QT Imaging Holdings (QTI) Q4 2025 earnings summary

Executive summary

• Achieved record 2025 revenue of $18.9 million, exceeding guidance, with scanner shipments tripling year-over-year and a transition toward a SaaS- and biomarker-driven imaging platform.

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

• Secured key regulatory milestones, including FDA 510(k) clearance for an updated scanner and AMA approval of a new CPT code for 3D breast imaging.

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

• Appointed new leadership in commercial and medical advisory roles.

Financial highlights

• Q4 2025 revenue reached $8.3 million, up 877% year-over-year and 97% sequentially; 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; Q4 2025 gross margin was 38%.

• Net loss for 2025 was $21.1 million, impacted by $8.8 million in non-cash and one-time expenses.

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

• Year-end 2025 cash and equivalents totaled $10.5 million.

Outlook and guidance

• 2026 revenue guidance affirmed at $39 million, more than doubling 2025 revenue, driven by contracted scanner shipments and initial cloud platform revenue.

• Growth expected from U.S. and Gulf region distribution partners, with minimum order quantities secured through 2028.