**QT Imaging Holdings, Inc. Reports Fiscal Year 2025 Results, Revenue Climbs to $18.9 Million**
QT Imaging Holdings, Inc., a medical device company specializing in innovative body imaging systems, announced its financial results for the fiscal year ended December 31, 2025. The company reported revenue of $18.9 million, a significant increase of $14.0 million or 288% compared to the $4.9 million reported in the previous fiscal year. This surge in revenue was primarily attributed to the sale of 40 QT Breast Scanners, a substantial increase from the 12 scanners sold in fiscal year 2024, driven by minimum order quantities outlined in the Amended NXC Distribution Agreement. Despite the revenue growth, the company experienced a net loss of $21.1 million, compared to a net loss of $9.0 million in the prior year.
The company's cost of revenue also increased to $10.3 million, up from $2.2 million in the previous year, directly related to the increased scanner sales. This resulted in a gross profit of $8.6 million, compared to $2.6 million in 2024. However, the gross margin decreased from 54% to 45% due to the sale of Model B scanners with higher costs, the sale of scanners manufactured by Canon at a higher cost, and an increase in the allocation of overhead from selling, general, and administrative expenses to cost of revenue. Research and development expenses rose to $3.9 million, a $0.7 million increase from the previous year, driven by increased professional service and employee compensation expenses.
QT Imaging's selling, general, and administrative expenses decreased by $2.5 million to $9.1 million, compared to $11.6 million in the prior year. This decrease was primarily due to a decrease in transaction expenses related to the Business Combination in 2024, an increase in the allocation of overhead from selling, general and administrative expenses to cost of revenue, and a decrease in insurance expenses, partially offset by an increase in employee compensation and professional services expenses. The company also reported a significant increase in other expenses, net, to $8.8 million, primarily due to noncash expenses incurred at issuance of the Lynrock Lake Term Loan, and expenses due to an extinguishment loss and modification charges for the Yorkville Note and Cable Car Note.
Looking ahead, QT Imaging is focused on expanding its market presence through strategic distribution agreements, including those with NXC Imaging, Gulf Medical Co., and Al Naghi Medical Co. The company is also working towards obtaining regulatory approvals in key international markets and continuing to innovate its product offerings. While the company anticipates continued revenue growth, it also expects to incur increased expenses related to research and development, sales and marketing, and operating as a public company. The company believes that its existing cash resources, combined with anticipated revenue growth and potential future financing activities, will be sufficient to fund its operations for at least the next 12 months.
About QT IMAGING HOLDINGS, INC.
QT Imaging Holdings, Inc. develops innovative, non-invasive body imaging systems using ultra-low frequency sound waves. Its flagship product, the QT Breast Scanner, provides safe, radiation-free, high-resolution 3D images for breast cancer detection and diagnosis. The company aims to improve healthcare access, reduce costs, and enhance patient experience through portable, affordable imaging solutions for clinical, direct-to-consumer, and point-of-care markets worldwide.
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