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 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).
Revenue growth finally started absorbing fixed costs, but cash burn shifted into working capital so the business still depends on external funding.
The healthier balance sheet was financed, not earned: cash rose, equity turned positive, and liquidity eased after a financing inflow of$18.4M . At the same time, operating cash flow stayed near-$9.0M while receivables plus inventory climbed to$10.8M , showing that new sales are currently consuming cash before they replenish it.
Operating leverage improved: the operating loss narrowed to
The business moved from negative equity to positive equity and the current ratio reached 2.8x, so short-term obligations became less constraining. But the final net loss of
Financial Health Signals
We are recalculating QT Imaging Holdings's peer-relative financial health score against the latest fiscal year. It will appear here once the refresh completes. The signals and metrics below are current.
QT Imaging Holdings scores 0.04, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($64.5M) relative to total liabilities ($16.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
QT Imaging Holdings passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, QT Imaging Holdings generates $0.42 in operating cash flow (-$9.0M OCF vs -$21.1M 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
Earnings & Revenue
QT Imaging Holdings generated $18.9M in revenue in fiscal year 2025. This represents an increase of 287.9% from the prior year.
QT Imaging Holdings's EBITDA was -$4.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 64.0% from the prior year.
QT Imaging Holdings reported -$21.1M in net income in fiscal year 2025. This represents a decrease of 134.6% from the prior year.
QT Imaging Holdings earned $-2.01 per diluted share (EPS) in fiscal year 2025. This represents an increase of 5.6% from the prior year.
Cash & Balance Sheet
QT Imaging Holdings generated -$9.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 10.3% from the prior year.
QT Imaging Holdings held $10.4M in cash against $10.1M in long-term debt as of fiscal year 2025.
QT Imaging Holdings had 12M shares outstanding in fiscal year 2025. This represents an increase of 33.3% from the prior year.
Margins & Returns
QT Imaging Holdings's gross margin was 45.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 8.8 percentage points from the prior year.
QT Imaging Holdings's operating margin was -23.4% in fiscal year 2025, reflecting core business profitability. This is up 226.1 percentage points from the prior year.
QT Imaging Holdings's net profit margin was -111.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 72.8 percentage points from the prior year.
QT Imaging Holdings's ROE was -327.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
QT Imaging Holdings invested $3.9M in research and development in fiscal year 2025. This represents an increase of 20.5% from the prior year.
QT Imaging Holdings invested $124K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 40.9% from the prior year.
QTIH Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.3M+97.4% | $4.2M+14.6% | $3.7M+30.8% | $2.8M+230.5% | $847K-11.4% | $956K-44.2% | $1.7M+25.8% | $1.4M |
| Cost of Revenue | $5.1M+114.8% | $2.4M+30.4% | $1.8M+85.7% | $987K+120.8% | $447K+27.4% | $351K-58.2% | $839K+39.4% | $602K |
| Gross Profit | $3.1M+74.3% | $1.8M-1.3% | $1.8M+0.8% | $1.8M+352.9% | $400K-33.9% | $605K-30.8% | $875K+15.1% | $760K |
| R&D Expenses | $1.2M+32.5% | $939K+4.2% | $901K+5.7% | $852K+10.1% | $774K-16.3% | $925K0.0% | $925K+44.0% | $643K |
| SG&A Expenses | $2.6M+3.3% | $2.5M+27.8% | $2.0M-1.6% | $2.0M+19.3% | $1.7M-16.5% | $2.0M-7.5% | $2.2M-61.9% | $5.7M |
| Operating Income | -$700K+57.6% | -$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 |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $0-100.0% | $3K | N/A | N/A | $0 | $0 | N/A |
| Net Income | -$1.4M+69.5% | -$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 |
| EPS (Diluted) | N/A | $-0.47-235.7% | $-0.14+65.0% | $-0.40 | N/A | $-0.51-70.0% | $-0.30-500.0% | $-0.05 |
QTIH Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $23.0M+89.9% | $12.1M+4.2% | $11.6M+7.1% | $10.9M+78.5% | $6.1M-12.5% | $7.0M-35.4% | $10.8M-16.2% | $12.9M |
| Current Assets | $22.1M+95.7% | $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 |
| Cash & Equivalents | $10.4M+500.0% | $1.7M-15.0% | $2.0M-32.1% | $3.0M+156.6% | $1.2M-25.1% | $1.6M-66.0% | $4.6M-18.4% | $5.6M |
| Inventory | $5.0M-4.1% | $5.2M+62.2% | $3.2M+12.5% | $2.9M-8.6% | $3.1M-1.3% | $3.2M-5.2% | $3.4M-18.5% | $4.1M |
| Accounts Receivable | $5.8M+78.2% | $3.2M-11.2% | $3.7M+31.2% | $2.8M+4052.8% | $67K-73.9% | $257K-61.6% | $669K+38.7% | $482K |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $16.6M-21.8% | $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 |
| Current Liabilities | $7.9M-38.3% | $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 |
| Long-Term Debt | $10.1M-33.2% | $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 |
| Total Equity | $6.4M+171.0% | -$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 |
| Retained Earnings | -$53.0M-2.7% | -$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 |
QTIH Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M-252.9% | -$879K+39.1% | -$1.4M+59.2% | -$3.5M-188.3% | -$1.2M+33.7% | -$1.9M-89.0% | -$980K+83.6% | -$6.0M |
| Capital Expenditures | $77K | $0 | N/A | N/A | $53K+601.6% | $8K | N/A | N/A |
| Free Cash Flow | -$3.2M-261.7% | -$879K | N/A | N/A | -$1.3M+31.1% | -$1.9M | N/A | N/A |
| Investing Cash Flow | -$77K | $0 | N/A | N/A | -$53K-601.6% | -$8K | N/A | N/A |
| Financing Cash Flow | $11.9M+1981.5% | $572K+9.3% | $524K-90.2% | $5.4M+489.8% | $908K+177.0% | -$1.2M-3519.4% | -$33K-100.3% | $11.4M |
| Dividends Paid | $0 | $0 | N/A | N/A | $498 | $0 | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
QTIH Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.0%-5.0pp | 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% |
| Operating Margin | -8.5%+30.9pp | -39.4%-10.9pp | -28.5%+8.7pp | -37.2%+205.0pp | -242.2%+1.2pp | -243.4%-113.9pp | -129.5%+280.0pp | -409.6% |
| Net Margin | -16.8%+91.9pp | -108.7%+0.6pp | -109.3%+288.6pp | -397.9%+13.9pp | -411.9%-33.3pp | -378.6%-305.8pp | -72.9%-26.7pp | -46.2% |
| Return on Equity | -21.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -6.0%+31.6pp | -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% |
| Current Ratio | 2.81+1.9 | 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 |
| Debt-to-Equity | 1.57+3.2 | -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 |
| FCF Margin | -38.4%-17.4pp | -21.0% | N/A | N/A | -151.2%+43.3pp | -194.5% | N/A | N/A |
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Frequently Asked Questions
What is QT Imaging Holdings's annual revenue?
QT Imaging Holdings (QTIH) reported $18.9M in total revenue for fiscal year 2025. This represents a 287.9% 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 287.9% year-over-year, from $4.9M to $18.9M in fiscal year 2025.
Is QT Imaging Holdings profitable?
No, QT Imaging Holdings (QTIH) reported a net income of -$21.1M in fiscal year 2025, with a net profit margin of -111.4%.
What is QT Imaging Holdings's EBITDA?
QT Imaging Holdings (QTIH) had EBITDA of -$4.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does QT Imaging Holdings have?
As of fiscal year 2025, QT Imaging Holdings (QTIH) had $10.4M in cash and equivalents against $10.1M in long-term debt.
What is QT Imaging Holdings's gross margin?
QT Imaging Holdings (QTIH) 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 QT Imaging Holdings's operating margin?
QT Imaging Holdings (QTIH) had an operating margin of -23.4% in fiscal year 2025, 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 -111.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is QT Imaging Holdings's return on equity (ROE)?
QT Imaging Holdings (QTIH) has a return on equity of -327.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is QT Imaging Holdings's free cash flow?
QT Imaging Holdings (QTIH) generated -$9.1M in free cash flow during fiscal year 2025. This represents a 10.3% 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 -$9.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are QT Imaging Holdings's total assets?
QT Imaging Holdings (QTIH) had $23.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are QT Imaging Holdings's capital expenditures?
QT Imaging Holdings (QTIH) invested $124K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does QT Imaging Holdings spend on research and development?
QT Imaging Holdings (QTIH) invested $3.9M in research and development during fiscal year 2025.
What is QT Imaging Holdings's current ratio?
QT Imaging Holdings (QTIH) had a current ratio of 2.81 as of fiscal year 2025, which is generally considered healthy.
What is QT Imaging Holdings's debt-to-equity ratio?
QT Imaging Holdings (QTIH) had a debt-to-equity ratio of 1.57 as of fiscal year 2025, 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 -91.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is QT Imaging Holdings's cash runway?
Based on fiscal year 2025 data, QT Imaging Holdings (QTIH) had $10.4M in cash against an annual operating cash burn of $9.0M. This gives an estimated cash runway of approximately 14 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.
What is QT Imaging Holdings's Altman Z-Score?
QT Imaging Holdings (QTIH) has an Altman Z-Score of 0.04, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is QT Imaging Holdings's Piotroski F-Score?
QT Imaging Holdings (QTIH) has a Piotroski F-Score of 5 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 to 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 0.42x, 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.