Spectral AI revenue falls 40% as BARDA contract winds down; FDA submission complete

Filed May 13, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~1 min read

Key Changes

• high

  Revenue declined 40.5% to $4.0M as BARDA contract neared base-phase completion; operating loss widened to $2.0M from $0.9M prior year. Company swung from $2.9M profit to $3.4M loss, though prior profit included $4.3M non-cash warrant gain.

  MD&A: Financial Results verify on EDGAR →
• high

  FDA De Novo submission for DeepView AI-Burn completed June 2025; validation study (164 patients) showed superiority in sensitivity vs. clinician assessment. Regulatory clearance would enable U.S. commercialization.

  MD&A: Regulatory Milestones verify on EDGAR →
• high

  BARDA accelerated $31.7M in funding (March 2026) for follow-on development and procurement, extending base phase to June 2026. Company committed to co-fund $9.7M of total development costs.

  MD&A: BARDA Contract verify on EDGAR →