Monitor FDA decision on De Novo 510(k) submission for DeepView System — commercialization remains key to future revenue. Despite improved cash and reduced losses, declining R&D revenue and lack of near-term product sales limit bullishness. Warrant liability volatility could distort future earnings.
Price Chart
Executive Summary
Spectral AI reported FY 2025 revenue of $19.7 million, down 33.5% YoY, with Q4 revenue halving to $3.8 million due to reduced BARDA-related reimbursed costs. Despite declining core revenue, the company swung to a Q4 net profit of $0.6 million (vs. $7.7M loss) due to a $4.0M non-cash gain on warrant liability, while cash surged to $15.4 million from financings and warrant exercises.
Key Financial Metrics
Key Facts
- FY 2025 revenue declined to $19.7M from $29.6M in FY 2024 (-33.5%)
- Q4 2025 revenue was $3.8M, down from $7.6M in Q4 2024 (-50%)
- Q4 net income was $0.6M (EPS $0.02) vs. $7.7M loss ($-0.41) due to $4.0M gain on warrant liability
- Full-year net loss narrowed to $7.6M from $15.3M in 2024
- Cash increased to $15.4M from $5.2M at year-end 2024
- 2026 revenue guidance set at $18.5M, excluding commercial sales of DeepView System
- Received $31.7M in non-dilutive BARDA funding; total BARDA contract value up to $150M
Financial Impact
Revenue down $9.9M YoY; net loss improved by $7.7M due to non-recurring gains and lower expenses
Risk Factors
- Revenue is heavily dependent on BARDA funding and lacks commercial product sales
- Net income driven by non-recurring fair value gains, not core operations
- High warrant liability ($11.5M) creates earnings volatility
- 2026 guidance excludes commercial revenue, indicating prolonged pre-revenue phase
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3261781 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 12, 2026 10w ago | 8-K | $1.73 | awaiting T+60 | — | $1.50 (−13.58%) |
Jul 8, 2026 15w ago | 8-K | $1.72 $1.66 | ▼ −3.49% | ▼ −5.12% | $1.50 (−13.08%) |
Mar 24, 2026 30w ago | Press Release | $1.54 $1.76 | ▲ +14.15% | ▲ +0.69% | $1.50 (−2.92%) |
Mar 18, 2026 31w ago | Press Release | $1.42 $1.84 | ▲ +29.58% | ▲ +15.23% | $1.50 (+5.28%) |
Mar 10, 2026 32w ago | Press Release | $1.40 $1.94 | ▲ +38.57% | ▲ +26.89% | $1.50 (+6.79%) |
US Market Status
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