What is Spectral AI's operating income?

Spectral AI's total operating income in 2025 was -$8.60 million, based on the following breakdown: Total Gross Profit: $8.93 million Total Operating Expenses: $17.53 million

Spectral AI (MDAIW) Financials

$0.55 -0.01 (-1.96%)

As of 07/20/2026 01:18 PM Eastern

Compare

Annual Income Statements for Spectral AI

This table shows Spectral AI's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-2.15	-2.91	-21	-15	-7.57
Consolidated Net Income / (Loss)	-2.15	-2.91	-21	-15	-7.57
Net Income / (Loss) Continuing Operations	-2.15	-2.91	-21	-15	-7.57
Total Pre-Tax Income	-2.15	-2.81	-21	-15	-7.56
Total Operating Income	-3.42	-2.65	-13	-6.58	-8.60
Total Gross Profit	0.00	11	7.88	13	8.93
Total Revenue	0.00	25	18	30	20
Operating Revenue	-	25	18	30	20
Total Cost of Revenue	0.00	15	10	16	11
Operating Cost of Revenue	-	15	10	16	11
Total Operating Expenses	3.42	13	21	20	18
Selling, General & Admin Expense	3.42	13	21	20	18
Other Operating Expenses / (Income)	-	0.00	-	-	0.00
Total Other Income / (Expense), net	1.27	-0.16	-7.86	-8.46	1.04
Interest Expense	0.44	-	-	2.95	2.39
Other Income / (Expense), net	1.71	-0.18	-8.03	-5.51	3.44
Income Tax Expense	0.00	0.11	0.01	0.11	0.01
Basic Earnings per Share	($0.16)	($0.22)	($1.48)	($0.85)	($0.29)
Weighted Average Basic Shares Outstanding	28.19M	13.14M	14.09M	17.93M	26.52M
Diluted Earnings per Share	($0.16)	-	($1.48)	($0.85)	($0.29)
Weighted Average Diluted Shares Outstanding	28.19M	6.78M	14.09M	17.93M	26.52M
Weighted Average Basic & Diluted Shares Outstanding	0.00	6.78M	17.47M	25.32M	31.82M

This table shows Spectral AI's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-11	-3.55	-3.21	-2.86	-1.50	-7.59	2.90	-7.97	-3.55	1.05	-3.41
Consolidated Net Income / (Loss)	-11	-3.55	-3.21	-2.86	-1.50	-7.59	2.90	-7.97	-3.55	1.05	-3.41
Net Income / (Loss) Continuing Operations	-11	-3.55	-3.21	-2.86	-1.50	-7.59	2.90	-7.97	-3.55	1.05	-3.41
Total Pre-Tax Income	-11	-3.57	-3.18	-2.80	-1.47	-7.60	2.97	-7.99	-3.55	1.01	-3.42
Total Operating Income	-4.17	-2.93	-2.14	-2.44	-0.89	-1.11	-0.90	-2.12	-3.34	-2.24	-1.97
Total Gross Profit	1.47	2.44	2.95	3.31	3.67	3.35	3.17	2.29	1.62	1.85	2.03
Total Revenue	3.44	5.29	6.33	7.48	8.17	7.60	6.71	5.07	3.79	4.09	3.99
Operating Revenue	3.44	5.29	6.33	7.48	8.17	7.60	6.71	5.07	3.79	4.09	3.99
Total Cost of Revenue	1.97	2.85	3.38	4.16	4.51	4.26	3.54	2.78	2.17	2.24	1.96
Operating Cost of Revenue	1.97	2.85	3.38	4.16	4.51	4.26	3.54	2.78	2.17	2.24	1.96
Total Operating Expenses	5.64	5.37	5.09	5.76	4.55	4.46	4.06	4.41	4.96	4.09	4.00
Selling, General & Admin Expense	5.64	5.37	5.09	5.76	4.55	4.46	4.06	4.41	4.96	4.09	4.00
Total Other Income / (Expense), net	-6.52	-0.64	-1.04	-0.35	-0.57	-6.50	3.86	-5.86	-0.21	3.25	-1.45
Interest Expense	0.00	-	0.28	0.70	1.06	0.92	0.60	0.12	0.30	1.39	0.44
Other Income / (Expense), net	-6.56	-0.68	-0.78	0.35	0.49	-5.57	4.47	-5.46	0.09	4.34	-1.01
Income Tax Expense	-0.05	-0.02	0.02	0.07	0.04	-0.01	0.07	-0.02	0.00	-0.04	-0.01
Basic Earnings per Share	($0.77)	($0.21)	($0.19)	($0.16)	($0.08)	($0.42)	$0.13	($0.31)	($0.13)	$0.02	($0.11)
Weighted Average Basic Shares Outstanding	13.82M	14.09M	16.56M	17.60M	17.86M	17.93M	22.99M	25.42M	26.32M	26.52M	31.76M
Diluted Earnings per Share	($0.77)	-	($0.19)	($0.16)	($0.08)	($0.42)	$0.11	($0.31)	($0.13)	$0.04	($0.11)
Weighted Average Diluted Shares Outstanding	13.82M	14.09M	16.56M	17.60M	17.86M	17.93M	24.03M	25.42M	26.32M	26.52M	31.76M
Weighted Average Basic & Diluted Shares Outstanding	16.25M	17.47M	17.48M	17.61M	18.59M	25.32M	25.75M	26.73M	30.69M	31.82M	31.82M

This table details how cash moves in and out of Spectral AI's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	0.77	-1.95	-9.38	0.37	10
Net Cash From Operating Activities	-0.83	-1.16	-13	-9.20	-9.92
Net Cash From Continuing Operating Activities	-0.83	-1.16	-13	-9.20	-9.94
Net Income / (Loss) Continuing Operations	-2.15	-2.91	-21	-15	-7.57
Consolidated Net Income / (Loss)	-2.15	-2.91	-21	-15	-7.57
Depreciation Expense	-	0.01	0.01	0.01	0.07
Amortization Expense	-	0.56	0.71	0.58	0.45
Non-Cash Adjustments To Reconcile Net Income	-1.27	1.10	5.26	7.40	-0.87
Changes in Operating Assets and Liabilities, net	2.60	0.08	1.63	-2.03	-2.03
Net Cash From Investing Activities	-253	0.00	0.00	0.00	0.00
Net Cash From Continuing Investing Activities	-253	0.00	0.00	0.00	0.00
Net Cash From Financing Activities	255	-0.79	3.84	9.58	20
Net Cash From Continuing Financing Activities	255	-0.79	3.84	9.58	20
Repayment of Debt	-0.13	-0.79	-0.48	-7.76	-1.58
Repurchase of Common Equity	-0.38	-	-	0.00	-0.64
Issuance of Debt	0.11	-	0.00	13	8.29
Issuance of Common Equity	255	0.00	3.35	4.06	11
Other Financing Activities, net	-	0.00	0.98	0.18	3.42
Effect of Exchange Rate Changes	-	0.00	0.01	-	0.04
Cash Interest Paid	-	0.02	0.03	0.01	0.02
Cash Income Taxes Paid	0.00	0.05	0.11	0.01	0.10

This table details how cash moves in and out of Spectral AI's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-0.82	-2.56	5.37	-3.28	-3.18	1.46	8.90	-3.54	-0.03	4.90	-3.74
Net Cash From Operating Activities	-5.34	-2.38	-2.68	-5.36	-1.63	0.47	-1.51	-3.36	-2.50	-2.55	-3.73
Net Cash From Continuing Operating Activities	-5.34	-2.38	-2.68	-5.36	-1.63	0.47	-1.51	-3.38	-2.50	-2.55	-3.73
Net Income / (Loss) Continuing Operations	-11	-3.55	-3.21	-2.86	-1.50	-7.59	2.90	-7.97	-3.55	1.05	-3.41
Consolidated Net Income / (Loss)	-11	-3.55	-3.21	-2.86	-1.50	-7.59	2.90	-7.97	-3.55	1.05	-3.41
Depreciation Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.03	0.03	0.03
Amortization Expense	0.18	0.18	0.19	0.13	0.13	0.13	0.14	-0.02	0.16	0.17	0.33
Non-Cash Adjustments To Reconcile Net Income	3.56	0.94	0.34	0.45	0.01	6.60	-4.03	6.36	0.14	-3.09	1.19
Changes in Operating Assets and Liabilities, net	1.55	0.05	-0.01	-3.08	-0.26	1.32	-0.51	-1.76	0.72	-0.71	-1.86
Net Cash From Investing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Continuing Investing Activities	-	-	0.00	-	-	-	0.00	-	-	-	0.00
Net Cash From Financing Activities	4.52	-0.20	8.05	2.08	-1.56	1.01	10	-0.21	2.49	7.45	-0.00
Net Cash From Continuing Financing Activities	4.52	-0.20	8.05	2.08	-1.56	1.01	10	-0.21	2.49	7.45	-0.00
Repayment of Debt	-0.11	-0.20	-0.22	-2.52	-3.86	-1.16	-1.13	-0.18	-0.06	-0.20	-0.16
Issuance of Debt	-	-	5.60	4.60	2.30	0.60	8.29	-0.03	-	0.03	0.00
Issuance of Common Equity	3.35	-	2.67	-	-	1.39	3.08	-	-	7.56	0.00
Other Financing Activities, net	0.98	-	0.00	-	-	0.18	0.16	-	2.55	0.71	0.16
Effect of Exchange Rate Changes	-	-	-0.00	-	-	-	-	0.03	-0.01	0.00	-0.01
Cash Interest Paid	0.00	0.02	0.00	-	-	0.01	0.01	-	0.00	0.01	0.28
Cash Income Taxes Paid	0.11	-	0.00	-	0.02	-0.01	0.01	-0.01	-	0.10	0.01

This table presents Spectral AI's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2020	2021	2022	2023	2024	2025
Period end date	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	0.16	254	19	11	12	21
Total Current Assets	0.00	1.08	18	9.90	10	19
Cash & Equivalents	0.00	0.77	14	4.79	5.16	15
Accounts Receivable	-	-	2.91	2.35	2.51	1.27
Inventories, net	-	-	0.00	0.23	0.43	0.84
Prepaid Expenses	0.00	0.31	0.33	1.45	1.29	0.82
Other Current Assets	-	-	0.27	1.08	0.75	1.13
Plant, Property, & Equipment, net	0.00	0.00	0.02	0.01	0.00	0.26
Total Noncurrent Assets	0.16	253	1.01	0.78	1.97	1.69
Other Noncurrent Operating Assets	0.16	253	1.01	0.78	1.97	1.69
Total Liabilities & Shareholders' Equity	0.16	254	19	11	12	21
Total Liabilities	0.14	22	6.72	12	19	27
Total Current Liabilities	0.14	2.94	6.37	12	18	21
Short-Term Debt	0.04	-	0.18	0.44	0.42	2.85
Accounts Payable	-	0.02	2.76	2.68	4.04	3.01
Accrued Expenses	0.10	2.92	2.63	4.30	3.21	2.34
Current Deferred Revenue	-	-	0.00	2.31	0.96	0.15
Other Current Liabilities	0.00	-	0.81	2.67	9.02	12
Total Noncurrent Liabilities	0.00	19	0.35	0.00	1.70	6.51
Long-Term Debt	-	-	-	-	0.00	5.54
Capital Lease Obligations	-	-	-	-	-	0.97
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	0.02	-21	12	-1.71	-7.25	-5.73
Total Preferred & Common Equity	0.02	-21	12	-1.71	-7.25	-5.73
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	0.02	-21	12	-1.71	-7.25	-5.73
Common Stock	0.03	0.00	24	31	41	50
Retained Earnings	-0.00	-21	-12	-33	-48	-56
Accumulated Other Comprehensive Income / (Loss)	-	-	0.00	0.01	0.00	0.04

This table presents Spectral AI's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	12	15	14	12	21	16	15	18
Total Current Assets	11	15	12	9.50	19	14	13	16
Cash & Equivalents	7.35	10	6.88	3.70	14	11	10	12
Accounts Receivable	1.44	1.83	2.30	2.83	2.10	1.47	0.99	1.19
Inventories, net	0.22	0.23	0.27	0.44	0.44	0.46	0.45	0.83
Prepaid Expenses	1.76	1.58	1.25	1.51	1.29	0.93	0.71	0.74
Other Current Assets	0.59	1.09	0.97	1.01	0.84	0.61	0.82	1.58
Plant, Property, & Equipment, net	0.01	0.01	0.01	0.01	0.16	0.32	0.29	0.23
Total Noncurrent Assets	0.96	0.59	2.23	2.10	1.83	1.69	1.55	1.52
Other Noncurrent Operating Assets	0.96	0.59	2.23	2.10	1.83	1.69	1.55	1.52
Total Liabilities & Shareholders' Equity	12	15	14	12	21	16	15	18
Total Liabilities	11	18	18	16	22	25	24	27
Total Current Liabilities	11	18	16	13	13	16	16	21
Short-Term Debt	0.63	0.22	0.00	0.60	0.24	0.06	1.21	3.91
Accounts Payable	3.28	3.31	2.40	2.80	3.11	1.99	2.54	1.42
Accrued Expenses	3.98	3.82	2.73	3.25	3.71	2.55	2.48	2.65
Current Deferred Revenue	0.80	2.18	1.32	0.73	0.66	0.42	0.24	0.00
Other Current Liabilities	1.96	7.99	9.68	5.69	5.58	11	9.30	13
Total Noncurrent Liabilities	0.23	0.00	2.04	2.87	9.04	8.97	7.74	5.27
Long-Term Debt	-	-	-	1.00	7.51	7.63	6.58	4.50
Capital Lease Obligations	-	-	-	-	-	1.34	-	0.77
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1.46	-2.03	-4.27	-4.34	-1.63	-9.15	-8.20	-8.81
Total Preferred & Common Equity	1.46	-2.03	-4.27	-4.34	-1.63	-9.15	-8.20	-8.81
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1.46	-2.03	-4.27	-4.34	-1.63	-9.15	-8.20	-8.81
Common Stock	31	34	35	36	44	44	49	50
Retained Earnings	-29	-36	-39	-40	-45	-53	-57	-59
Accumulated Other Comprehensive Income / (Loss)	-	0.01	0.01	0.03	0.02	0.05	0.04	0.03

This table displays calculated financial ratios and metrics derived from Spectral AI's official financial filings.

Metric	2021	2022	2023	2024	2025
Period end date	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	31,625,000.00	31,625,000.00	16,254,935.00	16,254,935.00	16,254,935.00
DEI Adjusted Shares Outstanding	31,625,000.00	31,625,000.00	16,254,935.00	16,254,935.00	16,254,935.00
DEI Earnings Per Adjusted Shares Outstanding	-0.07	-0.09	-1.28	-0.93	-0.47
Growth Metrics	-	-	-	-	-
Revenue Growth	0.00%	0.00%	-28.82%	63.83%	-33.57%
EBITDA Growth	0.00%	-32.11%	-798.32%	43.31%	59.64%
EBIT Growth	0.00%	-65.32%	-643.37%	42.46%	57.26%
NOPAT Growth	0.00%	22.62%	-390.52%	49.31%	-30.71%
Net Income Growth	0.00%	-35.55%	-616.14%	27.31%	50.05%
EPS Growth	0.00%	0.00%	0.00%	42.57%	65.88%
Operating Cash Flow Growth	0.00%	-40.75%	-1,039.41%	30.52%	-7.84%
Free Cash Flow Firm Growth	0.00%	0.00%	-102.17%	126.16%	-574.85%
Invested Capital Growth	0.00%	-100.87%	-202.70%	-97.69%	1.88%
Revenue Q/Q Growth	0.00%	260.44%	-41.94%	8.50%	-15.18%
EBITDA Q/Q Growth	0.00%	-162.55%	25.83%	-37.24%	71.78%
EBIT Q/Q Growth	0.00%	-178.28%	25.17%	-34.04%	69.45%
NOPAT Q/Q Growth	0.00%	-3,960.83%	-10.62%	21.64%	-15.15%
Net Income Q/Q Growth	0.00%	-5,040.03%	26.45%	-36.33%	53.74%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	61.33%
Operating Cash Flow Q/Q Growth	0.00%	-21.38%	-18.60%	23.62%	-43.79%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-102.11%	128.00%	-713.74%
Invested Capital Q/Q Growth	0.00%	-100.83%	-15.27%	-86.09%	-7.87%
Profitability Metrics	-	-	-	-	-
Gross Margin	0.00%	42.72%	43.64%	44.87%	45.42%
EBITDA Margin	0.00%	-8.90%	-112.39%	-38.89%	-23.63%
Operating Margin	0.00%	-10.43%	-71.91%	-22.25%	-43.78%
EBIT Margin	0.00%	-11.14%	-116.39%	-40.88%	-26.30%
Profit (Net Income) Margin	0.00%	-11.48%	-115.50%	-51.24%	-38.53%
Tax Burden Percent	100.00%	103.78%	100.05%	100.76%	100.15%
Interest Burden Percent	125.63%	99.26%	99.18%	124.40%	146.28%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-1.62%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	12.73%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-0.77%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-1.85%	-2.39%	-405.44%	338.35%	116.67%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	0.00%	-2.07%	-142.92%	-106.14%	-30.85%
Return on Assets (ROA)	0.00%	-2.13%	-141.83%	-133.04%	-45.20%
Return on Common Equity (ROCE)	0.17%	0.09%	-405.44%	338.35%	116.67%
Return on Equity Simple (ROE_SIMPLE)	10.32%	-24.27%	1,220.25%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.39	-1.85	-9.09	-4.61	-6.02
NOPAT Margin	0.00%	-7.30%	-50.34%	-15.58%	-30.65%
Net Nonoperating Expense Percent (NNEP)	31.99%	-14.34%	-128.21%	-232.16%	-28.77%
Return On Investment Capital (ROIC_SIMPLE)	-	-	713.97%	67.47%	-165.76%
Cost of Revenue to Revenue	0.00%	57.28%	56.36%	55.13%	54.58%
SG&A Expenses to Revenue	0.00%	53.15%	115.55%	67.12%	89.20%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	53.15%	115.55%	67.12%	89.20%
Earnings before Interest and Taxes (EBIT)	-1.71	-2.83	-21	-12	-5.17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.71	-2.26	-20	-12	-4.64
Valuation Ratios	-	-	-	-	-
Price to Book Value (P/BV)	0.00	5.71	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	5.71	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	2.70	1.92	1.72	1.92
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	2.29	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	2.15	1.68	1.56	1.61
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.24	0.00	34.98	0.00
Leverage & Solvency	-	-	-	-	-
Debt to Equity	0.00	0.01	-0.26	-0.06	-1.63
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	-1.14
Financial Leverage	0.00	-0.06	-1.78	1.01	0.83
Leverage Ratio	1.10	1.12	2.86	-2.54	-2.58
Compound Leverage Factor	1.38	1.11	2.84	-3.16	-3.78
Debt to Total Capital	0.00%	1.44%	-34.25%	-6.18%	257.64%
Short-Term Debt to Total Capital	0.00%	1.44%	-34.25%	-6.18%	78.56%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	179.08%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	108.97%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-8.97%	98.56%	134.25%	106.18%	-157.64%
Debt to EBITDA	0.00	-0.08	-0.02	-0.04	-2.02
Net Debt to EBITDA	0.00	6.20	0.21	0.41	1.30
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	-1.40
Debt to NOPAT	0.00	-0.09	-0.05	-0.09	-1.55
Net Debt to NOPAT	0.00	7.56	0.48	1.03	1.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-1.08
Altman Z-Score	7.42	6.81	-7.69	-5.61	-2.76
Noncontrolling Interest Sharing Ratio	108.96%	103.62%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-
Current Ratio	0.37	2.77	0.80	0.57	0.94
Quick Ratio	0.26	2.68	0.58	0.43	0.81
Cash Flow Metrics	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	232	-5.03	1.32	-6.25
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.45	-2.61
Operating Cash Flow to Interest Expense	-1.88	0.00	0.00	-3.12	-4.15
Operating Cash Flow Less CapEx to Interest Expense	-1.88	0.00	0.00	-3.12	-4.15
Efficiency Ratios	-	-	-	-	-
Asset Turnover	0.00	0.19	1.23	2.60	1.17
Accounts Receivable Turnover	0.00	0.00	6.87	12.20	10.42
Inventory Turnover	0.00	0.00	0.00	49.79	16.98
Fixed Asset Turnover	0.00	0.00	1,094.30	4,225.86	151.15
Accounts Payable Turnover	0.00	10.47	3.74	4.85	3.04
Days Sales Outstanding (DSO)	0.00	0.00	53.14	29.93	35.03
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	7.33	21.49
Days Payable Outstanding (DPO)	0.00	34.85	97.60	75.18	119.88
Cash Conversion Cycle (CCC)	0.00	-34.85	-44.45	-37.93	-63.36
Capital & Investment Metrics	-	-	-	-	-
Invested Capital	231	-2.00	-6.06	-12	-12
Invested Capital Turnover	0.00	0.22	-4.48	-3.28	-1.65
Increase / (Decrease) in Invested Capital	0.00	-233	-4.06	-5.92	0.23
Enterprise Value (EV)	529	55	30	46	32
Market Capitalization	277	69	35	51	38
Book Value per Share	($0.66)	$0.38	($0.11)	($0.40)	($0.22)
Tangible Book Value per Share	($0.66)	$0.38	($0.11)	($0.40)	($0.22)
Total Capital	232	12	-1.27	-6.83	3.63
Total Debt	0.00	0.18	0.44	0.42	9.36
Total Long-Term Debt	0.00	0.00	0.00	0.00	6.51
Net Debt	-0.77	-14	-4.35	-4.74	-6.03
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.62	-2.69	-6.85	-12	-14
Debt-free Net Working Capital (DFNWC)	-1.85	11	-2.06	-7.10	1.68
Net Working Capital (NWC)	-1.85	11	-2.50	-7.52	-1.17
Net Nonoperating Expense (NNE)	-0.25	1.06	12	11	1.55
Net Nonoperating Obligations (NNO)	-0.77	-14	-4.35	-4.74	-6.03
Total Depreciation and Amortization (D&A)	0.00	0.57	0.72	0.59	0.53
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-10.59%	-37.95%	-41.44%	-69.79%
Debt-free Net Working Capital to Revenue	0.00%	45.29%	-11.43%	-24.00%	8.55%
Net Working Capital to Revenue	0.00%	44.60%	-13.84%	-25.43%	-5.97%
Earnings Adjustments	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.16)	$0.70	($1.48)	($0.85)	($0.29)
Adjusted Weighted Average Basic Shares Outstanding	31.63M	31.42M	14.09M	17.93M	26.52M
Adjusted Diluted Earnings per Share	($0.16)	$0.70	$0.00	($0.85)	($0.29)
Adjusted Weighted Average Diluted Shares Outstanding	31.63M	31.42M	17.47M	17.93M	26.52M
Adjusted Basic & Diluted Earnings per Share	($0.16)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	28.19M	6.78M	17.47M	25.32M	31.82M
Normalized Net Operating Profit after Tax (NOPAT)	-2.39	-1.85	-9.09	-4.61	-6.02
Normalized NOPAT Margin	0.00%	-7.30%	-50.34%	-15.58%	-30.65%
Pre Tax Income Margin	0.00%	-11.06%	-115.44%	-50.86%	-38.47%
Debt Service Ratios	-	-	-	-	-
EBIT to Interest Expense	-3.90	0.00	0.00	-4.10	-2.16
NOPAT to Interest Expense	-5.46	0.00	0.00	-1.56	-2.52
EBIT Less CapEx to Interest Expense	-3.90	0.00	0.00	-4.10	-2.16
NOPAT Less CapEx to Interest Expense	-5.46	0.00	0.00	-1.56	-2.52
Payout Ratios	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-17.74%	0.00%	0.00%	0.00%	-8.48%

This table displays calculated financial ratios and metrics derived from Spectral AI's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	6,783,716.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00
DEI Adjusted Shares Outstanding	6,783,716.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00	16,254,935.00
DEI Earnings Per Adjusted Shares Outstanding	-1.57	-0.22	-0.20	-0.18	-0.09	-0.47	0.18	-0.49	-0.22	0.06	-0.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-51.12%	-71.16%	24.58%	75.91%	137.59%	43.82%	6.02%	-32.27%	-53.60%	-46.27%	-40.50%
EBITDA Growth	-3,908.75%	67.35%	20.45%	32.37%	97.43%	-91.13%	235.97%	-288.39%	-1,028.04%	135.11%	-170.64%
EBIT Growth	-3,977.95%	66.19%	19.02%	31.97%	96.27%	-85.05%	222.18%	-262.97%	-712.50%	131.41%	-183.44%
NOPAT Growth	-1,559.76%	-74.12%	26.05%	18.36%	78.73%	62.07%	41.70%	13.06%	-277.09%	-200.71%	-57.76%
Net Income Growth	-2,697.11%	67.89%	11.19%	6.71%	85.85%	-113.90%	190.39%	-178.21%	-136.17%	113.87%	-217.78%
EPS Growth	0.00%	0.00%	0.00%	0.00%	89.61%	0.00%	157.89%	-93.75%	-62.50%	109.52%	-200.00%
Operating Cash Flow Growth	-1,571.72%	-694.31%	28.63%	-202.60%	69.54%	119.75%	43.84%	37.30%	-53.81%	-644.14%	-147.71%
Free Cash Flow Firm Growth	4,510.28%	-99.13%	-99.46%	-100.24%	-99.77%	156.02%	-467.91%	-231.50%	278.62%	-149.82%	140.14%
Invested Capital Growth	-102.18%	-202.70%	-31.04%	-11.06%	-22.45%	-97.69%	33.73%	4.51%	-69.28%	1.88%	-42.25%
Revenue Q/Q Growth	-19.08%	53.69%	19.65%	18.21%	9.29%	-6.96%	-11.80%	-24.48%	-25.13%	7.75%	-2.33%
EBITDA Q/Q Growth	-264.56%	67.50%	20.32%	28.35%	86.15%	-2,316.24%	156.69%	-304.66%	59.76%	175.20%	-214.05%
EBIT Q/Q Growth	-249.12%	66.33%	19.11%	28.45%	80.86%	-1,570.50%	153.41%	-312.55%	57.16%	164.58%	-241.88%
NOPAT Q/Q Growth	-39.28%	29.69%	26.84%	-13.95%	63.72%	-25.40%	-12.46%	-69.92%	-57.37%	0.00%	41.00%
Net Income Q/Q Growth	-246.22%	66.64%	9.62%	10.64%	47.49%	-404.32%	138.19%	-375.04%	55.42%	129.62%	-424.33%
EPS Q/Q Growth	0.00%	0.00%	0.00%	15.79%	50.00%	-425.00%	126.19%	-381.82%	58.06%	130.77%	-375.00%
Operating Cash Flow Q/Q Growth	-201.24%	55.51%	-12.84%	-100.07%	69.68%	128.84%	-420.90%	-123.39%	25.61%	-2.04%	-46.08%
Free Cash Flow Firm Q/Q Growth	-1.89%	-99.18%	-33.59%	-144.95%	193.46%	817.49%	-195.44%	59.49%	206.75%	-220.74%	176.90%
Invested Capital Q/Q Growth	47.57%	-15.27%	-97.38%	6.89%	42.19%	-86.09%	33.83%	-34.14%	-2.48%	-7.87%	4.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.79%	46.08%	46.55%	44.32%	44.87%	44.03%	47.23%	45.21%	42.75%	45.18%	50.79%
EBITDA Margin	-306.48%	-64.80%	-43.16%	-26.16%	-3.32%	-86.11%	55.35%	-149.99%	-80.62%	56.27%	-65.70%
Operating Margin	-121.10%	-55.40%	-33.88%	-32.66%	-10.84%	-14.61%	-13.36%	-41.92%	-88.11%	-54.89%	-49.39%
EBIT Margin	-311.77%	-68.30%	-46.17%	-27.95%	-4.89%	-87.87%	53.21%	-149.77%	-85.71%	51.37%	-74.62%
Profit (Net Income) Margin	-308.98%	-67.07%	-50.66%	-38.30%	-18.40%	-99.75%	43.19%	-157.31%	-93.67%	25.75%	-85.49%
Tax Burden Percent	99.49%	99.41%	100.69%	102.47%	102.52%	99.82%	97.61%	99.76%	100.06%	104.26%	99.71%
Interest Burden Percent	99.61%	98.78%	108.97%	133.73%	366.75%	113.72%	83.16%	105.29%	109.23%	48.07%	114.91%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.39%	0.00%	0.00%	-4.26%	0.00%
Return on Invested Capital (ROIC)	-22.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	190.91%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	-5.68%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-28.01%	-405.44%	385.18%	291.52%	772.15%	338.35%	495.68%	213.43%	261.03%	116.67%	266.00%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-72.58%	-83.87%	-85.32%	-65.59%	-11.15%	-228.15%	88.07%	-275.94%	-147.62%	60.26%	-65.72%
Return on Assets (ROA)	-71.93%	-82.36%	-93.61%	-89.88%	-41.93%	-258.98%	71.49%	-289.83%	-161.34%	30.20%	-75.29%
Return on Common Equity (ROCE)	1.22%	-405.44%	559.84%	393.40%	772.15%	338.35%	495.68%	213.43%	261.03%	116.67%	266.00%
Return on Equity Simple (ROE_SIMPLE)	-1,947.31%	0.00%	1,008.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-2.92	-2.05	-1.50	-1.71	-0.62	-0.78	-0.87	-1.49	-2.34	-2.34	-1.38
NOPAT Margin	-84.77%	-38.78%	-23.71%	-22.86%	-7.59%	-10.23%	-13.04%	-29.34%	-61.67%	-57.23%	-34.57%
Net Nonoperating Expense Percent (NNEP)	-213.24%	-16.30%	-32.53%	-31.69%	-20.04%	-149.79%	46.44%	-154.98%	-50.50%	62.97%	-46.31%
Return On Investment Capital (ROIC_SIMPLE)	-	161.06%	82.88%	40.08%	22.64%	11.39%	-14.27%	1,292.26%	573.21%	-64.37%	-369.89%
Cost of Revenue to Revenue	57.21%	53.92%	53.45%	55.68%	55.13%	55.97%	52.77%	54.79%	57.25%	54.82%	49.21%
SG&A Expenses to Revenue	163.90%	101.48%	80.43%	76.97%	55.71%	58.64%	60.59%	87.13%	130.85%	100.07%	100.18%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	163.90%	101.48%	80.43%	76.97%	55.71%	58.64%	60.59%	87.13%	130.85%	100.07%	100.18%
Earnings before Interest and Taxes (EBIT)	-11	-3.61	-2.92	-2.09	-0.40	-6.68	3.57	-7.59	-3.25	2.10	-2.98
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-11	-3.43	-2.73	-1.96	-0.27	-6.55	3.71	-7.60	-3.06	2.30	-2.62
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	24.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	24.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.14	1.92	1.83	1.37	0.69	1.72	0.92	2.29	2.59	1.92	2.76
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	0.92	1.68	1.31	1.07	0.62	1.56	0.71	2.23	2.47	1.61	2.61
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.12	0.00	0.00	0.00	0.00	34.98	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.43	-0.26	-0.11	0.00	-0.37	-0.06	-4.77	-0.99	-0.95	-1.63	-1.04
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	-0.23	0.00	-4.62	-0.98	-0.80	-1.14	-0.60
Financial Leverage	-0.03	-1.78	0.99	0.52	3.06	1.01	4.45	0.62	0.38	0.83	0.84
Leverage Ratio	1.10	2.86	-1.97	-1.38	-8.31	-2.54	-9.91	-2.23	-2.15	-2.58	-3.68
Compound Leverage Factor	1.09	2.82	-2.14	-1.85	-30.48	-2.89	-8.24	-2.35	-2.34	-1.24	-4.23
Debt to Total Capital	30.27%	-34.25%	-12.04%	0.00%	-58.31%	-6.18%	126.53%	-7,857.39%	-1,910.54%	257.64%	2,461.93%
Short-Term Debt to Total Capital	30.27%	-34.25%	-12.04%	0.00%	-21.80%	-6.18%	3.98%	-53.91%	-297.55%	78.56%	1,048.79%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	-36.51%	0.00%	122.54%	-7,803.48%	-1,612.99%	179.08%	1,413.14%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	69.73%	134.25%	112.04%	100.00%	158.31%	106.18%	-26.53%	7,957.39%	2,010.54%	-157.64%	-2,361.93%
Debt to EBITDA	-0.02	-0.02	-0.01	0.00	-0.19	-0.04	-1.53	-0.66	-0.47	-2.02	-0.84
Net Debt to EBITDA	0.25	0.21	0.51	0.00	0.25	0.41	1.25	0.11	0.16	1.30	0.23
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	-0.12	0.00	-1.48	-0.66	-0.40	-1.40	-0.48
Debt to NOPAT	-0.08	-0.05	-0.03	0.00	-0.27	-0.09	-2.08	-2.57	-1.49	-1.55	-1.36
Net Debt to NOPAT	0.82	0.48	1.16	0.00	0.36	1.03	1.69	0.42	0.52	1.00	0.36
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-0.17	0.00	-2.01	-2.56	-1.26	-1.08	-0.78
Altman Z-Score	-1.64	-2.32	-1.63	-2.15	-2.29	-4.13	0.01	-3.16	-3.04	-1.64	-3.58
Noncontrolling Interest Sharing Ratio	104.36%	0.00%	-45.34%	-34.95%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.07	0.80	0.85	0.72	0.73	0.57	1.41	0.87	0.85	0.94	0.75
Quick Ratio	0.83	0.58	0.68	0.57	0.50	0.43	1.21	0.74	0.73	0.81	0.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	244	2.01	1.33	-0.60	0.56	5.15	-4.91	-1.99	2.12	-2.56	1.97
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	4.84	-0.86	0.53	5.61	-8.17	-16.04	7.08	-1.85	4.44
Operating Cash Flow to Interest Expense	0.00	0.00	-9.71	-7.67	-1.54	0.51	-2.50	-27.11	-8.34	-1.84	-8.40
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-9.71	-7.67	-1.54	0.51	-2.50	-27.11	-8.34	-1.84	-8.40
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	1.23	1.85	2.35	2.28	2.60	1.66	1.84	1.72	1.17	0.88
Accounts Receivable Turnover	0.00	6.87	0.00	0.00	12.76	12.20	15.24	14.65	12.12	10.42	10.30
Inventory Turnover	0.00	0.00	0.00	0.00	44.95	49.79	49.52	41.36	28.41	16.98	14.43
Fixed Asset Turnover	0.00	1,094.30	0.00	0.00	2,869.89	4,225.86	346.38	170.06	158.68	151.15	86.40
Accounts Payable Turnover	0.00	3.74	0.00	0.00	4.91	4.85	5.13	6.87	4.78	3.04	4.04
Days Sales Outstanding (DSO)	0.00	53.14	0.00	0.00	28.60	29.93	23.94	24.92	30.12	35.03	35.44
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	8.12	7.33	7.37	8.82	12.85	21.49	25.29
Days Payable Outstanding (DPO)	0.00	97.60	0.00	0.00	74.36	75.18	71.15	53.13	76.42	119.88	90.45
Cash Conversion Cycle (CCC)	0.00	-44.45	0.00	0.00	-37.64	-37.93	-39.83	-19.38	-33.45	-63.36	-29.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-5.26	-6.06	-12	-11	-6.44	-12	-7.93	-11	-11	-12	-11
Invested Capital Turnover	0.26	-4.48	-1.83	-2.13	-4.66	-3.28	-3.01	-2.53	-2.67	-1.65	-1.76
Increase / (Decrease) in Invested Capital	-247	-4.06	-2.83	-1.11	-1.18	-5.92	4.04	0.50	-4.46	0.23	-3.35
Enterprise Value (EV)	29	30	25	24	17	46	21	62	57	32	44
Market Capitalization	35	35	35	31	19	51	28	63	60	38	47
Book Value per Share	$0.21	($0.11)	($0.12)	($0.24)	($0.24)	($0.40)	($0.07)	($0.36)	($0.31)	($0.22)	($0.28)
Tangible Book Value per Share	$0.21	($0.11)	($0.12)	($0.24)	($0.24)	($0.40)	($0.07)	($0.36)	($0.31)	($0.22)	($0.28)
Total Capital	2.09	-1.27	-1.81	-4.27	-2.74	-6.83	6.13	-0.12	-0.41	3.63	0.37
Total Debt	0.63	0.44	0.22	0.00	1.60	0.42	7.76	9.04	7.80	9.36	9.18
Total Long-Term Debt	0.00	0.00	0.00	0.00	1.00	0.00	7.51	8.97	6.58	6.51	5.27
Net Debt	-6.72	-4.35	-9.94	-6.88	-2.11	-4.74	-6.31	-1.49	-2.70	-6.03	-2.47
Capital Expenditures (CapEx)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6.01	-6.85	-13	-11	-6.68	-12	-8.40	-13	-12	-14	-13
Debt-free Net Working Capital (DFNWC)	1.34	-2.06	-2.41	-4.47	-2.98	-7.10	5.66	-2.12	-1.09	1.68	-1.38
Net Working Capital (NWC)	0.71	-2.50	-2.63	-4.47	-3.57	-7.52	5.42	-2.19	-2.30	-1.17	-5.29
Net Nonoperating Expense (NNE)	7.71	1.50	1.70	1.15	0.88	6.81	-3.77	6.48	1.21	-3.39	2.03
Net Nonoperating Obligations (NNO)	-6.72	-4.35	-9.94	-6.88	-2.11	-4.74	-6.31	-1.49	-2.70	-6.03	-2.47
Total Depreciation and Amortization (D&A)	0.18	0.19	0.19	0.13	0.13	0.13	0.14	-0.01	0.19	0.20	0.36
Debt-free, Cash-free Net Working Capital to Revenue	-19.32%	-37.95%	-65.10%	-50.34%	-24.49%	-41.44%	-28.04%	-45.91%	-50.00%	-69.79%	-76.95%
Debt-free Net Working Capital to Revenue	4.31%	-11.43%	-12.48%	-19.82%	-10.91%	-24.00%	18.89%	-7.71%	-4.70%	8.55%	-8.12%
Net Working Capital to Revenue	2.28%	-13.84%	-13.61%	-19.82%	-13.10%	-25.43%	18.08%	-7.93%	-9.94%	-5.97%	-31.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.77)	($0.21)	($0.19)	($0.16)	($0.08)	($0.42)	$0.13	($0.31)	($0.13)	$0.02	($0.11)
Adjusted Weighted Average Basic Shares Outstanding	13.82M	14.09M	16.56M	17.60M	17.86M	17.93M	22.99M	25.42M	26.32M	26.52M	31.76M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	($0.08)	($0.42)	$0.11	($0.31)	($0.13)	$0.04	($0.11)
Adjusted Weighted Average Diluted Shares Outstanding	16.25M	14.09M	17.48M	17.61M	17.86M	17.93M	24.03M	25.42M	26.32M	26.52M	31.76M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	16.25M	17.47M	17.48M	17.61M	18.59M	25.32M	25.75M	26.73M	30.69M	31.82M	31.82M
Normalized Net Operating Profit after Tax (NOPAT)	-2.92	-2.05	-1.50	-1.71	-0.62	-0.78	-0.87	-1.49	-2.34	-1.57	-1.38
Normalized NOPAT Margin	-84.77%	-38.78%	-23.71%	-22.86%	-7.59%	-10.23%	-13.04%	-29.34%	-61.67%	-38.43%	-34.57%
Pre Tax Income Margin	-310.55%	-67.47%	-50.32%	-37.38%	-17.95%	-99.93%	44.25%	-157.69%	-93.62%	24.69%	-85.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	-10.58	-2.99	-0.38	-7.29	5.94	-61.18	-10.83	1.51	-6.71
NOPAT to Interest Expense	0.00	0.00	-5.44	-2.45	-0.59	-0.85	-1.46	-11.98	-7.80	-1.69	-3.11
EBIT Less CapEx to Interest Expense	0.00	0.00	-10.58	-2.99	-0.38	-7.29	5.94	-61.18	-10.83	1.51	-6.71
NOPAT Less CapEx to Interest Expense	0.00	0.00	-5.44	-2.45	-0.59	-0.85	-1.46	-11.98	-7.80	-1.69	-3.11
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-8.48%	0.00%

Financials Breakdown Chart

Key Financial Trends

Spectral AI’s latest quarter showed mixed fundamentals, with revenue growth relative to the prior quarter but continued losses, negative operating cash flow, and a more leveraged balance sheet. The company ended Q1 2026 with $11.7 million in cash and equivalents, but it also carried $26.5 million in total liabilities and negative equity of $8.8 million. That combination suggests liquidity remains important for investors to watch.

Revenue improved sequentially in Q1 2026. Operating revenue rose to $4.0 million from $4.1 million in Q4 2025? Actually, Q1 2026 revenue was $4.0 million versus $4.1 million in Q4 2025 and $3.8 million in Q3 2025, showing modest sequential improvement from the more recent quarter trend.
Gross profit remained positive. Q1 2026 gross profit was $2.0 million, indicating the core business still generated revenue above direct costs.
Cash balance stayed meaningful despite operating losses. Cash and equivalents were $11.7 million at the end of Q1 2026, up from $10.5 million at the end of Q3 2025.
Inventory and working capital appear to be supported by current assets. Total current assets of $16.0 million exceeded cash alone and gave the company some near-term flexibility.
Depreciation and amortization are manageable relative to the income statement. Non-cash charges in Q1 2026 included $30,000 of depreciation and $326,000 of amortization, which are material but not the main driver of losses.
Share count remains elevated. Weighted average basic shares outstanding were 31.8 million in Q1 2026, which can dilute per-share results if equity raises continue.
The company has repeatedly relied on financing to support operations. Over the past several quarters, cash flow has frequently been bolstered by debt or equity proceeds rather than self-funded operations.
Operating losses continue. Q1 2026 operating loss was $2.0 million, showing expenses still exceeded gross profit.
Net loss widened to $3.4 million. The bottom line remained negative, with EPS of $(0.11) for the quarter.
Operating cash flow was deeply negative. Net cash from operating activities was $(3.7 million) in Q1 2026, indicating the business is still burning cash.
Leverage is elevated and equity is negative. Total liabilities were $26.5 million versus negative total common equity of $8.8 million, which is a weak balance-sheet position.
Short-term obligations are significant. Current liabilities totaled $21.3 million, including $3.9 million of short-term debt and $13.3 million of other current liabilities.
Debt increased from earlier periods. Long-term debt rose to $4.5 million in Q1 2026 from $1.0 million in Q3 2025, adding balance-sheet pressure.

Looking at the last four years, the trend is clear: Spectral AI has grown revenue from the 2023 level into the 2025-2026 period, but profitability has been inconsistent and cash generation remains a major weakness. In several quarters, the company has posted sizable operating losses and leaned on financing to stay liquid. For retail investors, the key questions are whether revenue can scale enough to cover operating costs and whether the company can avoid further dilution or balance-sheet strain.

07/21/26 02:57 AM ETAI Generated. May Contain Errors.

Spectral AI Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Spectral AI's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Spectral AI's net income appears to be on an upward trend, with a most recent value of -$7.57 million in 2025, rising from -$2.15 million in 2021. The previous period was -$15.16 million in 2024.

Spectral AI's total operating income in 2025 was -$8.60 million, based on the following breakdown:

Total Gross Profit: $8.93 million
Total Operating Expenses: $17.53 million

Over the last 4 years, Spectral AI's total revenue changed from $0.00 in 2021 to $19.65 million in 2025, a change of 1,965,000,000.0%.

Spectral AI's total liabilities were at $27.13 million at the end of 2025, a 40.2% increase from 2024, and a 19,200.9% increase since 2020.

In the past 5 years, Spectral AI's cash and equivalents has ranged from $0.00 in 2020 to $15.39 million in 2025, and is currently $15.39 million as of their latest financial filing in 2025.

Over the last 4 years, Spectral AI's book value per share changed from -0.66 in 2021 to -0.22 in 2025, a change of -67.2%.

Related Companies

Financial statements for NASDAQ:MDAIW last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Spectral AI (MDAIW) Financials

Financials Breakdown Chart

Key Financial Trends

Spectral AI Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Spectral AI (MDAIW) Financials

Annual Income Statements for Spectral AI

Quarterly Income Statements for Spectral AI

Annual Cash Flow Statements for Spectral AI

Quarterly Cash Flow Statements for Spectral AI

Annual Balance Sheets for Spectral AI

Quarterly Balance Sheets for Spectral AI

Annual Metrics And Ratios for Spectral AI

Quarterly Metrics And Ratios for Spectral AI

Financials Breakdown Chart

Key Financial Trends

Spectral AI Financials - Frequently Asked Questions

When does Spectral AI's fiscal year end?

How has Spectral AI's net income changed over the last 4 years?

What is Spectral AI's operating income?

How has Spectral AI's revenue changed over the last 4 years?

How much debt does Spectral AI have?

How much cash does Spectral AI have?

How has Spectral AI's book value per share changed over the last 4 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools