NASDAQ: QTI
QT IMAGING HOLDINGS, INC.CIK 0001844505 · SIC 3845 · Electromedical Equipment
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QT Imaging prices $10M offering of 1.2M shares and pre-funded warrants at $5.00 per share
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Latest financial statements
From 10-Q filed Aug 12, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(In thousands, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | 7,435 | 3,659 | 13,965 | 6,458 |
| Cost of revenue | 4,375 | 1,832 | 8,233 | 2,819 |
| Gross profit | 3,060 | 1,827 | 5,732 | 3,639 |
| Operating expenses: | ||||
| Research and development | 1,624 | 901 | 3,348 | 1,753 |
| Selling, general and administrative | 3,300 | 1,969 | 6,597 | 3,971 |
| Total operating expenses | 4,924 | 2,870 | 9,945 | 5,724 |
| Loss from operations | (1,864) | (1,043) | (4,213) | (2,085) |
| Non-operating expense, net: | ||||
| Interest expense, net | (745) | (379) | (1,675) | (1,070) |
| Other (expense) income, net | (4) | 9 | (8) | 24 |
| Change in fair value of warrant liability | 89 | (2,796) | (84) | (3,501) |
| Change in fair value of derivative liability | — | — | — | 101 |
| Change in fair value of earnout liability | (250) | 210 | (200) | 160 |
| Loss on issuance of debt | — | — | — | (6,640) |
| Loss on debt extinguishment and modification | (8,294) | — | (8,294) | (2,124) |
| Total non-operating expense, net | (9,204) | (2,956) | (10,261) | (13,050) |
| Loss before income tax expense | (11,068) | (3,999) | (14,474) | (15,135) |
| Income tax expense | 2 | 3 | 2 | 3 |
| Net loss and comprehensive loss | (11,070) | (4,002) | (14,476) | (15,138) |
| Net loss attributable to common stockholders | (11,070) | (4,002) | (14,476) | (15,138) |
| Net loss per share basic and diluted (1) | (0.75) | (0.42) | (1.01) | (1.63) |
| Weighted-average shares outstanding (1) | 14,831 | 9,451 | 14,317 | 9,312 |
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands, except per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 10,924 | 10,412 |
| Restricted cash and cash equivalents | 50 | 50 |
| Accounts receivable | 7,404 | 5,781 |
| Inventory | 9,870 | 5,027 |
| Prepaid expenses and other current assets | 1,171 | 821 |
| Total current assets | 29,419 | 22,091 |
| Property and equipment, net | 793 | 318 |
| Operating lease right-of-use assets, net | 379 | 573 |
| Other assets | 39 | 39 |
| Total assets | 30,630 | 23,021 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 3,011 | 3,580 |
| Accrued expenses and other current liabilities | 6,051 | 3,825 |
| Current maturities of long-term debt | — | 9 |
| Operating lease liabilities, current | 437 | 454 |
| Total current liabilities | 9,499 | 7,868 |
| Long-term debt, less current maturities, net | 11,397 | 683 |
| Related party notes payable | 3,895 | 3,895 |
| Operating lease liabilities | — | 203 |
| Warrant liability | 187 | 103 |
| Earnout liability | 2,410 | 2,210 |
| Other liabilities | 996 | 1,614 |
| Total liabilities | 28,384 | 16,576 |
| Commitments and contingencies (Notes 6 and 7) | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding | — | — |
| Common stock, $0.0001 par value; 500,000 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 13,769 and 11,902 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 1 | 1 |
| Additional paid-in capital | 69,745 | 59,468 |
| Accumulated deficit | (67,500) | (53,024) |
| Total stockholders’ equity | 2,246 | 6,445 |
| Total liabilities and stockholders’ equity | 30,630 | 23,021 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (14,476) | (15,138) |
| Adjustment to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 41 | 76 |
| Stock-based compensation | 1,049 | 320 |
| Loss on issuance of debt | — | 6,640 |
| Loss on debt extinguishment and modification | 8,294 | 2,124 |
| Non-cash interest | 1,123 | 548 |
| Non-cash operating lease | (26) | (19) |
| Change in fair value of warrant liability | 84 | 3,501 |
| Change in fair value of derivative liability | — | (101) |
| Change in fair value of earnout liability | 200 | (160) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (1,623) | (3,584) |
| Inventory | (4,072) | (90) |
| Prepaid expenses and other current assets | (350) | (1,227) |
| Accounts payable | (396) | 772 |
| Accrued expenses and other current liabilities | 982 | 924 |
| Other liabilities | 679 | 435 |
| Net cash used in operating activities | (8,491) | (4,979) |
| Cash flows from investing activities: | ||
| Purchases of property and equipment | (191) | (47) |
| Net cash used in investing activities | (191) | (47) |
| Cash flows from financing activities: | ||
| Proceeds from sale of common stock and warrants | 9,305 | 700 |
| Proceeds from long-term debt, net of issuance costs | — | 10,000 |
| Proceeds from stock option exercises | 246 | — |
| Repayment of long-term debt | (9) | (4,674) |
| Payments for taxes related to net settlement of equity awards | (63) | — |
| Payment of stock issuance costs | (285) | — |
| Payment of debt issuance costs | — | (150) |
| Net cash provided by financing activities | 9,194 | 5,876 |
| Net increase in cash and cash equivalents and restricted cash and cash equivalents | 512 | 850 |
| Cash and cash equivalents and restricted cash and cash equivalents, beginning balance | 10,462 | 1,192 |
| Cash and cash equivalents and restricted cash and cash equivalents, ending balance | 10,974 | 2,042 |
| Reconciliation of cash and cash equivalents and restricted cash and cash equivalents to the condensed consolidated balance sheets: | ||
| Cash | 10,924 | 2,022 |
| Restricted cash and cash equivalents | 50 | 20 |
| Total cash and restricted cash and cash equivalents | 10,974 | 2,042 |
| Supplemental disclosure of cash flow information: | ||
| Cash paid for income taxes | 2 | 3 |
| Cash paid for interest | — | 12 |
| Supplemental disclosures of noncash investing and financing activities: | ||
| Transfer of inventory to property and equipment | 325 | — |
| Accrued interest capitalized upon debt extinguishment | 1,297 | — |
| Debt issuance costs included in accrued expenses | — | 144 |
| Unpaid issuance costs included in accounts payable and accrued expenses and other current liabilities related to the sale of common stock and warrants | 260 | 21 |
Amounts as printed on the EDGAR/iXBRL face — (In thousands, except per share data); (In thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗