Revenue: As of FY2025, the actual value is USD 19.65 M.

EPS: As of FY2025, the actual value is USD -0.29.

EBIT: As of FY2025, the actual value is USD -7.717 M.

Segment Revenue

SPECTRAL AI, INC. operates as a single segment, with research and development revenue totaling $19,650 thousand for the year ended December 31, 2025, marking a 33.6% decrease from $29,581 thousand in 2024.

• Revenue from BARDA was $17,700 thousand in 2025, down 36.6% from $27,903 thousand in 2024.
• Revenue from other U.S. governmental authorities increased by 16.2% to $1,950 thousand in 2025 from $1,678 thousand in 2024.

Operational Metrics

• Cost of Revenue: Cost of revenue for 2025 was - $10,725 thousand, a decrease of 34.2% compared to - $16,307 thousand in 2024, consistent with the decrease in research and development revenue.
• Gross Profit: Gross profit for 2025 was $8,925 thousand, a 32.8% decrease from $13,274 thousand in 2024.
• Gross Margin: Gross margin increased slightly to 45.4% in 2025 from 44.9% in 2024, attributed to a higher allocation of direct labor to the PBS BARDA Contract.
• Operating Loss: Operating loss for 2025 was - $8,603 thousand, an increase from - $6,582 thousand in 2024.
• Net Loss: Net loss for 2025 was - $7,571 thousand, an improvement from - $15,158 thousand in 2024.
• General and Administrative Expense: General and administrative expense decreased by 11.7% to $17,528 thousand in 2025 from $19,856 thousand in 2024, driven by a reduction in non-revenue generating R&D activities and overall headcount.
• Other Income (Expense): Total other income (expense), net, was $1,043 thousand in 2025, a significant improvement from - $8,462 thousand in 2024.
  • Net interest expense was - $886 thousand in 2025, compared to $14 thousand net interest income in 2024, mainly due to interest from the Avenue Financing.
  • Financing related costs decreased to - $1,051 thousand in 2025 from - $2,965 thousand in 2024.
  • Amortization of debt discount was - $455 thousand in 2025, related to the Avenue note payable, with no comparable amount in 2024.
  • A gain of $3,249 thousand was recorded from the change in fair value of warrant liabilities in 2025, compared to a loss of - $4,633 thousand in 2024.
  • A gain of $220 thousand was recorded from the change in fair value of notes payable in 2025, compared to a loss of - $220 thousand in 2024.
  • Foreign exchange transaction losses were - $34 thousand in 2025 and - $43 thousand in 2024.
  • No other expenses, including transaction costs, were recorded in 2025, compared to - $615 thousand in 2024.
• Adjusted EBITDA: Adjusted EBITDA for 2025 was - $7,417 thousand, compared to - $5,540 thousand in 2024.

Cash Flow

• Net Cash Used in Operating Activities: Net cash used in operating activities increased to - $9,920 thousand in 2025 from - $9,199 thousand in 2024.
• Net Cash Provided by Financing Activities: Net cash provided by financing activities increased to $20,120 thousand in 2025 from $9,575 thousand in 2024, primarily due to Avenue Financing and common stock/warrant sales.
• Cash, End of Period: Cash and cash equivalents at the end of 2025 were $15,394 thousand, up from $5,157 thousand in 2024.

Unique Financial Indicators

• Government Funding: Since 2013, SPECTRAL AI, INC. has received approximately $281.9 million in government contract funding, with $272.9 million from BARDA. A new multi-year PBS BARDA Contract, valued at up to $150.0 million, was executed in September 2023, including an initial award of $54.9 million. In March 2026, BARDA advanced $31.7 million from the existing contract, with SPECTRAL AI, INC. committing $9.7 million for associated development costs. The MTEC grant increased to $4.9 million in August 2024, and an additional $0.5 million award was received from the DHA in March 2024 for handheld device development.
• Debt Financing: In March 2025, SPECTRAL AI, INC. completed the Avenue Financing with an initial draw-down of $8.5 million. Total notes payable as of December 31, 2025, was $8,392 thousand, with $2,854 thousand current and $5,538 thousand long-term.

Outlook / Guidance

SPECTRAL AI, INC. expects to begin commercialization of its DeepView System in the United Kingdom in 2026, following its UKCA mark for burn indication, with initial sales anticipated that year. The company also plans to initiate commercialization in the United States during 2026, aligning with the projected timeline for its BARDA contract. The DeepView System’s business model is expected to include two revenue streams: a Software as a Medical Device (SaMD) model with a software licensing fee and an imaging device component.