Spectral AI Announces 2025 Fourth Quarter and Full Year Financial Results and Introduces Revenue Guidance for 2026
Rhea-AI Summary
Spectral AI (Nasdaq: MDAI) reported Q4 2025 R&D revenue $3.8M and FY 2025 R&D revenue $19.7M. Cash was $15.4M at December 31, 2025, and Q4 net income was $0.6M while FY net loss was $(7.6M). The company submitted a De Novo 510(k) for DeepView burn indication and received $31.7M additional BARDA funding, with $54.9M committed to date under a contract valued up to $150M. Spectral AI provided 2026 revenue guidance of approximately $18.5M.
Positive
- Cash balance increased to $15.4M at year-end
- $31.7M additional BARDA funding advanced
- Total BARDA committed funding $54.9M to date
- 2026 revenue guidance of $18.5M
- Q4 2025 net income of $0.6M vs Q4 2024 loss
Negative
- FY 2025 R&D revenue declined to $19.7M from $29.6M
- FY 2025 net loss of $(7.6M)
Key Figures
Market Reality Check
Peers on Argus
MDAI is up 11.69% while key peers like SRTS, ELUT, WOK, and APYX are down, and momentum peers TELA and VNRX are also down. Only CTSO is up (4.32%), suggesting a stock-specific move tied to this earnings release.
Previous Earnings,AI Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 11 | Q3 2025 earnings | Negative | -7.0% | Q3 2025 results with revenue decline, higher net loss, and lowered guidance. |
| Aug 12 | Q2 2025 earnings | Negative | -5.2% | Q2 2025 results showing net loss and reliance on debt financing. |
| May 13 | Q1 2025 earnings | Negative | -8.4% | Q1 2025 update with R&D revenue, financing deals, and ongoing losses. |
| Mar 27 | FY 2024 earnings | Negative | -11.7% | 2024 results highlighting strong revenue growth but a full-year net loss. |
| Nov 06 | Q3 2024 earnings | Negative | -11.3% | Q3 2024 results with rising R&D revenue but continued net losses. |
Earnings/AI headlines have historically led to negative reactions (average move -8.71%). Today’s positive move after results diverges from that pattern.
Over the last year, Spectral AI’s earnings-linked news, tagged “earnings,AI”, has focused on BARDA-backed R&D revenue, cash-raising financings, and progress toward FDA De Novo submission for DeepView. Prior quarters frequently combined solid gross margins with net losses and capital raises, and the stock typically traded down after those reports. Today’s update adds full-year 2025 results, a stronger cash position, and 2026 revenue guidance, marking a shift from purely development-stage updates toward a more guidance-driven narrative.
Historical Comparison
Past earnings/AI releases moved MDAI an average of -8.71%. Today’s +11.69% move after FY 2025 results and 2026 guidance stands out versus that history.
Earnings updates show a progression from 2024 revenue growth with losses, through 2025 quarters marked by BARDA-funded R&D and financing activity, toward today’s full-year 2025 results and explicit 2026 revenue guidance.
Regulatory & Risk Context
An effective S-3 resale registration filed on 2025-10-30 covers up to 4,989,502 shares issuable from existing warrants and pre-funded warrants. The company states it will not receive proceeds from selling stockholders’ resales and would receive cash only upon any warrant exercises paid in cash.
Market Pulse Summary
This announcement details full-year 2025 financials, including $19.7M in R&D revenue, a narrowed net loss of $(7.6)M, and an improved year-end cash position of $15.4M, supported by BARDA funding and prior financings. It also introduces 2026 revenue guidance of $18.5M tied mainly to the BARDA PBS Contract. Investors may watch future updates on FDA De Novo review progress, commercialization timing, and how guidance evolves alongside government contract activity.
Key Terms
u.s. food and drug administration regulatory
barda regulatory
AI-generated analysis. Not financial advice.
Overview
- Full Year Research & Development Revenue of
$19.7 Million ; Q4 2025 Revenue of$3.8 Million - Cash Rose to
$15.4 Million at December 31, 2025
DALLAS, March 24, 2026 (GLOBE NEWSWIRE) -- Spectral AI, Inc. (Nasdaq: MDAI) (“Spectral AI” or the “Company”), an artificial intelligence (“AI”) company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, today announced financial results for the fourth quarter (“Q4 2025”) and full year (“FY 2025”) ended December 31, 2025 and provided an update on its ongoing activities related to the commercialization of its proprietary, AI-driven DeepView® System for burn indication.
“2025 was a pivotal year for Spectral AI, highlighted by the submission of our De Novo 510(k) application to the U.S. Food and Drug Administration (“FDA”) of our DeepView System for burn indication,” said Vincent Capone, Chief Executive Officer of Spectral AI. “We continue to make significant progress along numerous fronts in preparation for the anticipated commercialization of this innovative diagnostic device. The reception of our technology at burn conferences in the U.S., UK, and Europe has been exceptional.”
Mr. Capone concluded, “We ended the year in a strong financial position, especially with our cash balance above
Additional BARDA Funding
As previously announced, the Company received
2025 FINANCIAL RESULTS OVERVIEW
All comparisons to Q4 2025 and FY 2025 are to the comparable periods ended December 31, 2024 unless otherwise stated.
Research & Development Revenue
Research & Development revenue for Q4 2025 was
Research & Development Revenue for FY 2025 decreased to
Gross Margin
Gross margin for Q4 2025 was
Gross margin for FY 2025 was
General & Administrative Expense
General and administrative expenses in Q4 2025 were
For FY 2025, general and administrative expenses were
Net Income/(Loss)
Net income for Q4 2025 was
For FY 2025, net loss was
Financial Condition
As of December 31, 2025, cash improved to
2026 Guidance
The Company is forecasting revenue of approximately
CONFERENCE CALL
The Company will host a conference call today at 5:00 pm Eastern Time to discuss these results. Investors interested in participating in the live call can dial:
- 833-890-6620 – U.S.
- 412-564-3789 – International
A simultaneous webcast of the call may be accessed online from the Events section of the Investor Relations page of the Company’s website at https://investors.spectral-ai.com/news-events/events.
About Spectral AI
Spectral AI, Inc. is a Dallas-based predictive AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, with initial applications involving patients with burns. The Company is working to revolutionize the management of wound care by “Seeing the Unknown®” with its DeepView System. The DeepView System is being developed as a predictive diagnostic device to offer clinicians an objective and immediate assessment of a burn wound’s healing potential prior to treatment or other medical intervention. With algorithm-driven results and a goal of exceeding the current standard of care in the future, the DeepView System is expected to provide fast and accurate treatment insight towards value care by improving patient outcomes and reducing healthcare costs. Spectral AI has been named to TIME’s list of World’s Top HealthTech companies 2025. For more information about the DeepView System, visit www.spectral-ai.com.
Forward-Looking Statements
Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s strategy, plans, objectives, initiatives and financial outlook. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. As such, readers are cautioned not to place undue reliance on any forward-looking statements.
Investors should carefully consider the foregoing factors, and the other risks and uncertainties described in the “Risk Factors” sections of the Company’s filings with the SEC, including the Registration Statement and the other documents filed by the Company. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
| For Media and Investor Relations, please contact: | |
| The Equity Group Devin Sullivan Managing Director dsullivan@theequitygroup.com | Conor Rodriguez Associate crodriguez@theequitygroup.com |
| Spectral AI, Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) | |||||||
| December 31, 2025 | December 31, 2024 | ||||||
| Assets | |||||||
| Current Assets: | |||||||
| Cash | $ | 15,394 | $ | 5,157 | |||
| Accounts receivable, net | 1,267 | 2,505 | |||||
| Inventory | 838 | 425 | |||||
| Prepaid expenses | 821 | 1,289 | |||||
| Other current assets | 1,133 | 746 | |||||
| Total current assets | 19,453 | 10,122 | |||||
| Non-current assets: | |||||||
| Property and equipment, net | 258 | 2 | |||||
| Right-of-use assets | 1,407 | 1,971 | |||||
| Other assets | 287 | ||||||
| Total Assets | $ | 21,405 | $ | 12,095 | |||
| Liabilities and Stockholders’ Deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 3,010 | $ | 4,035 | |||
| Accrued expenses | 2,341 | 3,210 | |||||
| Deferred revenue | 154 | 960 | |||||
| Lease liabilities, short-term | 734 | 201 | |||||
| Notes payable, current | 2,854 | 422 | |||||
| Notes payable – at fair value | - | 2,365 | |||||
| Warrant liabilities | 11,533 | 6,451 | |||||
| Total current liabilities | 20,626 | 17,644 | |||||
| Note payable, long-term | 5,538 | - | |||||
| Lease liabilities, long-term | 968 | 1,702 | |||||
| Total Liabilities | 27,132 | 19,346 | |||||
| Stockholders’ Deficit | |||||||
| Preferred stock ( | |||||||
| Common stock ( | 3 | 2 | |||||
| Additional paid-in capital | 50,030 | 40,847 | |||||
| Accumulated other comprehensive income | 40 | 3 | |||||
| Accumulated deficit | (55,800) | (48,103) | |||||
| Total Stockholders’ Deficit | (5,727) | (7,251) | |||||
| Total Liabilities and Stockholders’ Deficit | $ | 21,405 | $ | 12,095 | |||
| Spectral AI, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) | |||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | ||||||||||
| Research and development revenue | $ | 3,849 | $ | 7,604 | $ | 19,650 | $ | 29,581 | |||||
| Cost of revenue | (2,318) | (4,256) | (10,725) | (16,307) | |||||||||
| Gross profit | 1,531 | 3,348 | 8,925 | 13,274 | |||||||||
| Operating costs and expenses: | |||||||||||||
| General and administrative | 4,012 | 4,459 | 17,528 | 19,856 | |||||||||
| Total operating costs and expenses | 4,012 | 4,459 | 17,528 | 19,586 | |||||||||
| Operating loss | (2,481) | (1,111) | (8,603) | (6,582) | |||||||||
| Other income (expense): | |||||||||||||
| Net interest (expense) income | (289) | 14 | (886) | 14 | |||||||||
| Borrowing related costs | (182) | (931) | (1,051) | (2,965) | |||||||||
| Amortization of debt discount | (455) | (455) | |||||||||||
| Change in fair value of warrant liability | 4,011 | (5,351) | 3,249 | (4,633) | |||||||||
| Change in fair value of notes payable | - | (213) | 220 | (220) | |||||||||
| Foreign exchange transaction (loss), net | (3) | (9) | (34) | (43) | |||||||||
| Other income (expenses), including transaction costs | - | 1 | 0 | (615) | |||||||||
| Total other income (expense), net | 3,082 | (6,488) | 1,043 | (8,462) | |||||||||
| Income (loss) before income taxes | 601 | (7,599) | (7,560) | (15,044) | |||||||||
| Income tax provision | 41 | (143) | (11) | (271) | |||||||||
| Net incomes (loss) | $ | 642 | $ | (7,742) | $ | (7,571) | $ | (15,315) | |||||
| Net income (loss) per share of common stock – basic | $ | 0.02 | $ | (0.41) | $ | (0.29) | $ | (0.85) | |||||
| Weighted average common shares outstanding – basic | 30,291,447 | 18,810,771 | 26,518,476 | 17,934,218 | |||||||||
| Net income (loss) per share of common stock – diluted | $ | 0.02 | $ | (0.41) | $ | (0.29) | $ | (0.85) | |||||
| Weighted average common shares outstanding – diluted | 30,394,028 | 18.810,771 | 26,518,476 | 17,934,218 | |||||||||
| Spectral AI, Inc. Condensed Consolidated Statements of Cash Flows (in thousands, except share and per share data) | ||||||
| Twelve Months Ended | ||||||
| December 31, 2025 | December 31, 2024 | |||||
| Cash flows from operating activities: | ||||||
| Net loss | $ | (7,571) | (15,315) | |||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||
| Depreciation expense | 71 | 10 | ||||
| Amortization of debt issuance costs | 454 | - | ||||
| Stock-based compensation | 1,115 | 1,032 | ||||
| Amortization of right-of-use assets | 564 | 578 | ||||
| Change in fair value of warrant liabilities | (3,249) | 4,633 | ||||
| Change in fair value of notes payable | (220) | 220 | ||||
| Costs from issuance of common stock | - | 372 | ||||
| Issuance of shares for borrowing related costs | 241 | 1,143 | ||||
| Transaction costs allocated to Avenue Warrants, Investor Warrants and Hudson Warrants | 704 | - | ||||
| Accounts receivable | 1,238 | (159) | ||||
| Inventory | (413) | (195) | ||||
| Prepaid expenses | 761 | 163 | ||||
| Other assets | (387) | 55 | ||||
| Accounts payable | (1,025) | 1,426 | ||||
| Accrued expenses | (869) | (1,090) | ||||
| Deferred revenue | (806) | (1,351) | ||||
| Lease liabilities | (528) | (721) | ||||
| Net cash used in operating activities | (9,920) | (9,198) | ||||
| Proceeds from issuance of common stock and warrants | 10,638 | 4,060 | ||||
| Payment of issuance costs | (642) | - | ||||
| Proceeds from notes payable | 8,285 | 12,096 | ||||
| Payment of borrowing costs | (47) | |||||
| Proceeds from notes payable - related party | - | 1,000 | ||||
| Payments for notes payable | (1,529) | (7,758) | ||||
| Proceeds from warrant exercises | 2,526 | - | ||||
| Stock option exercises | 889 | 177 | ||||
| Net cash provided by financing activities | 20,120 | 9,575 | ||||
| Effect of exchange rates changes on cash | 37 | (9) | ||||
| Net increase in cash | 10,237 | 367 | ||||
| Cash, beginning of period | 5,157 | 4,790 | ||||
| Cash, end of period | $ | 15,394 | $ | 5,157 | ||
FAQ
What were Spectral AI (MDAI) Q4 2025 revenue and net income figures?
How much cash did Spectral AI (MDAI) hold at December 31, 2025?
What BARDA funding has Spectral AI (MDAI) received and committed?
Did Spectral AI (MDAI) submit regulatory filings for DeepView in 2025?
What revenue guidance did Spectral AI (MDAI) provide for 2026?
How did Spectral AI (MDAI) R&D revenue change from 2024 to 2025?
