QT Imaging Holdings (QTI) Q3 2025 earnings summary

Executive summary

• Q3 2025 marked the inaugural earnings call, with record revenue of $4.2 million, up 339% year-over-year, driven by shipment of nine scanners and the launch of a new 3D breast imaging platform.

• The company is executing a multi-pronged commercial strategy, including U.S. distribution via NXC Imaging and international expansion through Gulf Medical in Saudi Arabia.

• Clinical studies show QTscan delivers diagnostic performance on par with or exceeding current standards, with strong concordance to MRI and added value for dense breast imaging.

• Strengthened leadership with appointments of a new CFO and Chief Commercial Officer to drive global sales and partnerships.

• Major capital was raised through private placements and a $15.1 million term loan, supporting working capital, debt repayment, and expansion.

Financial highlights

• Q3 2025 revenue was $4.2 million, up from $956,000 in Q3 2024, with nine scanners shipped versus two in the prior year.

• Gross margin was 43% in Q3 2025, down from 63% in Q3 2024, due to inventory cost variability and lower-margin contract manufacturing.

• Operating loss improved to $1.7 million from $2.3 million year-over-year; GAAP net loss was $4.6 million (-$0.47/share) versus $3.6 million (-$0.51/share) in Q3 2024.

• Adjusted EBITDA was -$1.4 million, an improvement from -$2.2 million in Q3 2024.

• Cash and equivalents were $1.7 million at quarter-end, rising to $12.4 million post-October financing; net cash used in operations for nine months was $5.9 million.

Outlook and guidance

• 2025 forecast reaffirmed: 40 scanner sales in the U.S. and $18 million revenue.

• 2026 guidance: 80 scanners (60 U.S., 20 Saudi Arabia) for $39 million revenue, up from previous $27 million outlook.

• Longer-term plans include expanding installed base, launching the SaaS platform, and advancing AI and biomarker capabilities.

• Management expects additional revenue from minimum order quantities in distribution agreements for 2025 and 2026.

• Recent capital raises and anticipated cash inflows are expected to fund operations for at least the next 12 months.