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  4. [8-K] QT IMAGING HOLDINGS, INC. Reports Material Event

QT Imaging Holdings (QTI) doubles Q2 revenue but books $11.1M net loss

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

QT Imaging Holdings, Inc. reported rapid top-line growth while remaining loss-making for the quarter ended June 30, 2026. Revenue for the second quarter was $7.4 million, up 103% from $3.7 million a year earlier, driven by shipments of fifteen Breast Acoustic CT scanners versus eight in the prior-year quarter. First-half revenue was $14.0 million, up 116% from $6.5 million.

Gross margin was 41%, down from 50% a year ago, reflecting mix and inventory cost dynamics. Total operating expenses rose to $4.9 million from $2.9 million, mainly from higher compensation, professional services, and marketing, resulting in an operating loss of $1.9 million versus a $1.0 million loss last year. A largely non-cash $8.3 million loss on debt extinguishment and modification related to the Lynrock Lake term loan drove total interest and other expense to $9.2 million and pushed net loss to $11.1 million, or $0.75 per share.

Non-GAAP adjusted EBITDA was –$1.2 million. Net cash used in operating activities for the quarter was $4.8 million. QT Imaging strengthened liquidity via an underwritten public offering generating approximately $10.0 million in gross proceeds and extended the maturity of its senior secured term loan from March 2027 to March 2029. Cash and restricted cash totaled $11.0 million as of June 30, 2026 and $14.2 million as of August 7, 2026. The company reaffirmed its 2026 revenue guidance of approximately $39 million and highlighted regulatory wins, expanded manufacturing capacity, and a clean first routine FDA inspection with zero Form 483 observations.

Positive

  • Q2 2026 revenue grew 103% year-over-year to $7.4 million, with first-half revenue up 116% to $14.0 million, demonstrating strong commercial uptake of Breast Acoustic CT scanners.
  • The company reaffirmed 2026 revenue guidance of approximately $39 million, anchored by minimum order quantities under distribution agreements and expected direct sales contributions.
  • QT Imaging strengthened liquidity via a $10.0 million underwritten public offering and ended June 30, 2026 with $11.0 million in cash and restricted cash, increasing to $14.2 million by August 7, 2026.
  • The Lynrock Lake term loan maturity was extended from March 31, 2027 to March 31, 2029, improving the near-term debt maturity profile despite a higher interest rate.
  • The company successfully completed its first routine FDA inspection with zero Form 483 observations, underscoring the strength of its quality and compliance systems.
  • Manufacturing capacity was expanded via relocation to a 22,000-square-foot facility, providing more than 2.5x operational space and reducing lease cost per square foot by approximately 55%.

Negative

  • Despite strong growth, QT Imaging reported a Q2 2026 net loss of $11.1 million versus a $4.0 million loss a year earlier, driven in part by a large non-cash debt-related charge.
  • The company recorded an $8.3 million non-cash loss on debt extinguishment and modification tied to the Lynrock Lake term loan, significantly increasing total interest and other expense to $9.2 million.
  • Gross margin declined to 41% in Q2 2026 from 50% in Q2 2025, reflecting changes in weighted average cost of inventory and geographic mix.
  • Operating expenses increased to $4.9 million from $2.9 million year-over-year in Q2, contributing to a higher operating loss and underscoring ongoing investment needs.
  • Net cash used in operating activities was $8.5 million for the first half of 2026, compared with $5.0 million in the prior-year period, highlighting continued cash burn.
  • The company references an identified material weakness in internal controls over financial reporting among its risk factors, indicating ongoing remediation needs.

Filing Explained

The completed $10 million-gross offering adds capital while diluting holders; amended debt now runs to 2029 at 12% interest.

This Form 8-K reports a completed underwritten public offering and a completed May 12 Lynrock Lake term-loan modification; the offering adds common stock and warrants, while the loan now carries 12% interest and matures on March 31, 2029.

An underwritten offering uses an investment bank to purchase securities from the issuer for resale, and issuing additional shares reduces an existing holder’s percentage ownership absent offsetting changes.

The filing confirms the sale of common stock and warrants but does not state the quantities sold or the warrants’ conversion terms, so issuance-related dilution is established but cannot be sized from this disclosure.

The supplied prior-quarter record lists $6.9 million of cash and equivalents and $3.654 million of operating cash outflow for 2026Q1; that cash equals 170 days of the last reported operating cash use.

Future financial statements will show the cash-interest effect of the May 12 amendment; the specific line item to monitor is interest expense under the loan’s new 12% rate.

Sources and calculations
  • QT Imaging Holdings Form 8-K and Exhibits (2026-08-12)
  • Form 8-K purpose (2026-07-17)
  • Underwritten offering definition (2026-07-17)
  • Dilution definition (2026-07-17)
  • QT Imaging first-quarter fundamentals (2026Q1)
  • Cash and equivalents vs quarterly operating cash outflow, in days of cash use $6,900,000 / ($3,654,000 / 90) = [object Object]
Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 99.1 Item 99.1
Q2 2026 Revenue $7.435 million Three months ended June 30, 2026; up 103% from $3.659 million in Q2 2025
First-half 2026 Revenue $13.965 million Six months ended June 30, 2026; up from $6.458 million in 2025
Q2 2026 Gross Margin 41% Gross profit of $3.060 million on $7.435 million revenue; 50% in Q2 2025
Q2 2026 Net Loss $11.070 million Net loss for the three months ended June 30, 2026; $4.002 million in Q2 2025
Loss on Debt Extinguishment and Modification $8.294 million Recorded in Q2 2026 related to modification of the Lynrock Lake Term Loan
Adjusted EBITDA Q2 2026 –$1.175 million Non-GAAP Adjusted EBITDA for the three months ended June 30, 2026
Cash and Restricted Cash June 30, 2026 $10.974 million Cash, cash equivalents and restricted cash and cash equivalents at period end
2026 Revenue Guidance $39.0 million Company’s affirmed full-year 2026 revenue outlook
Adjusted EBITDA financial
"Adjusted EBITDA is defined as EBITDA further adjusted for other expense (income), change in fair value..."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
earnout liability financial
"The earnout liability relates to the contingent consideration for the Merger Earnout Consideration Shares..."
A future payment a buyer has agreed to make after an acquisition if the purchased business hits certain performance targets; it is recorded as a liability because it may become an obligation. Investors care because it affects a company's reported debt and potential cash outflows—similar to promising a bonus if a car you bought later reaches a set mileage, it shifts risk and can change valuation and earnings depending on whether the targets are met.
Form 483 observations regulatory
"The inspection concluded with zero Form 483 observations, reflecting the strength of the Company’s Quality Management System..."
Form 483 observations are written notes issued by U.S. Food and Drug Administration inspectors at the end of a facility inspection that list conditions or practices the inspectors believe may violate regulations. Think of it as a report card listing problems found during an audit; it does not itself impose penalties but signals potential regulatory issues, corrective work, product holds, or follow-up inspections that can affect a company’s operations, timelines, and investor risk.
Category III CPT code medical
"Approval of Reimbursement Category III CPT Code Feb 2026"
A Category III CPT code is a temporary billing code used by medical providers to report new, experimental or emerging procedures, technologies, or services that do not yet have a permanent billing code. It matters to investors because assignment of such a code signals early clinical or market adoption, provides a way to capture usage and potential reimbursement data, and can hint at future revenue growth or regulatory and payment uncertainty—much like a temporary SKU that lets a retailer track early demand for a new product.
Speed of Sound measurements technical
"less than 1% variability in Speed of Sound measurements across Breast Acoustic CT scanners"
Q2 2026 Revenue $7.435 million up 103% from $3.659 million in Q2 2025
First-half 2026 Revenue $13.965 million up from $6.458 million in first-half 2025
Q2 2026 Net Loss $11.070 million wider than $4.002 million in Q2 2025
Q2 2026 Gross Margin 41% down from 50% in Q2 2025
Q2 2026 Adjusted EBITDA –$1.175 million vs –$0.786 million in Q2 2025
Guidance

The company affirms its 2026 revenue guidance of approximately $39 million.

FAQ

How did QT Imaging (QTI) perform financially in Q2 2026?
QT Imaging reported Q2 2026 revenue of $7.4 million, up 103% from $3.7 million in Q2 2025, driven by shipping fifteen Breast Acoustic CT scanners. Net loss was $11.1 million, or $0.75 per share, reflecting higher operating expenses and a significant non-cash debt-related loss.

What is QT Imaging (QTI)’s revenue outlook for full-year 2026?
QT Imaging reaffirmed 2026 revenue guidance of approximately $39 million. This outlook incorporates minimum order quantities under its distribution agreements and expected incremental contributions from its expanding direct sales efforts in the U.S. and internationally.

How strong is QT Imaging (QTI)’s liquidity and cash position?
As of June 30, 2026, QT Imaging had $11.0 million in cash and restricted cash, rising to $14.2 million as of August 7, 2026. The company strengthened its capital position through an underwritten public offering generating approximately $10.0 million in gross proceeds.

What drove QT Imaging (QTI)’s larger net loss in Q2 2026?
The $11.1 million net loss in Q2 2026 was influenced by higher operating expenses and a primarily non-cash $8.3 million loss on debt extinguishment and modification related to the Lynrock Lake term loan, which increased total interest and other expense to $9.2 million.

What non-GAAP profitability metric does QT Imaging (QTI) highlight?
QT Imaging reports Adjusted EBITDA as a non-GAAP measure. For Q2 2026, Adjusted EBITDA was –$1.2 million, compared with –$0.8 million in Q2 2025, excluding interest, taxes, depreciation, amortization, fair-value changes, debt-related losses, and stock-based compensation.

What key regulatory and operational milestones did QT Imaging (QTI) achieve recently?
Recent milestones include regulatory authorization in Israel and Saudi Arabia, expanded manufacturing capacity through a 22,000-square-foot facility with lower lease cost per square foot, and completion of the first routine FDA inspection with zero Form 483 observations, supporting quality and scale-up readiness.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Understanding 8-K Material Events →
false00018445053 Hamilton LandingSuite 160NovatoCA94949415842-7250QTI00018445052026-08-122026-08-12

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________
FORM 8-K
_________________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 12, 2026
________________________________________________________
QT IMAGING HOLDINGS, INC.
(Exact name of Registrant as Specified in Charter)
________________________________________________________
Delaware001-4083986-1728920
(State or Other Jurisdiction of (Commission (IRS Employer
Incorporation or Organization)File Number)Identification Number)
3 Hamilton Landing, Suite 160
Novato, CA 94949
(Address of principal executive offices, including Zip Code)
(415) 842-7250
(Registrant's telephone number, including area code)
________________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbols		Name of each exchange
on which registered
Common stock, par value
$0.0001 per share		QTIThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02     Results of Operations and Financial Condition.
On August 12, 2026, QT Imaging Holdings, Inc. (the “Company”) issued a press release announcing its financial results for the three and six months ended June 30, 2026. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K (this “Current Report”) and is incorporated by reference herein.
The information included in Item 2.02, and Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” with the Securities and Exchange Commission (the “SEC”) for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, regardless of any general incorporation language in any such filing.
Item 8.01 Other Events.
The information contained in, or incorporated into, Item 2.02 above is incorporated herein by reference.
Please refer to Exhibit 99.1 for a discussion of certain forward-looking statements included therein and the risks and uncertainties related thereto.
Item 9.01    Financial Statements and Exhibits
(d) Exhibits.
Exhibit No.Item
99.1
Press release dated August 12, 2026
99.2
Investor Presentation dated August 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated:August 12, 2026
By:/s/ Dr. Raluca Dinu
Name:Dr. Raluca Dinu
Title:Chief Executive Officer


image_0.jpg

QT Imaging Delivers Strong Second Quarter Growth While Building the Foundation for Commercial Scale
Second-quarter revenue reached $7.4 million; first-half revenue increased 116% to $14.0 million, with 28 scanners shipped
Strengthened capital position through a $10.0 million public offering and expanded direct U.S. commercial capabilities to accelerate adoption
Reaffirms full-year 2026 revenue guidance of approximately $39 million
Conference Call begins at 4:30 p.m. Eastern Time today
NOVATO, Calif., August 12, 2026 — QT Imaging Holding, Inc. (Nasdaq: QTI) (“QT Imaging” or the “Company”), a medical device company dedicated to transforming breast health management through innovative, radiation-free imaging technology, today reported financial results for the three and six months ended June 30, 2026, and provided a business update.
“Our second quarter results demonstrate continued execution and the growing commercial momentum of QT Imaging. Revenue more than doubled year-over-year to $7.4 million, and we shipped fifteen Breast Acoustic CT scanners during the quarter, compared with eight in the prior-year period,” said Dr. Raluca Dinu, Chief Executive Officer of QT Imaging. “We also took important steps to support continued growth, completing a $10 million public offering, expanding our direct U.S. sales organization, and securing regulatory authorization in Israel and Saudi Arabia. At the same time, we generated new evidence demonstrating less than 1% variability in Speed of Sound measurements across our scanners, successfully completed our first routine FDA inspection with zero Form 483 observations, and expanded manufacturing capacity through our new 22,000-square-foot facility. These are tangible steps toward scaling Breast Acoustic CT commercially while building the clinical, regulatory and operational foundation for broader adoption.”
“With more than 12,000 women already imaged using our technology, we are building more than an innovative medical imaging system; we are building a quantitative breast imaging platform that integrates advanced hardware, software, cloud infrastructure and, over time, AI-enabled clinical applications,” added Dr. Dinu. “At the same time, we continue to evolve our commercial strategy by complementing our established distribution partnerships with expanded direct commercial, and business development capabilities to accelerate customer engagement and broaden adoption. While geopolitical developments have impacted commercial activities in parts of the Gulf region, we are beginning to see encouraging signs of renewed customer engagement.”
Second Quarter and Recent Business Highlights
•Continued commercial execution: QT Imaging shipped 15 Breast Acoustic CT scanners during the second quarter of 2026 and 28 scanners during the first six months of the year. The revenue for the second quarter of 2026 was $7.4 million. The Company continues to pursue commercial


opportunities through a combination of established distribution partners and its expanding internal commercial and business development capabilities.
•Strengthened capital position: During the second quarter, QT Imaging completed an underwritten public offering that generated approximately $10.0 million in gross proceeds. The Company also extended the maturity of its senior secured term loan by two years, from March 31, 2027, to March 31, 2029.
•Built a scalable U.S. commercial organization: Under the leadership of our Chief Commercial Officer Satrajit Misra, a seasoned medical imaging executive with three decades of industry experience, QT Imaging expanded its direct commercial organization with the appointments of Jason Dyer as Vice President, Regional Sales East, and Dave Reinhart as Vice President, Regional Sales West. Together, this team strengthens the Company’s ability to directly engage breast imaging centers, clinicians and enterprise health systems, deepen strategic customer relationships and complement its established distribution partnerships, creating a scalable commercial model designed to accelerate adoption, grow the installed base and support long-term revenue growth and margin expansion.
•Expanded global regulatory foundation for Breast Acoustic CT scanners: During the quarter, the Company received AMAR authorization from Israel’s Ministry of Health and Food and Drug Administration (“FDA”) regulatory clearance in Saudi Arabia. QT Imaging continues to pursue additional regulatory authorizations in the Gulf region and Europe.
•Successfully completed the Company’s first routine FDA inspection: The inspection concluded with zero Form 483 observations, reflecting the strength of the Company’s Quality Management System and its focus on quality, compliance and manufacturing readiness.
•Generated additional scientific evidence: A multi-site repeatability and reproducibility study demonstrated less than 1% variability in Speed of Sound measurements across Breast Acoustic CT scanners. The results support the potential use of objective and reproducible quantitative imaging biomarkers in longitudinal breast health assessment and treatment monitoring. These results reflect testing performed under the study conditions and do not represent a new FDA-cleared indication.
•Continued advancing the QTI technology platform: Development activities included enhancements to image reconstruction, quantitative imaging algorithms, clinical workflow, and the QTI Precision Pathway™ cloud platform. The Company also continued its collaboration with Olea Medical to productize its multimodality image viewer, physician workflow and quantitative image analysis.
•Strengthened clinical and scientific leadership: Appointed Dr. Julia Albright as Chief Science Officer, effective July 27, 2026, and welcomed nationally recognized breast surgical oncologist Dr. Barry Roseman as Senior Medical Advisor. Dr. Albright brings more than three decades of leadership in medical imaging innovation, quantitative imaging and artificial intelligence, with a proven track record of translating advanced technologies into clinically impactful products. Dr. Roseman brings more than 30 years of experience in breast cancer diagnosis, treatment and multidisciplinary patient care, providing deep clinical expertise to support physician engagement, clinical implementation, and broader adoption of our technology.
•Advanced clinical expansion in Israel: Following our recent AMAR authorization from Israel’s Ministry of Health, the first Breast Acoustic CT scanner in Israel is planned for placement at


Rambam Health Care Campus, one of the country’s leading academic medical centers. The scanner will support a planned clinical study evaluating Breast Acoustic CT imaging modality in women with hereditary risk for breast cancer, expanding the Company’s clinical evidence-generation efforts in an important high-risk population.
•Expanded manufacturing capacity while improving operating efficiency: Continued investing in manufacturing excellence and supply chain readiness while relocating to a new 22,000-square-foot headquarters and manufacturing facility, located in Petaluma, CA. The expanded facility provides more than 2.5x the operational space of the current location while reducing lease cost per square foot by approximately 55%, enhancing the Company's ability to scale production efficiently.
•Increased visibility within the investment community: QT Imaging was added to the Russell Microcap® Index as part of the 2026 semi-annual Russell index reconstitution and following its return to the Nasdaq Capital Market in January.
•Pursued grassroots initiatives focused on breast health: Dr. Dinu participated in two prestigious events hosted by The Shift, including its inaugural Shiftmakers Gala celebrating women driving change held at Harvard University and featuring actress and breast cancer survivor Olivia Munn, and presenting the Shiftmaker Award to tennis legend and two-time cancer survivor Martina Navratilova at the Sports Shiftmaker Awards ceremony during Wimbledon week in London.
Second Quarter 2026 Financial Results
Revenue for the second quarter of 2026 was $7.4 million, an increase of 103% compared with $3.7 million for the second quarter of 2025. The increase was primarily attributable to the shipment of fifteen Breast Acoustic CT scanners in the 2026 quarter, compared with eight in the prior-year quarter.
Gross margin was 41% for the second quarter of 2026, compared with 50% for the second quarter of 2025. The gross margin for the second quarter of 2026 was in line with our projections for sales in the USA. The higher prior-year gross margin reflected a lower weighted average cost of inventory sold.
Total operating expenses were $4.9 million for the second quarter of 2026, compared with $2.9 million for the second quarter of 2025. The increase was primarily attributable to employee compensation and benefits, professional service costs, and marketing expenses.
Operating loss for the second quarter of 2026 was $1.9 million, compared with an operating loss of $1.0 million, for the second quarter of 2025 and $2.3 million for the first quarter of 2026.
Total interest and other expense, net, was $9.2 million during the second quarter of 2026, compared with $3.0 million in the prior-year quarter. The increase was due primarily to an $8.3 million non-cash loss on debt extinguishment related to the Lynrock Lake term loan modification.
Net loss for the second quarter of 2026 was $11.1 million, or $0.75 per share, compared with a net loss of $4.0 million, or $0.42 per share, for the second quarter of 2025. Prior-period share and per-share amounts have been adjusted to reflect the Company’s 3:1 reverse stock split completed in October 2025.
Non-GAAP adjusted EBITDA, which excludes interest, taxes, depreciation and amortization, other income or expense, changes in the fair value of financial liabilities, and stock-based compensation, was negative $1.2 million, or $0.08 per share, for the second quarter of 2026, compared with negative $0.8 million, or $0.08 per share, for the second quarter of 2025.


Net cash used in operating activities during the second quarter of 2026 was $4.8 million, compared with $1.4 million during the second quarter of 2025.
As of June 30, 2026, the Company had cash and restricted cash of $11.0 million, compared with $10.5 million as of December 31, 2025. As of August 7, 2026, the Company had cash and restricted cash of $14.2 million.
2026 Revenue Outlook
The Company affirms its 2026 revenue guidance of approximately $39 million. This outlook reflects minimum order quantities under its distribution agreements, as well as expected contributions from the Company’s direct sales efforts.
Conference Call and Webcast
QT Imaging management will host a conference call today at 4:30 p.m. Eastern Time to discuss these results and provide a business update. Participants are encouraged to pre-register here. Callers who are unable to pre-register can access the call by dialing 866-777-2509 (U.S.) or 412-317-5413 (international). A live and archived webcast of the call will be available at this link and on the IR Calendar section of the QT Imaging website.
Non-GAAP Financial Measures
Some of the financial information and data contained in this press release, such as EBITDA and Adjusted EBITDA, have not been prepared in accordance with GAAP. To supplement our unaudited condensed consolidated financial statements, which are prepared and presented in accordance with GAAP in our press release, we also report certain non-GAAP financial measures. A “non-GAAP financial measure” refers to a numerical measure of a company’s historical or future financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in such company’s financial statements. Non-GAAP financial measures should not be considered in isolation or as a substitute for the relevant GAAP measures and should be read in conjunction with information presented on a GAAP basis. Because not all companies use identical calculations, our presentation of non-GAAP measures may not be comparable to other similarly titled measures of other companies.
The presentation of these financial measures is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP and should not be considered measures of QT Imaging’s liquidity. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. In particular, many of the adjustments to our GAAP financial measures reflect the exclusion of certain items, as defined in our non-GAAP definitions below, which are recurring and will be reflected in our financial results for the foreseeable future. In addition, these measures may be different from non-GAAP financial measures used by other companies, even where similarly titled, limiting their usefulness for comparison purposes and therefore should not be used to compare QT Imaging’s performance to that of other companies. We endeavor to compensate for the limitation of the non-GAAP financial measures presented by also providing the most directly comparable GAAP measures and descriptions of the reconciling items and adjustments to derive the non-GAAP financial measures.
We believe these non-GAAP financial measures provide investors and analysts with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for


greater transparency with respect to key measures used by management to operate and analyze our business over different periods of time.
EBITDA is defined as loss before interest expense, income tax expense, depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted for other expense (income), change in fair value of the warrant, derivative, and earnout liabilities, loss on issuance of debt, loss on debt extinguishment and modification, and stock-based compensation. Similar excluded expenses may be incurred in future periods when calculating these measures. QT Imaging believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. QT Imaging believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing QT Imaging’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors.
Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these non-GAAP financial measures is that they exclude significant expenses and income that are required by GAAP to be recorded in the Company’s consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgment by management about which expense and income items are excluded or included in determining these non-GAAP financial measures.
Management uses EBITDA and Adjusted EBITDA as a non-GAAP performance measure that is defined in the accompanying tables and is reconciled to net loss, the most directly comparable GAAP measure, in the tables below.
We present reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures in the tables below.
About QT Imaging
QT Imaging Holdings, Inc. (Nasdaq: QTI) is a medical device company engaged in the research, development, and commercialization of innovative imaging systems that use low-frequency sound waves. QT Imaging Holdings, Inc. strives to improve global health outcomes. Its strategy is predicated upon the fact that medical imaging is critical to the detection, diagnosis, and treatment of disease and that it should be safe, affordable, accessible, and centered on the patient’s experience. For more information on QT Imaging Holdings, Inc., please visit the Company’s website at www.qtimaging.com and follow us on LinkedIn.
Breast Acoustic CT™ is a trademark of an affiliate of QT Imaging Holdings, Inc.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding QT Imaging’s quality and regulatory compliance and its ability to scale manufacturing, expand commercialization globally, and support a growing customer base, plans for QT Imaging, new product development and introduction, product sales growth and projected revenues, QT


Imaging’s industry, future events, and other statements that are not historical facts. Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These statements are based on various assumptions, whether or not identified herein, and on the current expectations of QT Imaging's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by you or any other investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including those relating to: the ability of the Company to sell and deploy the QT Imaging Breast Acoustic CT™ Scanner; the ability to extend product offerings into new areas or products; the ability to commercialize technology; unexpected occurrences that deter the full documentation and “bring to market” plan for products; trends and fluctuations in the industry; changes in demand and purchasing volume of customers; unpredictability of suppliers; the ability to attract and retain qualified personnel and the ability to move product sales to production levels; changes in domestic and foreign business, market, financial, political, and legal conditions; the uncertainty of projected financial information; delays caused by factors outside of our control; changes in our ability to successfully receive purchase orders and generate revenue under our existing contracts with partners and distributors; our ability to realize the benefits of the strategic partnerships; the identified material weakness in our internal controls over financial reporting (including the timeline to remediate the material weakness); the rollout of the business and the timing of expected business milestones; the effects of competition on our future business; our ability to obtain and access financing in the future; our ability to pay our debt obligations as they come due; and those factors discussed in the Company’s reports and other documents filed with the SEC, including under the heading “Risk Factors.” If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that QT Imaging presently does not know or that QT Imaging currently believes are immaterial which could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect QT Imaging's expectations, plans or forecasts of future events and views as of the date of this release. QT Imaging anticipates that subsequent events and developments will cause QT Imaging's assessments to change. However, while QT Imaging may elect to update these forward-looking statements at some point in the future, QT Imaging specifically disclaims any obligation to do so. Accordingly, undue reliance should not be placed upon the forward-looking statements.
Contacts:
Investors
CORE IR
Tirth Patel
ir@qtimaging.com
386-295-2215
Media
CORE IR
Matthew Cossel
pr@qtimaging.com
212-655-0924



[Financial tables below]


Summary of Results
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)

Three Months Ended
June 30,		Six Months Ended
June 30,
$ thousands (except per share amounts)2026202520262025
Revenue$7,435 $3,659 $13,965 $6,458 
Cost of revenue4,375 1,832 8,233 2,819 
Gross profit3,060 1,827 5,732 3,639 
Operating expenses:
Research and development1,624 901 3,348 1,753 
Selling, general and administrative3,300 1,969 6,597 3,971 
Total operating expenses4,924 2,870 9,945 5,724 
Loss from operations(1,864)(1,043)(4,213)(2,085)
Interest and other expense, net:
Interest expense, net(745)(379)(1,675)(1,070)
Other (expense) income, net(4)9 (8)24 
Change in fair value of warrant liability89 (2,796)(84)(3,501)
Change in fair value of derivative liability— — — 101 
Change in fair value of earnout liability(250)210 (200)160 
Loss on issuance of debt— — — (6,640)
Loss on debt extinguishment and modification(8,294)— (8,294)(2,124)
Total interest and other expenses, net(9,204)(2,956)(10,261)(13,050)
Loss before income tax expense(11,068)(3,999)(14,474)(15,135)
Income tax expense2 3 2 3 
Net loss$(11,070)$(4,002)$(14,476)$(15,138)
Net loss attributable to common stockholders$(11,070)$(4,002)$(14,476)$(15,138)
Net loss per share - basic and diluted (1)
$(0.75)$(0.42)$(1.01)$(1.63)
Weighted-average shares outstanding (1)
14,831 9,451 14,317 9,312 

(1)    Share and per share amounts for the three and six months ended June 30, 2025 differ from those published in prior unaudited condensed consolidated financial statements as they were retrospectively adjusted as a result of the Reverse Stock Split. Specifically, the number of shares of common stock outstanding during periods before the Reverse Stock Split are divided by the exchange ratio of 3:1, such that each three shares of common stock were combined and reconstituted into one share of common stock effective October 23, 2025.



EBITDA and Adjusted EBITDA
For the Three and Six Months Ended June 30, 2026 and 2025
(Unaudited)
Three Months Ended
June 30,		Six Months Ended June 30,
$ thousands2026202520262025
Net loss$(11,070)$(4,002)$(14,476)$(15,138)
Income tax expense2 3 2 3 
Interest expense, net745 379 1,675 1,070 
Depreciation and amortization21 38 41 76 
EBITDA(10,302)(3,582)(12,758)(13,989)
Other expense (income), net4 (9)8 (24)
Change in fair value of warrant liability (1)
(89)2,796 84 3,501 
Change in fair value of derivative liability (2)
— — — (101)
Change in fair value of earnout liability (3)
250 (210)200 (160)
Loss on issuance of debt (4)
— — — 6,640 
Loss on debt extinguishment and modification (5)
8,294 — 8,294 2,124 
Stock-based compensation668 219 1,049 320 
Adjusted EBITDA$(1,175)$(786)$(3,123)$(1,689)
(1)The change in fair value of warrant liability during the three and six months ended June 30, 2026 relates to the change in the market value of the private warrants outstanding as of June 30, 2026. The change in fair value of warrant liability during the three and six months ended June 30, 2025 relates to the change in the market value of the private placement warrants outstanding as of June 30, 2025, as well as the change in market value of the Lynrock Lake Warrant and Yorkville Warrant, which were revalued and reclassified to equity on June 11, 2025.
(2)The change in fair value of derivative liability during the six months ended June 30, 2025 relates to the Yorkville Pre-paid Advance, which contained features that were bifurcated as freestanding financial instruments and initially valued on March 4, 2024 upon consummation of the Merger. The derivative liability was subsequently revalued as of February 26, 2025, prior to the extinguishment of the Yorkville Note.
(3)The earnout liability relates to the contingent consideration for the Merger Earnout Consideration Shares pursuant to the Business Combination Agreement dated December 8, 2022, as amended in September 2023. The earnout liability was initially valued using the Monte Carlo Simulation method on March 4, 2024 and subsequently revalued using the same method as of June 30, 2026 and 2025.
(4)Upon the issuance of the Lynrock Lake Term Loan, which closed on February 26, 2025, the Company recorded a loss of $6.6 million, including debt issuance costs of $0.2 million, during the six months ended June 30, 2025.
(5)The Company recorded a loss on debt extinguishment of $8.3 million during the three and six months ended June 30, 2026 as a result of the modification of the Lynrock Lake Term Loan on May 12, 2026, which extended the maturity date from March 2027 to March 2029 and increased the interest rate from 10% to 12%. The Company recorded debt modification expense of $0.1 million during the six months ended June 30, 2025 due to the modification of the Cable Car Note on January 9, 2025, and debt extinguishment expense of $2.0 million due to the extinguishment of the Yorkville Note and Cable Car Note on February 26, 2025.



Consolidated Balance Sheets
As of June 30, 2026 and December 31, 2025
(Unaudited)

$ in thousandsJune 30,
2026		December 31,
2025
Assets
Current assets:
Cash and cash equivalents$10,924 $10,412 
Restricted cash and cash equivalents50 50 
Accounts receivable, net7,404 5,781 
Inventory9,870 5,027 
Prepaid expenses and other current assets1,171 821 
Total current assets29,419 22,091 
Property and equipment, net793 318 
Operating lease right-of-use assets, net379 573 
Other assets39 39 
Total assets$30,630 $23,021 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$3,011 $3,580 
Accrued expenses and other current liabilities6,051 3,825 
Current maturities of long-term debt— 9 
Operating lease liabilities, current437 454 
Total current liabilities9,499 7,868 
Long-term debt11,397 683 
Related party notes payable3,895 3,895 
Operating lease liabilities— 203 
Warrant liability187 103 
Earnout liability2,410 2,210 
Other liabilities996 1,614 
Total liabilities28,384 16,576 
Stockholders’ equity:
Common stock1 1 
Additional paid-in capital69,745 59,468 
Accumulated deficit(67,500)(53,024)
Total stockholders’ equity2,246 6,445 
Total liabilities and stockholders’ equity$30,630 $23,021 



Consolidated Statements of Cash Flows
For the Six Months Ended June 30, 2026 and 2025
(Unaudited)

Six Months Ended June 30,
$ in thousands20262025
Cash flows from operating activities:
Net loss$(14,476)$(15,138)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization41 76 
Stock-based compensation1,049 320 
Loss on issuance of debt— 6,640 
Loss on debt extinguishment and modification8,294 2,124 
Non-cash interest1,123 548 
Non-cash operating lease(26)(19)
Change in fair value of warrant liability84 3,501 
Change in fair value of derivative liability— (101)
Change in fair value of earnout liability200 (160)
Changes in operating assets and liabilities:
Accounts receivable(1,623)(3,584)
Inventory(4,072)(90)
Prepaid expenses and other current assets(350)(1,227)
Accounts payable(396)772 
Accrued expenses and other current liabilities982 924 
Other liabilities679 435 
Net cash used in operating activities(8,491)(4,979)
Cash flows from investing activities:
Purchases of property and equipment(191)(47)
Net cash used in investing activities(191)(47)
Cash flows from financing activities:
Proceeds from sale of common stock and warrants9,305 700 
Proceeds from long-term debt, net of issuance costs— 10,000 
Proceeds from stock option exercises246 — 
Repayment of long-term debt(9)(4,674)
Payments for taxes related to net settlement of equity awards(63)— 
Payment of stock issuance costs(285)— 
Payment of debt issuance costs— (150)
Net cash provided by financing activities9,194 5,876 
Net increase in cash and cash equivalents and restricted cash and cash equivalents512 850 
Cash and cash equivalents and restricted cash and cash equivalents, beginning balance10,462 1,192 
Cash and cash equivalents and restricted cash and cash equivalents, ending balance$10,974 $2,042 



# # #

Quantitative Transmission Imaging Breast Acoustic CT™ Scanner August 2026 NASDAQ:QTI Copyright ©2026 QT Imaging, Inc. All Rights Reserved.

 

2 Disclaimer ABOUT THIS PRESENTATION This investor presentation (this “Presentation”) is provided for informational purposes only. The information contained herein does not purport to be all-inclusive and neither QT Imaging Holdings, Inc. (the “Company”, “QT Imaging Holdings”, “QTI”), nor its respective directors, officers, employees, agents, advisors or affiliates, including QT Imaging, Inc. (“QT Imaging”), makes any representation or warranty, express or implied, as to the accuracy, completeness or reliability of the information contained in this Presentation, which has not been verified and is subject to change at any time. Viewers of this Presentation should each make their own evaluation of QT Imaging Holdings and of the relevance and accuracy of the information and should make such other investigations as they deem necessary. To the fullest extent permitted by law, no responsibility or liability whatsoever is accepted by QT Imaging Holdings, or its directors, officers, employees, agents, advisors or affiliates for any loss howsoever arising, directly or indirectly, from any use of this Presentation or such information or opinions contained herein or otherwise arising in connection herewith. This Presentation does not constitute (i) a solicitation of a proxy, consent or authorization with respect to any securities or (ii) an offer to sell, a solicitation of an offer to buy, or a recommendation to purchase any security of QT Imaging Holdings, or any of its affiliates, nor shall there be any sale, issuance or transfer of securities in any jurisdiction where, or to any person to whom, such offer, solicitation or sale would be unlawful. You should not construe the contents of this Presentation as legal, tax, accounting or investment advice or a recommendation. You should consult your own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this Presentation, you confirm that you are not relying upon the information contained herein to make any decision. On June 6, 2017, the U.S. Food and Drug Administration ("FDA") in response to QT Imaging’s Section 510(k) Summary of Safety and Effectiveness premarket notification under the Food, Drug and Cosmetic Act, determined that the QT Breast Scanner is substantially equivalent to the predicate device. Our use of the words “safe”, “safety”, “effectiveness”, and “efficacy” in relation to the QT Breast Scanner in this Presentation and all other QT Imaging related documents is limited to the context of the Section 510(K) Summary of Safety and Effectiveness that was reviewed and responded to by the FDA. TRADEMARKS AND INTELLECTUAL PROPERTY All trademarks, service marks, and trade names of QT Imaging Holdings or its affiliates used herein are trademarks, service marks, or registered trade names of QT Imaging Holdings or its affiliates, as noted herein. Any other product, company names, or logos mentioned herein are the trademarks and/or intellectual property of their respective owners, and their use is not intended to, and does not imply, a relationship with QT Imaging Holdings or its affiliates, or an endorsement or sponsorship by or of QT Imaging Holdings or its affiliates. Solely for convenience, the trademarks, service marks and trade names referred to in this presentation may appear without the ®, TM or SM symbols, but such references are not intended to indicate, in any way, that QT Imaging Holdings or its affiliates will not assert, to the fullest extent under applicable law, their rights or the right of the applicable licensor to these trademarks, service marks and trade names. NON-GAAP FINANCIAL MEASURES EBITDA is defined as loss before interest expense, income tax expense, depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted for other expense (income), change in fair value of the warrant, derivative, and earnout liabilities, loss on issuance of debt, loss on debt extinguishment and modification, and stock-based compensation. Similar excluded expenses may be incurred in future periods when calculating these measures. QT Imaging believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. QT Imaging believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing QT Imaging’s financial measures with other similar companies, many of which present similar non-GAAP financial measures to investors. Certain of the financial metrics in this presentation can be found in QT Imaging’s Form 8-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 12, 2026, including a reconciliation of EBITDA and Adjusted EBITDA. Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

3 Disclaimer FORWARD LOOKING STATEMENTS Certain statements included in this Presentation that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “has the potential to”, “believe”, “may”, “will”, “estimate”, “continue”, “anticipate”, “intend”, “expect”, “should”, “would”, “plan”, “predict”, “potential”, “seem”, “seek”, “future”, “outlook”, and similar expressions that indicate or predict future events or trends that are not statements of historical matters. These forward looking statements include, but are not limited to, the potential impact on existing medical technology, the company’s technology, including, the evolution of the Company into a scalable imaging platform combining proprietary hardware, advanced image reconstruction software, and AI-powered clinical decision tools to address the growing need for precision in breast health and the performance of software enhancements, product offerings, including QTI Cloud Platform and SaaS pricing model, business prospects, revenue, client adoptions, commercialization, including in Saudi Arabia and UAE, timing of reimbursement codes, projections of market opportunity, regulatory approvals and statements regarding estimates and forecasts of other financial and performance metrics. These statements are based on various assumptions, whether or not identified in this Presentation, and on the current expectations of QT Imaging Holdings’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not circumstances intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. In addition, statements regarding the Company’s products, technology, and market opportunity reflect the beliefs and opinions of QT Imaging Holdings’ management on the relevant subject as of this Presentation. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of QT Imaging Holdings. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; risks related to the rollout of QT Imaging Holdings’ business and the timing of expected business milestones; the demand for QT Imaging Holdings’ products and services; the ability of QT Imaging Holdings to increase sales of its output products in accordance with its plans; issues that could arise with respect to the manufacture of QT scanners by CMSC; the desire of customers and service recipients to continue engaging QT Imaging Holdings; the effects of competition on QT Imaging Holdings’ future business, changes in the Company’s strategy, future operations, financial positions, and product development timeline. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that QT Imaging Holdings presently does not know or believes is immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect QT Imaging Holdings’ expectations, plans or forecasts of future events and views as of the date of this Presentation. QT Imaging Holdings anticipates that subsequent events and developments will cause its assessments to change. However, while QT Imaging Holdings may elect to update these forward-looking statements at some point in the future, its specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing QT Imaging Holdings’ assessments as of any date subsequent to the date of this Presentation. Accordingly, undue reliance should not be placed upon the forward-looking statements. RISK FACTORS An investment in our common stock involves a high degree of risk. The risk factors described below are not intended to be exhaustive and are not the only risks facing us. Additional risks not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition, results of operations and cash flows in future periods or are not identified because they are generally common to businesses. The occurrence of one of more of the events or circumstances described in these risk factors, along or in combination with other events or circumstances, could harm our business, financial condition, results of operations, and growth prospects. In such event, the market price of our common stock could decline, and you may lose all or part of your investment. The following should be read in conjunction with the respective consolidated financial statements of the Company, and the notes to the consolidated financial statements included therein. Risk factors include, but are not limited to: • We are a development-stage company with limited operating history and significant losses since inception which may make it difficult to evaluate prospects for our future viability and predict our future performance. We may never be able to effectuate our business plan or achieve any meaningful revenue or reach profitability. • We may not be able to successfully execute our business model. • We have a limited operating history. If we successfully commercially launch the QTI Breast Acoustic CT Scanner, as well as products under development that are cleared by the FDA and other regulatory agencies, and they do not achieve widespread market acceptance, we will not be able to generate the revenue necessary to support our business. • We may need to raise additional capital, which may not be available on favorable terms, if at all, and which may cause dilution to stockholders, restrict our operations or adversely affect our ability to operate our business. • Our ability to generate the amount of cash needed to pay interest and principal on any indebtedness and our ability to refinance all or a portion of our indebtedness or obtain additional financing depends on many factors beyond our control. • Our debt agreements contain restrictions that may limit our flexibility in operating our business. • We are highly dependent on the successful development, marketing and sale of our breast imaging device and on other products and product candidates which are still in the development stage. Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

4 Our Mission Transforming Breast Health For Every Woman At QT Imaging, we are redefining what’s possible in breast imaging - delivering safe, high-resolution, and cost-effective solutions where traditional technologies fall short. Our goal is to replace outdated breast imaging workflows with the first scalable 3D safe imaging platform for dense breast diagnostics and precision breast oncology. Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

5 $18M from NIH to develop supplemental imaging modality to resolve dense breasts 2012-2025 QT Imaging Transformation Company founded by John Klock, MD 2012 FDA Clearance 2017 Raise $18M PIPE Oct 2025 $10M Underwritten Public Offering May 2026 QTI becomes public on NASDAQ Mar 2024 Approval of Reimbursement Category III CPT Code Feb 2026 Regulatory approvals in Saudi Arabia, UAE and Israel Mar - Jun 2026 Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

6 The Pain and Why QT Imaging The Pain Why QT Imaging Copyright ©2026 QT Imaging, Inc. All Rights Reserved • Mammography misses cancers in dense breasts / it is painful • MRI is expensive / slow / uncomfortable / contrast injection • Ultrasound is operator dependent • Workflow is fragmented • High anxiety / recall / attrition • QT Imaging has uniquely differentiated solution • Accurate diagnosis in dense breasts • No compression, no radiation exposure • Product is validated and FDA cleared • Commercial engine is now live • Reimbursement de-risks adoption • Financial inflection is imminent • AI / biomarkers provide upside

 

7 Primary Screening Today’s Challenge: Multi-step, patient anxiety and attrition prone process with high number of unnecessary biopsies Accurate Imaging for Dense Breasts Breast Density Confirmation Supplemental Screening QT Imaging Solution: Single step (Supplemental + Dx) patient friendly process, with potential to reduce unnecessary biopsies QT Imaging provides no radiation, no contrast, no compression imaging with no operator variability that requires less scheduling leading to less patient anxiety and attrition. Biopsy via HHUS or MRI Diagnostic Imaging Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

8 QT Imaging Value Proposition • One-stop-shop supplemental + diagnostic imaging • No radiation, no compression, no contrast • Low recall, less anxiety • Operator independent • One test – multiple results (MRI like Imaging) • Calcium visualization (DCIS + Ca, Density, Doubling, Cyst/Solid, Implant) • Biomarkers: reflection, speed of sound, attenuation & breast density measure (FGR) • Low recall, operator independence • Potential to reduce unnecessary biopsies • 2.5 X more revenue per scan compared to mammography + handheld ultrasound • 30% less annual labor cost – nonspecialized personnel • Comparable siting costs and annual service • Reduced overhead with one- stop-shop • 3-year investment recovery with 5 patients/day This is one of the rare cases where patients, doctors, and providers all win. For the Patient For the Clinician For the Administrator Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

9 Reflection transducers Transmission mode receiver Transmission mode transmitter Our Technology and Product • FDA-cleared, patent protected breast imaging modality • Pain free, safe, no radiation or contrast • Inherently 3D quantitative, imaging modality, thus it’s high resolution, similar to MRI • Two independent sources of information: − CT-like configuration with ultrasound to acquire and reconstruct transmission images – unique biomarker, speed of sound − Reflection images for high-resolution depiction of tissue interfaces, as well as improved lesion visualization (cancers have irregular, heterogeneous reflective signatures) • Overcomes operator dependence and lack of standardization associated with HHUS QT Imaging’s proprietary imaging technology delivers MRI like diagnostic performance in a safer, more scalable, and more patient friendly platform. Quantitative Transmission Imaging Compared With MRI As Supplemental Screening For High Lifetime Risk Of Breast Cancer - Mayo Clinic Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

10 Optimized Patient Experience •No ionizing radiation. Acoustic source only •No breast compression and associated discomfort • 10-12 minutes per breast exam time •Quiet and comfortable (compared to MRI – claustrophobia, coil pressure, noise, lengthy exams) •No contrast injection or associated risk (compared to MRI Gadolinium) •No limitations for dense breasts or implants CENTER FOR NEW MEDICINE IRVINE, CA Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

Our Market, Why Now, and How It Fits In

 

12 (1) https://www.futuremarketinsights.com/reports/automated-breast-ultrasound-system-market (2) https://www.grandviewresearch.com/industry-analysis/breast-imaging-equipment-market $5.45B for 2024 with 8.9% CAGR. (3) https://www.archivemarketresearch.com/reports/breast-cancer-biomarkers-316622 (4) https://www.cdc.gov/breast-cancer/about/dense-breasts.html NEW MARKET • Move to personalized, precision diagnostics • Move to personalized treatments with therapy guidance and monitoring QT Imaging’s Technology Has the Opportunity to Transform the Breast Imaging Market CURRENT MARKET • FDA approved as supplemental screening device for breast imaging • Aim to revolutionize current imaging paradigm, replacing mammography + ultrasound (handheld and automated), and freeing MRI scanners time SaaS Biomarkers: $1B MARKET (3) Breast Imaging: $6B MARKET (1) Layer Description 2026 Value 2030 Value CAGR TAM Total global opportunity (dense-breast supplemental screening (4) + biomarkers (3)) $2.5B $3.8B 8.5% SAM Accessible reimbursed markets (U.S., OECD, Korea, Japan) (2) $1.7B $2.6B 8.5% QT Imaging Penetration ~10% SAM share by 2030 $39M $200– 250M — If we capture as low as 10% of cash only and reimbursed segments of addressable market, we are at $200M+ revenue scale. Copyright ©2026 QT Imaging, Inc. All Rights Reserved * Current 2026 guidance

 

13Copyright ©2026 QT Imaging, Inc. All Rights Reserved. | NOT FOR PUBLIC DISTRIBUTION The FDA Has Recognized the Importance of Breast Density in Breast Cancer Screening Radiology is the leading specialty for clinical AI adoption • ~30 to 48% of radiologists report active clinical AI use; adoption continues to accelerate across imaging workflows Most FDA-cleared clinical AI tools are in radiology • Medical imaging remains the largest category of FDA cleared AI/ML enabled medical devices Three Tailwinds Positioning QT Imaging for Growth “the new rule advises physicians and patients to consider breast density alongside other cancer risk factors when deciding whether additional screening is necessary” – Hilary Marston, CHIEF MEDICAL OFFICER, FDA Oncology is moving from one- size-fits-all treatment toward biomarker-guided therapy • Precision oncology increasingly relies on quantitative biomarkers to personalize treatment selection and monitoring Breast cancer treatment increasingly requires earlier response assessment • Imaging biomarkers are being studied for early prediction of neoadjuvant therapy response and pathologic complete response QT Imaging is uniquely positioned at the intersection of two major healthcare shifts: AI-enabled radiology workflows and quantitative biomarker driven precision oncology. Regulatory Tailwinds AI Tailwinds Oncology Tailwinds

 

14 Breast Cancer Screening Matrix: QT Imaging Sweet Spot Risk Category (Tyrer-Cuzick Lifetime Risk) + Breast Density Typical Risk Profile Description < 40 Years ≥ 40 Years Low Risk (<12%) (~20–30% of women) No first-degree relatives with breast cancer No known pathogenic mutations No prior chest radiation No high-risk breast lesions Favorable reproductive/ hormonal profile No routine imaging; breast awareness Mammography beginning at 40–45; annual or biennial Intermediate Risk (12–19.9%) (~60–70% of women) May have one second-degree relative Common reproductive risk factors (early menarche, late first birth, etc.) Dense Breasts No known high-risk mutation No strong clustering of early cancers No routine imaging Begin mammography at 40; annual or biennial depending on shared decision- making High Risk (≥20%) (~8–12% of women) Known pathogenic mutation (e.g., BRCA1/2) Strong family history (multiple relatives, early-onset cases) Dense Breasts Prior chest radiation before age 30 High-risk lesions (atypical hyperplasia, LCIS) Annual breast MRI starting 25–30 Add mammogram at 30 Annual MRI + annual mammogram Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

Validation

 

16 Clinical Advisory Board Copyright ©2026 QT Imaging, Inc. All Rights Reserved Dr. Mary Yamashita, MD Dr. Barry Roseman, MD, FACS Dr. John Tentinger Section Chief of Breast Imaging at USC's Keck School of Medicine and a longtime leader in breast cancer screening research, Dr. Yamashita advises QT Imaging on clinical interpretation standards, structured reporting, and training design. Her academic and diagnostic expertise strengthens the scientific rigor behind QT Imaging's clinical adoption strategy. A fellowship-trained surgical oncologist and breast surgeon who completed his surgical residency at UCSF and surgical oncology fellowship at MD Anderson Cancer Center, Dr. Roseman brings more than 25 years of experiencemore than 25 years of experience and over 5,000 breast cancer patients treated, Dr. Roseman brings direct clinical authority on the real-world challenges of breast diagnosis and care. A Mayo Clinic-trained, board- certified radiologist and founder of Innovative Radiology in Des Moines, Dr. Tentinger leads a comprehensive imaging practice spanning mammography, MRI, CT, ultrasound, and X-ray. An early adopter of the QTI Breast Acoustic CT™ scanner, he brings hands-on clinical experience with the technology and a practicing- radiologist perspective to QT Imaging’s advisory work.

 

17 Growing Global Validation • Existing FDA clearance to offer an imaging modality for all patients above 18 years old •Received Saudi Arabia, UAE, and Israel regulatory approvals •NIH $18M funding to generate a safe imaging modality for women with dense breasts •Ongoing clinical studies at: −Mayo Clinic −Sunnybrook Cancer Center −To start soon: Stanford − In discussions: UCSF, Harvard • Category III code, X579T NIH has awarded QT Imaging about $18M for new women’s imaging solution Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

18 Clinical Validation Across Screening & Oncology Applications: Mayo Clinic – QT Scan vs MRI • Mayo Clinic prospective feasibility study: 26 high-risk women comparing QT Imaging (QT Scan) with breast MRI for supplemental screening • Strong breast-level agreement with MRI: binary agreement between QT Scan and MRI across 52 breasts • Comparable detection profile • All MRI-suspicious lesions were identified by QT Scan This QT Imaging Mayo Clinic pilot provides strong clinical validation and supports larger studies aimed at expanding QT Imaging adoption in high-risk and supplemental screening. QT Scan MRI Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

19 MRI Clinical Validation Across Screening & Oncology Applications: Sunnybrook Cancer Center – QT Scan vs MRI • NIH/NCI-funded, to prove QT Imaging as imaging modality for early monitoring of breast cancer response to neoadjuvant chemotherapy (NAC) • Major oncology need: − treatment response that can be performed in days to weeks rather than months, supporting more adaptive and personalized therapy decisions • Lesion volume agreement across QT Scan and MRI images: strong correlation observed as published in Tomography Journal • Ongoing 100-patient study to compare advanced quantitative ultrasound findings with treatment response This Sunnybrook/QT Imaging program extends utility of QT Scan beyond diagnostic imaging into treatment-response monitoring, expanding its potential role across the breast cancer care pathway. QT Scan Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

20Copyright ©2026 QT Imaging, Inc. All Rights Reserved. Multi-site Repeatability & Reproducibility Study • Multi-site study (2 sites, 5 patients/site, 5 scans each) confirms QT Imaging's quantitative biomarkers are highly reproducible within and across scanners • Speed of Sound (SoS), our core tissue biomarker, showed less than 1% variability, a level of precision that distinguishes true biological change from measurement noise • Derived volumetric measures remained tight: Total Breast Volume varied ~5%, and the FGV/TBV density ratio varied ~12% • By comparison, published breast MRI biomarkers (QIBA ADC benchmark; Aliu et al.) show variability of 11–22% - meaningfully less reproducible than our platform • This reproducibility is a key prerequisite for using QT biomarkers in longitudinal monitoring and treatment-response tracking, not just single-timepoint screening Reinforces QTI’s differentiation: an objective, operator-independent platform built for consistent, data-driven breast health assessment

 

21Copyright ©2026 QT Imaging, Inc. All Rights Reserved. | NOT FOR PUBLIC DISTRIBUTION Expanded Global Regulatory Foundation Saudi FDA (SFDA) UAE (MOHAP) Submitted Dossier Feb, 2026 Authorized Rep via Gulf Medical; MDS-GS-004 Under SFDA Regulatory Review Approved June 2026 Dossier Preparation Leverage SFDA submission; MOHAP registration UAE Submission MOHAP device registration Approved March 2026 Auth Rep Contract (IQVIA) Dossier Preparation Leverage Israel Submission AMAR device Registration Q2 2026 Approved July 2026 Israel (AMAR) Notified Body Engagement plan conformity route selected Submit Technical Documentation Expected CE Mark Target: Q2 2027 CE Mark (EU MDR)

 

Business Model, Partnerships & Financial Trajectory

 

23 Business Model HW+ SaaS +AI Diagnostic Layer Business Model: • Hardware sale (scanner): upfront revenue • SaaS platform: recurring revenue • AI diagnostic layer: higher margin Radiology Cloud SaaS Platform Referring MD Hardware gets us in the door. Software builds the company. Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

24 Planned Evolution to Hybrid Commercial Model as Scale Increases Commercial strategy balances capital efficiency today with increasing control and margin expansion over time. 2024-2026 2027 and beyond Distributor Led Hybrid Model • Broad market coverage • Capital efficient • Rapid deployment • Direct leads strategic accounts • Distributor supports service and financing Hospitals / IDNs Outpatient Imaging Chains Functional Medicine (Cash paying) Primarily Hybrid / Direct Primarily Hybrid / Direct Primarily Distributor Supported • Direct leads engagement in suppl. imaging and therapy monitoring • Distributor provides service and multi-modality value • Direct for national / regional chains / intersection of functional medicine • Distributor for independent chains • Direct seeds pilots + playbooks • Distributor involves for financing and service Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

25Copyright ©2026 QT Imaging, Inc. All Rights Reserved. Business Partnerships Today Under Distribution Agreement with NXC Imaging (Subsidiary of Canon Medical Systems) for U.S. market Under Distribution Agreement with Gulf Medical for Kingdom of Saudi Arabia (KSA) market Under Distribution Agreement with Al Naghi Medical for the United Arab Emirates Territory Under Distribution Agreement with Re- Invent Pharma for the Pakistani Market

 

26 QTI Precision Pathway – Cloud SaaS Platform Core Operational Advanced Enterprise System software updates Long term technology relevance Collaboration & data sharing Quantitated biomarkers Automated analysis Precision reporting Multiuser access Enterprise collaboration Scanner Evergreen QTI Precision Share Biomarker / Analysis Platform upside – AI/Biomarkers, additional reimbursement codes Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

27 Financial Trajectory $4.9 $18.9 $39.0 0 10 20 30 40 50 60 70 80 90 $- $5.0 $10.0 $15 .0 $20.0 $25.0 $30.0 $35.0 $40.0 $45.0 FY 2 024 A FY 2 025 A FY 2 026 F S h ip m e n ts ( # ) R e ve n u e ( $ M ) Yearly Revenue and Scanner Shipments Revenue ($M) Shipments (# ) FY-2024A FY-2025A FY-2026E CAGR 2024A - 2026E Revenue ($k) $4,879 $18,926 $39,000 Growth % 287.91% 106.07% 182.70% Copyright ©2026 QT Imaging, Inc. All Rights Reserved 4 4 2 2 6 8 9 17 13 15 0 2 4 6 8 10 12 14 16 18 $- $1.00 $2.00 $3.00 $4.00 $5.00 $6.00 $7.00 $8.00 $9.00 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 S h ip m en ts (# ) R ev en u e ($ M ) Quarterly Revenue and Scanner Shipments Revenue ($M) Shipments (# )

 

28 Financial Trajectory QT Imaging is scaling a commercial business $407 $473 $488 $(613) $(88) $8 54% 45% 45% -100% -80% -60% -40% -20% 0% 20% 40% 60% 80% 100% $(700) $(600) $(500) $(400) $(300) $(200) $(100) $- $100 $200 $300 $400 $500 $600 FY 2024 A FY 2025 A FY 2026 F Revenue/scanner, Gross Margin, and Unit Economics (Adjusted EBITDA/Scanner) Revenue ($K) Adjusted EBITDA ($K) Gross Margin Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

29 Manufacturing Capacity, Quality, and Compliance • Expanded manufacturing capacity while improving operating efficiency − 22,000-square-foot headquarters and manufacturing facility − The expanded facility provides more than 2.5x the operational space of the current location while reducing lease cost per square foot by approximately 55% • Successfully completed the Company’s first routine FDA inspection − The inspection concluded with zero Form 483 observations, reflecting the strength of the Company’s Quality Management System and its focus on quality, compliance and manufacturing readiness Copyright ©2026 QT Imaging Holdings, Inc. All Rights Reserved. PETALUMA, CALIFORNIA

 

30Copyright ©2026 QT Imaging, Inc. All Rights Reserved. | NOT FOR PUBLIC DISTRIBUTION Multi-Generational Reach • QTI is engaging with The Shift, a media platform reaching women across generations • At Wimbledon and Harvard forums, Dr. Dinu joined leaders spotlighting breast density awareness • The throughline: giving women greater choice in their screening journey Advocacy in Action • Presented the inaugural Shiftmaker Award to tennis legend and cancer survivor Martina Navratilova • Olivia Munn's public story drove a 4,000% spike in risk-assessment testing Building a Multi-Generational Voice for Breast Health Awareness

 

31 QT Imaging Is Executing on Its Early Commercial Scale With Multiple Near Term Value Inflection Points • FDA-cleared and commercially validated technology, established regulatory foundation with growing clinical adoption • Commercial infrastructure in place through manufacturing, distribution, and international expansion partnerships • Established direct sales force based on strategic sales industry leaders • Rapid commercial scale-up, revenue growing from $4.9M in 2024 to $39M forecast in 2026 • Reimbursement and global regulatory expansion underway, Category III CPT code plus approvals in Saudi Arabia, UAE, and Israel • Platform upside beyond hardware: recurring SaaS, AI diagnostics, and quantitative biomarkers Building the future of breast imaging from an already commercialized platform Copyright ©2026 QT Imaging, Inc. All Rights Reserved

 

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