MDAI

MKT CAP:$59M

Spectral AI, Inc.

Market Cap

$59M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$1.79+$0.34 (+23.36%)

Apr 23, 2026

Company Details

Spectral AI, Inc. operates as an artificial intelligence (AI) company. The company focuses on medical diagnostics for faster and accurate treatment decisions in wound care with applications involving patients with burns and diabetic foot ul...

CEO

Vincent Stanley Capone

IPO Date

Apr 6, 2021

Website

www.spectral-ai.com

Key Metrics TTM

Revenue

$23M

-15.0% YoY

Net Income

-$16M

EPS (Diluted)

-$0.74

Free Cash Flow

-$7M

Revenue / Share

$0.88

Gross Margin

45.0%

Operating Margin

-32.2%

Net Margin

-70.6%

FCF Margin

-29.8%

P/S

2.5x

P/E

—

Earnings Reports

Q4 2025

May 13, 2026

PENDING

FY 2025

Mar 24, 2026

$20M-33.6%EPS -$0.29

Q3 2025

Nov 12, 2025

$4M-53.6%EPS -$0.13

Q2 2025

Aug 12, 2025

$5M-32.3%EPS -$0.31

Q1 2025

May 15, 2025

$7M+6.0%EPS $0.11

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$4M	$2M	-$2M
Q1 22	$6M	$2M	-$621.0K
Q2 22	$6M	$3M	-$6.0K
Q4 22	$6M	$3M	-$2M
Q1 23	$5M	$2M	-$3M
Q2 23	$4M	$2M	-$3M
Q3 23	$3M	$1M	-$4M
Q4 23	$5M	$2M	-$3M
Q1 24	$6M	$3M	-$2M
Q2 24	$7M	$3M	-$2M
Q3 24	$8M	$4M	-$886.0K
Q4 24	$8M	$3M	-$1M
Q1 25	$7M	$3M	-$896.0K
Q2 25	$5M	$2M	-$2M
Q3 25	$4M	$2M	-$3M

Valuation

Quarter	P/S	P/E
Q3 21	—	—
Q1 22	—	—
Q2 22	—	—
Q4 22	8.1x	—
Q1 23	7.7x	—
Q2 23	6.6x	—
Q3 23	2.1x	—
Q4 23	2.5x	—
Q1 24	2.1x	—
Q2 24	1.5x	—
Q3 24	0.7x	—
Q4 24	1.8x	—
Q1 25	0.7x	—
Q2 25	2.1x	—
Q3 25	2.4x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$1M	-$1M
Q4 22	-$299.0K	-$299.0K
Q1 23	-$4M	-$4M
Q2 23	-$2M	-$2M
Q3 23	-$5M	-$5M
Q4 23	-$2M	-$2M
Q1 24	-$3M	-$3M
Q2 24	-$5M	-$5M
Q3 24	-$2M	-$2M
Q4 24	$469.0K	$469.0K
Q1 25	-$2M	-$2M
Q2 25	-$3M	-$3M
Q3 25	-$3M	-$3M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+23.6%	+38.9%
Q2 23	-27.3%	+12.0%
Q3 23	-46.2%	+18.9%
Q4 23	-13.3%	+4.5%
Q1 24	+24.6%	+6.2%
Q2 24	+75.9%	+37.0%
Q3 24	+137.6%	+19.1%
Q4 24	+43.8%	+6.1%
Q1 25	+6.0%	-10.2%
Q2 25	-32.3%	-27.5%
Q3 25	-53.6%	-21.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$333.0K	5.7%
Q4 22	$281.0K	4.6%
Q1 23	$300.0K	5.9%
Q2 23	$396.0K	9.3%
Q3 23	$279.0K	8.1%
Q4 23	$268.0K	5.1%
Q1 24	$283.0K	4.5%
Q2 24	$402.0K	5.4%
Q3 24	$173.0K	2.1%
Q4 24	$174.0K	2.3%
Q1 25	$200.0K	3.0%
Q2 25	$411.0K	8.1%
Q3 25	$261.0K	6.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 21	—	$3M	$400.0K	—
Q1 22	—	$3M	$202.0K	—
Q2 22	—	$3M	$181.0K	—
Q4 22	—	$4M	—	—
Q1 23	—	$5M	—	—
Q2 23	—	$4M	$331.0K	—
Q3 23	—	$6M	—	—
Q4 23	—	$5M	—	—
Q1 24	—	$5M	—	—
Q2 24	$7M	$6M	—	—
Q3 24	$8M	$5M	—	—
Q4 24	—	—	—	$4M
Q1 25	$4M	$4M	—	—
Q2 25	$3M	$4M	—	—
Q3 25	—	$5M	—	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$16M	$0	$16M
Q3 22	$517.8K	$0	$517.8K
Q4 22	$14M	$0	$14M
Q1 23	$10M	$0	$10M
Q2 23	$8M	$0	$8M
Q3 23	$7M	$0	$7M
Q4 23	$5M	$0	$5M
Q1 24	$10M	$0	$10M
Q2 24	$7M	$0	$7M
Q3 24	$4M	$0	$4M
Q4 24	$5M	$0	$5M
Q1 25	$14M	$0	$14M
Q2 25	$11M	$0	$11M
Q3 25	$10M	$0	$10M
Q4 25	$15M	$0	$15M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	6M	—	—
Q1 22	18M	+182.7%	—
Q2 22	32M	+76.9%	—
Q4 22	30M	-5.1%	—
Q1 23	18M	-40.4%	+182.7%
Q2 23	18M	0.0%	0.0%
Q3 23	14M	-22.7%	-56.3%
Q4 23	16M	+16.5%	-46.4%
Q1 24	17M	+2.9%	-7.4%
Q2 24	18M	+6.3%	-1.6%
Q3 24	18M	+1.5%	+29.2%
Q4 24	19M	+5.3%	+16.9%
Q1 25	24M	+27.7%	+45.1%
Q2 25	25M	+5.8%	+44.5%
Q3 25	26M	+3.5%	+47.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	—	—
Q1 22	—	—
Q2 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	$97.5K	78
Q1 25	$86.0K	78
Q2 25	$64.9K	78
Q3 25	$48.6K	78

Revenue / Employee