QT Imaging Holdings (QTI) Q2 2025 earnings summary

Executive summary

• Revenue more than doubled year-over-year for both the quarter and six-month period, reaching a record $3.7 million in Q2 2025, driven by increased sales of QT Breast Scanners and shipment of eight scanners under a key distribution agreement.

• Net loss widened significantly to $4.0 million in Q2 2025, impacted by non-cash expenses related to warrant and debt transactions, despite improved operating results.

• The company completed major financing and debt restructuring, including a $10.1 million term loan, $700,000 in PIPE investments, and extinguishment of prior notes.

• Management believes current liquidity and expected revenues are sufficient for at least the next 12 months.

• Addressed and removed warrant liability through amendments to Lynrock Lake and Yorkville agreements.

Financial highlights

• Q2 2025 revenue: $3.7M, up 113% year-over-year; six months revenue: $6.46M, up 110%.

• Q2 2025 net loss: $4.0M (vs. $1.2M prior year); six months net loss: $15.1M (vs. $1.9M prior year), impacted by non-cash warrant and earnout liability changes.

• Gross profit for Q2 2025: $1.83M (up 109%); gross margin was 50%, slightly down from 51% prior year.

• Operating expenses for Q2 2025 decreased 7% year-over-year, mainly from lower SG&A.

• Adjusted EBITDA for Q2 2025 was $(0.8) million, improved from $(2.1) million in Q2 2024.

Outlook and guidance

• Management expects continued losses but anticipates sufficient liquidity from recent financings and distribution agreements.

• Minimum order quantities under the NXC agreement could generate up to $18M in 2025 and $27M in 2026, in line with committed orders.

• Focus remains on scaling manufacturing, expanding distribution, and achieving profitability through revenue growth and SaaS offerings.

• Pursuing uplisting to Nasdaq, including a proposed reverse stock split to meet minimum share price requirements.