QT Imaging Holdings (QTI) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 75% YoY to $7.34M on 15 scanner sales versus 9; nine-month revenue was $21.31M versus $10.65M, with 43 scanners sold versus 23.

• CMS established Medicare outpatient payment for eligible diagnostic QTscan exams from Jan. 1, 2027; FY2026 revenue guidance fell to ~$34M from ~$39M due to Middle East shipment delays.

Financial highlights

• Q3 gross profit was $3.03M versus $1.80M; gross margin was 41.3% versus 43.0% YoY.

• Q3 operating expenses rose to $5.48M from $3.46M, including R&D of $1.7M and SG&A of $3.8M; operating loss widened to $2.45M from $1.65M.

• Q3 net loss narrowed to $0.30M, or $0.02/share, from $4.56M, or $0.47/share; results included a $2.41M noncash earnout-liability gain.

• Nine-month net loss was $14.77M versus $19.70M; operating loss was $6.7M versus $3.7M, including an $8.29M debt-extinguishment loss.

• Nine-month operating cash use was $10.68M versus $5.9M; cash, cash equivalents and restricted cash totaled $8.4M at Sept. 30.

Outlook and guidance

• FY2026 revenue guidance was reduced to ~$34M from ~$39M as Saudi Arabia and UAE shipments were delayed; U.S. scanner shipment plans remain unchanged.

• Q4 scanner sales are expected to be 25, including 17 in the U.S.; expected overall gross margin is above the U.S. scanner margin of 41%.

• NXC’s 2026 minimum order is 60 scanners, representing more than $28M in revenue; 43 scanners were sold in the first nine months.

• Management expects U.S. revenue growth of 25% YoY in 2027 and plans to assess sales-team expansion after reviewing Q1–Q2 orders and backlog.

• Available liquidity and expected U.S. sales plus distribution minimums are expected to fund the operating plan for at least 12 months; continued losses may require additional capital.