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QT IMAGING HOLDINGS, INC. (QTIH)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 revenue rose 113% year over year to $3.66M and 31% sequentially, driven by eight scanner shipments; gross margin was 50% versus 51% YoY and down from 65% in Q1 2025 .
  • Net loss was $4.00M, impacted by a $2.80M warrant liability fair value change and other noncash items; diluted EPS was $(0.14), improving from $(0.40) in Q1 2025 but worse than $(0.30) in Q2 2024 .
  • Management reiterated 2025/2026 revenue and shipment plans ($18M/40 scanners in 2025; $27M/60 scanners in 2026), maintaining prior guidance; the company is pursuing a Nasdaq uplisting with a reverse split proposal .
  • Strategic catalysts: unveiling of the QTI Cloud Platform (SaaS, AI-driven decision support) for recurring revenue, major software upgrades (v4.4.0 leveraging NVIDIA L40 GPU), and expanded clinical leadership hires .
  • Balance sheet actions included $0.7M PIPE proceeds and amendments to Lynrock Lake and Yorkville warrants to equity-classified status; cash was $2.0M at quarter-end and $4.3M as of August 6, 2025 after collections .

What Went Well and What Went Wrong

What Went Well

  • Record Q2 revenue ($3.66M) and eight scanners shipped; management emphasized evolution “from a scanner company into a scalable imaging platform—combining proprietary hardware, advanced image reconstruction software, and AI-powered clinical decision tools” .
  • Introduction of QTI Cloud Platform with tiered SaaS model to drive recurring revenues; software updates (QTviewer 2.8 and reconstruction v4.4.0 using NVIDIA L40) aim to improve throughput and accuracy .
  • Strengthened go-to-market and leadership: distribution with NXC Imaging (Canon subsidiary), expansion to new sites (Iowa), and appointments of a Chief Medical Officer and Senior Director of Clinical Operations .

What Went Wrong

  • Gross margin fell to 50% from 65% in Q1 2025 due to inventory cost variability; this weighed on sequential margin performance despite higher shipment volumes .
  • Earnings remain negative: net loss of $4.00M, driven by noncash items including warrant liability fair value changes; cash used in operations was $1.5M in Q2, and operating loss persisted .
  • Ongoing listing and control headwinds: common stock trades OTC (OTCQB), with uplisting plan contingent on reverse split approval; forward-looking statements flag an internal control material weakness among key risks .

Financial Results

MetricQ2 2024Q4 2024Q1 2025Q2 2025
Revenue ($USD Millions)$1.714 $0.847 $2.798 $3.659
Gross Margin (%)51% 47% 65% 50%
Net Loss ($USD Millions)$(1.249) $(3.489) $(11.136) $(4.002)
Diluted EPS ($USD)$(0.30) $(0.15) $(0.40) $(0.14)
Operating Income (Loss) ($USD Millions)$(2.220) $(2.051) $(1.042) $(1.043)
Adjusted EBITDA (Non-GAAP, $USD Millions)$(2.120) $(1.886) $(0.888) $(0.777)

Notes: Adjusted EBITDA is non-GAAP; reconciliations provided in exhibits .

Estimate comparisons: Wall Street consensus estimates via S&P Global for Q2 2025 were unavailable; no estimate-based beat/miss assessment is provided.

KPIs

KPIQ2 2024Q4 2024Q1 2025Q2 2025
Scanners Shipped (#)4 (sold) 2 (delivered) 6 (shipped) 8 (shipped)
Cash And Equivalents ($USD Millions, quarter-end)N/A$1.172 $2.988 $2.022
Accounts Receivable ($USD Millions, quarter-end)N/A$0.067 $2.782 $3.651

Additional update: Two scanners shipped in July 2025 post quarter-end .

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($USD Millions)FY 2025$18 $18 Maintained
Shipments (#)FY 202540 40 Maintained
Revenue ($USD Millions)FY 2026$27 $27 Maintained
Shipments (#)FY 202660 60 Maintained

No guidance provided for margins, OpEx, OI&E, tax rate, or dividends .

Earnings Call Themes & Trends

No Q2 2025 earnings call transcript was found in company filings or earnings materials. The following themes are tracked across press releases for Q4 2024 (Q-2), Q1 2025 (Q-1), and Q2 2025 (Current).

TopicPrevious Mentions (Q-2: Q4 2024; Q-1: Q1 2025)Current Period (Q2 2025)Trend
AI/Technology initiativesQ-2: Manufacturing alignment; 2025/26 scaling roadmap . Q-1: Contract manufacturing with Canon; scaling capabilities .Launch of QTI Cloud Platform (SaaS) to deliver AI-driven tools; software v4.4.0 leveraging NVIDIA L40; QTviewer v2.8 .Accelerating toward AI-enabled, software-centric platform
Supply chain/DistributionQ-2: Amended distribution agreement with NXC Imaging . Q-1: Six scanners shipped under MOQs with NXC; Canon manufacturing agreement .Eight scanners shipped; continued NXC execution; new site in Iowa .Throughput and footprint expanding
Product performanceQ-2: 12 scanners shipped in 2024; Q4 revenue $0.85M . Q-1: Revenue $2.80M; gross margin 65% .Revenue $3.66M; gross margin 50% .Strong volume growth; margin variability persists
Regulatory/ListingQ-2: Nasdaq suspension; moved to OTCQB . Q-1: OTCQB uplisting completed; intent to reapply to Nasdaq .Reverse split proposal to meet Nasdaq price; shareholders urged to vote .Pursuing relisting; contingent on corporate actions
R&D/ClinicalQ-2: NIH/NCI grant renewal; CSO hire . Q-1: Canon manufacturing; scaling .CMO and Senior Director of Clinical Ops appointed .Building clinical leadership and pipeline
Regional trendsQ-2: U.S. distribution expansion . Q-1: U.S. shipments .First Iowa installation (West Des Moines) .Geographic expansion underway

Management Commentary

  • “QT Imaging is rapidly evolving from a scanner company into a scalable imaging platform—combining proprietary hardware, advanced image reconstruction software, and AI-powered clinical decision tools to address the growing need for precision in breast health” — Dr. Raluca Dinu, CEO .
  • “We had a strong start to 2025, shipping six Breast Acoustic CT scanners and generating $2.8 million in revenue with a 65% gross margin in the first quarter… We’re well-positioned to build on this momentum throughout the year” — Dr. Raluca Dinu, CEO .
  • “Within just one year… we’ve successfully turned the Company around, positioning it for long-term growth… Forecasts solid revenue growth of $18 million and $27 million for 2025 and 2026, respectively” — Dr. Raluca Dinu, CEO .
  • On uplisting: “Increasing the price of our common shares via a reverse stock split is intended to comply with the minimum share price requirement for uplisting to Nasdaq” — Dr. Raluca Dinu, CEO .

Q&A Highlights

No Q2 2025 earnings call transcript or Q&A was available in filings; therefore, no Q&A highlights can be provided at this time.

Estimates Context

  • Wall Street consensus estimates via S&P Global for Q2 2025 (EPS, revenue, EBITDA, targets, recommendations) were unavailable for QTIH; as a result, estimate-based beat/miss analysis cannot be performed for this quarter. Values retrieved from S&P Global were unavailable for this period.

Key Takeaways for Investors

  • Volume-led growth continues: Q2 revenue climbed to $3.66M with eight scanners shipped; July saw two additional units, supporting trajectory toward annual MOQs .
  • Margins remain variable due to inventory cost dynamics; gross margin fell to 50% from 65% in Q1, suggesting near-term profitability sensitivity to mix and cost profiles despite scale .
  • Noncash items materially impact GAAP results; Q2 net loss included a $2.80M warrant liability fair value change, obscuring underlying operational improvement (Adjusted EBITDA improved to $(0.78)M) .
  • Strategic shift to AI/SaaS could add recurring revenue: the QTI Cloud Platform and software upgrades (QTviewer 2.8, v4.4.0) signal a move beyond hardware into decision-support subscriptions .
  • Commercial execution and ecosystem strength: U.S. distribution via NXC Imaging (Canon subsidiary) and Canon manufacturing agreement underpin scaling capacity and reliability .
  • Balance sheet initiatives: $0.7M PIPE proceeds and warrant amendments reclassified to equity; cash was $2.0M at quarter-end and $4.3M by August 6, improving liquidity optics post-collections .
  • Relisting is a potential catalyst: reverse split proposal aims to meet Nasdaq price requirements; successful uplisting could broaden investor access and liquidity, but execution risk remains .

Additional Detail and Cross-References

  • Sequential progress: Q4 2024 revenue was $0.85M (two deliveries), Q1 2025 revenue $2.80M (six shipments), and Q2 2025 revenue $3.66M (eight shipments), tracking distribution MOQs with NXC Imaging .
  • Guidance reiterated: 2025 revenue $18M (40 scanners) and 2026 revenue $27M (60 scanners), consistent across Q4 2024, Q1 2025, and Q2 2025 communications .
  • Liquidity and receivables: cash increased to $2.99M at March 31, then $2.02M at June 30; accounts receivable expanded to $3.65M at June 30 reflecting shipment and collections cycle .
  • Risk disclosures: management highlights competition, financing access, internal control material weakness, and timing of milestones as key uncertainties in forward-looking statements .

Segment breakdown: The company reports primarily scanner sales; no formal multi-segment disclosure is provided in the quarter’s materials .