QT Imaging Holdings Financials
This page shows QT Imaging Holdings (QTIH) 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
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
QT Imaging Holdings has an operating margin of -249.6%, meaning the company retains $-250 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 up from -12409.8% the prior year.
QT Imaging Holdings's revenue surged 11989.4% year-over-year to $4.9M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
QT Imaging Holdings's current ratio of 0.50 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
While QT Imaging Holdings generated -$10.0M in operating cash flow, capex of $88K consumed most of it, leaving -$10.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
QT Imaging Holdings passes 3 of 9 financial strength tests. No profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, QT Imaging Holdings generates $1.12 in operating cash flow (-$10.0M OCF vs -$9.0M 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
QT Imaging Holdings generated $4.9M in revenue in fiscal year 2024. This represents an increase of 11989.4% from the prior year.
QT Imaging Holdings's EBITDA was -$11.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 163.9% from the prior year.
QT Imaging Holdings generated -$10.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 279.9% from the prior year.
QT Imaging Holdings reported -$9.0M in net income in fiscal year 2024. This represents a decrease of 47.3% from the prior year.
QT Imaging Holdings earned $-0.71 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 10.9% from the prior year.
QT Imaging Holdings held $1.2M in cash against $9.9M in long-term debt as of fiscal year 2024.
QT Imaging Holdings had 9M shares outstanding in fiscal year 2024. This represents a decrease of 6.7% from the prior year.
QT Imaging Holdings's gross margin was 54.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 288.6 percentage points from the prior year.
QT Imaging Holdings's operating margin was -249.6% in fiscal year 2024, reflecting core business profitability. This is up 12160.2 percentage points from the prior year.
QT Imaging Holdings's net profit margin was -184.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 14929.1 percentage points from the prior year.
QT Imaging Holdings invested $3.3M in research and development in fiscal year 2024. This represents an increase of 119.9% from the prior year.
QT Imaging Holdings invested $88K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 573.2% from the prior year.
QTIH Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.2M+14.6% | $3.7M+30.8% | $2.8M+230.6% | $846K-11.5% | $956K-44.2% | $1.7M+25.8% | $1.4M+27412.9% | $5K |
| Cost of Revenue | $2.4M+30.4% | $1.8M+85.7% | $987K+120.9% | $447K+27.4% | $351K-58.2% | $839K+39.4% | $602K+879.1% | $61K |
| Gross Profit | $1.8M-1.3% | $1.8M+0.8% | $1.8M+353.1% | $400K-33.9% | $605K-30.8% | $875K+15.1% | $760K+1444.3% | -$57K |
| R&D Expenses | $939K+4.2% | $901K+5.7% | $852K+10.0% | $774K-16.3% | $925K0.0% | $925K+44.0% | $643K+59.7% | $402K |
| SG&A Expenses | $2.5M+27.8% | $2.0M-1.6% | $2.0M+19.4% | $1.7M-16.5% | $2.0M-7.5% | $2.2M-61.9% | $5.7M+1504.7% | $355K |
| Operating Income | -$1.7M-58.4% | -$1.0M-0.1% | -$1.0M+49.2% | -$2.1M+11.9% | -$2.3M-4.8% | -$2.2M+60.2% | -$5.6M-585.5% | -$814K |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $60K |
| Income Tax | $0-100.0% | $3K | N/A | N/A | $0 | $0 | N/A | -$333K |
| Net Income | -$4.6M-13.9% | -$4.0M+64.1% | -$11.1M-219.3% | -$3.5M+3.6% | -$3.6M-189.8% | -$1.2M-98.7% | -$629K+58.4% | -$1.5M |
| EPS (Diluted) | $-0.47-235.7% | $-0.14+65.0% | $-0.40-366.7% | $0.15+129.4% | $-0.51-70.0% | $-0.30-500.0% | $-0.05+68.8% | $-0.16 |
QTIH Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $12.1M+4.2% | $11.6M+7.1% | $10.9M+78.5% | $6.1M-12.6% | $7.0M-35.4% | $10.8M-16.2% | $12.9M+91.7% | $6.7M |
| Current Assets | $11.3M+5.8% | $10.7M+8.7% | $9.8M+99.6% | $4.9M-14.9% | $5.8M-39.1% | $9.5M-17.0% | $11.4M+137.3% | $4.8M |
| Cash & Equivalents | $1.7M-15.0% | $2.0M-32.1% | $3.0M+152.3% | $1.2M-23.8% | $1.6M-66.0% | $4.6M-18.4% | $5.6M+2954.0% | $185K |
| Inventory | $5.2M+62.2% | $3.2M+12.5% | $2.9M-8.5% | $3.1M-1.3% | $3.2M-5.2% | $3.4M-18.5% | $4.1M-6.8% | $4.4M |
| Accounts Receivable | $3.2M-11.2% | $3.7M+31.2% | $2.8M+4045.5% | $67K-73.9% | $257K-61.6% | $669K+38.7% | $482K+37292.0% | $1K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $21.2M+77.3% | $12.0M-61.5% | $31.1M+98.9% | $15.6M-5.9% | $16.6M-1.9% | $16.9M-4.7% | $17.8M+47.9% | $12.0M |
| Current Liabilities | $12.7M+102.1% | $6.3M+19.4% | $5.3M-46.1% | $9.8M+80.2% | $5.4M-64.4% | $15.3M+249.3% | $4.4M-40.4% | $7.3M |
| Long-Term Debt | $15.1M+49.2% | $10.1M-0.3% | $10.2M+2.3% | $9.9M-5.2% | $10.5M-10.1% | $11.7M-0.3% | $11.7M | N/A |
| Total Equity | -$9.1M-2698.8% | -$324K+98.4% | -$20.2M-111.9% | -$9.5M+1.2% | -$9.7M-56.7% | -$6.2M-25.3% | -$4.9M+7.5% | -$5.3M |
| Retained Earnings | -$51.6M-9.7% | -$47.1M-9.3% | -$43.1M-34.9% | -$31.9M-12.3% | -$28.5M-14.6% | -$24.8M-35.0% | -$18.4M-3.5% | -$17.8M |
QTIH Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$879K+39.1% | -$1.4M+59.2% | -$3.5M-188.2% | -$1.2M+33.7% | -$1.9M-89.0% | -$980K+83.6% | -$6.0M-771.9% | -$685K |
| Capital Expenditures | $0 | N/A | N/A | $53K+598.8% | $8K | N/A | N/A | -$13K |
| Free Cash Flow | -$879K | N/A | N/A | -$1.3M+31.1% | -$1.9M | N/A | N/A | -$698K |
| Investing Cash Flow | $0 | N/A | N/A | -$53K-598.8% | -$8K | N/A | N/A | $13K |
| Financing Cash Flow | $572K+9.3% | $524K-90.2% | $5.4M+489.3% | $908K+177.1% | -$1.2M-3519.4% | -$33K-100.3% | $11.4M+1324.2% | $803K |
| Dividends Paid | $0 | N/A | N/A | $0 | $0 | N/A | N/A | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
QTIH Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.0%-6.9pp | 49.9%-14.8pp | 64.8%+17.5pp | 47.2%-16.1pp | 63.3%+12.3pp | 51.0%-4.8pp | 55.8%+1197.8pp | -1142.0% |
| Operating Margin | -39.4%-10.9pp | -28.5%+8.7pp | -37.2%+205.1pp | -242.3%+1.1pp | -243.4%-113.9pp | -129.5%+280.0pp | -409.6%+16027.0pp | -16436.5% |
| Net Margin | -108.7%+0.6pp | -109.3%+288.6pp | -397.9%+14.1pp | -412.0%-33.4pp | -378.6%-305.8pp | -72.9%-26.7pp | -46.2%+30453.8pp | -30499.9% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -37.6%-3.2pp | -34.4%+68.1pp | -102.5%-45.2pp | -57.3%-5.3pp | -52.0%-40.4pp | -11.6%-6.7pp | -4.9%+17.6pp | -22.5% |
| Current Ratio | 0.89-0.8 | 1.69-0.2 | 1.86+1.4 | 0.50-0.6 | 1.06+0.4 | 0.62-2.0 | 2.62+2.0 | 0.66 |
| Debt-to-Equity | -1.67+29.6 | -31.26-30.8 | -0.50+0.5 | -1.04+0.0 | -1.09+0.8 | -1.89+0.5 | -2.38-0.1 | -2.26 |
| FCF Margin | -21.0% | N/A | N/A | -151.2%+43.2pp | -194.5% | N/A | N/A | -14104.8% |
Note: Shareholder equity is negative (-$9.5M), 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 (0.50), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is QT Imaging Holdings's annual revenue?
QT Imaging Holdings (QTIH) reported $4.9M in total revenue for fiscal year 2024. This represents a 11989.4% 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 QT Imaging Holdings's revenue growing?
QT Imaging Holdings (QTIH) revenue grew by 11989.4% year-over-year, from $40K to $4.9M in fiscal year 2024.
Is QT Imaging Holdings profitable?
No, QT Imaging Holdings (QTIH) reported a net income of -$9.0M in fiscal year 2024, with a net profit margin of -184.2%.
What is QT Imaging Holdings's earnings per share (EPS)?
QT Imaging Holdings (QTIH) reported diluted earnings per share of $-0.71 for fiscal year 2024. This represents a -10.9% 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 QT Imaging Holdings's EBITDA?
QT Imaging Holdings (QTIH) had EBITDA of -$11.9M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does QT Imaging Holdings have?
As of fiscal year 2024, QT Imaging Holdings (QTIH) had $1.2M in cash and equivalents against $9.9M in long-term debt.
What is QT Imaging Holdings's gross margin?
QT Imaging Holdings (QTIH) had a gross margin of 54.1% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is QT Imaging Holdings's operating margin?
QT Imaging Holdings (QTIH) had an operating margin of -249.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is QT Imaging Holdings's net profit margin?
QT Imaging Holdings (QTIH) had a net profit margin of -184.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is QT Imaging Holdings's free cash flow?
QT Imaging Holdings (QTIH) generated -$10.1M in free cash flow during fiscal year 2024. This represents a -279.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is QT Imaging Holdings's operating cash flow?
QT Imaging Holdings (QTIH) generated -$10.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are QT Imaging Holdings's total assets?
QT Imaging Holdings (QTIH) had $6.1M in total assets as of fiscal year 2024, including both current and long-term assets.
What are QT Imaging Holdings's capital expenditures?
QT Imaging Holdings (QTIH) invested $88K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does QT Imaging Holdings spend on research and development?
QT Imaging Holdings (QTIH) invested $3.3M in research and development during fiscal year 2024.
How many shares does QT Imaging Holdings have outstanding?
QT Imaging Holdings (QTIH) had 9M shares outstanding as of fiscal year 2024.
What is QT Imaging Holdings's current ratio?
QT Imaging Holdings (QTIH) had a current ratio of 0.50 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is QT Imaging Holdings's debt-to-equity ratio?
QT Imaging Holdings (QTIH) had a debt-to-equity ratio of -1.04 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is QT Imaging Holdings's return on assets (ROA)?
QT Imaging Holdings (QTIH) had a return on assets of -147.6% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is QT Imaging Holdings's cash runway?
Based on fiscal year 2024 data, QT Imaging Holdings (QTIH) had $1.2M in cash against an annual operating cash burn of $10.0M. This gives an estimated cash runway of approximately 1 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 QT Imaging Holdings's debt-to-equity ratio negative or unusual?
QT Imaging Holdings (QTIH) has negative shareholder equity of -$9.5M 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 QT Imaging Holdings's Piotroski F-Score?
QT Imaging Holdings (QTIH) 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are QT Imaging Holdings's earnings high quality?
QT Imaging Holdings (QTIH) has an earnings quality ratio of 1.12x, 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.
How financially healthy is QT Imaging Holdings?
QT Imaging Holdings (QTIH) scores 25 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.