Revenue: As of FY2026 Q1, the actual value is USD 3.991 M.

EPS: As of FY2026 Q1, the actual value is USD -0.11.

EBIT: As of FY2026 Q1, the actual value is USD -3.164 M.

SPECTRAL AI, INC. operates in a single segment focused on predictive medical diagnostics, generating revenue primarily from research and development contracts with U.S. governmental agencies . The company has not yet generated product revenue .

Segment Revenue

• Research and development revenue decreased by -40.5% to $3,991 thousand for the three months ended March 31, 2026, from $6,707 thousand in the same period of 2025 .
• Revenue from BARDA decreased by -48.1% to $3,311 thousand in Q1 2026 from $6,382 thousand in Q1 2025 .
• Revenue from other U.S. governmental authorities increased by 109.2% to $680 thousand in Q1 2026 from $325 thousand in Q1 2025 .

Operational Metrics

• Gross Profit decreased by -36.0% to $2,027 thousand in Q1 2026 from $3,168 thousand in Q1 2025 .
• Gross Margin increased to 50.8% in Q1 2026 from 47.2% in Q1 2025 .
• Operating Loss increased to - $1,971 thousand in Q1 2026 from - $896 thousand in Q1 2025 .
• General and Administrative Expense decreased by -1.6% to $3,998 thousand in Q1 2026 from $4,064 thousand in Q1 2025 .
• Net Income (Loss) decreased to - $3,412 thousand in Q1 2026 from $2,897 thousand in Q1 2025 .
• Adjusted EBITDA decreased to - $1,758 thousand in Q1 2026 from - $694 thousand in Q1 2025 .
• Change in Fair Value of Warrant Liability resulted in an expense of - $1,002 thousand in Q1 2026, compared to a benefit of $4,253 thousand in Q1 2025 .

Cash Flow

• Net Cash Used in Operating Activities increased to - $3,728 thousand in Q1 2026 from - $1,505 thousand in Q1 2025 .
• Net Cash Provided by (Used in) Financing Activities was - $1 thousand in Q1 2026, compared to $10,392 thousand provided in Q1 2025 .
• Cash, End of Period totaled $11,655 thousand as of March 31, 2026, down from $15,394 thousand as of December 31, 2025 .

Unique Metrics

• SPECTRAL AI, INC. has received approximately $281.9 million in funding awards from government contracts since 2013, with BARDA accounting for $272.9 million .
• A BARDA contract valued at up to approximately $150.0 million was executed in September 2023, including an initial award of approximately $54.9 million and another approximately $95.0 million for development and procurement . In March 2026, BARDA accelerated approximately $31.7 million in funding, with additional options of $63.4 million remaining .
• An MTEC grant award increased to $4.9 million in August 2024 and was extended to June 2026 . An additional $0.5 million award from DHA in March 2024 brought the total contract value for military battlefield burn evaluation to approximately $2.8 million .

Future Outlook and Strategy

SPECTRAL AI, INC. expects to begin commercialization activities for its DeepView System in the United Kingdom in 2026, following UKCA authorization, anticipating two main revenue streams: a Software as a Medical Device (SaMD) model with a software licensing fee and an imaging device component . Management believes current cash and equivalents, along with existing contracts and financings, provide sufficient working capital for at least one year, but notes that additional capital may be required sooner than expected .