Spectral AI Announces 2025 Second Quarter Financial Results
Spectral AI (NASDAQ:MDAI), an AI medical diagnostics company focused on wound care, reported its Q2 2025 financial results. The company achieved $5.1 million in R&D revenue for Q2 and $11.8 million for H1 2025. A significant milestone was reached with the completion of their De Novo FDA application submission for the DeepView System in June 2025.
Financial highlights include a cash position of $10.5 million, up from $5.2 million in December 2024, supported by a $15 million debt financing agreement with Avenue Capital Group. The company reported a Q2 net loss of $7.9 million, primarily due to warrant liability adjustments. Gross margin was 45.2%, slightly down from 46.6% in Q2 2024. Management reaffirmed full-year 2025 revenue guidance of $21.5 million.
Spectral AI (NASDAQ:MDAI), azienda di diagnostica medica basata sull'IA specializzata nella cura delle ferite, ha reso noti i risultati finanziari del secondo trimestre 2025. La società ha registrato $5.1 million di ricavi da R&S nel trimestre e $11.8 million nel primo semestre 2025. Un traguardo significativo è stato il completamento della sottomissione della domanda De Novo alla FDA per il sistema DeepView a giugno 2025.
I punti finanziari salienti includono una posizione di cassa di $10.5 million, in aumento rispetto ai $5.2 million di dicembre 2024, sostenuta da un accordo di finanziamento tramite debito di $15 million con Avenue Capital Group. La società ha riportato una perdita netta nel Q2 di $7.9 million, dovuta principalmente ad adeguamenti della passività legata ai warrant. Il margine lordo è stato del 45.2%, leggermente inferiore al 46.6% del Q2 2024. Il management ha confermato la guidance sui ricavi per l'intero 2025 pari a $21.5 million.
Spectral AI (NASDAQ:MDAI), una empresa de diagnóstico médico con IA centrada en el cuidado de heridas, informó sus resultados financieros del segundo trimestre de 2025. La compañía obtuvo $5.1 million en ingresos de I+D en el trimestre y $11.8 million en el primer semestre de 2025. Alcanzó un hito importante con la presentación completa de su solicitud De Novo a la FDA para el sistema DeepView en junio de 2025.
Entre los aspectos financieros destaca una posición de caja de $10.5 million, frente a $5.2 million en diciembre de 2024, respaldada por un acuerdo de financiamiento por deuda de $15 million con Avenue Capital Group. La empresa reportó una pérdida neta en el Q2 de $7.9 million, principalmente por ajustes en pasivos por warrants. El margen bruto fue del 45.2%, ligeramente por debajo del 46.6% del Q2 2024. La dirección reafirmó la guía de ingresos para todo 2025 de $21.5 million.
Spectral AI (NASDAQ:MDAI)는 상처 치료에 주력하는 AI 기반 의료 진단 기업으로, 2025년 2분기 실적을 발표했습니다. 회사는 2분기 R&D 매출 $5.1 million을 기록했으며 상반기 누적 $11.8 million을 달성했습니다. 2025년 6월 DeepView 시스템에 대한 De Novo FDA 신청서 제출을 완료한 것은 중요한 이정표입니다.
재무 주요 사항으로는 현금 보유액 $10.5 million으로, 2024년 12월의 $5.2 million에서 증가했으며 Avenue Capital Group과 체결한 $15 million 규모의 채무 금융 계약이 이를 뒷받침했습니다. 회사는 주로 워런트 부채 조정으로 인해 2분기 순손실 $7.9 million을 기록했습니다. 매출총이익률은 45.2%로 2024년 2분기의 46.6%보다 소폭 하락했습니다. 경영진은 2025년 전체 매출 가이던스를 $21.5 million으로 재확인했습니다.
Spectral AI (NASDAQ:MDAI), société de diagnostics médicaux par IA spécialisée dans les soins des plaies, a publié ses résultats financiers du deuxième trimestre 2025. La société a réalisé $5.1 million de revenus R&D au T2 et $11.8 million pour le premier semestre 2025. Un jalon important a été atteint avec l'achèvement du dépôt de la demande De Novo auprès de la FDA pour le système DeepView en juin 2025.
Les points financiers incluent une trésorerie de $10.5 million, en hausse par rapport à $5.2 million en décembre 2024, soutenue par un accord de financement par dette de $15 million avec Avenue Capital Group. La société a déclaré une perte nette au T2 de $7.9 million, principalement due à des ajustements des passifs liés aux warrants. La marge brute était de 45.2%, légèrement en baisse par rapport à 46.6% au T2 2024. La direction a réaffirmé ses prévisions de chiffre d'affaires pour l'ensemble de 2025 à $21.5 million.
Spectral AI (NASDAQ:MDAI), ein auf Wundversorgung spezialisiertes KI-Unternehmen für medizinische Diagnostik, veröffentlichte die Finanzergebnisse für das zweite Quartal 2025. Das Unternehmen erzielte $5.1 million an F&E-Einnahmen im Quartal und $11.8 million im ersten Halbjahr 2025. Ein wichtiger Meilenstein war die Fertigstellung der Einreichung des De Novo-Antrags bei der FDA für das DeepView-System im Juni 2025.
Zu den finanziellen Höhepunkten zählt eine Barmittelposition von $10.5 million, gegenüber $5.2 million im Dezember 2024, gestützt durch eine $15 million Schuldenfinanzierungsvereinbarung mit Avenue Capital Group. Das Unternehmen meldete einen Q2-Nettoverlust von $7.9 million, hauptsächlich aufgrund von Anpassungen bei der Verbindlichkeit aus Warrants. Die Bruttomarge lag bei 45.2%, leicht unter den 46.6% im Q2 2024. Das Management bestätigte die Umsatzprognose für das Gesamtjahr 2025 von $21.5 million.
- Completed De Novo FDA application submission ahead of schedule
- Strong cash position improvement to $10.5M from $5.2M in December 2024
- Secured $15M debt financing agreement with Avenue Capital Group
- 16.4% reduction in net loss for first half of 2025 compared to 2024
- Decreased G&A expenses from $5.8M to $4.4M showing operational efficiency
- R&D Revenue declined 32% to $5.1M from $7.5M in Q2 2024
- Q2 net loss increased to $7.9M from $2.9M year-over-year
- Gross margin declined to 45.2% from 46.6% in Q2 2024
- Recorded $5.4M increase in warrant liability impacting financial results
Insights
Spectral AI posted lower Q2 revenue but reached a crucial FDA milestone while maintaining solid cash position despite widening quarterly losses.
Spectral AI's Q2 2025 results reveal a 32% decrease in R&D revenue to
The company's gross margin slightly declined to
The quarterly net loss significantly widened to
The company's liquidity position strengthened considerably, with cash increasing to
The most significant operational milestone was the completed submission of their De Novo application to the FDA for the DeepView System in June 2025, earlier than projected. This AI-powered diagnostic tool for wound care represents their path to market in the US.
Management reaffirmed their 2025 revenue guidance of approximately
Q2 Overview
- Research & Development Revenue of
$5.1 Million , total revenue for the first half of 2025 of$11.8 Million - Strong Cash position of
$10.5 Million - Submission of De Novo application to FDA completed in Second Quarter of 2025
DALLAS, Aug. 12, 2025 (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 second quarter ended June 30, 2025 and provided an update on its ongoing business activities.
“We are pleased with the results of our second quarter of 2025 especially with our ability to complete our submission of our De Novo application earlier than projected to the US Food and Drug Administration (“FDA”). This FDA submission is a major milestone for Spectral AI and the DeepView System, representing a crucial step toward bringing this innovative diagnostic device to market in the U.S. It provides clinicians with an immediate, data-driven assessment tool designed to assist clinical decision-making and may significantly improve patient outcomes,” stated J. Michael DiMaio, MD, Chairman of the Board at Spectral AI. “I am grateful to our shareholders for their continued support as we reach this important milestone. I am also incredibly proud of our team’s dedication and we remain committed to our mission to bring this technology to the broader healthcare market worldwide.”
SELECT BUSINESS HIGHLIGHTS
Corporate
The Company completed the submission of the De Novo application to the FDA in June 2025, a crucial step in potentially obtaining FDA approval and bringing the DeepView System to the worldwide healthcare market.
Q2 2025 FINANCIAL RESULTS OVERVIEW
All comparisons are to the three months ended June 30, 2024 (“Q2 2024”) unless otherwise stated.
Research & Development Revenue¹
Research & Development Revenue for Q2 2025 declined
Gross Margin
Gross margin forQ2 2025 was
General & Administrative Expense
General and administrative expenses in Q2 2025 were
Other Income/(Expense)
Other Income/(Expense) in Q2 2025 decreased
Net Income/(Loss)
The Company reported a net loss for Q2 2025 of
Financial Condition
As of June 30, 2025, cash improved to
2025 Guidance
The Company reiterates its revenue guidance 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:
- 833-630-1956 – U.S.
- 412-317-1837 – International
A simultaneous webcast of the call may be accessed online from the Events & Presentations 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 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. 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:
David Kugelman
Atlanta Capital Partners LLC
(866) 692-6847 Toll Free – U.S. & Canada
(404) 281-8556 Mobile and WhatsApp Email: dk@atlcp.com
| Spectral AI, Inc. Condensed Consolidated Balance Sheet (in thousands) | ||||||
| June 30, 2025 | June 30, 2024 | |||||
| Assets | ||||||
| Current Assets: | ||||||
| Cash | $ | 10,524 | $ | 5,157 | ||
| Accounts receivable, net | 1,467 | 2,505 | ||||
| Inventory | 462 | 425 | ||||
| Prepaid expenses | 934 | 1,289 | ||||
| Other current assets | 614 | 746 | ||||
| Total current assets | 14,001 | 10,122 | ||||
| Non-current assets: | ||||||
| Property and equipment, net | 317 | 2 | ||||
| Right-of-use assets | 1,691 | 1,971 | ||||
| Total Assets | $ | 16,009 | $ | 12,095 | ||
| Liabilities and Stockholders’ Deficit | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 1,986 | $ | 4,035 | ||
| Accrued expenses | 2,547 | 3,210 | ||||
| Deferred revenue | 424 | 960 | ||||
| Lease liabilities, short-term | 612 | 201 | ||||
| Notes payable, current | 62 | 422 | ||||
| Notes payable – at fair value | - | 2,365 | ||||
| Warrant liabilities | 10,555 | 6,451 | ||||
| Total current liabilities | 16,186 | 17,644 | ||||
| Notes payable, long-term | 7,632 | - | ||||
| Lease liabilities, long-term | 1,342 | 1,702 | ||||
| Total Liabilities | 25,160 | 19,346 | ||||
| Stockholders’ Deficit | ||||||
| Preferred stock ( | ||||||
| Common stock ( | 2 | 2 | ||||
| Additional paid-in capital | 44,095 | 40,973 | ||||
| Accumulated other comprehensive income | 52 | 3 | ||||
| Accumulated deficit | (53,300 | ) | (48,229 | ) | ||
| Total Stockholders’ Deficit | (9,151 | ) | (7,251 | ) | ||
| Total Liabilities and Stockholders’ Deficit | $ | 16,009 | $ | 12,095 | ||
| Spectral AI, Inc. Condensed Consolidated Statements of Operations (in thousands, except share and per share data) | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||
| June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||||
| Research and development revenue | $ | 5,065 | $ | 7,478 | $ | 11,772 | $ | 13,804 | ||||
| Cost of revenue | (2,775 | ) | (4,164 | ) | (6,314 | ) | (7,545 | ) | ||||
| Gross profit | 2,290 | 3,314 | 5,458 | 6,259 | ||||||||
| Operating costs and expenses: | ||||||||||||
| General and administrative | 4,413 | 5,756 | 8,477 | 10,844 | ||||||||
| Total operating costs and expenses | 4,413 | 5,756 | 8,477 | 10,844 | ||||||||
| Operating loss | (2,123 | ) | (2,442 | ) | (3,019 | ) | (4,585 | ) | ||||
| Other income (expense): | ||||||||||||
| Net interest (expense) income | (277 | ) | (6 | ) | (297 | ) | 8 | |||||
| Borrowing related costs | (124 | ) | (699 | ) | (705 | ) | (975 | ) | ||||
| Change in fair value of warrant liability | (5,449 | ) | 348 | (1,196 | ) | 368 | ||||||
| Change in fair value of notes payable | 0 | (167 | ) | 220 | (101 | ) | ||||||
| Foreign exchange transaction (loss) gain, net | (14 | ) | (9 | ) | (22 | ) | (25 | ) | ||||
| Other income (expenses), including transaction costs | 0 | 180 | 0 | (668 | ) | |||||||
| Total other income (expense), net | (5,864 | ) | (353 | ) | (2,000 | ) | (1,393 | ) | ||||
| Loss before income taxes | (7,987 | ) | (2,795 | ) | (5,019 | ) | (5,978 | ) | ||||
| Income tax provision | 19 | (69 | ) | (52 | ) | (91 | ) | |||||
| Net loss | $ | (7,968 | ) | $ | (2,864 | ) | $ | (5,071 | ) | $ | (6,069 | ) |
| Net income (loss) per share of common stock – basic and diluted | $ | (0.31 | ) | $ | (0.16 | ) | $ | (0.21 | ) | $ | (0.36 | ) |
| Weighted average common shares outstanding – basic and diluted | 25,421,560 | 17,598,357 | 24,409,550 | 17,079,328 | ||||||||
| Spectral AI, Inc. Unaudited Condensed Consolidated Statements of Cash Flows (in thousands) | |||||||
| Six Months Ended | |||||||
| June 30, 2025 | June 30, 2024 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (5,071 | ) | $ | (6.069 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities | - | - | |||||
| Depreciation expense | 12 | 5 | |||||
| Amortization of debt issuance costs | 120 | - | |||||
| Stock-based compensation | 611 | 685 | |||||
| Amortization of right-of-use assets | 280 | 320 | |||||
| Change in fair value of warrant liabilities | 1,196 | (368 | ) | ||||
| Change in fair value of notes payable | (220 | ) | 101 | ||||
| Costs from issuance of common stock | - | 372 | |||||
| Issuance of shares for borrowing related costs | 241 | - | |||||
| Accounts receivable | 1,038 | 51 | |||||
| Inventory | (37 | ) | (37 | ) | |||
| Prepaid expenses | 355 | 203 | |||||
| Other assets | 132 | (172 | ) | ||||
| Accounts payable | (2,049 | ) | (206 | ) | |||
| Accrued expenses | (663 | ) | (1,567 | ) | |||
| Deferred revenue | (536 | ) | (996 | ) | |||
| Lease liabilities | (276 | ) | (364 | ) | |||
| Net cash used in operating activities | (4,867 | ) | (8,042 | ) | |||
| Proceeds from issuance of common stock and warrants | 3,080 | 2,667 | |||||
| Proceeds from notes payable | 8,260 | 9,200 | |||||
| Proceeds from notes payable - related party | - | 1,000 | |||||
| Payments for notes payable | (1,313 | ) | (2,736 | ) | |||
| Stock option exercises | 158 | - | |||||
| Net cash provided by financing activities | 10,185 | 10,131 | |||||
| Effect of exchange rates changes on cash | 49 | (2 | ) | ||||
| Net increase in cash | 5,367 | 2,087 | |||||
| Cash, beginning of period | 5,157 | 4,790 | |||||
| Cash, end of period | $ | 10,524 | $ | 6,877 | |||
FAQ
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