Spectral AI (MDAI) Q4 2025 earnings summary

Executive summary

• Achieved major milestones in 2025, including completion of a large burn validation study and submission of a De Novo application to the FDA for the DeepView system, advancing commercialization for burn indications.

• Achieved full year research & development revenue of $19.7 million and Q4 2025 revenue of $3.8 million, reflecting anticipated reductions as major contract phases concluded.

• BARDA reaffirmed support with $31.7 million in advanced funding, with total contract value up to $150 million, accelerating development and supporting new features for DeepView.

• UKCA authorization obtained in 2024, with plans to update and expand international commercialization post-FDA approval.

• Ended 2025 with a strong cash position of $15.4 million, up from $5.2 million at the end of 2024, supported by debt and equity financings and warrant/option exercises.

Financial highlights

• Q4 2025 research and development revenue was $3.8 million, down from $7.6 million in Q4 2024; full-year 2025 R&D revenue was $19.7 million, down from $29.6 million in 2024.

• Q4 2025 gross margin was 39.8% versus 44.0% in Q4 2024; full-year 2025 gross margin was 45.4% (vs. 44.9% in 2024).

• Q4 2025 net income was $0.6 million ($0.02 per diluted share), compared to a net loss of $7.7 million in Q4 2024; full-year 2025 net loss was $7.6 million ($-0.29 per share), improved from $15.3 million loss in 2024.

• General & administrative expenses for FY 2025 were $17.5 million, down from $19.9 million in FY 2024.

• Year-end 2025 cash position was $15.4 million, up from $5.2 million at the end of 2024; total debt was $8.5 million.

Outlook and guidance

• 2026 revenue forecast is approximately $18.5 million, primarily from BARDA funding, with minimal contribution expected from DeepView system sales.

• Commercial activities and initial sales are expected to begin in late 2026, with significant revenue impact anticipated in 2027 and 2028 as installations scale.

• Plans to expand sales and training teams in 2026 to support commercialization.