Spectral AI Inc Financials
Spectral AI Inc (MDAIW) reported $15.4M in revenue over the twelve months to Jun 30, 2026, down 44.1% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 5 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).
External financing carries a structurally loss-making operation while falling volume pressures cost absorption despite stable gross economics.
FY2025 revenue fell to$19.7M while gross margin rose to45.4% , separating sales volume from per-unit gross economics. Yet operating margin reached-43.8% ; the pattern indicates volume and overhead absorption pressure rather than a gross-margin collapse.
In FY2025, operating cash flow was
Net loss narrowed to
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Spectral AI Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Spectral AI Inc, and counted as zero in the overall score.
Spectral AI Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
Spectral AI Inc reported a net loss of $7.6M while operations used $9.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Spectral AI Inc reported an operating loss of $8.6M against $1.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Spectral AI Inc generated $19.6M in revenue in fiscal year 2025. This represents a decrease of 33.6% from the prior year.
Spectral AI Inc's EBITDA was -$8.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 29.8% from the prior year.
Spectral AI Inc reported -$7.6M in net income in fiscal year 2025. This represents an increase of 50.1% from the prior year.
Spectral AI Inc earned -$0.29 per diluted share (EPS) in fiscal year 2025. This represents an increase of 65.9% from the prior year.
Cash & Balance Sheet
Spectral AI Inc held $15.4M in cash against $5.5M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Spectral AI Inc's gross margin was 45.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.6 percentage points from the prior year.
Spectral AI Inc's operating margin was -43.8% in fiscal year 2025, reflecting core business profitability. This is down 21.5 percentage points from the prior year.
Spectral AI Inc's net profit margin was -38.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 12.7 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
None of these metrics is reported for fiscal year 2025.
MDAIW Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.5M-11.7% | $4.0M-2.3% | $4.1M+7.8% | $3.8M-25.1% | $5.1M-24.5% | $6.7M-11.8% | $7.6M-7.0% | $8.2M |
| Cost of Revenue | $2.4M+22.8% | $2.0M-12.3% | $2.2M+3.2% | $2.2M-21.8% | $2.8M-21.6% | $3.5M-16.8% | $4.3M-5.5% | $4.5M |
| Gross Profit | $1.1M-45.1% | $2.0M+9.8% | $1.8M+13.9% | $1.6M-29.2% | $2.3M-27.7% | $3.2M-5.4% | $3.3M-8.7% | $3.7M |
| R&D Expenses | $1.7M-15.2% | $2.0M | N/A | N/A | $1.5M-59.5% | $3.6M | N/A | N/A |
| SG&A Expenses | $3.1M-22.8% | $4.0M-32.1% | $5.9M+18.6% | $5.0M+89.7% | $2.6M-35.6% | $4.1M-8.9% | $4.5M-2.1% | $4.6M |
| Operating Income | -$4.3M-119.4% | -$2.0M+12.1% | -$2.2M+32.9% | -$3.3M-57.4% | -$2.1M-136.9% | -$896K+19.4% | -$1.1M-25.4% | -$886K |
| Interest Expense | $378K+46.5% | $258K+161.4% | -$420K-240.0% | $300K+150.0% | $120K-88.0% | $1.0M | N/A | $8K |
| Income Tax | $170K+1800.0% | -$10K+76.7% | -$43K-2250.0% | $2K+110.5% | -$19K-126.8% | $71K+607.1% | -$14K-137.8% | $37K |
| Net Income | -$4.2M-22.4% | -$3.4M-424.3% | $1.1M+129.6% | -$3.6M+55.4% | -$8.0M-375.0% | $2.9M+138.2% | -$7.6M-404.3% | -$1.5M |
| EPS (Diluted) | -$0.13-18.2% | -$0.11-320.0% | $0.05+138.5% | -$0.13+58.1% | -$0.31-381.8% | $0.11+126.8% | -$0.41-412.5% | -$0.08 |
MDAIW Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $19.4M+9.6% | $17.7M-17.2% | $21.4M+39.9% | $15.3M-4.4% | $16.0M-22.7% | $20.7M+71.3% | $12.1M+4.2% | $11.6M |
| Current Assets | $17.8M+11.3% | $16.0M-17.8% | $19.5M+44.5% | $13.5M-3.8% | $14.0M-25.2% | $18.7M+85.0% | $10.1M+6.6% | $9.5M |
| Cash & Equivalents | $14.0M+19.7% | $11.7M-24.0% | $15.4M+46.7% | $10.5M0.0% | $10.5M-25.5% | $14.1M+171.2% | $5.2M+40.5% | $3.7M |
| Inventory | $815K-1.9% | $831K-0.8% | $838K+84.6% | $454K-1.7% | $462K+5.7% | $437K+2.8% | $425K-4.1% | $443K |
| Accounts Receivable | $1.2M-0.3% | $1.2M-6.5% | $1.3M+28.0% | $990K-32.5% | $1.5M-30.2% | $2.1M-16.0% | $2.5M-11.6% | $2.8M |
| Total Liabilities | $31.5M+18.6% | $26.5M-2.2% | $27.1M+15.4% | $23.5M-6.6% | $25.2M+12.6% | $22.3M+15.5% | $19.3M+21.4% | $15.9M |
| Current Liabilities | $19.9M-6.6% | $21.3M+3.1% | $20.6M+30.8% | $15.8M-2.6% | $16.2M+21.6% | $13.3M-24.6% | $17.6M+35.0% | $13.1M |
| Long-Term Debt | $11.1M+145.6% | $4.5M-18.7% | $5.5M-15.8% | $6.6M-13.8% | $7.6M+1.6% | $7.5M+169.5% | $2.8M+178.7% | $1.0M |
| Total Equity | -$12.1M-36.8% | -$8.8M-53.8% | -$5.7M+30.2% | -$8.2M+10.4% | -$9.2M-462.8% | -$1.6M+77.6% | -$7.3M-51.8% | -$4.8M |
| Retained Earnings | -$63.4M-7.1% | -$59.2M-6.1% | -$55.8M+1.9% | -$56.9M-6.7% | -$53.3M-17.6% | -$45.3M+6.0% | -$48.2M-19.5% | -$40.4M |
Not reported in any period shown, so not listed: Goodwill.
MDAIW Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.1M-9.9% | -$3.7M-46.1% | -$2.6M-2.0% | -$2.5M+25.6% | -$3.4M-123.4% | -$1.5M-420.9% | $469K+128.8% | -$1.6M |
| Financing Cash Flow | $6.4M+642400.0% | -$1K-100.0% | $7.5M+199.8% | $2.5M+1300.5% | -$207K-102.0% | $10.4M+931.0% | $1.0M+164.5% | -$1.6M |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Investing Cash Flow, Dividends Paid, Share Buybacks.
MDAIW Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.6%-19.2pp | 50.8%+5.6pp | 45.2%+2.4pp | 42.8%-2.5pp | 45.2%-2.0pp | 47.2%+3.2pp | 44.0%-0.8pp | 44.9% |
| Operating Margin | -122.7% | -49.4%+5.5pp | -54.9%+33.2pp | -88.1%-46.2pp | -41.9%-28.6pp | -13.4%+1.3pp | -14.6%-3.8pp | -10.8% |
| Net Margin | -118.5% | -85.5%-111.2pp | 25.8%+119.4pp | -93.7% | -157.3% | 43.2%+142.9pp | -99.8%-81.4pp | -18.4% |
| Return on Assets | -21.5%-2.3pp | -19.2%-24.1pp | 4.9%+28.1pp | -23.2%+26.5pp | -49.8%-63.7pp | 14.0%+76.7pp | -62.7%-49.8pp | -13.0% |
| Current Ratio | 0.90+0.1x | 0.75-0.2x | 0.94+0.1x | 0.850.0x | 0.86-0.5x | 1.41+0.8x | 0.57-0.2x | 0.73 |
Not reported in any period shown, so not listed: Return on Equity, Debt-to-Equity, FCF Margin.
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.
Note: Shareholder equity is negative (-$5.7M), 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 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Where Spectral AI Inc Ranks
Frequently Asked Questions
What is Spectral AI Inc's annual revenue?
Spectral AI Inc (MDAIW) reported $19.6M in total revenue for fiscal year 2025. This represents a -33.6% 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 (MDAIW) revenue declined by 33.6% year-over-year, from $29.6M to $19.6M in fiscal year 2025.
Is Spectral AI Inc profitable?
No, Spectral AI Inc (MDAIW) reported a net income of -$7.6M in fiscal year 2025, with a net profit margin of -38.5%.
What is Spectral AI Inc's EBITDA?
Spectral AI Inc (MDAIW) had EBITDA of -$8.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Spectral AI Inc have?
As of fiscal year 2025, Spectral AI Inc (MDAIW) had $15.4M in cash and equivalents against $5.5M in long-term debt.
What is Spectral AI Inc's gross margin?
Spectral AI Inc (MDAIW) had a gross margin of 45.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Spectral AI Inc's operating margin?
Spectral AI Inc (MDAIW) had an operating margin of -43.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Spectral AI Inc's net profit margin?
Spectral AI Inc (MDAIW) had a net profit margin of -38.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Spectral AI Inc's operating cash flow?
Spectral AI Inc (MDAIW) recorded an outflow of $9.9M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Spectral AI Inc's total assets?
Spectral AI Inc (MDAIW) had $21.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Spectral AI Inc's current ratio?
Spectral AI Inc (MDAIW) had a current ratio of 0.94 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Spectral AI Inc's return on assets (ROA)?
Spectral AI Inc (MDAIW) had a return on assets of -35.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
Why is Spectral AI Inc's debt-to-equity ratio negative or not reported?
Spectral AI Inc (MDAIW) has negative shareholder equity of -$5.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. 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 (MDAIW) has a Piotroski F-Score of 3 out of 9, indicating weak 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 to 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 (MDAIW) reported a net loss of $7.6M while operations used $9.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
Can Spectral AI Inc cover its interest payments?
Spectral AI Inc (MDAIW) reported an operating loss of $8.6M against $1.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Spectral AI Inc?
Spectral AI Inc (MDAIW) scores 36 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.