Spectral AI Inc Financials
This page shows Spectral AI Inc (MDAIW) financial statements, including the 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 is sustaining a business whose gross economics are fairly stable but whose overhead load still outruns revenue.
Between FY2024 and FY2025, revenue fell from$29.6M to$19.7M while gross margin stayed essentially flat, which points to a scale mismatch rather than collapsing unit economics. In FY2025, operating cash outflow of-$9.9M exceeded the net loss of-$7.6M , so cash consumption was worse than the earnings line implies.
The FY2025 cash balance of
In FY2025, SG&A of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). 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.
Spectral AI Inc has an operating margin of -43.8%, meaning the company retains $-44 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -22.3% the prior year.
Spectral AI Inc's revenue declined 33.6% year-over-year, from $29.6M to $19.6M. This contraction results in a growth score of 41/100.
Spectral AI Inc carries a low D/E ratio of -0.97, meaning only $-0.97 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 91/100, indicating a strong balance sheet with room for future borrowing.
Spectral AI Inc's current ratio of 0.94 is below the typical benchmark, resulting in a score of 14/100. However, the company holds substantial cash reserves (75% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
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.
For every $1 of reported earnings, Spectral AI Inc generates $1.31 in operating cash flow (-$9.9M OCF vs -$7.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Spectral AI Inc earns $-8.6 in operating income for every $1 of interest expense (-$8.6M vs $1.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
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.
Spectral AI Inc had 31M shares outstanding in fiscal year 2025. This represents an increase of 35.8% from the prior year.
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.
Capital Allocation
MDAIW Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $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+9.3% | $7.5M |
| Cost of Revenue | $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+8.2% | $4.2M |
| Gross Profit | $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+10.7% | $3.3M |
| R&D Expenses | $2.0M | N/A | N/A | N/A | $3.6M | N/A | N/A | N/A |
| SG&A Expenses | $4.0M-2.2% | $4.1M-17.6% | $5.0M+12.4% | $4.4M+8.6% | $4.1M-8.9% | $4.5M-2.1% | $4.6M-20.9% | $5.8M |
| Operating Income | -$2.0M+12.1% | -$2.2M+32.9% | -$3.3M-57.4% | -$2.1M-136.9% | -$896K+19.4% | -$1.1M-25.4% | -$886K+63.7% | -$2.4M |
| Interest Expense | $258K | N/A | $300K | N/A | $1.0M | N/A | $8K | N/A |
| Income Tax | -$10K+76.7% | -$43K-2250.0% | $2K+110.5% | -$19K-126.8% | $71K+607.1% | -$14K-137.8% | $37K-46.4% | $69K |
| Net Income | -$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+47.5% | -$2.9M |
| EPS (Diluted) | $-0.11 | N/A | $-0.13+58.1% | $-0.31-381.8% | $0.11 | N/A | $-0.08+50.0% | $-0.16 |
MDAIW Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $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-16.5% | $13.9M |
| Current Assets | $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-18.6% | $11.7M |
| Cash & Equivalents | $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-46.2% | $6.9M |
| Inventory | $831K-0.8% | $838K+84.6% | $454K-1.7% | $462K+5.7% | $437K+2.8% | $425K-4.1% | $443K+65.9% | $267K |
| Accounts Receivable | $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+23.5% | $2.3M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $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-12.2% | $18.2M |
| Current Liabilities | $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-19.0% | $16.1M |
| Long-Term Debt | $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 | N/A |
| Total Equity | -$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-1.5% | -$4.7M |
| Retained Earnings | -$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-3.9% | -$38.9M |
MDAIW Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$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+69.7% | -$5.4M |
| 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 | -$1K-100.0% | $7.5M+199.8% | $2.5M+1300.5% | -$207K-102.0% | $10.4M+931.0% | $1.0M+164.5% | -$1.6M-175.1% | $2.1M |
| 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 |
MDAIW Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 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%+0.6pp | 44.3% |
| Operating Margin | -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%+21.8pp | -32.7% |
| Net Margin | -85.5%-111.2pp | 25.8%+119.4pp | -93.7%+63.6pp | -157.3%-200.5pp | 43.2%+142.9pp | -99.8%-81.4pp | -18.4%+19.9pp | -38.3% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -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%+7.7pp | -20.6% |
| Current Ratio | 0.75-0.2 | 0.94+0.1 | 0.85-0.0 | 0.86-0.5 | 1.41+0.8 | 0.57-0.2 | 0.730.0 | 0.72 |
| Debt-to-Equity | -0.51+0.5 | -0.97-0.2 | -0.80+0.0 | -0.83+3.8 | -4.62-4.2 | -0.38-0.2 | -0.21+3.7 | -3.86 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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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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) generated -$9.9M in operating cash flow during fiscal year 2025, representing cash generated from 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 debt-to-equity ratio?
Spectral AI Inc (MDAIW) had a debt-to-equity ratio of -0.97 as of fiscal year 2025, 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 (MDAIW) had a return on assets of -35.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Spectral AI Inc's cash runway?
Based on fiscal year 2025 data, Spectral AI Inc (MDAIW) had $15.4M in cash against an annual operating cash burn of $9.9M. This gives an estimated cash runway of approximately 19 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 (MDAIW) has negative shareholder equity of -$5.7M as of fiscal year 2025, 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 (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) has an earnings quality ratio of 1.31x, 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.
Can Spectral AI Inc cover its interest payments?
Spectral AI Inc (MDAIW) has an interest coverage ratio of -8.6x, meaning it can struggle to cover its interest obligations. 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 24 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.