QT Imaging Holdings Reports 103% Revenue Growth to $7.4 Million in Latest Quarter

QT Imaging Holdings, Inc. reported significant financial growth in its latest quarterly filing, with revenues reaching $7.4 million for the three months ended June 30, 2026, a 103% increase from $3.7 million in the same period last year. For the first half of 2026, the company generated $14.0 million in revenue, up 116% from $6.5 million in the prior year. This growth was primarily driven by the sale of 15 Breast Acoustic CT Scanners during the second quarter, compared to eight units sold in the same quarter of 2025. Despite the revenue increase, the company reported a net loss of $11.1 million for the quarter, compared to a loss of $4.0 million in the previous year, largely due to increased operating expenses and a significant loss on debt extinguishment.

Operating expenses for the second quarter rose to $4.9 million, a 72% increase from $2.9 million in the prior year, with research and development costs climbing 80% to $1.6 million and selling, general, and administrative expenses increasing 68% to $3.3 million. The company attributed these increases to higher headcount and associated compensation costs, as well as increased marketing and professional service expenses. Additionally, the company incurred a loss of $8.3 million related to the modification of the Lynrock Lake Term Loan, which was accounted for as an extinguishment of debt.

In terms of operational metrics, QT Imaging's cash and cash equivalents stood at $10.9 million as of June 30, 2026, reflecting a net cash inflow from financing activities of $9.2 million during the first half of the year. The company has also entered into several distribution agreements, including a significant deal with Gulf Medical Co. for the sale of its Breast Acoustic CT Scanner in Saudi Arabia, which is expected to generate over $51 million in revenue through 2028, pending regulatory approvals. The company has received such approvals for its products in both Saudi Arabia and the UAE, enhancing its market presence in these regions.

Looking ahead, QT Imaging anticipates continued investment in research and development to support the commercialization of its products, particularly the Breast Acoustic CT Scanner. The company acknowledges the ongoing need for additional capital to fund its operations and growth initiatives, as it has incurred net operating losses since its inception. The management has indicated that future funding will likely come from a combination of revenue generation, equity offerings, and potential strategic partnerships. However, the company also faces risks related to geopolitical tensions in the Middle East, which could impact its distribution capabilities and overall business performance.