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Spectral AI, Inc.
MDAIWCIK 0001833498NasdaqEmerging GrowthSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31
Period
FY 2025
Revenue
$19.65M
Net Income
$-7.57M
Total Assets
$21.41M
Equity
$-5.73M
Shares Out
31.82M
Op. Cash Flow
$-9.92M
Business
Spectral AI, Inc. is an artificial intelligence company developing predictive medical diagnostics for wound assessment. It offers the DeepView System, combining multispectral imaging hardware and AI software (DeepView AI‑Burn and DeepView SnapShot devices) to classify tissue as fully damaged, partially damaged, or healthy and produce a binary healing prediction. Business activities are organized around an imaging device hardware component and a SaMD SaaS licensing model, with development of handheld and 3‑D measurement enhancements. Distribution targets hospitals, emergency rooms, burn and trauma centers and governmental procurement channels across the United States, UK, EU and select international markets.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Research and development revenue | 20 | 30 | 18 | 25 | — | |
| Cost of revenue | −11 | −16 | −10 | −15 | — | |
| Gross profit | 9 | 13 | 8 | 11 | — | |
| General and administrative | 18 | 20 | 21 | 13 | 3 | |
| Total operating costs and expenses | 18 | 20 | — | — | — | |
| Operating loss | −9 | −7 | −13 | −3 | −3 | |
| Net interest (expense) income | −886,000 | 14,000 | — | — | — | |
| Financing related costs | −1 | −3 | — | — | — | |
| Amortization of debt discount | −455,000 | — | — | — | — | |
| Change in fair value of warrant liabilities | 3 | −5 | 335,000 | 57,000 | 2 | |
| Change in fair value of notes payable | 220,000 | −220,000 | — | — | — | |
| Foreign exchange transaction loss, net | −34,000 | −43,000 | −24,000 | −237,000 | — | |
| Other expenses, including transaction costs | — | −615,000 | — | — | — | |
| Total other income (expense), net | 1 | −8 | −8 | −159,000 | — | |
| Loss before income taxes | −8 | −15 | −21 | −3 | −2 | |
| Income tax provision | −11,000 | −114,000 | −11,000 | −106,000 | 0 | |
| Net loss | −8 | −15 | −21 | −3 | — | |
| Basic (in Dollars per share) | −0.29 | −0.85 | −1.48 | −0.22 | — | |
| Diluted (in Dollars per share) | −0.29 | −0.85 | −1.48 | −0.22 | — | |
| Basic (in Shares) | 27 | 18 | 14 | 13 | — | |
| Diluted (in Shares) | 27 | 18 | 14 | 13 | — | |
| Foreign currency translation adjustments | 37,000 | −9,000 | 12,000 | — | — | |
| Total comprehensive loss | −8 | −15 | −21 | −3 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2024 2024-03-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash | 15 | 5 | 5 | 5 | — | |
| Accounts receivable, net | 1 | 3 | — | 2 | 2 | |
| Inventory | 838,000 | 425,000 | — | 230,000 | — | |
| Prepaid expenses | 821,000 | 1 | — | 1 | 331,000 | |
| Other current assets | 1 | 746,000 | — | 801,000 | 270,000 | |
| Total current assets | 19 | 10 | — | 10 | 18 | |
| Property and equipment, net | 258,000 | 2,000 | — | 12,000 | 21,000 | |
| Right-of-use assets | 1 | 2 | — | 778,000 | 1 | |
| Other assets | 287,000 | — | — | — | — | |
| Total Assets | 21 | 12 | — | 11 | 19 | |
| Commitments and contingencies (Note 7) | — | — | — | — | — | |
| Accounts payable | 3 | 4 | — | 3 | 3 | |
| Accrued expenses | 2 | 3 | — | 4 | 3 | |
| Deferred revenue | 154,000 | 960,000 | — | 2 | — | |
| Lease liabilities, short-term | 734,000 | 201,000 | — | 853,000 | 680,000 | |
| Notes payable | 3 | 422,000 | — | 436,000 | 175,000 | |
| Notes payable at fair value | — | 2 | — | — | — | |
| Warrant liabilities | 12 | 6 | — | — | — | |
| Total current liabilities | 21 | 18 | — | 12 | 6 | |
| Notes payable, long-term | 6 | — | — | — | — | |
| Lease liabilities, long-term | 968,000 | 2 | — | — | 346,000 | |
| Total Liabilities | 27 | 19 | — | 12 | 7 | |
| Preferred stock ($0.0001 par value); 1,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and December 31, 2024 | — | — | — | — | — | |
| Common stock ($0.0001 par value); 80,000,000 shares authorized; 30,688,895 and 22,594,877 shares issued and outstanding as of December 31, 2025 and December 31, 2024, respectively | 3,000 | 2,000 | — | 2,000 | 1,000 | |
| Additional paid-in capital | 50 | 41 | — | 31 | 24 | |
| Accumulated other comprehensive income | 40,000 | 3,000 | — | 12,000 | — | |
| Accumulated deficit | −56 | −48 | — | −33 | −12 | |
| Total Stockholders Deficit | −6 | −7 | — | −2 | 12 | |
| Total Liabilities and Stockholders Deficit | 21 | 12 | — | 11 | 19 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation expense | 71,000 | 10,000 | 9,000 | 11,000 | — | |
| Amortization of debt issuance costs | 454,000 | — | — | — | — | |
| Stock-based compensation | 1 | 1 | 1 | 1 | — | |
| Amortization of right-of-use assets | 564,000 | 578,000 | 713,000 | — | — | |
| Change in fair value of notes payable | −220,000 | 220,000 | — | — | — | |
| Costs from issuance of common stock | — | 372,000 | — | — | — | |
| Issuance of shares for borrowing related costs | 241,000 | 1 | — | — | — | |
| Transaction costs allocated to Avenue Warrants, Investor Warrants, and Hudson Warrants | 704,000 | — | — | — | — | |
| Accounts receivable | 1 | −159,000 | −52,000 | −859,000 | — | |
| Inventory | −413,000 | −195,000 | −230,000 | — | — | |
| Prepaid expenses | 761,000 | 163,000 | −377,000 | 615,000 | −313,125 | |
| Other assets | −387,000 | −102,000 | −404,000 | 40,000 | — | |
| Accounts payable | −1 | 1 | −935,000 | 1 | — | |
| Accrued expenses | −869,000 | −1 | 1 | 51,000 | 3 | |
| Deferred revenue | −806,000 | −1 | 2 | — | — | |
| Lease liabilities | −528,000 | −721,000 | −656,000 | −561,000 | — | |
| Net cash used in operating activities | −10 | −9 | −13 | −1 | −825,593 | |
| Proceeds from issuance of common stock and warrants | 11 | 4 | 3 | — | — | |
| Payment of issuance costs | −642,000 | — | — | 0 | −381,127 | |
| Proceeds from notes payable | 8 | 12 | — | — | — | |
| Payment of borrowing costs | −47,000 | — | — | — | — | |
| Proceeds from notes payable - related party | — | 1 | — | 0 | 109,152 | |
| Payments for notes payable | −2 | −8 | −483,000 | −785,000 | — | |
| Proceeds from warrant exercises | 3 | — | — | — | — | |
| Stock option exercises | 889,000 | 177,000 | 316,000 | — | — | |
| Net cash provided by financing activities | 20 | 10 | 4 | −785,000 | 255 | |
| Effect of exchange rate changes on cash | 37,000 | −9,000 | 12,000 | — | — | |
| Net increase in cash | 10 | 367,000 | −9 | −2 | 769,432 | |
| Cash paid for interest | 22,000 | 11,000 | 29,000 | 23,000 | — | |
| Cash paid for taxes | 100,000 | 11,000 | 114,000 | 53,000 | 0 | |
| Recognition of Right-of-use assets and related lease liabilities upon lease amendment | — | 2 | 483,000 | 955,000 | — | |
| Tenant improvement allowance payments made by the lessor directly to a third party | −327,000 | — | — | — | — | |
| Issuance of common stock to settle accounts and notes payable | 1 | 3 | 150,000 | — | — | |
| Short-term financing of insurance premium | −580,000 | — | — | — | — |
Filings
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