For the twelve months ended Jun 30, 2026, Spectral AI Inc. reported $15.39M of revenue and -$10.09M of net income.
MDAI revenue was $3.52M in fiscal Q2 2026 (ended Jun 30, 2026), down 30.4% from a year earlier and down 11.7% from the prior quarter. For the full fiscal 2025 it was $19.65M, down 33.6% from fiscal 2024. It rose in 1 of the last 3 fiscal years.
MDAI net income was -$4.18M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$7.97M a year earlier. For the full fiscal 2025 it was -$7.57M, compared with -$15.16M in fiscal 2024.
MDAI diluted EPS was -$0.13 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.31 a year earlier. For the full fiscal 2025 it was -$0.29.
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $19.65M | $29.58M | $18.06M | $25.37M | - |
| Cost of revenue | $10.72M | $16.31M | $10.18M | $14.53M | - |
| Gross profit | $8.93M | $13.27M | $7.88M | $10.84M | - |
| Research and development | - | - | $15.10M | $16.50M | - |
| Selling, general and admin | $17.53M | $19.86M | $20.86M | $13.48M | $3.42M |
| Operating income | -$8.60M | -$6.58M | -$12.98M | -$2.65M | -$3.42M |
| Interest expense | $886.0K | -$14.0K | - | - | - |
| Pre-tax income | -$7.56M | -$15.04M | -$20.84M | -$2.81M | -$2.15M |
| Income tax | $11.0K | $114.0K | $11.0K | $106.0K | $0 |
| Net income | -$7.57M | -$15.16M | -$20.85M | -$2.91M | -$2.15M |
| EPS, basic | -$0.29 | -$0.85 | -$1.48 | -$0.22 | - |
| EPS, diluted | -$0.29 | -$0.85 | -$1.48 | -$0.22 | - |
| Diluted shares | 26.5M | 17.9M | 14.1M | 13.1M | - |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Cash and equivalents | $15.40M | $5.16M | $4.79M | $14.17M | $16.12M |
| Receivables | $1.27M | $2.50M | $2.35M | $2.29M | - |
| Inventory | $838.0K | $425.0K | $230.0K | - | - |
| Current assets | $19.45M | $10.12M | $9.90M | $17.69M | $1.08M |
| Total assets | $21.41M | $12.10M | $10.69M | $18.72M | $254.11M |
| Current liabilities | $20.63M | $17.64M | $12.40M | $6.37M | $2.94M |
| Long-term debt | $5.54M | - | - | - | - |
| Total debt | $5.54M | $2.79M | - | - | - |
| Total liabilities | $27.13M | $19.35M | $12.40M | $6.72M | $21.93M |
| Shareholders' equity | -$5.73M | -$7.25M | -$2.15M | $12.00M | $13.75M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Operating cash flow | -$9.92M | -$9.20M | -$13.24M | -$1.16M | -$825.6K |
| Investing cash flow | - | - | - | $251.56M | -$253.00M |
| Financing cash flow | $20.12M | $9.57M | $3.84M | -$785.0K | $254.60M |
| Share repurchases | - | - | - | $250.52M | $0 |
| Stock-based compensation | $1.11M | $1.03M | $1.24M | $1.16M | - |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue growth, YoY | -33.6% | 63.8% | -28.8% | - | - |
| Gross margin | 45.4% | 44.9% | 43.6% | 42.7% | - |
| Operating margin | -43.8% | -22.3% | -71.9% | -10.4% | - |
| Net margin | -38.5% | -51.2% | -115.5% | -11.5% | - |
| Return on equity | - | - | - | -24.3% | -15.6% |
| Return on assets | -35.4% | -125.3% | -195.0% | -15.6% | -0.8% |
| Current ratio | 0.94 | 0.57 | 0.80 | 2.77 | 0.37 |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.52M | $3.99M | $4.09M | $3.79M | $5.07M | $6.71M | $7.60M | $8.17M | $7.48M | $6.33M | $5.29M | $3.44M |
| Cost of revenue | $2.41M | $1.96M | $2.24M | $2.17M | $2.77M | $3.54M | $4.26M | $4.51M | $4.16M | $3.38M | $2.85M | $1.97M |
| Gross profit | $1.11M | $2.03M | $1.85M | $1.62M | $2.29M | $3.17M | $3.35M | $3.67M | $3.31M | $2.94M | $2.44M | $1.47M |
| Research and development | $1.70M | $2.00M | - | $6.23M | $1.46M | $3.60M | - | - | - | $4.30M | - | - |
| Selling, general and admin | $3.09M | $4.00M | $4.09M | $4.96M | $2.62M | $4.06M | $4.46M | $4.55M | $5.76M | $5.09M | $5.37M | $5.64M |
| Operating income | -$4.32M | -$1.97M | -$2.24M | -$3.34M | -$2.12M | -$896.0K | -$1.11M | -$886.0K | -$2.44M | -$2.14M | -$2.93M | -$4.17M |
| Interest expense | $378.0K | $258.0K | $289.0K | $300.0K | $120.0K | $20.0K | - | $8.0K | - | - | - | - |
| Pre-tax income | -$4.01M | -$3.42M | $1.01M | -$3.55M | -$7.99M | $2.97M | -$7.60M | -$1.47M | -$2.79M | -$3.18M | -$3.57M | -$10.68M |
| Income tax | $170.0K | -$10.0K | -$43.0K | $2.0K | -$19.0K | $71.0K | -$14.0K | $37.0K | $69.0K | $22.0K | -$21.0K | -$54.0K |
| Net income | -$4.18M | -$3.41M | $1.05M | -$3.55M | -$7.97M | $2.90M | -$7.58M | -$1.50M | -$2.86M | -$3.21M | -$3.55M | -$10.63M |
| EPS, basic | -$0.13 | -$0.11 | $0.02 | -$0.13 | -$0.31 | $0.13 | -$0.42 | -$0.08 | -$0.16 | -$0.19 | -$0.21 | -$0.77 |
| EPS, diluted | -$0.13 | -$0.11 | $0.04 | -$0.13 | -$0.31 | $0.11 | -$0.42 | -$0.08 | -$0.16 | -$0.19 | -$0.21 | -$0.77 |
| Diluted shares | 32.1M | 31.8M | - | 26.3M | 25.4M | 24.0M | - | 17.9M | 17.6M | 16.6M | - | 13.8M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $14.00M | $11.70M | $15.40M | $10.50M | $10.52M | $14.06M | $5.16M | $3.70M | $6.88M | $10.16M | $4.79M | $7.35M |
| Receivables | $1.18M | $1.19M | $1.27M | $990.0K | $1.47M | $2.10M | $2.50M | $2.83M | $2.29M | $1.83M | $2.35M | $1.31M |
| Inventory | $815.0K | $831.0K | $838.0K | $454.0K | $462.0K | $437.0K | $425.0K | $443.0K | $267.0K | $228.0K | $230.0K | $220.0K |
| Current assets | $17.79M | $15.99M | $19.45M | $13.46M | $14.00M | $18.73M | $10.12M | $9.50M | $11.66M | $14.88M | $9.90M | $11.36M |
| Total assets | $19.44M | $17.73M | $21.41M | $15.30M | $16.01M | $20.72M | $12.10M | $11.60M | $13.90M | $15.48M | $10.69M | $12.33M |
| Current liabilities | $19.87M | $21.27M | $20.63M | $15.77M | $16.19M | $13.31M | $17.64M | $13.07M | $16.13M | $17.51M | $12.40M | $10.65M |
| Short-term debt | $800.0K | - | - | - | - | - | - | - | - | - | - | - |
| Long-term debt | $11.05M | $4.50M | $5.54M | $6.58M | $7.63M | $7.51M | - | - | - | - | - | - |
| Total debt | $11.86M | $4.50M | $5.54M | $6.58M | $7.63M | $7.51M | $2.79M | $1.00M | - | - | - | - |
| Total liabilities | $31.49M | $26.54M | $27.13M | $23.50M | $25.16M | $22.35M | $19.35M | $15.94M | $18.16M | $17.51M | $12.40M | $10.88M |
| Shareholders' equity | -$12.05M | -$8.81M | -$5.73M | -$8.20M | -$9.15M | -$1.63M | -$7.25M | -$4.78M | -$4.71M | -$2.47M | -$2.15M | $1.46M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$4.10M | -$3.73M | -$2.55M | -$2.50M | -$3.36M | -$1.50M | $469.0K | -$1.63M | -$5.36M | -$2.68M | -$2.38M | -$5.34M |
| Financing cash flow | $6.42M | -$1.0K | $7.45M | $2.48M | -$207.0K | $10.39M | $1.01M | -$1.56M | $2.08M | $8.05M | -$195.0K | $4.52M |
| Stock-based compensation | $807.0K | $183.0K | $243.0K | $261.0K | $411.0K | $200.0K | $174.0K | $173.0K | $402.0K | $283.0K | $268.0K | $279.0K |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -30.4% | -40.5% | -46.3% | -53.6% | -32.3% | 6.0% | 43.8% | 137.6% | 75.9% | 24.6% | -13.3% | -51.1% |
| Gross margin | 31.6% | 50.8% | 45.2% | 42.7% | 45.2% | 47.2% | 44.0% | 44.9% | 44.3% | 46.6% | 46.1% | 42.8% |
| Operating margin | -122.7% | -49.4% | -54.9% | -88.1% | -41.9% | -13.4% | -14.6% | -10.8% | -32.7% | -33.9% | -55.4% | -121.1% |
| Net margin | -118.5% | -85.5% | 25.7% | -93.7% | -157.3% | 43.2% | -99.8% | -18.4% | -38.3% | -50.7% | -67.1% | -309.0% |
| Current ratio | 0.90 | 0.75 | 0.94 | 0.85 | 0.87 | 1.41 | 0.57 | 0.73 | 0.72 | 0.85 | 0.80 | 1.07 |
Source: XBRL data Spectral AI Inc. files with the SEC, latest filing dated Aug 11, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| MDAI | $15.39M | -44.1% | -$10.09M | -65.5% | $48.0M |
| SYK | $26.30B | +7.9% | $3.62B | 13.8% | $124.05B |
| MMM | $25.25B | +1.7% | $3.54B | 14.0% | $95.67B |
| BSX | $21.07B | +8.9% | $3.50B | 16.6% | $61.96B |
| BDX | $23.25B | +17.4% | $941.00M | 4.0% | $57.71B |
| MDLN | $30.68B | - | $683.00M | 2.2% | $52.13B |
| RMD | $5.73B | +9.0% | $1.59B | 27.8% | $33.10B |
| DXCM | $5.10B | +13.0% | $991.00M | 19.4% | $29.62B |
| WST | $3.40B | +12.6% | $638.90M | 18.8% | $27.85B |