QT Imaging said preliminary unaudited revenue rose to USD 8.3 million in Q4 2025 (+97% quarter-on-quarter; +8.77x year-on-year), driven by shipments of 17 Breast Acoustic CT scanners to U.S. distributor NXC Imaging. Q4 gross margin was 38%, operating expenses were USD 3.8 million (+57% year-on-year), net loss narrowed to USD 1.4 million (-60% year-on-year) and adjusted EBITDA improved to a loss of USD 0.4 million (-79% year-on-year). Net cash used in operating activities was USD 3.1 million in Q4 2025, and cash, restricted cash and cash equivalents totaled USD 10.5 million at December 31, 2025. For FY 2025, QT Imaging reported revenue of USD 18.9 million (+288% year-on-year) on shipments of 40 scanners, with gross margin of 45% and operating expenses of USD 13.0 million. FY net loss was USD 21.1 million, while adjusted EBITDA improved to a loss of USD 3.5 million (-52% year-on-year); net cash used in operating activities was USD 9.0 million. During the quarter, QT Imaging completed a USD 18.2 million private placement, uplisted to the Nasdaq Capital Market, and announced collaborations with Intelerad Medical Systems and Olea Medical to support integration and expansion of its cloud SaaS platform. The company also signed an exclusive UAE distribution agreement with Al Naghi Medical covering minimum orders totaling 43 scanners for 2026–2028 (revenue of more than USD 24 million) and appointed Satrajit Misra as chief commercial officer. QT Imaging forecast 2026 revenue of about USD 39 million, including scanner shipments and initial SaaS cloud platform revenue.
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