Spectral AI, Inc. reported its financial results for the second quarter of 2025, revealing a decline in revenue and an increase in net loss compared to the same period in 2024. The company generated $5.1 million in research and development revenue for the three months ended June 30, 2025, a decrease of 32.3% from $7.5 million in the prior year. For the first half of 2025, revenue totaled $11.8 million, down 14.7% from $13.8 million in the first half of 2024. The gross profit for the second quarter was $2.3 million, with a gross margin of 45.2%, slightly up from 44.3% in the previous year.
The company's net loss for the second quarter of 2025 was $8.0 million, compared to a loss of $2.9 million in the same quarter of 2024. For the first half of 2025, the net loss was $5.1 million, an improvement from a loss of $6.1 million in the first half of 2024. The increase in net loss was attributed to higher operating costs, which totaled $4.4 million for the second quarter, down from $5.8 million in the prior year, but still contributing to the overall loss.
In terms of strategic developments, Spectral AI has made significant progress with its DeepView System, which focuses on predictive medical diagnostics for burn wounds. The company filed a De Novo application with the FDA for the DeepView System in June 2025, aiming for Class II medical device designation. The company has also secured substantial funding from the U.S. government, including a new contract with the Biomedical Advanced Research and Development Authority (BARDA) worth up to $150 million, which includes an initial award of approximately $54.9 million.
Operationally, Spectral AI reported an increase in cash reserves, with $10.5 million as of June 30, 2025, compared to $5.2 million at the end of 2024. The company’s total liabilities rose to $25.2 million, up from $19.3 million at the end of the previous year, primarily due to increased debt obligations. The company has also expanded its employee headcount, reflecting its ongoing development efforts and strategic initiatives.
Looking ahead, Spectral AI anticipates initial sales of the DeepView System in the UK starting in 2026, following the receipt of necessary regulatory approvals. The company believes that with the support from BARDA and other funding sources, it has sufficient working capital to sustain operations for at least the next year. However, the company remains cautious about its reliance on government contracts and the potential impact of market conditions on its future revenue streams.
About Spectral AI, Inc.
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