QT Imaging Holdings (QTI) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue of $18.9 million, exceeding guidance, and tripled scanner shipments year-over-year with 40 units shipped.

• Expanded internationally through new distribution agreements in Saudi Arabia and UAE, and strengthened U.S. presence.

• Transitioned toward a scalable, data-driven platform with a focus on AI-enabled quantitative biomarkers and cloud SaaS.

• Secured key regulatory milestones, including FDA 510(k) clearance, UAE approval, and first CPT code approval, with CE Mark submission planned.

• Strengthened balance sheet with an $18.2 million private placement and uplisted to Nasdaq.

Financial highlights

• Q4 2025 revenue reached $8.3 million, up 877% year-over-year and 97% sequentially, driven by 17 scanner shipments.

• Full-year 2025 revenue was $18.9 million, up 288% from 2024 and above guidance.

• Gross margin for 2025 was 45%, down from 54% in 2024 due to higher manufacturing costs.

• Net loss for 2025 was $21.1 million, impacted by non-cash and one-time expenses.

• Adjusted EBITDA for 2025 improved to -$3.5 million from -$7.4 million in 2024.

Outlook and guidance

• 2026 revenue guidance affirmed at approximately $39 million, more than doubling 2025 revenue.

• Growth driven by contracted scanner shipments, expanded distribution, and early monetization of cloud-based services.

• Distribution agreements secure minimum order quantities through 2028 across multiple regions.