QT Imaging Holdings, Inc. reported significant financial performance improvements in its latest quarterly filing, with revenues reaching $3.66 million for the three months ended June 30, 2025, a 113% increase from $1.71 million in the same period last year. For the first half of 2025, total revenue was $6.46 million, up 110% from $3.08 million in the first half of 2024. The increase in revenue was primarily driven by the sale of eight QT Breast Scanners in the second quarter of 2025, compared to four sold in the same quarter of 2024, attributed to minimum order quantities established in the amended distribution agreement with NXC Imaging.
Despite the revenue growth, the company reported a net loss of $4.00 million for the second quarter, compared to a loss of $1.25 million in the prior year, and a net loss of $15.14 million for the first half of 2025, significantly higher than the $1.88 million loss recorded in the first half of 2024. The increase in losses was influenced by higher costs associated with revenue, which rose to $1.83 million in the second quarter, up from $839,484 a year earlier, and operating expenses that totaled $2.87 million, down from $3.09 million in the same quarter of 2024.
Operationally, QT Imaging has made strategic advancements, including the completion of a credit agreement for a $10.1 million term loan with Lynrock Lake, which is expected to support its working capital needs. The company also extinguished its obligations under the Yorkville Note and Cable Car Note, which were settled using proceeds from the Lynrock Lake Term Loan. Additionally, QT Imaging has entered into a manufacturing agreement with Canon Medical Systems to enhance its production capabilities, further supporting its distribution efforts.
As of June 30, 2025, QT Imaging's total assets increased to $11.63 million, up from $6.09 million at the end of 2024, while total liabilities decreased to $11.96 million from $15.62 million. The company reported an accumulated deficit of $47.08 million, reflecting ongoing challenges in achieving profitability. Looking ahead, QT Imaging anticipates continued investment in research and development, with expectations of cash inflows of up to $18 million in 2025 and $27 million in 2026 from its distribution agreement with NXC Imaging. The company remains focused on expanding its market presence and enhancing its product offerings to drive future growth.
About QT IMAGING HOLDINGS, INC.
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