QT Imaging Holdings (QTI) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached a record $4.2 million, up 339% year-over-year, driven by shipment of 9 scanners under expanded distribution agreements.

• The company is focused on commercial expansion, operational execution, and building a scalable imaging platform with SaaS and biomarker capabilities.

• Strategic partnerships in the US (NXC Imaging) and internationally (Gulf Medical in Saudi Arabia) are driving market reach and revenue diversification.

• Clinical studies show QTscan delivers MRI-comparable or superior diagnostic performance, especially for dense breast tissue.

• Leadership strengthened with new CFO and Chief Commercial Officer appointments; applied to relist on Nasdaq and executed a 3:1 reverse stock split.

Financial highlights

• Q3 2025 revenue was $4.2 million, up from $956,000 in Q3 2024; gross margin declined to 43% from 63% due to inventory cost variability.

• Operating loss improved to $1.7 million in Q3 2025 from $2.3 million in Q3 2024; net loss was $4.6 million ($0.47/share) in Q3 2025 versus $3.6 million ($0.51/share) in Q3 2024.

• Adjusted EBITDA improved to -$1.4 million in Q3 2025 from -$2.2 million in Q3 2024.

• Cash and equivalents were $1.7 million at September 30, 2025, rising to $12.4 million by November 10 after an $18.2 million private placement.

• Net cash used in operating activities for nine months ended September 30, 2025, was $5.9 million.

Outlook and guidance

• 2025 forecast reaffirmed: 40 scanners to be shipped, all through US channels, targeting $18 million in revenue.

• 2026 guidance: 80 scanners (60 US, 20 Saudi Arabia), targeting $39 million in revenue.

• Longer-term plans include expanding installed base, growing SaaS/cloud platform, and advancing AI and biomarker capabilities.

• Expectation to receive Saudi SFDA approval by Q1/Q2 2026 and CE mark by end of 2026.

• Recent capital raises and anticipated cash inflows are expected to fund operations for at least the next 12 months.