Quarterly ResultMay 13, 2026, 06:07 AM
Spectral AI Q1 Revenue Down 40.5% to $3.99M; Net Loss $(3.41)M
AI Summary
Spectral AI, Inc. reported a net loss of $(3.41) million for the first quarter of 2026, a significant decline from a net income of $2.90 million in the prior year period. Research and development revenue decreased by 40.5% to $3.99 million. Despite the financial downturn, the company received a contract modification from BARDA, accelerating $31.7 million in funding and extending the base phase of its existing contract, which has an overall value of up to $150 million. The company's cash balance decreased to $11.66 million as of March 31, 2026.
Key Highlights
- Net loss for Q1 2026 was $(3.41) million, compared to net income of $2.90 million in Q1 2025.
- Research and development revenue decreased 40.5% to $3.99 million in Q1 2026 from $6.71 million in Q1 2025.
- Basic net loss per share was $(0.11) in Q1 2026, down from basic net income per share of $0.13 in Q1 2025.
- Cash balance was $11.66 million as of March 31, 2026, a decrease from $15.39 million at December 31, 2025.
- Accumulated deficit increased to $(59.21) million as of March 31, 2026, from $(55.80) million at December 31, 2025.
- Warrant liabilities increased to $12.54 million as of March 31, 2026, from $11.53 million at December 31, 2025.
- BARDA accelerated $31.7 million in funding, part of an existing contract with an overall value up to $150 million.
- Company committed to fund $9.7 million of total development costs for DeepView System feature advancements.
Price Impact
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