QT Imaging Holdings (QTIH) Financials
Newest figures come from the 10-K for FY2025, filed Mar 25, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the QTIH SEC filings page.
QT Imaging Holdings (QTIH) reported $18.9M in revenue for fiscal year 2025, up 287.9% from the prior fiscal year. 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).
QT Imaging’s dominant mechanic is rapid revenue scaling that improved gross profit, while financing still supports cash consumption and balance-sheet rebuilding.
Revenue reached$18.9M from$4.9M in FY2024, but the business remains loss-making; growth has not yet made the expense base self-funding. Gross margin narrowed from54.1% to45.4% , yet operating losses became less extreme relative to sales, suggesting scale absorbed some overhead even as unit economics softened.
FY2025 operating cash flow was
Financing provided
Financial Health Signals
QT Imaging Holdings does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
QT Imaging Holdings scores 0.51, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($77.5M) 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.
QT Imaging Holdings reported a net loss of $21.1M while operations used $9.0M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
QT Imaging Holdings generated $8.3M in revenue in Q4 2025. This represents an increase of 877.2% from the same quarter a year earlier. Against the prior quarter it is up 97.4%.
QT Imaging Holdings's EBITDA was -$685K in Q4 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 66.2% from the same quarter a year earlier. Against the prior quarter it is up 57.5%.
QT Imaging Holdings reported -$1.4M in net income in Q4 2025. This represents an increase of 60.2% from the same quarter a year earlier. Against the prior quarter it is up 69.5%.
Not reported for Q4 2025.
Cash & Balance Sheet
QT Imaging Holdings recorded an outflow of $3.2M in free cash flow in Q4 2025, representing a cash shortfall after capex. This represents a decrease of 148.3% from the same quarter a year earlier. Against the prior quarter it is down 261.7%.
QT Imaging Holdings held $10.4M in cash against $10.1M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Margins & Returns
QT Imaging Holdings's gross margin was 38.0% in Q4 2025, indicating the percentage of revenue retained after direct costs. This is down 9.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.0 percentage points.
QT Imaging Holdings's operating margin was -8.5% in Q4 2025, reflecting core business profitability. Against the prior quarter it is up 30.9 percentage points. No change is given against Q4 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
QT Imaging Holdings's net profit margin was -16.8% in Q4 2025, showing the share of revenue converted to profit. No change is given against Q4 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
QT Imaging Holdings's ROE was -21.5% in Q4 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
QT Imaging Holdings invested $1.2M in research and development in Q4 2025. This represents an increase of 60.7% from the same quarter a year earlier. Against the prior quarter it is up 32.5%.
QT Imaging Holdings invested $77K in capex in Q4 2025, funding long-term assets and infrastructure. This represents an increase of 44.5% from the same quarter a year earlier.
Not reported for Q4 2025.
QTIH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.3M+877.2% | $4.2M+338.5% | $3.7M+113.5% | $2.8M+105.4% | $847K+17004.3% | $956K+3777.1% | $1.7M+53749.7% | $1.4M+17908.5% |
| Cost of Revenue | $5.1M+1048.9% | $2.4M+581.4% | $1.8M+118.3% | $987K+63.9% | $447K+626.6% | $351K+1373.5% | $839K+26797.9% | $602K+1192.7% |
| Gross Profit | $3.1M+685.5% | $1.8M+197.8% | $1.8M+108.9% | $1.8M+138.4% | $400K+807.6% | $605K+70448.1% | $875K+1410466.1% | $760K+2048.3% |
| R&D Expenses | $1.2M+60.7% | $939K+1.5% | $901K-2.6% | $852K+32.6% | $774K+92.5% | $925K+196.7% | $925K+164.6% | $643K+52.3% |
| SG&A Expenses | $2.6M+54.9% | $2.5M+25.3% | $2.0M-9.2% | $2.0M-64.9% | $1.7M+372.4% | $2.0M+115.3% | $2.2M+155.6% | $5.7M+341.0% |
| Operating Income | -$700K+65.9% | -$1.7M+29.0% | -$1.0M+53.0% | -$1.0M+81.3% | -$2.1M-152.0% | -$2.3M-87.2% | -$2.2M-85.2% | -$5.6M-218.3% |
| EBITDA | -$685K+66.2% | -$1.6M+30.1% | -$1.0M+52.9% | -$1.0M+81.7% | -$2.0M-193.9% | -$2.3M-106.0% | -$2.1M-97.2% | -$5.5M-235.0% |
| Income Tax | N/A | $0 | $3K | N/A | N/A | $0-100.0% | $0-100.0% | N/A |
| Net Income | -$1.4M+60.2% | -$4.6M-25.9% | -$4.0M-220.4% | -$11.1M-1671.6% | -$3.5M-131.0% | -$3.6M-163.1% | -$1.2M+6.1% | -$629K+66.6% |
| EPS (Basic) | N/A | -$0.47+7.8% | -$0.14+53.3% | -$0.40-700.0% | N/A | -$0.51-264.3% | -$0.30-114.3% | -$0.05+75.0% |
| EPS (Diluted) | N/A | -$0.47+7.8% | -$0.14 | -$0.40 | N/A | -$0.51-264.3% | -$0.30 | -$0.05+75.0% |
| Diluted Shares (Avg) | N/A | 10M+34.2% | 28M | 28M | N/A | 7M-25.0% | 21M | 13M+39.0% |
Not reported in any period shown, so not listed: Interest Expense.
QTIH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $23.0M+278.2% | $12.1M+74.1% | $11.6M+7.9% | $10.9M-15.5% | $6.1M-9.2% | $7.0M-69.9% | $10.8M-66.9% | $12.9M-60.2% |
| Current Assets | $22.1M+349.3% | $11.3M+95.4% | $10.7M+12.4% | $9.8M-14.2% | $4.9M+2.0% | $5.8M+4348.4% | $9.5M+17409.0% | $11.4M+2345.0% |
| Cash & Equivalents | $10.4M+788.4% | $1.7M+10.9% | $2.0M-55.6% | $3.0M-46.7% | $1.2M+534.6% | $1.6M+2770.6% | $4.6M+1697.1% | $5.6M+1316.9% |
| Inventory | $5.0M+60.0% | $5.2M+64.8% | $3.2M-3.7% | $2.9M-30.2% | $3.1M-28.9% | $3.2M | $3.4M | $4.1M |
| Accounts Receivable | $5.8M+8528.4% | $3.2M+1162.7% | $3.7M+445.7% | $2.8M+476.8% | $67K+5093.8% | $257K | $669K | $482K |
| Total Liabilities | $16.6M+6.1% | $21.2M+27.6% | $12.0M-29.4% | $31.1M+74.8% | $15.6M+30.0% | $16.6M-39.8% | $16.9M-52.7% | $17.8M-48.5% |
| Current Liabilities | $7.9M-19.7% | $12.7M+134.5% | $6.3M-58.7% | $5.3M+20.8% | $9.8M+33.5% | $5.4M-39.2% | $15.3M+90.3% | $4.4M-31.7% |
| Non-Current Liabilities | $8.7M+49.3% | $8.5M-24.4% | $5.6M+237.9% | $25.8M+92.4% | $5.8M+24.6% | $11.2M-40.1% | $1.7M-94.0% | $13.4M-52.3% |
| Long-Term Debt | $10.1M+1.8% | $15.1M+44.3% | $10.1M-13.1% | $10.2M-13.1% | $9.9M | $10.5M | $11.7M | $11.7M |
| Total Equity | $6.4M+167.6% | -$9.1M+6.0% | -$324K+94.7% | -$20.2M-311.2% | -$9.5M-79.6% | -$9.7M-116.5% | -$6.2M-88.0% | -$4.9M-120.8% |
| Retained Earnings | -$53.0M-66.0% | -$51.6M-81.5% | -$47.1M-89.6% | -$43.1M-134.1% | -$31.9M-79.7% | -$28.5M-72.1% | -$24.8M-55.5% | -$18.4M-26.4% |
Not reported in any period shown, so not listed: Short-Term Investments, Long-Term Investments, Goodwill.
QTIH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M-152.8% | -$879K+52.5% | -$1.4M-47.2% | -$3.5M+40.8% | -$1.2M-79.0% | -$1.9M-316.6% | -$980K-85.3% | -$6.0M-501.9% |
| Depreciation & Amortization | $16K-41.9% | $40K+102.7% | $38K-55.4% | $38K-61.9% | $27K-78.6% | $20K-84.1% | $86K-26.0% | $99K-15.4% |
| Stock-Based Compensation | N/A | $199K+56.3% | $219K | $101K+158.4% | N/A | $127K-34.9% | $0-100.0% | $39K-81.3% |
| Capital Expenditures | $77K+44.5% | $0-100.0% | N/A | N/A | $53K+312.3% | $8K-69.4% | N/A | N/A |
| Free Cash Flow | -$3.2M-148.3% | -$879K+52.7% | N/A | N/A | -$1.3M-83.3% | -$1.9M-296.2% | N/A | N/A |
| Investing Cash Flow | -$77K-44.5% | $0+100.0% | N/A | N/A | -$53K-512.3% | -$8K+69.4% | N/A | N/A |
| Financing Cash Flow | $11.9M+1211.8% | $572K+148.6% | $524K+1708.4% | $5.4M-53.2% | $908K+13.1% | -$1.2M-540.1% | -$33K-108.4% | $11.4M+1148.3% |
| Dividends Paid | $0-100.0% | $0 | N/A | N/A | $498 | $0 | N/A | N/A |
Not reported in any period shown, so not listed: Share Buybacks.
QTIH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'25 | Q4'2410-K | Q3'2410-Q | Q2'2410-Q | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.0%-9.3pp | 43.0%-20.3pp | 49.9%-1.1pp | 64.8%+8.9pp | 47.2% | 63.3%+59.8pp | 51.0%+49.1pp | 55.8% |
| Operating Margin | -8.5% | -39.4% | -28.5% | -37.2% | -242.2% | -243.4% | -129.5% | -409.6% |
| Net Margin | -16.8% | -108.7% | -109.3% | -397.9% | -411.9% | -378.6% | -72.9% | -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%+51.3pp | -37.6%+14.4pp | -34.4%-22.8pp | -102.5%-97.6pp | -57.3%-34.8pp | -52.0%-46.1pp | -11.6%-7.5pp | -4.9%+0.9pp |
| Current Ratio | 2.81+2.3x | 0.89-0.2x | 1.69+1.1x | 1.86-0.8x | 0.50-0.2x | 1.06+1.0x | 0.62+0.6x | 2.62+2.5x |
| Debt-to-Equity | 1.57 | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.36+0.2x | 0.35+0.2x | 0.31+0.2x | 0.26+0.2x | 0.14+0.1x | 0.14+0.1x | 0.16+0.2x | 0.11+0.1x |
| FCF Margin | -38.4% | -21.0% | N/A | N/A | -151.2% | -194.5% | N/A | N/A |
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, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| QT Imaging Holdings QTIH | FY2025 | $18.9M | -$21.1M | N/A | $77.5M | — |
| RETINALGENIX TECHNOLOGIES INC RTGN | FY2025 | N/A | N/A | N/A | $75.4M | — |
| Positron POSC | FY2025 | $461K | -$10.6M | N/A | $63.1M | — |
Where QT Imaging Holdings Ranks
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.
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 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) recorded an outflow of $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) recorded an outflow of $9.0M in operating cash flow during fiscal year 2025, representing cash used by 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.
How does QT Imaging Holdings's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, QT Imaging Holdings (QTIH) held $10.4M in cash, cash equivalents and investments, and reported an operating cash outflow of $9.0M over that year. Dividing the one by the other, the reported balance equals about 14 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is QT Imaging Holdings's Altman Z-Score?
QT Imaging Holdings (QTIH) has an Altman Z-Score of 0.51, 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) reported a net loss of $21.1M while operations used $9.0M 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.