What is QT Imaging's operating income?

QT Imaging's total operating income in 2025 was -$4.44 million, based on the following breakdown: Total Gross Profit: $8.58 million Total Operating Expenses: $13.02 million

QT Imaging (QTI) Financials

$2.40 +0.02 (+0.84%)

Closing price 04:00 PM Eastern

Extended Trading

$2.40 0.00 (0.00%)

As of 04:10 PM Eastern

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Annual Income Statements for QT Imaging

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

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-2.77	-6.10	-14	-21
Consolidated Net Income / (Loss)	-2.77	-6.10	-8.99	-21
Net Income / (Loss) Continuing Operations	-2.77	-6.10	-8.99	-21
Total Pre-Tax Income	-2.29	-6.10	-9.00	-21
Total Operating Income	-4.28	-5.01	-12	-4.44
Total Gross Profit	0.00	-0.09	2.64	8.58
Total Revenue	0.00	0.04	4.88	19
Operating Revenue	0.00	0.04	4.88	19
Total Cost of Revenue	0.00	0.13	2.24	10
Operating Cost of Revenue	-	0.13	2.24	10
Total Operating Expenses	4.28	4.91	15	13
Selling, General & Admin Expense	4.28	3.43	12	9.09
Research & Development Expense	-	1.49	3.27	3.94
Total Other Income / (Expense), net	1.99	-1.09	3.18	-17
Interest & Investment Income	1.63	-0.54	-4.50	-2.64
Other Income / (Expense), net	0.38	-0.54	7.67	-14
Income Tax Expense	0.49	0.00	-0.02	-0.00
Preferred Stock Dividends Declared	-	0.00	5.19	0.00
Basic Earnings per Share	($0.60)	($0.64)	($2.13)	($2.01)
Weighted Average Basic Shares Outstanding	6.54M	9.54M	6.66M	10.48M
Diluted Earnings per Share	($0.60)	($0.64)	($2.13)	($2.01)
Weighted Average Diluted Shares Outstanding	6.54M	9.54M	6.66M	10.48M
Weighted Average Basic & Diluted Shares Outstanding	17.95M	21.44M	27.65M	12.04M

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-1.51	-0.63	-6.43	-3.62	-3.49	-11	-4.00	-4.56	-1.39	-3.41	-11
Consolidated Net Income / (Loss)	-1.51	-0.63	-1.25	-3.62	-3.49	-11	-4.00	-4.56	-1.39	-3.41	-11
Net Income / (Loss) Continuing Operations	-1.51	-0.63	-1.25	-3.62	-3.49	-11	-4.00	-4.56	-1.39	-3.41	-11
Total Pre-Tax Income	-1.51	-0.63	-1.25	-3.62	-3.50	-11	-4.00	-4.56	-1.39	-3.41	-11
Total Operating Income	-0.81	-5.58	-2.22	-2.33	-2.05	-1.04	-1.04	-1.65	-0.70	-2.35	-1.86
Total Gross Profit	-0.06	0.76	0.87	0.61	0.40	1.81	1.83	1.80	3.14	2.67	3.06
Total Revenue	0.00	1.36	1.71	0.96	0.85	2.80	3.66	4.19	8.28	6.53	7.44
Operating Revenue	0.00	1.36	1.71	0.96	0.85	2.80	3.66	4.19	8.28	6.53	7.44
Total Cost of Revenue	0.06	0.60	0.84	0.35	0.45	0.99	1.83	2.39	5.13	3.86	4.38
Operating Cost of Revenue	0.06	0.60	0.84	0.35	0.45	0.99	1.83	2.39	5.13	3.86	4.38
Total Operating Expenses	0.76	6.34	3.09	2.93	2.45	2.85	2.87	3.45	3.84	5.02	4.92
Selling, General & Admin Expense	0.35	5.70	2.17	2.01	1.68	2.00	1.97	2.52	2.60	3.30	3.30
Research & Development Expense	0.40	0.64	0.93	0.93	0.77	0.85	0.90	0.94	1.24	1.72	1.62
Total Other Income / (Expense), net	-0.69	4.95	0.97	-1.29	-1.45	-10	-2.96	-2.91	-0.69	-1.06	-9.20
Interest Expense	-	-	-	-	-	-	0.00	-	-	-	8.29
Interest & Investment Income	-0.15	-0.60	-1.10	-1.46	-1.35	-0.69	-0.38	-0.56	-1.00	-0.93	-0.75
Other Income / (Expense), net	-0.54	5.55	2.07	0.16	-0.10	-9.40	-2.58	-2.34	0.31	-0.13	-0.17
Income Tax Expense	-	-	0.00	0.00	-	-	0.00	0.00	-	-	0.00
Basic Earnings per Share	($0.16)	($0.05)	($0.30)	($0.51)	($1.27)	($1.21)	($0.42)	($0.47)	($1.00)	($0.25)	($0.75)
Weighted Average Basic Shares Outstanding	9.54M	13.23M	21.44M	7.16M	6.66M	9.17M	9.45M	9.60M	10.48M	13.80M	14.83M
Diluted Earnings per Share	($0.16)	($0.05)	($0.30)	($0.51)	($1.27)	($1.21)	($0.42)	($0.47)	($1.00)	($0.25)	($0.75)
Weighted Average Diluted Shares Outstanding	9.54M	13.23M	21.44M	7.16M	6.66M	9.17M	9.45M	9.60M	10.48M	13.80M	14.83M
Weighted Average Basic & Diluted Shares Outstanding	21.44M	21.44M	21.44M	21.83M	27.65M	28.44M	28.74M	11.90M	12.04M	12.04M	14.64M

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

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-0.34	-0.29	1.01	9.27
Net Cash From Operating Activities	-1.26	-2.65	-10	-8.96
Net Cash From Continuing Operating Activities	-1.26	-2.65	-10	-8.96
Net Income / (Loss) Continuing Operations	-2.77	-6.10	-8.99	-21
Consolidated Net Income / (Loss)	-2.77	-6.10	-8.99	-21
Depreciation Expense	-	0.48	0.23	0.13
Non-Cash Adjustments To Reconcile Net Income	0.63	1.31	0.11	16
Changes in Operating Assets and Liabilities, net	0.87	1.66	-1.39	-3.98
Net Cash From Investing Activities	192	-0.01	-0.09	-0.12
Net Cash From Continuing Investing Activities	192	-0.01	-0.09	-0.12
Purchase of Property, Plant & Equipment	-	-0.01	-0.09	-0.12
Net Cash From Financing Activities	-191	2.37	11	18
Net Cash From Continuing Financing Activities	-191	2.37	11	18
Repayment of Debt	-	0.56	-2.14	-15
Issuance of Debt	0.64	0.80	11	15
Issuance of Common Equity	-	1.02	1.50	18
Other Financing Activities, net	-192	0.00	1.24	0.63
Cash Interest Paid	-	0.00	0.54	0.43

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
Net Change in Cash & Equivalents	0.13	5.46	-1.04	-3.04	-0.37	1.82	-0.97	-0.31	8.73	-3.51	4.02
Net Cash From Operating Activities	-0.69	-5.98	-0.98	-1.85	-1.23	-3.54	-1.44	-0.88	-3.10	-3.65	-4.84
Net Cash From Continuing Operating Activities	-0.69	-5.98	-0.97	-1.86	-1.23	-3.54	-1.44	-0.88	-3.10	-3.65	-4.84
Net Income / (Loss) Continuing Operations	-1.51	-0.63	-1.25	-3.62	-3.49	-11	-4.00	-4.56	-1.39	-3.41	-11
Consolidated Net Income / (Loss)	-1.51	-0.63	-1.25	-3.62	-3.49	-11	-4.00	-4.56	-1.39	-3.41	-11
Depreciation Expense	0.13	0.10	0.09	0.02	0.03	0.04	0.04	0.04	0.02	0.02	0.02
Non-Cash Adjustments To Reconcile Net Income	0.67	-1.32	-1.14	1.16	1.40	9.99	2.87	2.74	0.38	1.17	9.56
Changes in Operating Assets and Liabilities, net	0.03	-4.13	1.34	0.57	0.83	-2.43	-0.35	0.89	-2.11	-1.44	-3.34
Net Cash From Investing Activities	0.01	0.00	-0.03	-0.01	-0.05	0.00	-0.05	-	-0.08	-0.02	-0.17
Net Cash From Continuing Investing Activities	0.01	0.00	-0.03	-0.01	-0.05	0.00	-0.05	-	-0.08	-0.02	-0.17
Purchase of Property, Plant & Equipment	0.01	-	-	-0.01	-0.05	0.00	-	-	-0.08	-0.02	-0.17
Net Cash From Financing Activities	0.80	11	-0.03	-1.18	0.91	5.35	0.52	0.57	12	0.16	9.04
Net Cash From Continuing Financing Activities	0.80	11	-0.03	-1.18	0.91	5.35	0.52	0.57	12	0.16	9.04
Repayment of Debt	0.00	-0.83	-0.03	-1.18	-0.09	-4.65	-0.03	-0.01	-10	-0.24	0.23
Issuance of Common Equity	-	0.50	-	-	1.00	0.00	0.70	-0.02	17	0.16	9.15
Other Financing Activities, net	-	1.24	-	-	-0.00	0.00	-0.15	0.61	0.17	0.25	-0.06

This table presents QT Imaging's assets and liabilities at the end of each period, using annual balance sheet 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
Total Assets	234	42	6.71	6.09	23
Total Current Assets	1.16	0.25	4.82	4.92	22
Cash & Equivalents	0.42	0.08	0.16	1.17	10
Restricted Cash	-	-	0.02	0.02	0.05
Accounts Receivable	-	-	0.00	0.07	5.78
Inventories, net	-	-	4.42	3.14	5.03
Prepaid Expenses	0.74	0.17	0.21	0.52	0.82
Plant, Property, & Equipment, net	0.00	0.00	0.49	0.20	0.32
Total Noncurrent Assets	232	42	1.40	0.97	0.61
Other Noncurrent Operating Assets	232	42	1.31	0.97	0.61
Total Liabilities & Shareholders' Equity	234	42	6.71	6.09	23
Total Liabilities	10	13	12	16	17
Total Current Liabilities	0.63	4.19	7.34	9.79	7.87
Short-Term Debt	0.00	0.26	0.71	4.99	0.01
Accounts Payable	0.03	0.20	1.36	0.80	3.58
Accrued Expenses	0.53	2.26	0.37	3.60	3.83
Other Current Liabilities	0.07	1.47	4.56	0.41	0.45
Total Noncurrent Liabilities	9.61	9.23	4.68	5.83	8.71
Long-Term Debt	-	-	3.24	3.86	4.58
Other Noncurrent Operating Liabilities	9.61	9.23	1.06	1.97	4.13
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-8.92	-13	-5.31	-9.54	6.45
Total Preferred & Common Equity	-8.92	-13	-5.31	-9.54	6.45
Preferred Stock	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-8.92	-13	-5.31	-9.54	6.45
Common Stock	0.00	0.00	12	22	59
Retained Earnings	-8.92	-13	-18	-32	-53

This table presents QT Imaging'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	Q2 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	6/30/2026
Total Assets	23	13	11	6.96	11	12	12	22	31
Total Current Assets	0.13	11	9.49	5.78	9.81	11	11	21	29
Cash & Equivalents	0.12	5.62	4.58	1.54	2.99	2.02	1.72	6.90	11
Restricted Cash	-	0.02	0.02	0.02	0.02	0.02	0.02	0.05	0.05
Accounts Receivable	-	0.48	0.67	0.26	2.78	3.65	3.24	6.35	7.40
Inventories, net	-	4.12	3.35	3.18	2.87	3.23	5.24	6.83	9.87
Prepaid Expenses	0.01	1.20	0.87	0.78	1.15	1.74	1.07	1.07	1.17
Plant, Property, & Equipment, net	0.00	0.15	0.14	0.12	0.16	0.17	0.13	0.32	0.79
Total Noncurrent Assets	23	1.27	1.14	1.06	0.89	0.80	0.71	0.52	0.42
Other Noncurrent Operating Assets	23	1.23	1.14	1.06	0.89	0.80	0.71	0.52	0.42
Total Liabilities & Shareholders' Equity	23	13	11	6.96	11	12	12	22	31
Total Liabilities	12	18	17	17	31	12	21	18	28
Total Current Liabilities	8.93	4.37	15	5.43	5.28	6.31	13	8.53	9.50
Short-Term Debt	1.08	0.00	5.41	0.00	0.06	0.04	5.02	0.00	0.00
Accounts Payable	0.62	0.71	0.55	0.77	0.87	1.60	2.02	2.93	3.01
Accrued Expenses	4.19	2.81	4.19	3.36	3.89	4.21	5.24	5.13	6.05
Other Current Liabilities	3.04	0.50	5.09	1.28	0.42	0.43	0.44	0.47	0.44
Total Noncurrent Liabilities	2.78	13	1.67	11	26	5.65	8.45	9.70	19
Long-Term Debt	-	8.74	0.04	8.88	3.85	3.92	4.17	5.26	15
Other Noncurrent Operating Liabilities	2.78	4.66	1.64	2.30	22	1.73	4.29	4.45	3.59
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-11	-4.91	-6.16	-9.65	-20	-0.32	-9.08	3.80	2.25
Total Preferred & Common Equity	-11	-4.91	-6.16	-9.65	-20	-0.32	-9.08	3.80	2.25
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-11	-4.91	-6.16	-9.65	-20	-0.32	-9.08	3.80	2.25
Common Stock	5.06	17	22	22	23	47	43	60	70
Retained Earnings	-17	-22	-29	-32	-43	-47	-52	-56	-68

This table displays calculated financial ratios and metrics derived from QT Imaging's official financial filings.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
DEI Shares Outstanding	10,559,050.00	8,659,978.00	21,825,475.00	11,902,198.00
DEI Adjusted Shares Outstanding	10,559,050.00	8,659,978.00	21,825,475.00	11,902,198.00
DEI Earnings Per Adjusted Shares Outstanding	-0.26	-0.70	-0.65	-1.77
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	0.00%	11,990.20%	287.89%
EBITDA Growth	0.00%	-30.82%	15.77%	-328.70%
EBIT Growth	0.00%	-42.56%	18.90%	-309.62%
NOPAT Growth	0.00%	-17.03%	-143.15%	63.56%
Net Income Growth	0.00%	-119.84%	-47.32%	-134.65%
EPS Growth	0.00%	-6.67%	-232.81%	5.63%
Operating Cash Flow Growth	0.00%	-110.15%	-278.44%	10.70%
Free Cash Flow Firm Growth	0.00%	0.00%	-129.62%	28.80%
Invested Capital Growth	0.00%	-104.09%	-60.61%	130.22%
Revenue Q/Q Growth	0.00%	13.98%	20.85%	64.62%
EBITDA Q/Q Growth	0.00%	12.41%	-26.51%	8.75%
EBIT Q/Q Growth	0.00%	4.11%	-21.51%	8.74%
NOPAT Q/Q Growth	0.00%	13.43%	-11.31%	23.34%
Net Income Q/Q Growth	0.00%	-2.31%	-28.23%	9.06%
EPS Q/Q Growth	0.00%	12.33%	-108.82%	-133.72%
Operating Cash Flow Q/Q Growth	0.00%	-3.23%	-5.70%	-26.46%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-210.64%	-16.63%
Invested Capital Q/Q Growth	0.00%	-109.49%	19.34%	135.17%
Profitability Metrics	-	-	-	-
Gross Margin	0.00%	-234.50%	54.11%	45.36%
EBITDA Margin	0.00%	-12,568.04%	-87.56%	-96.77%
Operating Margin	0.00%	-12,409.76%	-249.58%	-23.45%
EBIT Margin	0.00%	-13,759.20%	-92.29%	-97.46%
Profit (Net Income) Margin	0.00%	-15,113.25%	-184.16%	-111.40%
Tax Burden Percent	121.27%	100.03%	99.82%	100.00%
Interest Burden Percent	58.73%	109.81%	199.89%	114.31%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	-25.47%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-145.61%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-27.08%	0.00%	0.00%
Return on Equity (ROE)	-2.20%	-52.54%	121.01%	1,363.27%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-975.77%
Operating Return on Assets (OROA)	0.00%	-22.83%	-70.40%	-126.73%
Return on Assets (ROA)	0.00%	-25.07%	-140.46%	-144.86%
Return on Common Equity (ROCE)	0.19%	41.63%	121.01%	1,363.27%
Return on Equity Simple (ROE_SIMPLE)	21.21%	114.81%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-3.00	-3.51	-8.52	-3.11
NOPAT Margin	0.00%	-8,686.83%	-174.71%	-16.41%
Net Nonoperating Expense Percent (NNEP)	-123.30%	120.14%	7.82%	2,023.31%
Return On Investment Capital (ROIC_SIMPLE)	-	256.37%	1,228.23%	-28.15%
Cost of Revenue to Revenue	0.00%	334.50%	45.89%	54.64%
SG&A Expenses to Revenue	0.00%	8,493.84%	236.73%	48.01%
R&D to Revenue	0.00%	3,681.42%	66.96%	20.80%
Operating Expenses to Revenue	0.00%	12,175.26%	303.69%	68.80%
Earnings before Interest and Taxes (EBIT)	-3.89	-5.55	-4.50	-18
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-3.88	-5.07	-4.27	-18
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	11.27
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	11.27
Price to Revenue (P/Rev)	0.00	2,358.40	2.18	3.84
Price to Earnings (P/E)	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	5.21	0.00	0.00	117.07
Enterprise Value to Revenue (EV/Rev)	0.00	2,451.57	3.75	3.53
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	3.75	0.00	0.00
Leverage & Solvency	-	-	-	-
Debt to Equity	0.01	-0.74	-0.93	0.71
Long-Term Debt to Equity	0.00	-0.61	-0.40	0.71
Financial Leverage	0.01	0.19	-0.79	-0.57
Leverage Ratio	1.09	2.10	-0.86	-9.41
Compound Leverage Factor	0.64	2.30	-1.72	-10.76
Debt to Total Capital	0.89%	-288.49%	-1,274.35%	41.58%
Short-Term Debt to Total Capital	0.89%	-51.56%	-718.44%	0.08%
Long-Term Debt to Total Capital	0.00%	-236.93%	-555.91%	41.50%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	144.54%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-45.44%	388.49%	1,374.35%	58.42%
Debt to EBITDA	-0.07	-0.78	-2.07	-0.25
Net Debt to EBITDA	-0.05	-0.74	-1.79	0.32
Long-Term Debt to EBITDA	0.00	-0.64	-0.90	-0.25
Debt to NOPAT	-0.09	-1.13	-1.04	-1.48
Net Debt to NOPAT	-0.06	-1.07	-0.90	1.89
Long-Term Debt to NOPAT	0.00	-0.92	-0.45	-1.47
Altman Z-Score	3.96	-2.14	-9.54	-1.68
Noncontrolling Interest Sharing Ratio	108.73%	179.22%	0.00%	0.00%
Liquidity Ratios	-	-	-	-
Current Ratio	0.06	0.66	0.50	2.81
Quick Ratio	0.02	0.02	0.13	2.06
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	26	-7.81	-5.56
Operating Cash Flow to CapEx	0.00%	-20,330.85%	-11,401.14%	-7,225.00%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	-54.62	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-54.62	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-
Asset Turnover	0.00	0.00	0.76	1.30
Accounts Receivable Turnover	0.00	0.00	142.89	6.47
Inventory Turnover	0.00	0.00	0.59	2.53
Fixed Asset Turnover	0.00	0.00	14.21	73.64
Accounts Payable Turnover	0.00	0.17	2.07	4.72
Days Sales Outstanding (DSO)	0.00	0.00	2.55	56.39
Days Inventory Outstanding (DIO)	0.00	0.00	616.15	144.15
Days Payable Outstanding (DPO)	0.00	2,096.34	175.94	77.35
Cash Conversion Cycle (CCC)	0.00	-2,096.34	442.76	123.19
Capital & Investment Metrics	-	-	-	-
Invested Capital	29	-1.17	-1.89	0.57
Invested Capital Turnover	0.00	0.00	-3.19	-28.76
Increase / (Decrease) in Invested Capital	0.00	-30	-0.71	2.46
Enterprise Value (EV)	149	99	18	67
Market Capitalization	108	95	11	73
Book Value per Share	($1.24)	($0.61)	($0.44)	$0.54
Tangible Book Value per Share	($1.24)	($0.62)	($0.44)	$0.54
Total Capital	29	-1.37	-0.69	11
Total Debt	0.26	3.94	8.84	4.59
Total Long-Term Debt	0.00	3.24	3.86	4.58
Net Debt	0.18	3.76	7.65	-5.88
Capital Expenditures (CapEx)	0.00	0.01	0.09	0.12
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-3.76	-2.00	-1.08	3.77
Debt-free Net Working Capital (DFNWC)	-3.68	-1.81	0.11	14
Net Working Capital (NWC)	-3.94	-2.52	-4.88	14
Net Nonoperating Expense (NNE)	-0.22	2.59	0.46	18
Net Nonoperating Obligations (NNO)	0.18	4.14	7.65	-5.88
Total Depreciation and Amortization (D&A)	0.02	0.48	0.23	0.13
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-4,953.50%	-22.20%	19.92%
Debt-free Net Working Capital to Revenue	0.00%	-4,495.84%	2.23%	75.20%
Net Working Capital to Revenue	0.00%	-6,242.84%	-99.96%	75.15%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	($0.60)	($0.78)	($0.71)	($2.01)
Adjusted Weighted Average Basic Shares Outstanding	6.54M	6.54M	19.98M	10.48M
Adjusted Diluted Earnings per Share	($0.60)	($0.78)	($0.71)	($2.01)
Adjusted Weighted Average Diluted Shares Outstanding	6.54M	6.54M	19.98M	10.48M
Adjusted Basic & Diluted Earnings per Share	$0.06	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	17.95M	21.44M	27.65M	12.04M
Normalized Net Operating Profit after Tax (NOPAT)	-3.00	-3.51	-8.52	-3.11
Normalized NOPAT Margin	0.00%	-8,686.83%	-174.71%	-16.41%
Pre Tax Income Margin	0.00%	-15,109.28%	-184.48%	-111.41%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	-168.63	0.00	0.00	0.00
NOPAT to Interest Expense	-129.68	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	-168.63	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	-129.68	0.00	0.00	0.00
Payout Ratios	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	-3.06%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from QT Imaging's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	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	6/30/2026
DEI Shares Outstanding	8,659,978.00	21,437,216.00	21,441,416.00	21,441,416.00	21,825,475.00	27,653,210.00	28,438,139.00	28,743,577.00	11,902,198.00	12,042,500.00	12,042,500.00
DEI Adjusted Shares Outstanding	8,659,978.00	21,437,216.00	21,441,416.00	21,441,416.00	21,825,475.00	27,653,210.00	28,438,139.00	28,743,577.00	11,902,198.00	12,042,500.00	12,042,500.00
DEI Earnings Per Adjusted Shares Outstanding	-0.17	-0.03	-0.30	-0.17	-0.16	-0.40	-0.14	-0.16	-0.12	-0.28	-0.92
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	17,908.50%	53,749.67%	3,777.07%	17,004.26%	105.41%	113.50%	338.52%	877.18%	133.38%	103.20%
EBITDA Growth	21.85%	104.23%	93.72%	-91.44%	-72.59%	-15,129.90%	-5,173.01%	-84.32%	82.51%	76.40%	43.94%
EBIT Growth	14.90%	98.31%	87.16%	-74.10%	-58.68%	-35,150.24%	-2,253.23%	-84.49%	82.00%	76.29%	43.95%
NOPAT Growth	48.84%	-218.30%	-85.25%	-87.21%	-152.04%	81.32%	53.02%	29.01%	65.86%	-125.43%	-78.72%
Net Income Growth	-10.02%	66.62%	6.10%	-163.06%	-130.99%	-1,671.58%	-220.41%	-25.91%	60.20%	69.41%	-176.61%
EPS Growth	36.00%	75.00%	-114.29%	-264.29%	-693.75%	-2,320.00%	53.33%	7.84%	21.26%	79.34%	-78.57%
Operating Cash Flow Growth	-13.76%	-501.94%	-85.28%	-316.61%	-78.97%	40.83%	-47.21%	52.53%	-152.85%	-3.34%	-235.20%
Free Cash Flow Firm Growth	0.00%	-89.05%	-86.66%	-19.87%	-102.47%	-22.65%	-128.81%	-114.31%	-306.91%	-237.55%	17.78%
Invested Capital Growth	-104.09%	-107.64%	-123.37%	-118.89%	-60.61%	-963.51%	129.93%	30.68%	130.22%	110.90%	312.69%
Revenue Q/Q Growth	-79.92%	27,412.89%	25.83%	-44.23%	-11.42%	230.41%	30.77%	14.56%	97.40%	-21.09%	13.86%
EBITDA Q/Q Growth	-10.09%	105.61%	-198.09%	-3,057.56%	0.75%	-388.90%	65.59%	-10.38%	90.58%	-559.60%	18.24%
EBIT Q/Q Growth	-9.27%	97.82%	-419.13%	-1,306.92%	0.41%	-384.61%	65.34%	-10.30%	90.29%	-538.35%	18.05%
NOPAT Q/Q Growth	34.54%	-585.53%	60.20%	-4.82%	11.87%	49.20%	-0.12%	-58.40%	57.62%	-235.47%	20.65%
Net Income Q/Q Growth	-9.75%	58.37%	-98.68%	-189.82%	3.63%	-219.26%	64.07%	-13.89%	69.54%	-145.38%	-225.01%
EPS Q/Q Growth	-14.29%	68.75%	-500.00%	-70.00%	-149.02%	4.72%	65.00%	-235.71%	-112.77%	75.00%	-200.00%
Operating Cash Flow Q/Q Growth	-54.23%	-771.87%	83.61%	-88.99%	33.74%	-188.28%	59.23%	39.06%	-252.94%	-17.82%	-32.38%
Free Cash Flow Firm Q/Q Growth	79.44%	-26.09%	22.35%	-50.62%	-105.53%	2,414.53%	-145.56%	75.46%	-57.23%	-682.40%	72.76%
Invested Capital Q/Q Growth	-109.49%	-54.56%	-192.85%	56.01%	19.34%	-923.45%	108.24%	-201.91%	135.17%	269.12%	211.98%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	-1,141.99%	55.80%	51.02%	63.32%	47.24%	64.76%	49.93%	43.00%	37.97%	40.92%	41.16%
EBITDA Margin	-24,910.66%	5.08%	-3.96%	-224.35%	-251.37%	-371.94%	-97.87%	-94.30%	-4.50%	-37.61%	-27.01%
Operating Margin	-16,436.54%	-409.55%	-129.52%	-243.44%	-242.20%	-37.24%	-28.50%	-39.41%	-8.46%	-35.97%	-25.07%
EBIT Margin	-27,435.65%	-2.18%	-8.97%	-226.39%	-254.52%	-373.30%	-98.92%	-95.24%	-4.69%	-37.92%	-27.29%
Profit (Net Income) Margin	-30,499.92%	-46.15%	-72.86%	-378.62%	-411.89%	-398.00%	-109.35%	-108.71%	-16.77%	-52.16%	-148.89%
Tax Burden Percent	100.11%	100.00%	100.00%	100.00%	99.54%	100.00%	100.07%	100.00%	99.73%	100.00%	100.02%
Interest Burden Percent	111.05%	2,121.39%	811.89%	167.24%	162.57%	106.62%	110.47%	114.14%	358.84%	137.56%	545.49%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-33.73%	-36.45%	-32.31%	-137.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-113.77%
ROIC Less NNEP Spread (ROIC-NNEP)	-77.30%	138.44%	0.90%	-185.14%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-427.12%
Return on Net Nonoperating Assets (RNNOA)	-14.37%	28.51%	0.11%	-864.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-1,385.32%
Return on Equity (ROE)	-48.10%	-7.94%	-32.20%	-1,001.30%	121.01%	155.19%	686.18%	247.57%	1,363.27%	162.76%	-1,499.09%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-718.60%	0.00%	-975.77%	-1,208.51%	-234.69%
Operating Return on Assets (OROA)	-45.51%	-0.13%	-1.29%	-60.73%	-194.13%	-198.74%	-72.92%	-114.77%	-6.10%	-52.24%	-34.14%
Return on Assets (ROA)	-50.60%	-2.85%	-10.44%	-101.57%	-314.16%	-211.89%	-80.60%	-131.00%	-21.81%	-71.86%	-186.25%
Return on Common Equity (ROCE)	38.11%	5.95%	34.73%	11,941.30%	121.01%	155.19%	686.18%	247.57%	1,363.27%	162.76%	-1,499.09%
Return on Equity Simple (ROE_SIMPLE)	0.00%	98.58%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-0.57	-3.91	-1.55	-1.63	-1.44	-0.73	-0.73	-1.16	-0.49	-1.64	-1.30
NOPAT Margin	-11,505.58%	-286.68%	-90.67%	-170.41%	-169.54%	-26.07%	-19.95%	-27.59%	-5.92%	-25.18%	-17.55%
Net Nonoperating Expense Percent (NNEP)	43.57%	-174.89%	-33.21%	48.13%	34.81%	519.77%	237.14%	46.06%	101.06%	-446.06%	313.35%
Return On Investment Capital (ROIC_SIMPLE)	41.66%	-102.09%	217.67%	210.46%	206.88%	4.48%	-20.10%	-1,009.89%	-4.44%	-18.16%	-7.44%
Cost of Revenue to Revenue	1,241.99%	44.20%	48.98%	36.68%	52.76%	35.24%	50.07%	57.00%	62.03%	59.08%	58.84%
SG&A Expenses to Revenue	7,169.66%	418.17%	126.58%	209.97%	198.03%	71.55%	53.82%	60.02%	31.40%	50.49%	44.38%
R&D to Revenue	8,124.88%	47.17%	53.97%	96.78%	91.42%	30.45%	24.61%	22.39%	15.04%	26.40%	21.84%
Operating Expenses to Revenue	15,294.55%	465.35%	180.55%	306.76%	289.45%	102.00%	78.43%	82.41%	46.44%	76.89%	66.23%
Earnings before Interest and Taxes (EBIT)	-1.36	-0.03	-0.15	-2.16	-2.16	-10	-3.62	-3.99	-0.39	-2.48	-2.03
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1.23	0.07	-0.07	-2.14	-2.13	-10	-3.58	-3.95	-0.37	-2.46	-2.01
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.27	18.61	21.82
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	11.27	18.61	21.82
Price to Revenue (P/Rev)	2,358.40	16.29	5.10	3.77	2.18	2.63	4.59	5.91	3.84	3.12	1.85
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	25.03	0.00	117.07	32.79	8.12
Enterprise Value to Revenue (EV/Rev)	2,451.57	18.51	5.37	5.58	3.75	2.77	4.82	6.56	3.53	3.05	2.02
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)	3.75	1.33	0.79	3.19	0.00	1.44	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-0.74	-1.78	-0.88	-0.92	-0.93	-0.19	-12.20	-1.01	0.71	1.38	6.81
Long-Term Debt to Equity	-0.61	-1.78	-0.01	-0.92	-0.40	-0.19	-12.09	-0.46	0.71	1.38	6.81
Financial Leverage	0.19	0.21	0.12	4.67	-0.79	-0.16	-0.43	-0.79	-0.57	0.05	3.24
Leverage Ratio	2.10	2.48	2.78	16.99	-0.86	-0.94	-3.46	-1.02	-9.41	-2.00	21.99
Compound Leverage Factor	2.33	52.65	22.56	28.41	-1.40	-1.01	-3.82	-1.16	-33.77	-2.76	119.96
Debt to Total Capital	-288.49%	228.47%	-762.72%	-1,146.95%	-1,274.35%	-24.01%	108.93%	8,026.13%	41.58%	58.04%	87.19%
Short-Term Debt to Total Capital	-51.56%	0.00%	-757.58%	0.00%	-718.44%	-0.39%	1.01%	4,386.37%	0.08%	0.00%	0.00%
Long-Term Debt to Total Capital	-236.93%	228.47%	-5.14%	-1,146.95%	-555.91%	-23.62%	107.92%	3,639.75%	41.50%	58.04%	87.19%
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	388.49%	-128.47%	862.72%	1,246.95%	1,374.35%	124.01%	-8.93%	-7,926.13%	58.42%	41.96%	12.81%
Debt to EBITDA	-0.78	-2.60	-2.32	-2.63	-2.07	-0.27	-0.22	-0.46	-0.25	-0.51	-1.74
Net Debt to EBITDA	-0.74	-0.92	-0.36	-2.17	-1.79	-0.06	-0.10	-0.37	0.32	0.16	-0.49
Long-Term Debt to EBITDA	-0.64	-2.60	-0.02	-2.63	-0.90	-0.26	-0.21	-0.21	-0.25	-0.51	-1.74
Debt to NOPAT	-1.13	-1.41	-0.79	-1.16	-1.04	-0.73	-0.87	-2.27	-1.48	-1.31	-3.33
Net Debt to NOPAT	-1.07	-0.50	-0.12	-0.96	-0.90	-0.17	-0.42	-1.84	1.89	0.42	-0.94
Long-Term Debt to NOPAT	-0.92	-1.41	-0.01	-1.16	-0.45	-0.72	-0.87	-1.03	-1.47	-1.31	-3.33
Altman Z-Score	-0.07	-0.88	-3.54	-6.30	-8.27	-7.32	-3.63	-4.32	0.91	0.09	-0.62
Noncontrolling Interest Sharing Ratio	179.22%	174.94%	207.84%	1,292.57%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.66	2.62	0.62	1.06	0.50	1.86	1.69	0.89	2.81	2.49	3.10
Quick Ratio	0.02	1.40	0.34	0.33	0.13	1.09	0.90	0.39	2.06	1.55	1.93
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	29	22	27	13	-0.72	17	-7.64	-1.87	-2.95	-23	-6.28
Operating Cash Flow to CapEx	0.00%	0.00%	0.00%	-24,317.89%	-2,296.57%	0.00%	0.00%	0.00%	-4,018.33%	-21,494.12%	-2,779.89%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.76
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.58
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.60
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.06	0.14	0.27	0.76	0.53	0.74	1.21	1.30	1.38	1.25
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	142.89	3.87	3.82	6.57	6.47	4.96	4.78
Inventory Turnover	0.00	0.00	0.00	0.00	0.59	0.75	1.10	1.34	2.53	2.72	2.41
Fixed Asset Turnover	0.00	0.00	0.00	0.00	14.21	39.74	53.58	92.24	73.64	94.65	55.09
Accounts Payable Turnover	0.17	1.29	3.04	2.67	2.07	3.32	3.37	4.06	4.72	6.96	6.84
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	2.55	94.35	95.45	55.57	56.39	73.58	76.33
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	616.15	486.26	332.37	271.86	144.15	133.96	151.75
Days Payable Outstanding (DPO)	2,096.34	282.67	119.94	136.90	175.94	110.03	108.27	89.96	77.35	52.44	53.36
Cash Conversion Cycle (CCC)	-2,096.34	-282.67	-119.94	-136.90	442.76	470.59	319.55	237.47	123.19	155.10	174.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1.17	-1.81	-5.32	-2.34	-1.89	-19	1.59	-1.62	0.57	2.10	6.56
Invested Capital Turnover	0.00	0.13	0.36	0.80	-3.19	-0.60	-4.44	-5.81	-28.76	-2.63	6.48
Increase / (Decrease) in Invested Capital	-30	-26	-28	-15	-0.71	-17	6.91	0.72	2.46	21	4.97
Enterprise Value (EV)	99	26	17	23	18	17	40	75	67	69	53
Market Capitalization	95	23	16	15	11	17	38	68	73	71	49
Book Value per Share	($0.61)	($0.23)	($0.29)	($0.45)	($0.44)	($0.93)	($0.01)	($0.32)	$0.54	$0.32	$0.19
Tangible Book Value per Share	($0.62)	($0.23)	($0.29)	($0.45)	($0.44)	($0.93)	($0.01)	($0.32)	$0.54	$0.32	$0.19
Total Capital	-1.37	3.83	-0.71	-0.77	-0.69	-16	3.63	0.11	11	9.05	18
Total Debt	3.94	8.74	5.45	8.88	8.84	3.91	3.96	9.19	4.59	5.26	15
Total Long-Term Debt	3.24	8.74	0.04	8.88	3.86	3.85	3.92	4.17	4.58	5.26	15
Net Debt	3.76	3.10	0.84	7.31	7.65	0.91	1.91	7.46	-5.88	-1.70	4.32
Capital Expenditures (CapEx)	-0.01	0.00	0.00	0.01	0.05	0.00	0.00	0.00	0.08	0.02	0.17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2.00	1.42	-4.97	-1.22	-1.08	1.59	2.36	1.83	3.77	5.72	8.95
Debt-free Net Working Capital (DFNWC)	-1.81	7.06	-0.36	0.34	0.11	4.59	4.40	3.57	14	13	20
Net Working Capital (NWC)	-2.52	7.06	-5.77	0.34	-4.88	4.53	4.36	-1.45	14	13	20
Net Nonoperating Expense (NNE)	0.94	-3.28	-0.31	1.99	2.05	10	3.27	3.40	0.90	1.76	9.77
Net Nonoperating Obligations (NNO)	4.14	3.10	0.84	7.31	7.65	0.91	1.91	7.46	-5.88	-1.70	4.32
Total Depreciation and Amortization (D&A)	0.13	0.10	0.09	0.02	0.03	0.04	0.04	0.04	0.02	0.02	0.02
Debt-free, Cash-free Net Working Capital to Revenue	-4,953.50%	101.97%	-159.87%	-30.22%	-22.20%	25.13%	28.52%	15.94%	19.92%	25.25%	33.84%
Debt-free Net Working Capital to Revenue	-4,495.84%	506.30%	-11.73%	8.53%	2.23%	72.76%	53.24%	31.04%	75.20%	55.93%	75.36%
Net Working Capital to Revenue	-6,242.84%	506.30%	-185.87%	8.53%	-99.96%	71.76%	52.80%	-12.65%	75.15%	55.93%	75.36%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.16)	($0.33)	($0.30)	($0.51)	($1.27)	($0.40)	($0.14)	($0.47)	($1.00)	($0.25)	($0.75)
Adjusted Weighted Average Basic Shares Outstanding	9.54M	13.23M	21.44M	7.15M	6.66M	27.52M	28.35M	9.60M	10.48M	13.80M	14.83M
Adjusted Diluted Earnings per Share	($0.16)	($0.33)	($0.30)	($0.51)	($1.27)	($0.40)	($0.14)	($0.47)	($1.00)	($0.25)	($0.75)
Adjusted Weighted Average Diluted Shares Outstanding	9.54M	13.23M	21.44M	7.15M	6.66M	27.52M	28.35M	9.60M	10.48M	13.80M	14.83M
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	21.44M	21.44M	21.44M	7.28M	27.65M	28.44M	28.74M	11.90M	12.04M	12.04M	14.64M
Normalized Net Operating Profit after Tax (NOPAT)	-0.57	-3.91	-1.55	-1.63	-1.44	-0.73	-0.73	-1.16	-0.49	-1.64	-1.30
Normalized NOPAT Margin	-11,505.58%	-286.68%	-90.67%	-170.41%	-169.54%	-26.07%	-19.95%	-27.59%	-5.92%	-25.18%	-17.55%
Pre Tax Income Margin	-30,467.60%	-46.15%	-72.86%	-378.62%	-413.78%	-398.00%	-109.27%	-108.71%	-16.82%	-52.16%	-148.86%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.24
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.16
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.27
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.18
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%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

QT Imaging’s recent results show strong revenue growth, but profitability and cash generation remain significant concerns. Revenue reached $7.4 million in Q2 2026, up from $6.5 million in Q1 2026 and more than double the $3.7 million reported in Q2 2025. This continues the company’s broader expansion from relatively minimal revenue in 2023 and early 2024.

Gross profit increased to $3.1 million in Q2 2026 from $2.7 million in Q1, although the gross margin declined to approximately 41% from nearly 50% in Q2 2025. Operating expenses remained high at $4.9 million, resulting in a $1.9 million operating loss. The company’s net loss widened sharply to $11.1 million, primarily because of $8.3 million in reported interest expense.

Liquidity improved during the quarter. Cash and equivalents increased to $10.9 million from $6.9 million at the end of Q1, while total current assets reached $29.4 million compared with $21.2 million previously. However, the cash increase was largely supported by $9.2 million of common-stock issuance rather than internally generated cash.

Revenue momentum remains strong: Q2 2026 revenue increased approximately 14% sequentially and 103% year over year.
Gross profit continues to grow: Gross profit rose to $3.1 million in Q2 2026 from $2.7 million in Q1 2026.
Improved liquidity: Cash and equivalents increased by approximately $4.0 million during Q2, reaching $10.9 million.
Comfortable near-term current-asset coverage: Current assets of $29.4 million exceeded current liabilities of $9.5 million at quarter-end.
Additional equity financing: The company raised approximately $9.2 million through common-stock issuance, providing funds to support operations and growth.
Sequential operating improvement: The operating loss narrowed to $1.9 million from $2.3 million in Q1 2026, although it remained worse than the $1.0 million loss in Q2 2025.
Capital expenditures remain modest: Q2 property and equipment purchases totaled only $174,000, limiting near-term investment-related cash requirements.
Persistent operating losses: QT Imaging has not yet reached operating profitability, with selling, general and administrative expense and research and development expense exceeding gross profit.
Continued cash burn: Operating activities consumed $4.8 million in Q2 2026, compared with $3.7 million in Q1 and $1.4 million in Q2 2025.
Higher leverage and interest burden: Long-term debt increased to $15.3 million from $5.3 million in Q1, while reported interest expense reached $8.3 million in Q2.

The balance sheet also highlights execution risk. Inventories increased to $9.9 million from $6.8 million in Q1, while accounts receivable rose to $7.4 million. These increases may support future sales, but they also tie up cash while the company continues to report operating losses.

Total shareholders’ equity fell to $2.2 million despite the equity financing, and retained earnings remained deeply negative at $67.5 million. Weighted-average shares outstanding increased to 14.8 million in Q2 2026 from 13.8 million in Q1 and 9.5 million in Q2 2025, indicating meaningful dilution for existing shareholders.

Overall, the financial statements present a mixed picture: sales growth and improved liquidity are encouraging, but QT Imaging remains dependent on external financing while facing substantial losses, cash burn, rising debt and dilution.

10/16/26 06:39 PM ETAI Generated. May Contain Errors.

QT Imaging Financials - Frequently Asked Questions

According to the most recent income statement we have on file, QT Imaging's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

QT Imaging's net income appears to be on a downward trend, with a most recent value of -$21.08 million in 2025, falling from -$2.77 million in 2022. The previous period was -$8.99 million in 2024. Check out QT Imaging's forecast to explore projected trends and price targets.

QT Imaging's total operating income in 2025 was -$4.44 million, based on the following breakdown:

Total Gross Profit: $8.58 million
Total Operating Expenses: $13.02 million

Over the last 3 years, QT Imaging's total revenue changed from $0.00 in 2022 to $18.93 million in 2025, a change of 1,892,500,000.0%.

In the past 11 quarters, QT Imaging's cash and equivalents has ranged from $121.85 thousand in Q3 2023 to $10.92 million in Q2 2026, and is currently $10.92 million as of their latest financial filing in Q2 2026.

QT Imaging had total debt of $4.59 million at the end of 2025, a 48.1% decrease from 2024, and a 1,681.4% increase since 2022.

Over the last 3 years, QT Imaging's book value per share changed from -1.24 in 2022 to 0.54 in 2025.

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Financial statements for NASDAQ:QTI last updated on 8/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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QT Imaging (QTI) Financials

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QT Imaging (QTI) Financials

Annual Income Statements for QT Imaging

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Quarterly Metrics And Ratios for QT Imaging

Financials Breakdown Chart

Key Financial Trends

QT Imaging Financials - Frequently Asked Questions

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How has QT Imaging's revenue changed over the last 3 years?

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