Spectral AI, Inc. (MDAI) Revenue History
Annual and quarterly revenue from 2021 to 2024
Compound Annual Growth Rate (CAGR)
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MDAI Revenue Growth
MDAI Revenue Analysis (2021–2024)
As of May 8, 2026, Spectral AI, Inc. (MDAI) generated trailing twelve-month (TTM) revenue of $23.2 million, reflecting significant decline in growth of -53.6% year-over-year. The most recent quarter (Q3 2025) recorded $3.8 million in revenue, down 25.1% sequentially.
Looking at the longer-term picture, MDAI's historical revenue data shows a 3-year CAGR of +24.7%. The company achieved its highest annual revenue of $29.6 million in 2024, representing a new all-time high.
When compared to Healthcare sector peers including GMED (+23.5% YoY), AEYE (+14.5% YoY), and LNSR (+9.2% YoY), MDAI has underperformed the peer group in terms of revenue growth. Compare MDAI vs GMED →
MDAI Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| MDAICurrent | $23M | -53.6% | - | -22.3% | |
 GMED | $2.9B | +23.5% | +30.1% | 16.3% | |
 AEYE | $40M | +14.5% | +14.5% | -7.9% | |
 LNSR | $58M | +9.2% | +17.2% | -42.1% | |
 ISRG | $10.1B | +21.4% | +18.2% | 29.3% | |
 MASI | $1.5B | -14.4% | +5.9% | 20.5% |
MDAI Historical Revenue Data (2021–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $29.6M | +63.8% | $13.3M | 44.9% | $-6,582,000 | -22.3% |
| 2023 | $18.1M | -28.8% | $7.9M | 43.6% | $-12,984,000 | -71.9% |
| 2022 | $25.4M | +66.5% | $10.8M | 42.7% | $-2,647,000 | -10.4% |
| 2021 | $15.2M | - | $7.1M | 46.3% | $-4,179,000 | -27.4% |
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Start ComparisonMDAI — Frequently Asked Questions
Quick answers to the most common questions about buying MDAI stock.
Is MDAI's revenue growth accelerating or slowing?
MDAI revenue declined -53.6% year-over-year, contrasting with the 5-year CAGR of N/A. TTM revenue fell to $23M. This reverses the prior growth trend.
What is MDAI's long-term revenue growth rate?
Spectral AI, Inc.'s 5-year revenue CAGR of N/A reflects the variable expansion pattern. Current YoY growth of -53.6% is below this long-term average.
How is MDAI's revenue distributed by segment?
MDAI reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2021-2024 are available for download. Segment mix reveals concentration and diversification trends.