NASDAQ : MDAI
Spectral AI, Inc. — Financial statements
Healthcare · Medical Devices · United States
Last price 1.57 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 50.53M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Spectral AI, Inc. (MDAI) reported revenue of 15.39M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 15.39M | 19.65M | 29.58M | 18.06M | 25.37M | 15.24M |
| Cost of Revenue | 8.79M | 10.72M | 16.31M | 10.18M | 14.53M | 8.19M |
| Gross Profit | 6.61M | 8.93M | 13.27M | 7.88M | 10.84M | 7.05M |
| Selling, General & Admin | 18.00M | 17.53M | 19.86M | 20.86M | 13.48M | 11.23M |
| Operating Expenses | 18.49M | 17.53M | 19.86M | 20.86M | 13.48M | 11.23M |
| Operating Income | -11.88M | -8.60M | -6.58M | -12.98M | -2.65M | -4.18M |
| Interest Expense | -2.22M | -2.39M | -2.96M | -17.00K | ||
| Interest & Investment Income | 14.00K | 172.00K | 21.00K | |||
| Currency Exchange Gain (Loss) | -27.00K | -34.00K | -43.00K | -24.00K | -237.00K | -188.00K |
| Other Non Operating Income (Expenses) | 4.15M | 3.47M | -5.47M | -8.01M | 57.00K | 298.00K |
| Pretax Income | -9.97M | -7.56M | -15.04M | -20.84M | -2.81M | -4.09M |
| Income Tax Expense | 119.00K | 11.00K | 114.00K | 11.00K | 106.00K | -98.00K |
| Net Income | -10.09M | -7.57M | -15.16M | -20.85M | -2.91M | -3.99M |
| Preferred Dividends & Other Adjustments | 1.26M | |||||
| Net Income to Common | -10.09M | -7.57M | -15.16M | -20.85M | -2.91M | -5.25M |
| Shares Outstanding (Basic) | 30.27M | 26.52M | 17.93M | 14.09M | 13.14M | 100.29M |
| Shares Outstanding (Diluted) | 30.27M | 26.52M | 17.93M | 14.09M | 13.14M | 100.29M |
| EPS (Basic) | -0.33 | -0.29 | -0.85 | -1.48 | -0.22 | -0.05 |
| EPS (Diluted) | -0.33 | -0.29 | -0.85 | -1.48 | -0.22 | -0.05 |
| Free Cash Flow | -12.88M | -9.92M | -9.20M | -13.24M | -1.16M | -2.92M |
| Free Cash Flow Per Share | -0.42 | -0.37 | -0.51 | -0.94 | -0.09 | -0.03 |
| Gross Margin | 42.92% | 45.42% | 44.87% | 43.64% | 42.72% | 46.28% |
| Operating Margin | -77.17% | -43.78% | -22.25% | -71.91% | -10.43% | -27.42% |
| Profit Margin | -65.54% | -38.53% | -51.24% | -115.50% | -11.48% | -34.43% |
| Free Cash Flow Margin | -83.66% | -50.48% | -31.10% | -73.33% | -4.58% | -19.19% |
| EBITDA | -11.76M | -8.53M | -6.57M | -12.97M | -2.64M | -4.18M |
| EBITDA Margin | -76.40% | -43.42% | -22.22% | -71.86% | -10.39% | -27.42% |
| D&A For EBITDA | 119.00K | 71.00K | 10.00K | 9.00K | 11.00K | 1.00K |
| EBIT | -11.88M | -8.60M | -6.58M | -12.98M | -2.65M | -4.18M |
| EBIT Margin | -77.17% | -43.78% | -22.25% | -71.91% | -10.43% | -27.42% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 13.98M | 15.39M | 5.16M | 4.79M | 14.17M | 16.12M |
| Cash & Short-Term Investments | 13.98M | 15.39M | 5.16M | 4.79M | 14.17M | 16.12M |
| Receivables | 2.26M | 1.27M | 2.50M | 2.35M | 2.91M | 1.51M |
| Inventory | 815.00K | 838.00K | 425.00K | 230.00K | ||
| Prepaid Expenses | 494.00K | 821.00K | 1.29M | 1.45M | 331.00K | 840.00K |
| Other Current Assets | 247.00K | 1.13M | 746.00K | 1.08M | 270.00K | |
| Total Current Assets | 17.79M | 19.45M | 10.12M | 9.90M | 17.69M | 18.47M |
| Property, Plant & Equipment | 1.31M | 1.67M | 1.97M | 790.00K | 1.03M | 32.00K |
| Other Long-Term Assets | 337.00K | 287.00K | 40.00K | |||
| Total Assets | 19.44M | 21.41M | 12.10M | 10.69M | 18.72M | 18.54M |
| Accounts Payable | 1.73M | 3.01M | 4.04M | 2.68M | 2.76M | 1.41M |
| Accrued Expenses | 1.62M | 2.24M | 3.02M | 4.19M | 2.52M | 2.58M |
| Short-Term Debt | 109.00K | 426.00K | 2.79M | |||
| Current Portion of Long-Term Debt | 3.75M | 2.43M | 436.00K | 175.00K | 583.00K | |
| Current Portion of Leases | 776.00K | 734.00K | 201.00K | 853.00K | 680.00K | |
| Current Income Taxes Payable | 88.00K | 98.00K | 188.00K | 107.00K | 110.00K | |
| Current Unearned Revenue | 21.00K | 154.00K | 960.00K | 2.31M | ||
| Other Current Liabilities | 11.78M | 11.53M | 6.45M | 1.82M | 129.00K | 209.00K |
| Total Current Liabilities | 19.87M | 20.63M | 17.64M | 12.40M | 6.37M | 4.79M |
| Long-Term Debt | 11.05M | 5.54M | ||||
| Long-Term Leases | 566.00K | 968.00K | 1.70M | 346.00K | ||
| Total Liabilities | 31.49M | 27.13M | 19.35M | 12.40M | 6.72M | 4.79M |
| Common Stock | 3.00K | 3.00K | 2.00K | 2.00K | 1.00K | 135.00K |
| Additional Paid-In Capital | 51.30M | 50.03M | 40.97M | 31.07M | 23.93M | 22.64M |
| Retained Earnings | -63.39M | -55.80M | -48.23M | -32.79M | -11.93M | -9.02M |
| Comprehensive Income & Other | 29.00K | 40.00K | 3.00K | 12.00K | ||
| Total Common Equity | -12.05M | -5.73M | -7.25M | -1.71M | 12.00M | 13.75M |
| Shareholders' Equity | -12.05M | -5.73M | -7.25M | -1.71M | 12.00M | 13.75M |
| Total Liabilities & Equity | 19.44M | 21.41M | 12.10M | 10.69M | 18.72M | 18.54M |
| Total Debt | 16.26M | 10.09M | 4.69M | 1.29M | 1.20M | 583.00K |
| Net Cash (Debt) | -2.28M | 5.30M | 467.00K | 3.50M | 12.97M | 15.54M |
| Net Cash Per Share | -0.08 | 0.20 | 0.03 | 0.25 | 0.99 | 0.15 |
| Filing Date Shares Outstanding | 32.18M | 31.82M | 25.32M | 17.47M | 135.41M | 135.03M |
| Total Common Shares Outstanding | 32.18M | 30.69M | 22.59M | 16.29M | 135.41M | 135.03M |
| Working Capital | -2.08M | -1.17M | -7.52M | -2.50M | 11.31M | 13.68M |
| Book Value Per Share | -0.37 | -0.19 | -0.32 | -0.10 | 0.09 | 0.10 |
| Tangible Book Value | -12.05M | -5.73M | -7.25M | -1.71M | 12.00M | 13.75M |
| Tangible Book Value Per Share | -0.37 | -0.19 | -0.32 | -0.10 | 0.09 | 0.10 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -10.09M | -7.57M | -15.16M | -20.85M | -2.91M | -3.99M |
| Depreciation & Amortization | 701.00K | 635.00K | 588.00K | 722.00K | 568.00K | 1.00K |
| Other Amortization | 673.00K | 454.00K | ||||
| Stock-Based Compensation | 1.49M | 1.11M | 1.03M | 1.24M | 1.16M | 1.36M |
| Other Operating Activities | -3.45M | -2.52M | 6.37M | 4.01M | -57.00K | -298.00K |
| Change in Accounts Receivable | 286.00K | 1.24M | -159.00K | -52.00K | -859.00K | 1.26M |
| Change in Inventory | -353.00K | -413.00K | -195.00K | -230.00K | ||
| Change in Accounts Payable | -261.00K | -1.02M | 1.43M | -935.00K | 1.34M | -2.40M |
| Change in Unearned Revenue | -403.00K | -806.00K | -1.35M | 2.93M | -547.00K | -71.00K |
| Change in Other Net Operating Assets | -1.48M | -1.02M | -1.75M | -78.00K | 145.00K | 1.22M |
| Operating Cash Flow | -12.88M | -9.92M | -9.20M | -13.24M | -1.16M | -2.92M |
| Capital Expenditures | -7.00K | |||||
| Investing Cash Flow | -7.00K | |||||
| Short-Term Debt Issued | 1.00M | |||||
| Long-Term Debt Issued | 8.29M | 12.10M | ||||
| Total Debt Issued | 6.53M | 8.29M | 13.10M | |||
| Long-Term Debt Repaid | -1.53M | -7.76M | -483.00K | -785.00K | -701.00K | |
| Total Debt Repaid | -533.00K | -1.53M | -7.76M | -483.00K | -785.00K | -701.00K |
| Net Debt Issued (Repaid) | 5.99M | 6.76M | 5.34M | -483.00K | -785.00K | -701.00K |
| Issuance of Common Stock | 11.05M | 14.05M | 4.24M | 3.67M | 14.62M | |
| Other Financing Activities | -689.00K | -689.00K | 660.00K | |||
| Financing Cash Flow | 16.36M | 20.12M | 9.57M | 3.84M | -785.00K | 13.92M |
| Foreign Exchange Rate Adjustments | -23.00K | 37.00K | -9.00K | 12.00K | ||
| Net Cash Flow | 3.46M | 10.24M | 367.00K | -9.38M | -1.95M | 11.00M |
| Free Cash Flow | -12.88M | -9.92M | -9.20M | -13.24M | -1.16M | -2.92M |
| Free Cash Flow Margin | -83.66% | -50.48% | -31.10% | -73.33% | -4.58% | -19.19% |
| Free Cash Flow Per Share | -0.42 | -0.37 | -0.51 | -0.94 | -0.09 | -0.03 |
| Levered Free Cash Flow | -6.55M | -1.38M | -655.88K | -2.16M | 217.62K | -1.54M |
| Unlevered Free Cash Flow | -5.84M | -338.88K | 1.20M | -2.16M | 217.62K | -1.53M |
| Cash Interest Paid | 598.00K | 22.00K | 11.00K | 29.00K | 23.00K | 12.00K |
| Cash Income Tax Paid | 143.00K | 100.00K | 11.00K | 114.00K | 53.00K | 255.00K |
| Change in Working Capital | -2.21M | -2.03M | -2.03M | 1.63M | 84.00K | 2.00K |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 49.24M | 43.58M | 60.91M | 40.09M | 319.41M | 310.24M |
| Enterprise Value | 51.52M | 42.75M | 65.27M | 34.41M | 304.16M | 292.53M |
| Last Close Price | 1.53 | 1.42 | 2.83 | 2.46 | 10.10 | 9.81 |
| PS Ratio | 3.20 | 2.22 | 2.06 | 2.22 | 12.59 | 20.36 |
| PB Ratio | -7.61 | -8.40 | -23.46 | 26.63 | 22.56 | |
| P/TBV Ratio | 26.63 | 22.56 | ||||
| EV/Sales Ratio | 3.35 | 2.17 | 2.21 | 1.91 | 11.99 | 19.20 |
| Debt / Equity Ratio | -1.35 | -1.76 | -0.65 | -0.75 | 0.10 | 0.04 |
| Net Debt / Equity Ratio | -0.19 | 0.93 | 0.06 | 2.05 | -1.08 | -1.13 |
| Net Debt / EBITDA Ratio | -0.19 | 0.62 | 0.07 | 0.27 | 4.92 | 3.72 |
| Net Debt / FCF Ratio | -0.18 | 0.53 | 0.05 | 0.26 | 11.16 | 5.31 |
| Asset Turnover | 0.87 | 1.17 | 2.60 | 1.23 | 1.36 | 1.15 |
| Inventory Turnover | 13.76 | 16.98 | 49.79 | |||
| Quick Ratio | 0.82 | 0.81 | 0.43 | 0.57 | 2.68 | 3.68 |
| Current Ratio | 0.90 | 0.94 | 0.57 | 0.80 | 2.77 | 3.86 |
| Return on Equity (ROE) | -405.44% | -22.62% | -49.84% | |||
| Return on Assets (ROA) | -41.89% | -32.10% | -36.11% | -55.19% | -8.88% | -19.73% |
| Return on Capital Employed (ROCE) | 2,743.40% | -1,104.40% | 118.60% | 759.70% | -21.40% | -30.40% |
| Earnings Yield | -21.78% | -17.37% | -24.88% | -52.02% | -0.91% | -1.29% |
| FCF Yield | -26.15% | -22.76% | -15.10% | -33.03% | -0.36% | -0.94% |
| Buyback Yield / Dilution | -40.17% | -47.87% | -27.30% | -7.24% | 86.90% | 24.51% |