Operating performance remains severely strained, evidenced by a negative operating margin of 49.4% in 2026Q1 as SG&A expenses continue to outpace gross profit generation.
| Sales/Revenue | 16.7M | 19.65M | 29.58M | 18.06M | 25.37M | 15.24M |
| Revenue Growth % | -44.27% | -33.57% | 63.83% | -28.82% | 66.47% | - |
| Cost of Goods Sold | 9.23M | 10.72M | 16.31M | 10.18M | 14.53M | 8.19M |
| COGS % of Revenue | - | 54.58% | 55.13% | 56.36% | 57.28% | 53.72% |
| Gross Profit | 7.47M | 8.93M | 13.27M | 7.88M | 10.84M | 7.05M |
| Gross Margin % | 44.73% | 45.42% | 44.87% | 43.64% | 42.72% | 46.28% |
| Gross Profit Growth % | - | -32.76% | 68.45% | -27.29% | 53.67% | - |
| Operating Expenses | 17.38M | 17.53M | 19.86M | 20.86M | 13.48M | 11.23M |
| OpEx % of Revenue | - | 89.2% | 67.12% | 115.55% | 53.15% | 73.7% |
| Selling, General & Admin | 17.66M | 17.53M | 19.86M | 20.86M | 13.48M | 11.23M |
| SG&A % of Revenue | - | 89.2% | 67.12% | 115.55% | 53.15% | 73.7% |
| Research & Development | 7.09M | 19.65M | 29.58M | 0 | 0 | 0 |
| R&D % of Revenue | - | 100% | 100% | - | - | - |
| Other Operating Expenses | -2M | -19.65M | -29.58M | 0 | 0 | 0 |
| Operating Income | -9.92M | -8.6M | -6.58M | -12.98M | -2.65M | -4.18M |
| Operating Margin % | -59.39% | -43.78% | -22.25% | -71.91% | -10.43% | -27.42% |
| Operating Income Growth % | - | -30.7% | 49.31% | -390.52% | 36.66% | - |
| EBITDA | -9.7M | -7.97M | -5.99M | -12.26M | -2.08M | -4.18M |
| EBITDA Margin % | -58.09% | -40.55% | -20.26% | -67.91% | -8.2% | -27.42% |
| EBITDA Growth % | -92.78% | -32.93% | 51.12% | -489.8% | 50.24% | - |
| D&A (Non-Cash Add-back) | 217K | 635K | 588K | 722K | 568K | 1K |
| EBIT | -9.82M | -8.6M | -12.08M | -20.84M | -2.65M | -4.18M |
| Net Interest Income | -1.79M | -2.39M | -2.95M | 172K | 21K | 0 |
| Interest Income | -547K | -886K | 14K | 172K | 21K | 0 |
| Interest Expense | 1.25M | 1.51M | 2.96M | 0 | 0 | 0 |
| Other Income/Expense | -4.44M | 1.04M | -8.46M | -7.86M | -159K | 93K |
| Pretax Income | -14.36M | -7.56M | -15.04M | -20.84M | -2.81M | -4.09M |
| Pretax Margin % | -85.99% | -38.47% | -50.86% | -115.44% | -11.06% | -26.81% |
| Income Tax | -48K | 11K | 271K | 11K | 106K | -98K |
| Effective Tax Rate % | 0.33% | -0.15% | -1.8% | -0.05% | -3.78% | 2.4% |
| Net Income | -14.29M | -7.57M | -15.31M | -20.85M | -2.91M | -3.99M |
| Net Margin % | -85.58% | -38.53% | -51.77% | -115.5% | -11.48% | -26.17% |
| Net Income Growth % | -55.11% | 50.56% | 26.56% | -616.14% | 26.98% | - |
| Net Income (Continuing) | -14.31M | -7.57M | -15.31M | -20.85M | -2.91M | -3.99M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.45 | -0.29 | -0.85 | -1.48 | -0.16 | -0.33 |
| EPS Growth % | 2.81% | 65.88% | 42.57% | -825% | 51.52% | - |
| EPS (Basic) | - | -0.29 | -0.85 | -1.48 | -0.16 | -0.33 |
| Diluted Shares Outstanding | 31.76M | 26.52M | 17.93M | 14.09M | 17.88M | 17.88M |
| Basic Shares Outstanding | 31.76M | 26.52M | 17.93M | 14.09M | 17.88M | 17.88M |
| Dividend Payout Ratio | - | - | - | - | - | - |
BARDA funding dependency risk
As reported in financial statements, Spectral AI's revenue has experienced a significant downturn, with the most recent quarterly figures showing a 40.5% year-over-year decline, highlighting the inherent volatility of a business model heavily reliant on the timing of government-funded research milestones rather than consistent commercial product sales.
The sharp revenue decline suggests that the company is currently between major phases of its BARDA contracts, which creates artificial lulls in top-line performance. Investors should monitor whether the company can successfully transition from these project-based government inflows to a sustainable commercial revenue stream, as the current trajectory indicates a lack of organic growth durability.
Based on reported figures, Spectral AI maintains a gross margin of approximately 45.4%, a level that appears structurally limited by the manufacturing requirements of its DeepView hardware carts and the absence of a high-margin, recurring software-as-a-service revenue component at this early stage of commercialization.
The current margin profile suggests that the company is struggling to achieve the economies of scale necessary to offset the costs of its specialized imaging hardware. Without a shift toward a higher-margin diagnostic fee model, the company may remain trapped in a low-margin hardware manufacturing cycle that is difficult to scale profitably.
According to recent SEC filings, Spectral AI's operating losses remain persistent, with the company reporting a negative operating margin of 49.4% in the most recent quarter, indicating that SG&A expenses continue to outpace the company's ability to generate meaningful gross profit from its current revenue base.
The inability to scale operating income faster than gross profit suggests that the company's overhead, particularly in R&D and clinical trial infrastructure, is currently too heavy for its revenue volume. This lack of operating leverage implies that the company is still in a high-burn development phase, necessitating further capital to sustain its current operational footprint.
As indicated by the company's financial history, the reliance on non-dilutive government funding masks the underlying risk that the DeepView platform may face significant adoption barriers, including the lack of specific CPT reimbursement codes and the inherent friction of hospital procurement cycles for new medical hardware.
Short-sellers would likely focus on the company's inability to generate positive cash flow outside of government grants, which may suggest that the commercial market for MSI-based wound assessment is not yet ready for adoption. The risk remains that the company's technology may be technically superior but commercially unviable without a fundamental change in the reimbursement landscape.
Quick answers to the most common questions about buying MDAI stock.
For fiscal year 2025, Spectral AI, Inc. (MDAI) reported total revenue of $19.6M. This represents a 28.9% increase compared to $15.2M in 2021.
Spectral AI, Inc. (MDAI) reported a net loss of $7.6M for the fiscal year ending 2025.
Spectral AI, Inc. (MDAI) reported an operating income of $-8.6M, resulting in an operating profit margin of -43.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Spectral AI, Inc. (MDAI) generated $8.9M in gross profit for the year, representing a gross profit margin of 45.4%. This demonstrates the company's core pricing power and production efficiency.