Spectral AI, Inc.

Listed Company

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

MDAI$1.66−38.06% · past yearDBEQ Basic

Daily closing prices

Business

Spectral AI develops the DeepView System, an AI-enabled medical device combining multispectral imaging and proprietary algorithms for real-time burn wound-healing assessment. The company generates revenue through SaaS software licensing and capital equipment sales. It serves burn centers, trauma centers, emergency departments, and hospitals in the United States and internationally. Spectral AI holds regulatory authorization in the UK and pursues FDA De Novo classification, supported by US government contracts including BARDA funding for clinical validation and commercialization.

Summary from 10-K filed 2026-03-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	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	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	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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Frequently asked questions

What is Spectral AI, Inc.'s CIK number?

Spectral AI, Inc.'s SEC CIK number is 0001833498 (1833498). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find Spectral AI, Inc.'s SEC filings?

All of Spectral AI, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did Spectral AI, Inc. last report earnings?

Spectral AI, Inc. (MDAIW) most recently filed an earnings 8-K with the SEC on Mar 25, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001213900-26-034047). This is Spectral AI, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.

What is Spectral AI, Inc.'s most recent earnings 8-K?

Spectral AI, Inc.'s latest earnings 8-K (Item 2.02) was filed Mar 25, 2026 under accession 0001213900-26-034047. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

View Spectral AI, Inc.'s latest earnings 8-K →
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