QT Imaging Holdings WTS (QTIWW) Financials
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 12, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the QTIWW SEC filings page.
QT Imaging Holdings WTS (QTIWW) 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).
Revenue scaled rapidly in FY2025, but the business still relied on external financing while operating losses consumed cash.
The sharpest improvement is operational, not bottom-line: revenue rose287.9% and operating margin improved 226.1 percentage points, but net margin was still-111.4% , showing growth has not yet covered the full cost structure. Operating cash flow was-$9.0M against a net loss of$21.1M , while free cash flow was nearly the same as operating cash flow; much of the reported loss therefore reflects non-cash or below-operating charges, but the business still consumed cash.
FY2024's negative equity of
The 2.8x current ratio signals greater short-term coverage, but it should not be confused with profitability because gross margin fell 8.8 percentage points. Inventory rose to
Financial Health Signals
We do not publish a peer-relative financial health score for QT Imaging Holdings WTS, because the score only covers companies whose filings and listing give us what it needs to compare them with their peers. The signals and metrics below are current.
QT Imaging Holdings WTS passes 6 of 9 financial strength tests. 2 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, 1 of 2 operating efficiency signals passes.
QT Imaging Holdings WTS 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.
QT Imaging Holdings WTS reported an operating loss of $4.4M against $2.6M 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
QT Imaging Holdings WTS generated $7.4M in revenue in Q2 2026. This represents an increase of 103.2% from the same quarter a year earlier. Against the prior quarter it is up 13.9%.
QT Imaging Holdings WTS's EBITDA was -$1.8M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
QT Imaging Holdings WTS reported a net loss of $11.1M in Q2 2026. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
QT Imaging Holdings WTS earned -$0.75 per diluted share (EPS) in Q2 2026. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
Cash & Balance Sheet
QT Imaging Holdings WTS recorded an outflow of $5.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. The change from the same quarter a year earlier is not meaningful, because that figure was zero or negative. The change from the prior quarter is not meaningful, because that quarter’s figure was zero or negative.
QT Imaging Holdings WTS held $10.9M in cash against $11.4M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
QT Imaging Holdings WTS's gross margin was 41.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 8.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.
QT Imaging Holdings WTS's operating margin was -25.1% in Q2 2026, reflecting core business profitability. This is up 3.4 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.9 percentage points.
QT Imaging Holdings WTS's quarterly ROE was -492.9% in Q2 2026: one quarter's net income over shareholder equity, not annualized. Against the prior quarter it is down 403.2 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
QT Imaging Holdings WTS invested $1.6M in research and development in Q2 2026. This represents an increase of 80.2% from the same quarter a year earlier. Against the prior quarter it is down 5.8%.
QT Imaging Holdings WTS invested $174K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 270.2% from the same quarter a year earlier. Against the prior quarter it is up 923.5%.
Not reported for Q2 2026.
QTIWW 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $7.4M+103.2% | $6.5M+133.4% | $8.3M+877.3% | $4.2M+338.5% | $3.7M+113.5% | $2.8M+105.4% | $847K+17004.3% | $956K+3777.1% |
| Cost of Revenue | $4.4M+138.8% | $3.9M+291.3% | $5.1M+1049.1% | $2.4M+581.4% | $1.8M+118.2% | $986K+63.8% | $447K+626.6% | $351K+1373.5% |
| Gross Profit | $3.1M+67.5% | $2.7M+47.5% | $3.1M+685.5% | $1.8M+197.8% | $1.8M+108.9% | $1.8M+138.4% | $400Kn/m | $605K+70448.1% |
| R&D Expenses | $1.6M+80.2% | $1.7M+102.3% | $1.2M+60.7% | $939K+1.5% | $901K-2.6% | $852K+32.6% | $774K+92.5% | $925K+196.7% |
| SG&A Expenses | $3.3M+67.6% | $3.3M+64.7% | $2.6M+54.9% | $2.5M+25.3% | $2.0M-9.2% | $2.0M-64.9% | $1.7M+372.4% | $2.0M+115.3% |
| Operating Income | -$1.9Mn/m | -$2.3Mn/m | -$700Kn/m | -$1.7Mn/m | -$1.0Mn/m | -$1.0Mn/m | -$2.1Mn/m | -$2.3Mn/m |
| EBITDA | -$1.8Mn/m | -$2.3Mn/m | -$684Kn/m | -$1.6Mn/m | -$1.0Mn/m | -$1.0Mn/m | -$2.0Mn/m | -$2.3Mn/m |
| Interest Expense | $745K+96.6% | $930K+34.6% | $1.0M-25.5% | $565K-61.2% | $379K-65.4% | $691K+15.4% | $1.3M+2150.2% | $1.5M+2302.6% |
| Income Tax | $2K-33.3% | N/A | N/A | $0n/m | $3Kn/m | N/A | N/A | $0-100.0% |
| Net Income | -$11.1Mn/m | -$3.4Mn/m | -$1.4Mn/m | -$4.6Mn/m | -$4.0Mn/m | -$11.1Mn/m | -$3.5Mn/m | -$3.6Mn/m |
| EPS (Basic) | -$0.75 | -$0.25 | $0.08 | -$0.47 | -$0.42 | -$1.21n/m | -$0.14 | -$0.51n/m |
| EPS (Diluted) | -$0.75 | -$0.25 | $0.08 | -$0.47 | -$0.42 | -$1.21n/m | -$0.14 | -$0.51n/m |
| Diluted Shares (Avg) | 15M | 14M | N/A | 10M | 9M | 9M-30.6% | N/A | 7M-25.0% |
QTIWW 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $30.6M+163.3% | $22.0M+102.7% | $23.0M+278.2% | $12.1M+74.1% | $11.6M+7.9% | $10.9M-15.5% | $6.1M-9.2% | $7.0M-69.9% |
| Current Assets | $29.4M+175.8% | $21.2M+116.0% | $22.1M+349.3% | $11.3M+95.4% | $10.7M+12.4% | $9.8M-14.2% | $4.9M+2.0% | $5.8M+4348.4% |
| Cash & Equivalents | $10.9M+440.3% | $6.9M+129.4% | $10.4M+788.4% | $1.7M+10.9% | $2.0M-56.1% | $3.0M-46.7% | $1.2M+534.6% | $1.6M+2770.6% |
| Short-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Inventory | $9.9M+205.5% | $6.8M+137.6% | $5.0M+60.0% | $5.2M+64.8% | $3.2M-3.7% | $2.9M-30.2% | $3.1M-28.9% | $3.2M |
| Accounts Receivable | $7.4M+102.8% | $6.4M+128.3% | $5.8M+8528.4% | $3.2M+1162.7% | $3.7M+445.7% | $2.8M+476.8% | $67K+5093.8% | $257K |
| Long-Term Investments | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m | $0n/m |
| Total Liabilities | $28.4M+137.4% | $18.2M-41.3% | $16.6M+6.1% | $21.2M+27.6% | $12.0M-29.4% | $31.1M+74.8% | $15.6M+30.0% | $16.6M-39.8% |
| Current Liabilities | $9.5M+50.6% | $8.5M+61.4% | $7.9M-19.7% | $12.7M+134.5% | $6.3M-58.7% | $5.3M+20.8% | $9.8M+33.5% | $5.4M-39.2% |
| Non-Current Liabilities | $18.9M+234.3% | $9.7M-62.4% | $8.7M+49.3% | $8.5M-24.4% | $5.6M+237.9% | $25.8M+92.4% | $5.8M+24.6% | $11.2M-40.1% |
| Long-Term Debt | $11.4M+12.4% | $10.1M-0.6% | $10.1M+1.8% | $15.1M+44.3% | $10.1M-13.1% | $10.2M-13.1% | $9.9M | $10.5M |
| Total Equity | $2.2Mn/m | $3.8Mn/m | $6.4Mn/m | -$9.1Mn/m | -$324Kn/m | -$20.2Mn/m | -$9.5Mn/m | -$9.7Mn/m |
| Retained Earnings | -$67.5Mn/m | -$56.4Mn/m | -$53.0Mn/m | -$51.6Mn/m | -$47.1Mn/m | -$43.1Mn/m | -$31.9Mn/m | -$28.5Mn/m |
Not reported in any period shown, so not listed: Goodwill.
QTIWW 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$4.8Mn/m | -$3.7Mn/m | -$3.1Mn/m | -$879Kn/m | -$1.4Mn/m | -$3.5Mn/m | -$1.2Mn/m | -$1.9Mn/m |
| Depreciation & Amortization | $21K-44.7% | $20K-47.4% | $16K-41.9% | $40K+102.7% | $38K-55.8% | $38K-61.6% | $27K-78.6% | $20K-84.1% |
| Stock-Based Compensation | $668K+205.0% | $381K+277.2% | N/A | $199K+56.3% | $219Kn/m | $101K+159.1% | N/A | $127K-34.9% |
| Capital Expenditures | $174K+270.2% | $17Kn/m | $77K+44.5% | N/A | $47K | $0 | $53K | $8K-69.4% |
| Free Cash Flow | -$5.0Mn/m | -$3.7Mn/m | -$3.2Mn/m | N/A | -$1.5M | -$3.5M | -$1.3M | -$1.9Mn/m |
| Investing Cash Flow | -$174Kn/m | -$17Kn/m | -$77Kn/m | $182n/m | -$47K | $0 | -$53K-512.3% | -$8Kn/m |
| Financing Cash Flow | $9.0M+1624.2% | $159K-97.0% | $11.9M+1211.8% | $572Kn/m | $524Kn/m | $5.4M-53.2% | $908K+13.1% | -$1.2M-540.1% |
| Dividends Paid | N/A | N/A | $0-100.0% | $0n/m | N/A | N/A | $498n/m | $0n/m |
Not reported in any period shown, so not listed: Share Buybacks.
QTIWW 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 | Q2'2610-Q | Q1'2610-Q | Q4'2510-K | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.2%-8.8pp | 40.9%-23.8pp | 38.0%-9.3pp | 43.0%-20.3pp | 49.9%-1.1pp | 64.8%+9.0pp | 47.2% | 63.3%+59.8pp |
| Operating Margin | -25.1%+3.4pp | -36.0%+1.3pp | -8.5% | -39.4% | -28.5% | -37.2% | -242.2% | -243.4% |
| Net Margin | -148.9% | -52.2% | -16.8% | -108.7% | -109.4% | -398.0% | -411.9% | -378.6% |
| Return on Equity | -492.9% | -89.7% | -21.5% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -36.1%-1.7pp | -15.5%+87.0pp | -6.0%+51.3pp | -37.6%+14.4pp | -34.4%-22.8pp | -102.5%-97.6pp | -57.3%-34.8pp | -52.0%-46.1pp |
| Current Ratio | 3.10+1.4x | 2.49+0.6x | 2.81+2.3x | 0.89-0.2x | 1.69+1.1x | 1.86-0.8x | 0.50-0.2x | 1.06+1.0x |
| Debt-to-Equity | 5.07 | 2.66 | 1.57 | N/A | N/A | N/A | N/A | N/A |
| Liabilities-to-Equity | 12.64 | 4.80 | 2.57 | N/A | N/A | N/A | N/A | N/A |
| Asset Turnover | 0.24-0.1x | 0.300.0x | 0.36+0.2x | 0.35+0.2x | 0.31+0.2x | 0.26+0.2x | 0.14+0.1x | 0.14+0.1x |
| FCF Margin | -67.4%-26.7pp | -56.2% | -38.4% | N/A | -40.7% | -126.4% | -151.2% | -194.5% |
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.
Where QT Imaging Holdings WTS Ranks
Frequently Asked Questions
QT Imaging Holdings WTS (QTIWW) 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.
QT Imaging Holdings WTS (QTIWW) revenue grew by 287.9% year-over-year, from $4.9M to $18.9M in fiscal year 2025.
No, QT Imaging Holdings WTS (QTIWW) reported a net loss of $21.1M in fiscal year 2025.
QT Imaging Holdings WTS (QTIWW) had EBITDA of -$4.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
As of fiscal year 2025, QT Imaging Holdings WTS (QTIWW) had $10.4M in cash and equivalents against $10.1M in long-term debt.
QT Imaging Holdings WTS (QTIWW) had a gross margin of 45.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
QT Imaging Holdings WTS (QTIWW) had an operating margin of -23.4% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
QT Imaging Holdings WTS (QTIWW) has a return on equity of -327.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
QT Imaging Holdings WTS (QTIWW) recorded an outflow of $9.1M in free cash flow during fiscal year 2025. The change from the previous fiscal year is not meaningful, because that year’s figure was zero or negative. 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.
QT Imaging Holdings WTS (QTIWW) recorded an outflow of $9.0M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
QT Imaging Holdings WTS (QTIWW) had $23.0M in total assets as of fiscal year 2025, including both current and long-term assets.
QT Imaging Holdings WTS (QTIWW) invested $124K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
QT Imaging Holdings WTS (QTIWW) invested $3.9M in research and development during fiscal year 2025.
QT Imaging Holdings WTS (QTIWW) had a current ratio of 2.81 as of fiscal year 2025, which is generally considered healthy.
QT Imaging Holdings WTS (QTIWW) had a debt-to-equity ratio of 1.57 as of fiscal year 2025. We compute it as long-term debt divided by total shareholder equity, where long-term debt is the noncurrent part of the company's borrowings, so debt due within the next twelve months is not counted.
QT Imaging Holdings WTS (QTIWW) had a liabilities-to-equity ratio of 2.57 as of fiscal year 2025, which is total liabilities divided by total shareholder equity. Total liabilities counts every obligation on the balance sheet (payables, deposits, insurance reserves and deferred taxes as well as borrowings), so this ratio usually runs well above debt-to-equity.
QT Imaging Holdings WTS (QTIWW) had a return on assets of -91.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
QT Imaging Holdings WTS (QTIWW) has a Piotroski F-Score of 6 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.
QT Imaging Holdings WTS (QTIWW) 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.
QT Imaging Holdings WTS (QTIWW) reported an operating loss of $4.4M against $2.6M 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.