Development Work for DeepView® Systems Continues with Support of Recently Awarded
Reiterates Annual Revenues Guidance
“Our results for the 2026 first quarter reflected the progress we have made in developing our DeepView® System for burn indication under the base phase of our Project BioShield Contract with BARDA,” said
2026 FIRST QUARTER (“Q1 2026”) FINANCIAL RESULTS OVERVIEW
All comparisons to Q1 2026 are to the comparable period ended March 31, 2025 unless otherwise stated.
Research & Development Revenue
Research & Development revenue for Q1 2026 was
Gross Margin
Gross margin for Q1 2026 was 50.8% compared to 47.2%, due primarily to an increased concentration of direct labor as a component of overall revenue.
General & Administrative Expense
General and administrative expenses in Q1 2026 were
Toal Other (Expense) / Income
Total other expense in Q1 2026 was
Net (Loss) Income
Net loss for Q1 2026 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 | |
| Associate | |
| Managing Director | crodriguez@theequitygroup.com |
| dsullivan@theequitygroup.com | |
Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data) | ||||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash | $ | 11,655 | $ | 15,394 | ||||
| Accounts receivable, net | 1,185 | 1,267 | ||||||
| Inventory | 831 | 838 | ||||||
| Prepaid expenses | 738 | 821 | ||||||
| Other current assets | 1,577 | 1,133 | ||||||
| Total current assets | 15,986 | 19,453 | ||||||
| Non-current assets: | ||||||||
| Property and equipment, net | 228 | 258 | ||||||
| Right-of-use assets | 1,260 | 1,407 | ||||||
| Other assets | 260 | 287 | ||||||
| Total Assets | $ | 17,734 | $ | 21,405 | ||||
| Commitments and contingencies (Note 7) | ||||||||
| Liabilities and Stockholders’ Equity (Deficit) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,422 | $ | 3,010 | ||||
| Accrued expenses | 2,649 | 2,341 | ||||||
| Deferred revenue | - | 154 | ||||||
| Lease liabilities, short-term | 755 | 734 | ||||||
| Notes payable | 3,912 | 2,854 | ||||||
| Warrant liabilities | 12,535 | 11,533 | ||||||
| Total current liabilities | 21,273 | 20,626 | ||||||
| Notes payable, long-term | 4,502 | 5,538 | ||||||
| Lease liabilities, long-term | 769 | 968 | ||||||
| Total Liabilities | 26,544 | 27,132 | ||||||
| Stockholders’ Deficit | ||||||||
| Preferred stock ( | - | - | ||||||
| Common stock ( | 3 | 3 | ||||||
| Additional paid-in capital | 50,369 | 50,030 | ||||||
| Accumulated other comprehensive income | 30 | 40 | ||||||
| Accumulated deficit | (59,212 | ) | (55,800 | ) | ||||
| Total Stockholders’ Deficit | (8,810 | ) | (5,727 | ) | ||||
| Total Liabilities and Stockholders’ Deficit | $ | 17,734 | $ | 21,405 | ||||
Unaudited Condensed Consolidated Statements of Operations (in thousands, except share and per share data) | ||||||||
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Research and development revenue | $ | 3,991 | $ | 6,707 | ||||
| Cost of revenue | (1,964 | ) | (3,539 | ) | ||||
| Gross profit | 2,027 | 3,168 | ||||||
| Operating costs and expenses: | ||||||||
| General and administrative | 3,998 | 4,064 | ||||||
| Total operating costs and expenses | 3,998 | 4,064 | ||||||
| Operating loss | (1,971 | ) | (896 | ) | ||||
| Other income (expense): | ||||||||
| Net interest (expense) income | (258 | ) | (20 | ) | ||||
| Financing related costs | (7 | ) | (581 | ) | ||||
| Amortization of debt discount | (179 | ) | - | |||||
| Change in fair value of warrant liability | (1,002 | ) | 4,253 | |||||
| Change in fair value of notes payable | - | 220 | ||||||
| Foreign exchange transaction loss, net | (5 | ) | (8 | ) | ||||
| Other income (expense), including transaction costs | - | - | ||||||
| Total other income (expense), net | (1,451 | ) | 3,864 | |||||
| Income (loss) before income taxes | (3,422 | ) | 2,968 | |||||
| Income tax provision | 10 | (71 | ) | |||||
| Net income (loss) | $ | (3,412 | ) | $ | 2,897 | |||
| Net income (loss) per share of common stock | ||||||||
| Basic | $ | (0.11 | ) | $ | 0.13 | |||
| Diluted | $ | (0.11 | ) | $ | 0.11 | |||
| Weighted-average common shares outstanding | ||||||||
| Basic | 31,756,649 | 22,986,350 | ||||||
| Diluted | 31,756,649 | 24,030,518 | ||||||
| Other comprehensive income (loss): | ||||||||
| Foreign currency translation adjustments | $ | (10 | ) | $ | 17 | |||
| Total comprehensive income (loss) | $ | (3,422 | ) | $ | 2,914 | |||
Unaudited Condensed Consolidated Statements of Cash Flows (in thousands, except share and per share data) | ||||||||
| Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net income (loss) | $ | (3,412 | ) | $ | 2,897 | |||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation expense | 30 | 2 | ||||||
| Amortization of debt issuance costs | 179 | - | ||||||
| Stock-based compensation | 183 | 200 | ||||||
| Amortization of right-of-use assets | 147 | 141 | ||||||
| Change in fair value of warrant liabilities | 1,001 | (4,253 | ) | |||||
| Change in fair value of notes payable | - | (220 | ) | |||||
| Issuances of shares for borrowing related costs | - | 241 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 82 | 402 | ||||||
| Inventory | 7 | (12 | ) | |||||
| Prepaid expenses | 110 | 2 | ||||||
| Other assets | (444 | ) | (94 | ) | ||||
| Accounts payable | (1,587 | ) | (947 | ) | ||||
| Accrued expenses | 308 | 502 | ||||||
| Deferred revenue | (154 | ) | (297 | ) | ||||
| Lease liabilities | (178 | ) | (69 | ) | ||||
| Net cash used in operating activities | (3,728 | ) | (1,505 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of common stock and warrants | - | 3,080 | ||||||
| Proceeds from notes payable | - | 8,285 | ||||||
| Payments for notes payable | (157 | ) | (1,131 | ) | ||||
| Stock option exercises | 156 | 158 | ||||||
| Net cash provided by financing activities | (1 | ) | 10,392 | |||||
| Effect of exchange rate changes on cash | (10 | ) | 17 | |||||
| Net increase in cash | (3,739 | ) | 8,904 | |||||
| Cash, beginning of period | 15,394 | 5,157 | ||||||
| Cash, end of period | $ | 11,655 | $ | 14,061 | ||||
| Supplemental cash flow information: | ||||||||
| Cash paid for interest | $ | 278 | $ | 11 | ||||
| Cash paid for taxes | $ | 5 | $ | 11 | ||||
| Noncash investing and financing activities disclosure: | ||||||||
| Tenant improvement allowance payments made by the lessor directly to a third party | $ | - | $ | 164 | ||||
| Issuance of common stock to settle notes payable | $ | - | $ | 1,192 | ||||
| Capitalized and unpaid debt issuance costs | $ | - | $ | (25 | ) | |||
