MDAI · Spectral Ai, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.99M | - | $3.79M | $5.07M | $6.71M | - | $8.17M | $7.48M | $6.33M | - |
| Cost of Revenue | $1.96M | - | $2.17M | $2.77M | $3.54M | - | $4.51M | $4.16M | $3.38M | - |
| Gross Profit | $2.03M | - | $1.62M | $2.29M | $3.17M | - | $3.67M | $3.31M | $2.94M | - |
| R&D | $2.00M | - | - | - | $3.60M | - | - | - | $4.30M | - |
| SG&A | $4.00M | - | $4.96M | $4.41M | $4.06M | - | $4.55M | $5.76M | $5.09M | - |
| Total Operating Expenses | $4.00M | - | $4.96M | $5.76M | $4.06M | - | $4.55M | $5.76M | $5.09M | - |
| D&A | $30.0K | - | - | - | $2.0K | - | - | - | $3.0K | - |
| Operating Income | ($1.97M) | - | ($3.34M) | ($2.12M) | ($896.0K) | - | ($886.0K) | ($2.44M) | ($2.14M) | - |
| Interest Expense | $20.0K | - | $8.0K | - | $1.00M | - | - | - | - | - |
| Income Tax | ($10.0K) | - | $2.0K | ($19.0K) | $71.0K | - | $37.0K | $69.0K | $22.0K | - |
| Net Income | ($3.41M) | - | ($3.55M) | ($7.97M) | $2.90M | - | ($1.50M) | ($2.86M) | ($3.21M) | - |
| EPS - Basic | ($0.11) | - | ($0.13) | ($0.31) | $0.13 | - | ($0.08) | ($0.16) | ($0.19) | - |
| EPS - Diluted | ($0.11) | - | ($0.13) | ($0.31) | $0.11 | - | ($0.08) | ($0.16) | ($0.19) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $11.70M | $15.40M | $10.50M | $10.50M | $14.10M | $5.20M | $3.70M | $6.88M | $10.16M | $4.79M |
| Accounts Receivable | $1.19M | $1.27M | $990.0K | $1.47M | $2.10M | $2.50M | $2.83M | $2.29M | $1.83M | $2.35M |
| Inventory | $831.0K | $838.0K | $454.0K | $462.0K | $437.0K | $425.0K | $443.0K | $267.0K | $228.0K | $230.0K |
| Accounts Payable | $1.42M | $3.01M | $2.54M | $1.99M | $3.11M | $4.04M | $2.80M | $2.40M | $3.31M | $2.68M |
| Current Assets | $15.99M | $19.45M | $13.46M | $14.00M | $18.73M | $10.12M | $9.50M | $11.66M | $14.88M | $9.90M |
| Total Assets | $17.73M | $21.41M | $15.30M | $16.01M | $20.72M | $12.10M | $11.60M | $13.90M | $15.48M | $10.69M |
| Current Liabilities | $21.27M | $20.63M | $15.77M | $16.19M | $13.31M | $17.64M | $13.07M | $16.13M | $17.51M | $12.40M |
| Long-term Debt | $4.50M | $5.54M | $6.58M | $7.63M | $7.51M | - | $1.00M | - | - | - |
| Total Liabilities | $26.54M | $27.13M | $23.50M | $25.16M | $22.35M | $19.35M | $15.94M | $18.16M | $17.51M | $12.40M |
| Stockholders' Equity | ($8.81M) | ($5.73M) | ($8.20M) | ($9.15M) | ($1.63M) | ($7.25M) | ($4.34M) | ($4.26M) | ($2.03M) | ($1.71M) |
| Retained Earnings | ($59.21M) | ($55.80M) | ($56.85M) | ($53.30M) | ($45.33M) | ($48.10M) | ($40.36M) | ($38.86M) | ($35.99M) | ($32.79M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($3.73M) | - | - | - | ($1.50M) | - | - | - | ($2.68M) | - |
| Investing Cash Flow | - | - | - | - | - | - | - | - | - | - |
| Financing Cash Flow | ($1.0K) | - | - | - | $10.39M | - | - | - | $8.05M | - |
| CapEx | - | - | - | - | - | - | - | - | - | - |
| Free Cash Flow | - | - | - | - | - | - | - | - | - | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 50.8% | - | 42.7% | 45.2% | 47.2% | - | 44.9% | 44.3% | 46.6% | - |
| Operating margin | -49.4% | - | -88.1% | -41.9% | -13.4% | - | -10.8% | -32.7% | -33.9% | - |
| EBITDA margin | -48.6% | - | - | - | -13.3% | - | - | - | -33.8% | - |
| Net margin | -85.5% | - | -93.7% | -157.3% | 43.2% | - | -18.4% | -38.3% | -50.7% | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | - | - | - | - | - | - | - | - | - | - |
| R&D / Revenue | 50.1% | - | - | - | 53.7% | - | - | - | 68.0% | - |
| SG&A / Revenue | 100.2% | - | 130.9% | 87.1% | 60.6% | - | 55.7% | 77.0% | 80.4% | - |
| Effective tax rate | - | - | - | - | 2.4% | - | - | - | - | - |
| Return on assets | -19.2% | - | -23.2% | -49.8% | 14.0% | - | -13.0% | -20.6% | -20.7% | - |
| Return on equity | 38.7% | - | 43.3% | 87.1% | -178.2% | - | 34.7% | 67.2% | 158.0% | - |
| Return on invested capital | - | - | - | - | -14.9% | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 0.75 | 0.94 | 0.85 | 0.87 | 1.41 | 0.57 | 0.73 | 0.72 | 0.85 | 0.80 |
| Quick ratio | 0.71 | 0.90 | 0.83 | 0.84 | 1.37 | 0.55 | 0.69 | 0.71 | 0.84 | 0.78 |
| Cash ratio | 0.55 | 0.75 | 0.67 | 0.65 | 1.06 | 0.29 | 0.28 | 0.43 | 0.58 | 0.39 |
| Leverage | ||||||||||
| Debt / Equity | -0.51 | -0.97 | -0.80 | -0.83 | -4.62 | - | -0.23 | - | - | - |
| Debt / Assets | 0.25 | 0.26 | 0.43 | 0.48 | 0.36 | - | 0.09 | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | -98.5x | - | -417.6x | - | -0.9x | - | - | - | - | - |
| Equity multiplier | -2.01 | -3.74 | -1.87 | -1.75 | -12.74 | -1.67 | -2.68 | -3.26 | -7.63 | -6.26 |
| Liabilities / Assets | 1.50 | 1.27 | 1.54 | 1.57 | 1.08 | 1.60 | 1.37 | 1.31 | 1.13 | 1.16 |
| Efficiency | ||||||||||
| Asset turnover | 0.23 | - | 0.25 | 0.32 | 0.32 | - | 0.70 | 0.54 | 0.41 | - |
| Inventory turnover | 2.36 | - | 4.78 | 6.01 | 8.10 | - | 10.17 | 15.60 | 14.83 | - |
| Days sales outstanding | 108d | - | 95d | 106d | 114d | - | 127d | 112d | 105d | - |
| Days inventory outstanding | 154d | - | 76d | 61d | 45d | - | 36d | 23d | 25d | - |
| Days payable outstanding | 264d | - | 427d | 261d | 321d | - | 227d | 211d | 357d | - |
| Cash conversion cycle | -1d | - | -255d | -95d | -162d | - | -64d | -75d | -227d | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | 10.5x | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | 11.7x | - | 15.8x | 12.4x | 4.1x | - | 2.3x | 4.1x | 5.6x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -40.5% | - | -53.6% | -32.3% | 6.0% | - | 137.6% | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | -36.0% | - | -55.8% | -30.9% | 7.6% | - | 149.1% | - | - | - |
| Operating income growth (YoY) | -120.0% | - | -277.1% | 13.1% | 58.2% | - | 78.7% | -65.5% | -306.3% | - |
| Net income growth (YoY) | - | - | -136.2% | -178.2% | - | - | 85.9% | -177.2% | -150.0% | - |
| EPS growth (YoY) | - | - | -62.5% | -93.8% | - | - | 89.6% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -441.8% | 21.0% | -89.2% | -114.6% | 19.8% | -324.3% | - | 70.5% | 84.9% | 85.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2023-12-31.
Product / service
$18.06M totalBARDAContracts$17.03M · 94.3%
Other USGovernmental Authorities$1.03M · 5.7%
Peer comparison
Same SIC group: Surgical & Medical Instruments & Apparatus
Comparing Spectral AI against the 5 most active filers in the same SIC group.