Every 10-Q that Spectral AI, Inc. (MDAI) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow MDAI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full MDAI filings page.
Spectral AI, Inc. reported lower research and development revenue as it transitions from government-funded development toward commercialization of its DeepView System. Revenue was $3.5 million for the quarter and $7.5 million for the first half of 2026, down 30.4% and 36.2% from 2025, mainly due to reduced reimbursed costs under the PBS BARDA contract and cost-share provisions in the follow-on phase.
The company posted a quarterly net loss of $4.2 million and a year‑to‑date net loss of $7.6 million, with operating expenses rising on non‑reimbursed R&D, higher stock‑based compensation and commercialization spending. Cash and cash equivalents were $14.0 million and total debt $14.9 million, contributing to a stockholders’ deficit of $12.1 million. Management expects existing cash, the PBS BARDA contract and the Yorkville SEPA to fund operations for at least one year, but notes potential need for additional capital.
Strategically, the FDA granted De Novo classification for DeepView for burn indications on May 26 2026, allowing U.S. commercial distribution, with first sales expected by year‑end 2026 and U.K. commercialization following UKCA marking. BARDA accelerated $31.7 million of funding under the up‑to‑$150 million PBS contract, while a previously disclosed material weakness in internal control over financial reporting remains under remediation.
Spectral AI, Inc. reports Q1 2026 results, with research and development revenue of $3.99 million and a net loss of $3.41 million. Revenue fell from $6.71 million a year earlier as BARDA work moved toward the end of its base phase, though gross margin improved to 50.8%.
Operating loss widened to $1.97 million, and total other expense of $1.45 million reflected warrant remeasurement and interest on new debt. Cash was $11.66 million and debt $8.4 million at March 31, 2026, and BARDA accelerated $31.7 million of contract funding while the company committed $9.7 million of its own development costs.
Spectral AI (MDAI) reported Q3 2025 results. Research and development revenue was $3.8 million, down 53.6% year over year as activity tapered ahead of its FDA De Novo submission. Gross margin was 42.7%, with a gross profit of $1.6 million.
Operating loss was $3.3 million and net loss was $3.6 million, or $0.13 per share. Cash ended at $10.5 million, supported by financing inflows. Year to date, operating cash outflows were $7.4 million, while financing provided $12.7 million.
The company drew $8.5 million under a loan facility with Avenue Capital, part of up to $15.0 million available, and issued associated warrants. A BARDA contract provides up to $150.0 million in potential funding across phases, with $54.9 million in the base phase. Subsequent to quarter-end, the company raised $7.6 million via equity and warrants.