4%; Q2 margin down from 46.6% year-over-year.
General and administrative expenses reduced to $4.4M from $5.8M year-over-year, reflecting operating efficiencies.
Q2 2025 net loss was $7.9M–$8.0M, up from $2.9M last year, mainly due to a $5.4M increase in warrant liability; H1 2025 net loss improved to $5.1M from $6.1M.
Cash and equivalents at 6/30/2025 totaled $10.5M, up from $5.2M at year-end 2024.
Outlook and guidance
Reiterated 2025 revenue guidance of $21.5M, excluding potential DeepView sales in the UK and Australia.
FDA clearance for DeepView expected in H1 2026, with commercialization plans underway.
Sufficient working capital to fund operations for at least one year, supported by BARDA, MTEC, and Avenue Financing.
Additional $6.5M debt and $7M equity financing contingent on FDA approval.
Initial UK sales of DeepView anticipated in 2026, pending further regulatory approvals.
Next Spectral AI earnings date

Next Spectral AI earnings date

The essential earnings season companion
The #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
I can't remember the last time an app had such a positive impact on my investment process.
)
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
)
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
)
)
)
)
Frequently asked questions
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Explore our global coverage