What is QT Imaging Holdings Inc's earnings per share (EPS)?

QT Imaging Holdings Inc (QTIWW) reported diluted earnings per share of $-2.01 for fiscal year 2025. This represents a 5.6% 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.

QT Imaging Holdings Inc Financials

QTIWW

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows QT Imaging Holdings Inc (QTIWW) 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).

Rhea AI QTIWW FY2025 2026-04-22

QTIWW’s revenue scale-up is cutting operating losses, but working capital demands and external financing still drive cash for now.

From FY2024 to FY2025, revenue climbed from $4.9M to $18.9M while the operating loss narrowed sharply. Free cash flow still stayed near -$9.1M as receivables and inventory grew to $10.8M, showing that growth is currently absorbing cash before it becomes liquidity even with visibly better reported operations.

The margin pattern points more to fixed-cost absorption than richer unit economics: gross margin eased from 54.1% to 45.4%. Yet operating margin improved from -249.6% to -23.5%, meaning higher sales covered overhead much better even though each sales dollar contributed a bit less gross profit; SG&A and R&D still sat above gross profit.

Liquidity improved faster than self-funding: cash reached $10.4M and the current ratio rose from 0.5x to 2.8x. But that repair came from external financing, with operating cash flow at -$9.0M against financing inflows of $18.4M; the move from negative equity in FY2024 to positive equity in FY2025 reflects a recapitalized balance sheet, not internally generated cash.

Financial Health Signals

Financial Profile 37/100

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 QT Imaging Holdings 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.

Profitability

QT Imaging Holdings Inc has an operating margin of -23.4%, meaning the company retains $-23 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 -249.6% the prior year.

Growth

100

QT Imaging Holdings Inc's revenue surged 287.9% year-over-year to $18.9M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage

QT Imaging Holdings Inc carries a low D/E ratio of 1.57, meaning only $1.57 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 70/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

QT Imaging Holdings Inc's current ratio of 2.81 indicates adequate short-term liquidity, earning a score of 53/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

While QT Imaging Holdings Inc generated -$9.0M in operating cash flow, capex of $124K consumed most of it, leaving -$9.1M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

QT Imaging Holdings Inc generates a -327.1% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.

Piotroski F-Score Neutral

5/9

QT Imaging Holdings Inc 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.

Earnings Quality Low Quality

0.42x

For every $1 of reported earnings, QT Imaging Holdings Inc 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

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Earnings & Revenue

Revenue

$18.9M

YoY+287.9%

QT Imaging Holdings Inc generated $18.9M in revenue in fiscal year 2025. This represents an increase of 287.9% from the prior year.

EBITDA

-$4.3M

YoY+64.0%

QT Imaging Holdings Inc'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.

Net Income

-$21.1M

YoY-134.6%

QT Imaging Holdings Inc reported -$21.1M in net income in fiscal year 2025. This represents a decrease of 134.6% from the prior year.

EPS (Diluted)

$-2.01

YoY+5.6%

QT Imaging Holdings Inc 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

Free Cash Flow

-$9.1M

YoY+10.3%

QT Imaging Holdings Inc 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.

Cash & Debt

$10.4M

YoY+788.4%

QT Imaging Holdings Inc held $10.4M in cash against $10.1M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

12M

YoY+33.3%

QT Imaging Holdings Inc had 12M shares outstanding in fiscal year 2025. This represents an increase of 33.3% from the prior year.

Margins & Returns

Gross Margin

45.4%

YoY-8.8pp

QT Imaging Holdings Inc'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.

Operating Margin

-23.4%

YoY+226.1pp

QT Imaging Holdings Inc'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.

Net Margin

-111.4%

YoY+72.8pp

QT Imaging Holdings Inc'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.

Return on Equity

-327.1%

QT Imaging Holdings Inc's ROE was -327.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.

Capital Allocation

R&D Spending

$3.9M

YoY+20.5%

QT Imaging Holdings Inc invested $3.9M in research and development in fiscal year 2025. This represents an increase of 20.5% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$124K

YoY+40.9%

QT Imaging Holdings Inc 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.

QTIWW Income Statement

Metric	FY25	FY24	FY23	FY22	FY21
Revenue	$18.9M+287.9%	$4.9M+11990.2%	$40K	$0	N/A
Cost of Revenue	$10.3M+361.9%	$2.2M+1558.7%	$135K	N/A	N/A
Gross Profit	$8.6M+225.2%	$2.6M+2889.7%	-$95K	N/A	N/A
R&D Expenses	$3.9M+20.5%	$3.3M+119.9%	$1.5M	N/A	N/A
SG&A Expenses	$9.1M-21.3%	$11.6M+237.0%	$3.4M-19.9%	$4.3M+295.7%	$1.1M
Operating Income	-$4.4M+63.6%	-$12.2M-143.2%	-$5.0M-17.0%	-$4.3M-295.7%	-$1.1M
Interest Expense	N/A	N/A	$220K+851.1%	$23K	N/A
Income Tax	-$1K+93.8%	-$16K-1100.0%	$2K-99.7%	$487K+27191.9%	$2K
Net Income	-$21.1M-134.6%	-$9.0M-47.3%	-$6.1M-119.8%	-$2.8M-150.4%	-$1.1M
EPS (Diluted)	$-2.01+5.6%	$-2.13-232.8%	$-0.64-6.7%	$-0.60-328.6%	$-0.14

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

QTIWW Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21
Total Assets	$23.0M+278.2%	$6.1M-9.2%	$6.7M-84.0%	$41.9M-82.0%	$233.6M
Current Assets	$22.1M+349.3%	$4.9M+2.0%	$4.8M+1822.2%	$251K-78.4%	$1.2M
Cash & Equivalents	$10.4M+788.4%	$1.2M+534.6%	$185K-61.1%	$475K-99.8%	$225.4M
Inventory	$5.0M+60.0%	$3.1M-28.9%	$4.4M	N/A	N/A
Accounts Receivable	$5.8M+8528.4%	$67K+5093.8%	$1K	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$16.6M+6.1%	$15.6M+30.0%	$12.0M-72.3%	$43.5M-82.1%	$242.6M
Current Liabilities	$7.9M-19.7%	$9.8M+33.5%	$7.3M+75.3%	$4.2M+560.7%	$634K
Long-Term Debt	$10.1M+1.8%	$9.9M	N/A	N/A	N/A
Total Equity	$6.4M+167.6%	-$9.5M-79.6%	-$5.3M-252.4%	-$1.5M+83.1%	-$8.9M
Retained Earnings	-$53.0M-66.0%	-$31.9M-79.7%	-$17.8M-35.9%	-$13.1M-46.7%	-$8.9M

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

QTIWW Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21
Operating Cash Flow	-$9.0M+10.7%	-$10.0M-278.4%	-$2.7M-110.1%	-$1.3M+7.9%	-$1.4M
Capital Expenditures	$124K+40.9%	$88K+574.8%	$13K	N/A	N/A
Free Cash Flow	-$9.1M+10.3%	-$10.1M-279.9%	-$2.7M	N/A	N/A
Investing Cash Flow	-$124K-40.9%	-$88K-574.8%	-$13K-100.0%	$192.2M+182.8%	-$232.3M
Financing Cash Flow	$18.4M+64.9%	$11.1M+368.8%	$2.4M+101.2%	-$191.3M-181.7%	$234.1M
Dividends Paid	$0-100.0%	$5.2M	$0	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A

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

QTIWW Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21
Gross Margin	45.4%-8.8pp	54.1%+288.6pp	-234.5%	N/A	N/A
Operating Margin	-23.4%+226.1pp	-249.6%+12160.2pp	-12409.8%	N/A	N/A
Net Margin	-111.4%+72.8pp	-184.2%+14929.1pp	-15113.3%	N/A	N/A
Return on Equity	-327.1%	N/A	N/A	N/A	N/A
Return on Assets	-91.6%+56.0pp	-147.6%-56.7pp	-90.9%-84.3pp	-6.6%-6.1pp	-0.5%
Current Ratio	2.81+2.3	0.50-0.2	0.66+0.6	0.06-1.8	1.83
Debt-to-Equity	1.57+2.6	-1.04+1.2	-2.26+26.6	-28.82-1.6	-27.20
FCF Margin	-48.0%+159.4pp	-207.4%+6394.4pp	-6601.9%	N/A	N/A

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

Frequently Asked Questions

What is QT Imaging Holdings Inc's annual revenue?

QT Imaging Holdings Inc (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.

How fast is QT Imaging Holdings Inc's revenue growing?

QT Imaging Holdings Inc (QTIWW) revenue grew by 287.9% year-over-year, from $4.9M to $18.9M in fiscal year 2025.

Is QT Imaging Holdings Inc profitable?

No, QT Imaging Holdings Inc (QTIWW) reported a net income of -$21.1M in fiscal year 2025, with a net profit margin of -111.4%.

What is QT Imaging Holdings Inc's EBITDA?

QT Imaging Holdings Inc (QTIWW) had EBITDA of -$4.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does QT Imaging Holdings Inc have?

As of fiscal year 2025, QT Imaging Holdings Inc (QTIWW) had $10.4M in cash and equivalents against $10.1M in long-term debt.

What is QT Imaging Holdings Inc's gross margin?

QT Imaging Holdings Inc (QTIWW) 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 Inc's operating margin?

QT Imaging Holdings Inc (QTIWW) 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 Inc's net profit margin?

QT Imaging Holdings Inc (QTIWW) 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 Inc's return on equity (ROE)?

QT Imaging Holdings Inc (QTIWW) 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 Inc's free cash flow?

QT Imaging Holdings Inc (QTIWW) 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 Inc's operating cash flow?

QT Imaging Holdings Inc (QTIWW) generated -$9.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are QT Imaging Holdings Inc's total assets?

QT Imaging Holdings Inc (QTIWW) had $23.0M in total assets as of fiscal year 2025, including both current and long-term assets.

What are QT Imaging Holdings Inc's capital expenditures?

QT Imaging Holdings Inc (QTIWW) invested $124K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does QT Imaging Holdings Inc spend on research and development?

QT Imaging Holdings Inc (QTIWW) invested $3.9M in research and development during fiscal year 2025.

How many shares does QT Imaging Holdings Inc have outstanding?

QT Imaging Holdings Inc (QTIWW) had 12M shares outstanding as of fiscal year 2025.

What is QT Imaging Holdings Inc's current ratio?

QT Imaging Holdings Inc (QTIWW) had a current ratio of 2.81 as of fiscal year 2025, which is generally considered healthy.

What is QT Imaging Holdings Inc's debt-to-equity ratio?

QT Imaging Holdings Inc (QTIWW) 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 Inc's return on assets (ROA)?

QT Imaging Holdings Inc (QTIWW) 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 Inc's cash runway?

Based on fiscal year 2025 data, QT Imaging Holdings Inc (QTIWW) 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 Inc's Piotroski F-Score?

QT Imaging Holdings Inc (QTIWW) 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 Inc's earnings high quality?

QT Imaging Holdings Inc (QTIWW) 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.

How financially healthy is QT Imaging Holdings Inc?

QT Imaging Holdings Inc (QTIWW) scores 37 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.