Spectral AI Inc (NAS:MDAI)

Q3 2025 Spectral AI Inc Earnings Call Transcript

Nov 11, 2025 / 10:00 PM GMT

Release Date Price: $1.72 (-5.49%)

Transcript 10-Q

Key Points

Positve

Spectral AI Inc (MDAI) maintained a stable cash balance of $10.5 million from the second quarter of 2025, with additional funding from a registered direct offering adding $7.6 million.
The company successfully submitted its FDA de novo application in June 2025, marking a significant milestone in its development.
Positive feedback from international markets on the Deep View system, with reports of ease of use and effectiveness in burn care.
Strong support from the burn community, with presentations at national and international forums, enhancing the company's reputation.
Ongoing development of a handheld module for military and civilian use, funded by the Department of Defense, indicating potential for future product diversification.

Negative

Research and development revenue decreased significantly from $8.2 million in Q3 2024 to $3.8 million in Q3 2025, reflecting reduced reimbursements under the BA Project BioShield contract.
Gross margin declined to 42.7% from 44.8% in the previous year, due to a lower percentage of direct labor costs.
General and administrative expenses increased to $5 million from $4.6 million in the prior year, driven by higher third-party advisor and consulting costs.
The company reported a net loss of $3.6 million in Q3 2025, up from a net loss of $1.5 million in Q3 2024, due to reduced revenue and increased expenses.
Revenue guidance for 2025 was reduced from $21.5 million to $18.5 million, impacted by the US government shutdown and reduced work on the BA Project BioShield contract.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MDAI.OQ - Spectral AI Inc
Q3 2025 Spectral AI Inc Earnings Call
Nov 11, 2025 / 10:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and welcome to the Spectral AI Inc. Q3 2025 financial results conference call. All participants will be in the listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key, followed by zero.

After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press, then 1 on a touchtone phone. To withdraw your question, please press star, then 2. Please note this event is being recorded.

I would now like to turn the conference over to Sarah Prendergast, Assistant general counsel. Please go ahead, ma'am.

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Unidentified_2 [2]
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