Spectral AI, Inc. reported its financial results for the fiscal year ending December 31, 2025, revealing a net loss of $7.6 million, a significant improvement from the $15.2 million loss recorded in the previous year. The company generated $19.7 million in research and development revenue, primarily from contracts with the Biomedical Advanced Research and Development Authority (BARDA) and the Medical Technology Enterprise Consortium (MTEC). This figure represents a 33.6% decrease from the $29.6 million reported in 2024, attributed to reduced activity under the BARDA contract as it neared completion of its base phase.
The company's gross profit for 2025 was $8.9 million, down from $13.3 million in 2024, with a gross margin of 45.4%, slightly up from 44.9% the previous year. Operating expenses totaled $17.5 million, a decrease from $19.9 million in 2024, reflecting a reduction in non-revenue generating research and development activities. The company ended the year with approximately $15.4 million in cash and an accumulated deficit of $55.8 million.
Strategically, Spectral AI has made significant advancements with its DeepView System, which received UKCA marking for burn indications in early 2024. The company is focused on obtaining FDA De Novo classification for the DeepView System, with expectations to initiate commercialization in the United States and the UK in 2026. The company has also secured a new BARDA contract worth up to $150 million, which includes an initial award of $54.9 million to support clinical validation and FDA clearance.
Operationally, Spectral AI has expanded its workforce to 65 employees as of December 31, 2025, and plans to hire additional staff in 2026 to support its commercialization efforts. The company has also established strategic partnerships with various clinical and academic institutions to enhance its research capabilities and market presence. Despite the challenges of transitioning from a research-focused entity to a commercial one, the company remains optimistic about its growth trajectory, particularly with the anticipated launch of its DeepView System and the potential for additional government contracts.
About Spectral AI, Inc.
Spectral AI, Inc. develops AI-powered diagnostic tools for wound assessment, focusing on burn and tissue healing indications. Its DeepView System uses multispectral imaging and proprietary algorithms to predict wound healing potential, aiding clinicians in early, accurate treatment decisions. The company targets hospitals, burn centers, and emergency rooms, leveraging government contracts and strategic partnerships to commercialize its innovative, non-invasive medical diagnostics.
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