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 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.

• Strengthened clinical evidence and advisory team, including new senior clinical and medical advisors and studies showing strong concordance with MRI.

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 product mix and 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.

• Operating expenses rose to $5.0 million from $2.9 million year-over-year, mainly due to higher R&D, SG&A, and compensation costs.

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

Outlook and guidance

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

• Distribution agreements in place for over $75 million in contracted scanner sales through 2028, including minimum order quantities in the U.S. and Gulf region.

• 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.