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MDAI

Spectral AI, Inc.

MDAI

Spectral AI, Inc. • NASDAQ
$1.61 ▲ 1.26% (+0.02)
Market Cap $49.41 M
52w High $3.25
52w Low $1.04
Dividend Yield 0%
P/E -2.15
Volume 152.96K
Outstanding Shares 30.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.792M ▼ $4.962M ▲ $-3.552M ▲ -93.671% ▲ $-0.13 ▲ $-3.22M ▼
Q2-2025 $5.065M ▼ $4.413M ▲ $-7.968M ▼ -157.315% ▼ $-0.31 ▼ $-2.113M ▼
Q1-2025 $6.707M ▼ $4.064M ▼ $2.897M ▲ 43.194% ▲ $0.13 ▲ $-894K ▲
Q4-2024 $7.604M ▼ $4.459M ▼ $-7.742M ▼ -101.815% ▼ $-0.41 ▼ $-6.535M ▼
Q3-2024 $8.173M $4.553M $-1.504M -18.402% $-0.084 $-756K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.495M ▼ $15.3M ▼ $23.503M ▼ $-8.203M ▲
Q2-2025 $10.524M ▼ $16.009M ▼ $25.16M ▲ $-9.151M ▼
Q1-2025 $14.061M ▲ $20.722M ▲ $22.348M ▲ $-1.626M ▲
Q4-2024 $5.157M ▲ $12.095M ▲ $19.346M ▲ $-7.251M ▼
Q3-2024 $3.702M $11.602M $15.938M $-4.336M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.552M ▲ $-2.501M ▲ $0 $2.485M ▲ $-29K ▲ $0 ▲
Q2-2025 $-7.968M ▼ $-3.362M ▼ $0 $-207K ▼ $-3.537M ▼ $-3.362M ▼
Q1-2025 $2.897M ▲ $-1.505M ▼ $0 $10.392M ▲ $8.904M ▲ $-1.505M ▼
Q4-2024 $-7.742M ▼ $469K ▲ $0 $1.008M ▲ $1.455M ▲ $469K ▲
Q3-2024 $-1.504M $-1.626M $0 $-1.564M $-3.175M $-1.626M

Five-Year Company Overview

Income Statement

Income Statement Spectral AI looks very early-stage from a commercial standpoint. Revenue is tiny and has not really grown over the past few years, which is consistent with a company still in pre-commercial or pilot phases rather than broad market sales. At the same time, the company is running steady operating and net losses, which appear to have deepened recently. This means ongoing spending on people, technology, and regulatory work is not yet being offset by product sales. In practical terms, the income statement shows a research‑heavy, development‑stage medical device company that has not yet turned the corner toward meaningful revenue or profitability.

Balance Sheet

Balance Sheet The balance sheet looks thin and somewhat fragile. Total assets are modest, and cash has moved down from earlier levels, suggesting the company has been drawing on its financial cushion to fund operations. There is no traditional debt reported, which removes the pressure of interest payments but does not eliminate financial risk. Equity has recently turned negative, which usually reflects accumulated losses outweighing assets. That combination—small asset base, reduced cash, and negative equity—highlights limited financial flexibility and a need for careful capital management going forward.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative in recent years, which aligns with the company’s loss-making status and indicates that day‑to‑day activities are consuming cash rather than generating it. Free cash flow is also negative, though capital spending appears quite low. This suggests most cash burn is tied to operating expenses—such as research, personnel, and regulatory efforts—rather than heavy investment in physical equipment. Overall, the cash flow profile is typical of an early-stage med‑tech company but also underscores reliance on external funding to support ongoing work.

Competitive Edge

Competitive Edge Spectral AI is operating in a narrow but potentially impactful niche: AI‑driven wound diagnostics. Its DeepView platform is designed to give an objective, early view of whether wounds are likely to heal, which directly addresses a key pain point in burn care and diabetic foot ulcers. The company’s competitive strength rests on a large proprietary clinical dataset, a meaningful patent portfolio, and first‑mover positioning in this specialized area. These factors create real barriers to entry for copycats. On the other hand, Spectral AI is still pre‑commercial with a small footprint and limited financial resources, while larger device and imaging companies may eventually move into adjacent spaces. Execution on regulatory approvals, commercialization, and partnerships will be critical to turning its technical lead into durable market presence.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Spectral AI’s story. The DeepView system blends advanced imaging with machine learning to offer a simple “healing vs. not healing” prediction that clinicians cannot get from the naked eye alone. This is supported by a very large, proprietary dataset, which is hard for new entrants to replicate. Beyond the main system, the company is developing handheld and military-focused versions, and exploring new wound and tissue indications. The sizable patent portfolio and a dedicated IP subsidiary suggest a strategy to both protect and monetize its technology. However, the roadmap is heavily dependent on regulatory milestones, especially U.S. FDA clearance for burn indications and subsequent approvals for additional uses. Delays or adverse decisions would directly affect the payoff from these R&D efforts.

Summary

Overall, Spectral AI looks like a high‑innovation, early‑commercialization med‑tech company with a strong technology story but a strained financial base. The income statement and cash flows show a business still in build‑out mode: minimal revenue, ongoing losses, and steady cash burn. The balance sheet is light, with no conventional debt but negative equity and a reduced cash cushion, pointing to financial vulnerability if funding conditions tighten. On the strategic side, the company appears to have a real edge in a specific clinical niche, backed by proprietary data and patents that form a meaningful moat. Its future hinges on turning that technical and regulatory progress—especially FDA clearances—into sustainable commercial adoption and reimbursement, while managing capital carefully along the way.

NEWS

November 19, 2025 · 8:00 AM UTC

DeepView™ System Featured at 2025 US Burn Conferences

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November 11, 2025 · 4:00 PM UTC

Spectral AI Announces 2025 Third Quarter Financial Results

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October 28, 2025 · 4:00 PM UTC

Spectral AI Schedules 2025 Third Quarter Financial Results and Conference Call

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October 23, 2025 · 8:30 AM UTC

Spectral AI raises $7.6 Million of Additional Growth Capital

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September 19, 2025 · 8:00 AM UTC

Spectral AI Named to TIME's List of World's Top HealthTech Companies 2025

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