Quarterly ResultMay 12, 2026, 04:12 PM
Spectral AI Q1 Net Loss $(3.4)M; R&D Revenue $4.0M; $31.7M BARDA Funding
AI Summary
Spectral AI, Inc. announced its first quarter 2026 financial results, reporting a net loss of $(3.4) million, or $(0.11) per diluted share, compared to a net income of $2.9 million in the prior year. Research & Development revenue decreased to $4.0 million from $6.7 million, reflecting an anticipated decline in work under the base phase of the Project BioShield contract. The company highlighted continued development of its DeepView System, supported by a recently awarded $31.7 million in advanced, non-dilutive funding from BARDA for an accelerated second phase of the contract, and reiterated its 2026 annual revenue guidance of approximately $18.5 million.
Key Highlights
- Q1 2026 Net Loss was $(3.4) million, or $(0.11) per diluted share, compared to net income of $2.9 million in Q1 2025.
- Q1 2026 Research & Development revenue was $4.0 million, down from $6.7 million in Q1 2025.
- Q1 2026 Gross Margin improved to 50.8% from 47.2% in Q1 2025.
- Received $31.7 million in advanced, non-dilutive funding from BARDA for DeepView System development.
- Cash was $11.7 million as of March 31, 2026, down from $15.4 million on December 31, 2025.
- Reiterated 2026 annual revenue guidance of approximately $18.5 million.
- David McGuire rejoined Spectral AI as Chief Financial Officer.