Spectral AI Inc. Financials
This page shows Spectral AI Inc. (MDAI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Spectral AI Inc. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Spectral AI Inc. generates $0.60 in operating cash flow (-$9.2M OCF vs -$15.3M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Spectral AI Inc. generated $29.6M in revenue in fiscal year 2024. This represents an increase of 63.8% from the prior year.
Spectral AI Inc.'s EBITDA was -$6.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 49.3% from the prior year.
Spectral AI Inc. reported -$15.3M in net income in fiscal year 2024. This represents an increase of 26.6% from the prior year.
Spectral AI Inc. earned $-0.85 per diluted share (EPS) in fiscal year 2024. This represents an increase of 42.6% from the prior year.
Spectral AI Inc. held $5.2M in cash against $2.8M in long-term debt as of fiscal year 2024.
Spectral AI Inc. had 23M shares outstanding in fiscal year 2024. This represents an increase of 38.7% from the prior year.
Spectral AI Inc.'s gross margin was 44.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the prior year.
Spectral AI Inc.'s operating margin was -22.3% in fiscal year 2024, reflecting core business profitability. This is up 49.7 percentage points from the prior year.
Spectral AI Inc.'s net profit margin was -51.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 63.7 percentage points from the prior year.
MDAI Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.8M-25.1% | $5.1M-24.5% | $6.7M-11.8% | $7.6M+1.7% | $7.5M+18.2% | $6.3M+19.7% | $5.3M+53.7% | $3.4M |
| Cost of Revenue | $2.2M-21.8% | $2.8M-21.6% | $3.5M-16.8% | $4.3M+2.2% | $4.2M+23.2% | $3.4M+18.6% | $2.9M+44.9% | $2.0M |
| Gross Profit | $1.6M-29.2% | $2.3M-27.7% | $3.2M-5.4% | $3.3M+1.0% | $3.3M+12.5% | $2.9M+20.9% | $2.4M+65.5% | $1.5M |
| R&D Expenses | N/A | N/A | $3.6M | N/A | N/A | $4.3M | N/A | N/A |
| SG&A Expenses | $5.0M+12.4% | $4.4M+8.6% | $4.1M-8.9% | $4.5M-22.5% | $5.8M+13.1% | $5.1M-5.2% | $5.4M-4.8% | $5.6M |
| Operating Income | -$3.3M-57.4% | -$2.1M-136.9% | -$896K+19.4% | -$1.1M+54.5% | -$2.4M-14.0% | -$2.1M+26.8% | -$2.9M+29.7% | -$4.2M |
| Interest Expense | $300K | N/A | $1.0M+12400.0% | $8K | N/A | N/A | N/A | $42K |
| Income Tax | $2K+110.5% | -$19K-126.8% | $71K-50.3% | $143K+107.2% | $69K+213.6% | $22K+204.8% | -$21K+61.1% | -$54K |
| Net Income | -$3.6M+55.4% | -$8.0M-375.0% | $2.9M+137.4% | -$7.7M-170.3% | -$2.9M+10.6% | -$3.2M+9.6% | -$3.5M+66.6% | -$10.6M |
| EPS (Diluted) | $-0.13+58.1% | $-0.31-381.8% | $0.11+126.2% | $-0.42-162.5% | $-0.16+15.8% | $-0.19+9.5% | $-0.21+72.7% | $-0.77 |
MDAI Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.3M-4.4% | $16.0M-22.7% | $20.7M+71.3% | $12.1M-13.0% | $13.9M-10.2% | $15.5M+44.8% | $10.7M-13.3% | $12.3M |
| Current Assets | $13.5M-3.8% | $14.0M-25.2% | $18.7M+85.0% | $10.1M-13.2% | $11.7M-21.7% | $14.9M+50.3% | $9.9M-12.8% | $11.4M |
| Cash & Equivalents | $10.5M0.0% | $10.5M-25.5% | $14.1M+171.2% | $5.2M-24.4% | $6.9M-32.3% | $10.2M+112.0% | $4.8M-34.8% | $7.3M |
| Inventory | $454K-1.7% | $462K+5.7% | $437K+2.8% | $425K+59.2% | $267K+17.1% | $228K-0.9% | $230K+4.5% | $220K |
| Accounts Receivable | $990K-32.5% | $1.5M-30.2% | $2.1M-16.0% | $2.5M+9.2% | $2.3M+25.5% | $1.8M-22.1% | $2.3M+78.8% | $1.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $23.5M-6.6% | $25.2M+12.6% | $22.3M+15.5% | $19.3M+6.5% | $18.2M+3.7% | $17.5M+41.2% | $12.4M+14.0% | $10.9M |
| Current Liabilities | $15.8M-2.6% | $16.2M+21.6% | $13.3M-24.6% | $17.6M+9.4% | $16.1M-7.9% | $17.5M+41.2% | $12.4M+16.5% | $10.6M |
| Long-Term Debt | $6.6M-13.8% | $7.6M+1.6% | $7.5M+169.5% | $2.8M | N/A | N/A | N/A | N/A |
| Total Equity | -$8.2M+10.4% | -$9.2M-462.8% | -$1.6M+77.6% | -$7.3M-54.1% | -$4.7M-90.6% | -$2.5M-14.8% | -$2.1M-247.6% | $1.5M |
| Retained Earnings | -$56.9M-6.7% | -$53.3M-17.6% | -$45.3M+6.0% | -$48.2M-24.1% | -$38.9M-8.0% | -$36.0M-9.8% | -$32.8M-12.1% | -$29.2M |
MDAI Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.5M+25.6% | -$3.4M-123.4% | -$1.5M-420.9% | $469K+108.7% | -$5.4M-100.1% | -$2.7M-12.8% | -$2.4M+55.5% | -$5.3M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $2.5M+1300.5% | -$207K-102.0% | $10.4M+931.0% | $1.0M-51.6% | $2.1M-74.1% | $8.0M+4227.7% | -$195K-104.3% | $4.5M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MDAI Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.8%-2.5pp | 45.2%-2.0pp | 47.2%+3.2pp | 44.0%-0.3pp | 44.3%-2.2pp | 46.6%+0.5pp | 46.1%+3.3pp | 42.8% |
| Operating Margin | -88.1%-46.2pp | -41.9%-28.6pp | -13.4%+1.3pp | -14.6%+18.1pp | -32.7%+1.2pp | -33.9%+21.5pp | -55.4%+65.7pp | -121.1% |
| Net Margin | -93.7%+63.6pp | -157.3%-200.5pp | 43.2%+145.0pp | -101.8%-63.5pp | -38.3%+12.4pp | -50.7%+16.4pp | -67.1%+241.9pp | -309.0% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -23.2%+26.5pp | -49.8%-63.7pp | 14.0%+78.0pp | -64.0%-43.4pp | -20.6%+0.1pp | -20.7%+12.5pp | -33.2%+53.0pp | -86.2% |
| Current Ratio | 0.85-0.0 | 0.86-0.5 | 1.41+0.8 | 0.57-0.1 | 0.72-0.1 | 0.85+0.1 | 0.80-0.3 | 1.07 |
| Debt-to-Equity | -0.80+0.0 | -0.83+3.8 | -4.62-4.2 | -0.38+3.5 | -3.86+3.2 | -7.10-1.3 | -5.77-13.2 | 7.47 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$7.3M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.57), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Spectral AI Inc.'s annual revenue?
Spectral AI Inc. (MDAI) reported $29.6M in total revenue for fiscal year 2024. This represents a 63.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Spectral AI Inc.'s revenue growing?
Spectral AI Inc. (MDAI) revenue grew by 63.8% year-over-year, from $18.1M to $29.6M in fiscal year 2024.
Is Spectral AI Inc. profitable?
No, Spectral AI Inc. (MDAI) reported a net income of -$15.3M in fiscal year 2024, with a net profit margin of -51.8%.
What is Spectral AI Inc.'s earnings per share (EPS)?
Spectral AI Inc. (MDAI) reported diluted earnings per share of $-0.85 for fiscal year 2024. This represents a 42.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Spectral AI Inc.'s EBITDA?
Spectral AI Inc. (MDAI) had EBITDA of -$6.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Spectral AI Inc. have?
As of fiscal year 2024, Spectral AI Inc. (MDAI) had $5.2M in cash and equivalents against $2.8M in long-term debt.
What is Spectral AI Inc.'s gross margin?
Spectral AI Inc. (MDAI) had a gross margin of 44.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Spectral AI Inc.'s operating margin?
Spectral AI Inc. (MDAI) had an operating margin of -22.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Spectral AI Inc.'s net profit margin?
Spectral AI Inc. (MDAI) had a net profit margin of -51.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Spectral AI Inc.'s operating cash flow?
Spectral AI Inc. (MDAI) generated -$9.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Spectral AI Inc.'s total assets?
Spectral AI Inc. (MDAI) had $12.1M in total assets as of fiscal year 2024, including both current and long-term assets.
How many shares does Spectral AI Inc. have outstanding?
Spectral AI Inc. (MDAI) had 23M shares outstanding as of fiscal year 2024.
What is Spectral AI Inc.'s current ratio?
Spectral AI Inc. (MDAI) had a current ratio of 0.57 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Spectral AI Inc.'s debt-to-equity ratio?
Spectral AI Inc. (MDAI) had a debt-to-equity ratio of -0.38 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Spectral AI Inc.'s return on assets (ROA)?
Spectral AI Inc. (MDAI) had a return on assets of -126.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Spectral AI Inc.'s cash runway?
Based on fiscal year 2024 data, Spectral AI Inc. (MDAI) had $5.2M in cash against an annual operating cash burn of $9.2M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Spectral AI Inc.'s debt-to-equity ratio negative or unusual?
Spectral AI Inc. (MDAI) has negative shareholder equity of -$7.3M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Spectral AI Inc.'s Piotroski F-Score?
Spectral AI Inc. (MDAI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Spectral AI Inc.'s earnings high quality?
Spectral AI Inc. (MDAI) has an earnings quality ratio of 0.60x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.