Spectral AI Inc. Class A Common Stock Earnings Recaps
Q3 2025
Nov 12, 2025
Spectral AI Inc. reported disappointing financial results for Q3 2025, including reduced research revenues and a widened net loss, while maintaining a stable cash position to support ongoing development.
Key takeaways
- R&D revenue dropped to $3.8 million from $8.2 million year-over-year due to reduced BARDA reimbursements.
- Net loss increased to $3.6 million, compared to a $1.5 million loss in Q3 2024, driven by higher administrative costs.
- Cash and cash equivalents remained steady at $10.5 million, bolstered by a recent $7.6 million equity offering.
- FDA submission for the DeepView system marks a crucial milestone for the company's growth strategy, despite slower interactions due to government delays.
- General and administrative expenses rose to $5 million, reflecting increased consulting costs and non-billable work.
Q2 2025
Aug 13, 2025
Spectral AI Inc. reported a net loss of $7.9 million for Q2 2025, driven by decreased research revenue and increased warrant liabilities, yet maintained a robust cash position to support future initiatives.
Key takeaways
- Completed a $15 million debt financing agreement and raised $2.7 million in equity, ending the quarter with over $10 million in cash.
- Achieved a significant milestone with the FDA submission for the DeepView System in June 2025, anticipated to strengthen commercial efforts.
- Research and development revenue fell to $5.1 million, down from $7.5 million year-over-year, reflecting reduced reimbursements under the BARDA contract.
- General and administrative expenses decreased to $4.4 million, from $5.8 million, highlighting ongoing operational efficiencies.
- The net loss for the first half of 2025 improved to $5.1 million compared to $6.1 million in the same period last year, indicating deeper cost management efforts.