Spectral AI (MDAI) investor relations material

Executive summary

• Achieved major milestones in 2025, including completion of a large burn validation study and submission of a De Novo application to the FDA for the DeepView system, advancing commercialization efforts.

• BARDA reaffirmed support with $31.7 million in advanced funding, with a total contract value up to $150 million, accelerating development and commercialization.

• Ended 2025 with a strong cash position of $15.4 million, up from $5.2 million at the end of 2024, supported by debt and equity financings and warrant/option exercises.

• Preparing for commercialization with strategic hires, consulting support, and expansion of the sales and training teams.

Financial highlights

• Q4 2025 research and development revenue was $3.8 million, down from $7.6 million in Q4 2024; full-year 2025 R&D revenue was $19.7 million, down from $29.6 million.

• Q4 2025 gross margin was 39.8% versus 44.0% in Q4 2024; full-year 2025 gross margin was 45.4%.

• Q4 2025 net income was $0.6 million ($0.02 per diluted share), compared to a net loss of $7.7 million in Q4 2024; full-year net loss narrowed to $7.6 million ($0.29 per diluted share) from $15.3 million in 2024.

• General & administrative expenses for FY 2025 were $17.5 million, down from $19.9 million in FY 2024.

• Year-end 2025 cash was $15.4 million, with total debt at $8.5 million.

Outlook and guidance

• 2026 revenue forecast is approximately $18.5 million, reflecting new BARDA funding and excluding significant DeepView System sales.

• Commercial activities expected to begin in earnest in late 2026, with significant revenue impact anticipated in 2027 and 2028 as installations scale.

• BARDA contract acceleration enables earlier manufacturing and placement of DeepView systems, with contract running through 2030 and major activity through 2028.