Overview
Full Year Research & Development Revenue of$19.7 Million ; Q4 2025 Revenue of$3.8 Million - Cash Rose to
$15.4 Million atDecember 31, 2025
“2025 was a pivotal year for
Additional BARDA Funding
As previously announced, the Company received
2025 FINANCIAL RESULTS OVERVIEW
All comparisons to Q4 2025 and FY 2025 are to the comparable periods ended December 31, 2024 unless otherwise stated.
Research & Development Revenue
Research & Development revenue for Q4 2025 was
Research & Development Revenue for FY 2025 decreased to
Gross Margin
Gross margin for Q4 2025 was 39.8% compared to 44.0% due primarily to a lower percentage of reimbursed direct labor as a component of overall revenue from the BARDA PBS Contract.
Gross margin for FY 2025 was 45.4% compared to 44.9%, reflecting a consistent mix of direct labor as a percentage of the total work performed on the BARDA PBS Contract from the prior year.
General & Administrative Expense
General and administrative expenses in Q4 2025 were
For FY 2025, general and administrative expenses were
Net Income/(Loss)
Net income for Q4 2025 was
For FY 2025, net loss was
Financial Condition
As of
2026 Guidance
The Company is forecasting revenue of approximately
CONFERENCE CALL
The Company will host a conference call today at
- 833-890-6620 –
U.S. - 412-564-3789 – International
A simultaneous webcast of the call may be accessed online from the Events section of the Investor Relations page of the Company’s website at https://investors.spectral-ai.com/news-events/events.
About Spectral AI
Forward-Looking Statements
Certain statements made in this release are “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s strategy, plans, objectives, initiatives and financial outlook. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. As such, readers are cautioned not to place undue reliance on any forward-looking statements.
Investors should carefully consider the foregoing factors, and the other risks and uncertainties described in the “Risk Factors” sections of the Company’s filings with the
| For Media and Investor Relations, please contact: | |
| The Equity Group Managing Director dsullivan@theequitygroup.com | Associate crodriguez@theequitygroup.com |
Condensed Consolidated Balance Sheets (in thousands, except share and per share data) | |||||||
| Assets | |||||||
| Current Assets: | |||||||
| Cash | $ | 15,394 | $ | 5,157 | |||
| Accounts receivable, net | 1,267 | 2,505 | |||||
| Inventory | 838 | 425 | |||||
| Prepaid expenses | 821 | 1,289 | |||||
| Other current assets | 1,133 | 746 | |||||
| Total current assets | 19,453 | 10,122 | |||||
| Non-current assets: | |||||||
| Property and equipment, net | 258 | 2 | |||||
| Right-of-use assets | 1,407 | 1,971 | |||||
| Other assets | 287 | ||||||
| Total Assets | $ | 21,405 | $ | 12,095 | |||
| Liabilities and Stockholders’ Deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 3,010 | $ | 4,035 | |||
| Accrued expenses | 2,341 | 3,210 | |||||
| Deferred revenue | 154 | 960 | |||||
| Lease liabilities, short-term | 734 | 201 | |||||
| Notes payable, current | 2,854 | 422 | |||||
| Notes payable – at fair value | - | 2,365 | |||||
| Warrant liabilities | 11,533 | 6,451 | |||||
| Total current liabilities | 20,626 | 17,644 | |||||
| Note payable, long-term | 5,538 | - | |||||
| Lease liabilities, long-term | 968 | 1,702 | |||||
| Total Liabilities | 27,132 | 19,346 | |||||
| Stockholders’ Deficit | |||||||
| Preferred stock ( | |||||||
| Common stock ( | 3 | 2 | |||||
| Additional paid-in capital | 50,030 | 40,847 | |||||
| Accumulated other comprehensive income | 40 | 3 | |||||
| Accumulated deficit | (55,800) | (48,103) | |||||
| Total Stockholders’ Deficit | (5,727) | (7,251) | |||||
| Total Liabilities and Stockholders’ Deficit | $ | 21,405 | $ | 12,095 | |||
Condensed Consolidated Statements of Operations (in thousands, except share and per share data) | |||||||||||||
| Three Months Ended | Twelve Months Ended | ||||||||||||
| Research and development revenue | $ | 3,849 | $ | 7,604 | $ | 19,650 | $ | 29,581 | |||||
| Cost of revenue | (2,318) | (4,256) | (10,725) | (16,307) | |||||||||
| Gross profit | 1,531 | 3,348 | 8,925 | 13,274 | |||||||||
| Operating costs and expenses: | |||||||||||||
| General and administrative | 4,012 | 4,459 | 17,528 | 19,856 | |||||||||
| Total operating costs and expenses | 4,012 | 4,459 | 17,528 | 19,586 | |||||||||
| Operating loss | (2,481) | (1,111) | (8,603) | (6,582) | |||||||||
| Other income (expense): | |||||||||||||
| Net interest (expense) income | (289) | 14 | (886) | 14 | |||||||||
| Borrowing related costs | (182) | (931) | (1,051) | (2,965) | |||||||||
| Amortization of debt discount | (455) | (455) | |||||||||||
| Change in fair value of warrant liability | 4,011 | (5,351) | 3,249 | (4,633) | |||||||||
| Change in fair value of notes payable | - | (213) | 220 | (220) | |||||||||
| Foreign exchange transaction (loss), net | (3) | (9) | (34) | (43) | |||||||||
| Other income (expenses), including transaction costs | - | 1 | 0 | (615) | |||||||||
| Total other income (expense), net | 3,082 | (6,488) | 1,043 | (8,462) | |||||||||
| Income (loss) before income taxes | 601 | (7,599) | (7,560) | (15,044) | |||||||||
| Income tax provision | 41 | (143) | (11) | (271) | |||||||||
| Net incomes (loss) | $ | 642 | $ | (7,742) | $ | (7,571) | $ | (15,315) | |||||
| Net income (loss) per share of common stock – basic | $ | 0.02 | $ | (0.41) | $ | (0.29) | $ | (0.85) | |||||
| Weighted average common shares outstanding – basic | 30,291,447 | 18,810,771 | 26,518,476 | 17,934,218 | |||||||||
| Net income (loss) per share of common stock – diluted | $ | 0.02 | $ | (0.41) | $ | (0.29) | $ | (0.85) | |||||
| Weighted average common shares outstanding – diluted | 30,394,028 | 18.810,771 | 26,518,476 | 17,934,218 | |||||||||
Condensed Consolidated Statements of Cash Flows (in thousands, except share and per share data) | ||||||
| Twelve Months Ended | ||||||
2025 | 2024 | |||||
| Cash flows from operating activities: | ||||||
| Net loss | $ | (7,571) | (15,315) | |||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||
| Depreciation expense | 71 | 10 | ||||
| Amortization of debt issuance costs | 454 | - | ||||
| Stock-based compensation | 1,115 | 1,032 | ||||
| Amortization of right-of-use assets | 564 | 578 | ||||
| Change in fair value of warrant liabilities | (3,249) | 4,633 | ||||
| Change in fair value of notes payable | (220) | 220 | ||||
| Costs from issuance of common stock | - | 372 | ||||
| Issuance of shares for borrowing related costs | 241 | 1,143 | ||||
| Transaction costs allocated to Avenue Warrants, Investor Warrants and Hudson Warrants | 704 | - | ||||
| Accounts receivable | 1,238 | (159) | ||||
| Inventory | (413) | (195) | ||||
| Prepaid expenses | 761 | 163 | ||||
| Other assets | (387) | 55 | ||||
| Accounts payable | (1,025) | 1,426 | ||||
| Accrued expenses | (869) | (1,090) | ||||
| Deferred revenue | (806) | (1,351) | ||||
| Lease liabilities | (528) | (721) | ||||
| Net cash used in operating activities | (9,920) | (9,198) | ||||
| Proceeds from issuance of common stock and warrants | 10,638 | 4,060 | ||||
| Payment of issuance costs | (642) | - | ||||
| Proceeds from notes payable | 8,285 | 12,096 | ||||
| Payment of borrowing costs | (47) | |||||
| Proceeds from notes payable - related party | - | 1,000 | ||||
| Payments for notes payable | (1,529) | (7,758) | ||||
| Proceeds from warrant exercises | 2,526 | - | ||||
| Stock option exercises | 889 | 177 | ||||
| Net cash provided by financing activities | 20,120 | 9,575 | ||||
| Effect of exchange rates changes on cash | 37 | (9) | ||||
| Net increase in cash | 10,237 | 367 | ||||
| Cash, beginning of period | 5,157 | 4,790 | ||||
| Cash, end of period | $ | 15,394 | $ | 5,157 | ||
