QT IMAGING HOLDINGS, INC.QTI

QT IMAGING HOLDINGS, INC. Segments Disclosure

10-KFiled Mar 25, 20262 min read
Segment Information
The Company has one operating and reportable segment, which is engaged in the development and commercialization of the Company’s QT Breast Scanner. The Company’s Chief Executive Officer has been determined to be the chief operating decision maker (“CODM”). The accounting policies of the segment are the same as those described in the summary of significant accounting policies (see Note 1). The CODM assesses performance, makes operating decisions and decides how to allocate resources based on net loss that is reported on the consolidated statements of operations and comprehensive loss. The measure of segment assets is reported on the consolidated balance sheets as total consolidated assets.
The following table presents information about reported segment revenue, significant segment expenses, and segment net loss for the years ended December 31, 2025 and 2024:
Year Ended December 31,
(in thousands)
20252024
Revenue
$18,925 $4,879 
Less:
    Cost of revenue(1)
10,341 2,239 
    Research and development(1)
3,936 3,267 
    Selling, general and administrative(1)
9,085 11,550 
    Other expense, net
8,761 561 
    Change in fair value of warrant liability
3,578 (187)
    Change in fair value of derivative liability
(101)(4,818)
    Change in fair value of earnout liability
1,770 (3,230)
    Interest expense, net
2,639 4,498 
    Income tax benefit
(1)(16)
 Consolidated net loss
$(21,083)$(8,985)
1Includes total salaries, bonuses, employee benefits and stock-based compensation of $7.8 million and $4.9 million for the years ended December 31, 2025 and 2024, respectively.
All of the Company’s long-lived assets are located in the United States. Refer to Note 12 - Revenue Recognition for revenue by geography information.

Historical Timeline

Fiscal YearFiled
2025Mar 25, 2026Showing above
2024Mar 31, 2025

About Segments Disclosures

Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.

Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.

Other Available Disclosures

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