QT Imaging Holdings (QTI) Q1 2026 earnings summary

Executive summary

• Revenue reached $6.5 million in Q1 2026, up 133% year-over-year, driven by shipment of 13 Breast Acoustic CT scanners and increased scanner sales.

• Achieved key regulatory milestones, including FDA 510(k) clearance for enhanced imaging, UAE clearance, and a new Category III CPT code effective January 2027.

• Net loss narrowed to $3.4 million from $11.1 million in Q1 2025, reflecting higher sales and lower non-cash expenses.

• Uplisted to Nasdaq in January 2026, enhancing market visibility and access to capital.

• Expanded internationally with regulatory clearance and multi-year commercial agreements in the UAE and Saudi Arabia.

Financial highlights

• Q1 2026 revenue was $6.5 million, up from $2.8 million in Q1 2025, primarily due to increased scanner shipments.

• Gross margin for Q1 2026 was 41%, down from 65% in Q1 2025 due to higher cost of revenue.

• Net loss for Q1 2026 was $3.4 million ($0.25/share), a significant improvement from $11.1 million ($1.21/share) in Q1 2025.

• Adjusted EBITDA for Q1 2026 was negative $1.9 million, compared to negative $0.9 million in Q1 2025.

• Cash, restricted cash, and equivalents totaled $7.0 million as of March 31, 2026.

Outlook and guidance

• Affirmed 2026 revenue guidance of approximately $39 million, more than double 2025 revenue, based on contracted scanner shipments and early monetization of cloud-based services.

• Distribution agreements include minimum orders: NXC Imaging (60 scanners in 2026), Gulf Medical (20 in 2026, 32 in 2027, 40 in 2028), Al Naghi Medical (7 in 2026, 16 in 2027, 20 in 2028), and UAE agreements totaling over $24 million through 2028.

• Management expects continued losses and negative cash flows until sufficient revenue is achieved.

• Current liquidity, credit facilities, and expected revenue from distribution agreements are believed sufficient for at least the next 12 months.

• Geopolitical risks in the Middle East may impact ability to ship scanners and recognize revenue in the region.