Q
QT IMAGING HOLDINGS, INC.
QTICIK 0001844505NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthElectromedical & Electrotherapeutic ApparatusDelawareFY ends Dec 31
Period
FY 2025
Revenue
$18.93M
Net Income
$-21.10M
Total Assets
$23.02M
Equity
$6.45M
Shares Out
12.04M
Op. Cash Flow
$-9.00M
Business
QT IMAGING HOLDINGS, INC. is a medical device company that develops and commercializes novel low‑energy transmission and reflection ultrasound imaging systems. Its main products and services include the FDA‑cleared QT Breast Scanner, the QTviewer software for 3D QTscan images, and development programs for orthopedic, infant and image‑guided procedure scanners. The company organizes operations around product development, small‑scale manufacturing and strategic manufacturing partnerships, regulatory/clinical research, and commercial distribution. Its markets and channels include U.S. hospitals and imaging centers, direct sales and exclusive U.S. distribution through NXC, and international distribution partners such as Innovador and OEM arrangements with Canon.
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 |
|---|---|---|---|---|---|---|
| Revenue | 19 | 5 | 40,355 | — | — | |
| Cost of revenue | 10 | 2 | 134,988 | — | — | |
| Gross profit | 9 | 3 | −94,633 | — | — | |
| Research and development | 4 | 3 | 1 | — | — | |
| Selling, general and administrative | 9 | 12 | 3 | — | — | |
| Total operating expenses | 13 | 15 | 5 | — | — | |
| Loss from operations | −4 | −12 | −5 | −4 | −1 | |
| Interest expense, net | −3 | −4 | −544,826 | — | — | |
| Other expense, net | −9 | −561,000 | — | — | −30,627 | |
| Change in fair value of warrant liability | −4 | 187,000 | 0 | — | — | |
| Change in fair value of derivative liability | 101,000 | 5 | 0 | — | — | |
| Change in fair value of earnout liability | −2 | 3 | 0 | — | — | |
| Total other (expense) income | −17 | 3 | −544,566 | 384,108 | −30,627 | |
| Loss before income tax benefit | −21 | −9 | −6 | −2 | −1 | |
| Income tax benefit | −1,000 | −16,000 | 1,600 | 486,615 | 1,783 | |
| Net loss | −21 | −9 | −6 | −3 | −1 | |
| Less: deemed dividend related to the modification of equity classified warrants | 0 | −5 | 0 | — | — | |
| Net loss and comprehensive loss attributable to common stockholders | −21 | −14 | −6 | −4 | −1 | |
| Net loss per share, basic (in dollars per share) | −2.01 | −2.13 | −0.64 | −0.6 | −0.14 | |
| Net loss per share, diluted (in dollars per share) | −2.01 | −2.13 | −0.64 | −0.6 | −0.14 | |
| Weighted-average shares outstanding, basic (in shares) | 10 | 7 | 10 | 7 | 8 | |
| Weighted-average shares outstanding, diluted (in shares) | 10 | 7 | 10 | 7 | 8 |
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 2024-09-30 | FY 2024 2024-06-30 | FY 2024 2024-03-31 |
|---|---|---|---|---|---|---|
| Cash | 10 | 1 | — | — | — | |
| Restricted cash and cash equivalents | 50,000 | 20,000 | — | — | — | |
| Accounts receivable, net | 6 | 67,000 | — | — | — | |
| Inventory | 5 | 3 | — | — | — | |
| Prepaid expenses and other current assets | 821,000 | 517,000 | — | — | — | |
| Total current assets | 22 | 5 | — | — | — | |
| Property and equipment, net | 318,000 | 196,000 | — | — | — | |
| Operating lease right-of-use assets, net | 573,000 | 935,000 | — | — | — | |
| Other assets | 39,000 | 39,000 | — | — | — | |
| Total assets | 23 | 6 | — | — | — | |
| Accounts payable | 4 | 803,000 | — | — | — | |
| Accrued expenses and other current liabilities | 4 | 4 | — | — | — | |
| Current maturities of long-term debt | 9,000 | 5 | — | — | — | |
| Operating lease liabilities, current | 454,000 | 406,000 | — | — | — | |
| Total current liabilities | 8 | 10 | — | — | — | |
| Long-term debt | 683,000 | 9,000 | — | — | — | |
| Related party notes payable | 4 | 4 | — | — | — | |
| Operating lease liabilities | 203,000 | 657,000 | — | — | — | |
| Warrant liability | 103,000 | 22,000 | — | — | — | |
| Derivative liability | 0 | 304,000 | — | — | — | |
| Earnout liability | 2 | 400,000 | — | — | — | |
| Other liabilities | 2 | 550,000 | — | — | — | |
| Total liabilities | 17 | 16 | — | — | — | |
| Contingencies (Note 9) | — | — | — | — | — | |
| Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding | 0 | 0 | — | — | — | |
| Common stock, $0.0001 par value; 500,000 and 100,000 shares authorized as of December 31, 2025 and 2024, respectively; 11,902 and 8,931 shares issued and outstanding as of December 31, 2025 and 2024, respectively | 1,000 | 1,000 | — | — | — | |
| Additional paid-in capital | 59 | 22 | 19 | 19 | 13 | |
| Accumulated deficit | −53 | −32 | −28 | −25 | −18 | |
| Total stockholders equity (deficit) | 6 | −10 | — | — | — | |
| Total liabilities and stockholders equity (deficit) | 23 | 6 | — | — | — |
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 and amortization | 131,000 | 231,000 | 480,694 | — | — | |
| Stock-based compensation | 801,000 | 290,000 | 709,394 | — | 95,200 | |
| Provision for credit losses | 0 | 1,000 | 0 | — | — | |
| Fair value of common stock issued in exchange for services and in connection with non-redemption agreements | 0 | 4 | 0 | — | — | |
| Loss on issuance of the Lynrock Lake Term Loan | 7 | 0 | 168,356 | — | — | |
| Debt modification expense | 90,000 | 0 | — | — | — | |
| Loss on issuance of common stock in connection with a subscription agreement | 0 | 206,000 | 0 | — | — | |
| Warrant modification expense | 0 | 201,000 | 0 | — | — | |
| Loss on debt extinguishment | 2 | 384,000 | 0 | — | — | |
| Non-cash interest | 1 | 4 | 66,367 | — | — | |
| Non-cash operating lease | −43,000 | −29,000 | — | — | — | |
| Accounts receivable | −6 | −67,000 | −1,290 | — | — | |
| Inventory | −2 | 2 | 98,594 | — | — | |
| Prepaid expenses and other current assets | −304,000 | −201,000 | −116,103 | — | — | |
| Accounts payable | 2 | −2 | 876,074 | 166,964 | 3,100 | |
| Accrued expenses and other current liabilities | 446,000 | −842,000 | 645,840 | −117,411 | 220,755 | |
| Other liabilities | 1 | 173,000 | −205,701 | 86,238 | 1,783 | |
| Net cash used in operating activities | −9 | −10 | −3 | −1 | −1 | |
| Purchases of property and equipment | −124,000 | −88,000 | −13,040 | — | — | |
| Net cash used in investing activities | −124,000 | −88,000 | −13,040 | 192 | −232 | |
| Proceeds from sale of common stock and warrants, net of issuance costs | 18 | 1 | 1 | — | 25,000 | |
| Proceeds from issuance of common stock pursuant to a subscription agreement | 0 | 500,000 | 0 | — | — | |
| Proceeds from long-term debt, net of issuance costs | 15 | 11 | 800,000 | — | — | |
| Repayment of long-term debt | −10 | −1 | −129,057 | — | — | |
| Repayment of bridge loans | 0 | −800,000 | 0 | — | — | |
| Repurchase of warrant from Yorkville | −5 | 0 | 705,000 | — | — | |
| Proceeds from the Merger, net of transaction costs | 0 | 1 | 0 | — | — | |
| Cash paid for debt issuance costs | 0 | −59,000 | 0 | — | — | |
| Proceeds from warrant exercises | 555,000 | 0 | — | — | — | |
| Proceeds from stock option exercises | 75,000 | 0 | — | — | — | |
| Net cash provided by financing activities | 18 | 11 | 2 | −191 | 234 | |
| Net increase in cash and restricted cash and cash equivalents | 9 | 1 | −290,390 | −343,353 | 421,549 | |
| Cash paid for interest | 431,000 | 539,000 | 3,004 | — | — | |
| Purchase of property and equipment included in accounts payable | 90,000 | 0 | 12,955 | — | — | |
| Fair value of embedded derivatives upon issuance of convertible debt | 0 | 5 | 0 | — | — | |
| Fair value of earnout liability at issuance | 0 | 4 | 0 | — | — | |
| Fair value of common stock issued with convertible debt | 0 | 2 | 0 | — | — | |
| Conversion of Extension Note into common stock | 0 | 2 | 0 | — | — | |
| Conversion of Yorkville Note into common stock | 0 | 514,000 | 0 | — | — | |
| Extinguishment of accrued expenses in exchange for common stock | 0 | 4 | 0 | — | — | |
| Transfer of equipment to inventory | 0 | 289,000 | 0 | — | — | |
| Transfer of inventory to property and equipment | 39,000 | 60,000 | 262,116 | — | — | |
| Debt discount included in accrued expenses | 0 | 41,000 | 0 | — | — | |
| Unpaid issuance costs included in accounts payable and accrued expenses and other current liabilities related to the sale of common stock and warrants | 286,000 | 0 | — | — | — | |
| Conversion of long-term debt into common stock | 183,000 | 3 | 0 | — | — | |
| Conversion of accrued legal costs to debt | 25,000 | 0 | — | — | — | |
| Deemed dividend | 0 | 5 | 0 | — | — | |
| Conversion of accrued interest into common stock | 174,000 | 0 | — | — | — | |
| Reclassification of warrant liability upon warrant modification | 23 | 0 | — | — | — | |
| Fair value of warrants issued in exchange for issuance of long-term debt | 16 | 0 | — | — | — |
Filings
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