Spectral AI, Inc. (MDAI) Revenue History
Annual and quarterly revenue from 2021 to present
MDAI Revenue Over Time (2021–2025)
MDAI Revenue Growth History
2 of 4 years with positive growth- FY2021 revenue growth
- N/A
- FY2022 revenue growth
- +66.5%
- FY2023 revenue growth
- -28.8%
- FY2024 revenue growth
- +63.8%
- FY2025 revenue growth
- -33.6%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $4.0M | -40.5% |
| Q4 2025 | $3.8M | -49.4% |
| Q3 2025 | $3.8M | -53.6% |
| Q2 2025 | $5.1M | -32.3% |
| Q1 2025 | $6.7M | +6.0% |
| Q4 2024 | $7.6M | +43.8% |
| Q3 2024 | $8.2M | +137.6% |
| Q2 2024 | $7.5M | +75.9% |
Multi-year avg. share of annual revenue by fiscal quarter
MDAI Revenue Analysis (2021–2025)
Current Revenue & Growth
As of June 29, 2026, Spectral AI, Inc. (MDAI) generated trailing twelve-month (TTM) revenue of $16.7 million, reflecting significant decline in growth of -40.5% year-over-year. The most recent quarter (Q1 2026) recorded $4.0 million in revenue, up 3.7% sequentially.
Historical Growth Trajectory
MDAI's historical revenue data shows a 3-year CAGR of -8.2%. Spectral AI, Inc.'s highest annual revenue of $29.6 million was recorded in 2024.
Peer Comparison
Compared to Healthcare sector peers — including GMED (+23.5% YoY), AEYE (+11.6% YoY), and LNSR (+1.1% YoY) — MDAI has underperformed the peer group in 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 | $17M | -40.5% | - | -43.8% | |
 GMED | $2.9B | +23.5% | +30.1% | 16.3% | |
 AEYE | $40M | +11.6% | +14.5% | -7.9% | |
 LNSR | $58M | +1.1% | +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 (2021–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $19.6M | -33.6% | $8.9M | 45.4% | $-8,603,000 | -43.8% |
| 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% |
Intrinsic Valuation
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Historical Returns
5+ years return with dividends reinvested.
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Peer Comparison
Compare growth, multiples, and margins vs sector.
MDAI — Frequently Asked Questions
Quick answers to the most common questions about buying MDAI stock.
Is MDAI's revenue growth accelerating or slowing?
MDAI revenue is declining -40.5% year-over-year. TTM revenue fell to $17M, contrasting with the 5-year CAGR of N/A. The reversal reflects either macro headwinds or company-specific challenges.
What is MDAI's revenue history from 2021 to 2026?
Spectral AI, Inc. (MDAI) revenue history spans 2021 to 2026. TTM revenue as of 2026 is $17M, growing at -40.5% YoY. The 5-year CAGR is N/A. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is MDAI's long-term revenue growth rate (CAGR)?
Spectral AI, Inc.'s 5-year revenue CAGR of N/A reflects the variable nature of its business expansion. As of 2026, the current YoY growth rate of -40.5% is below this long-term average. CAGR is the most reliable measure of sustained revenue momentum for MDAI.
Why does MDAI's quarterly revenue fluctuate?
MDAI quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. Spectral AI, Inc.'s revenue data from 2021 to 2026 shows full historical quarterly detail on this page.
How is MDAI's revenue distributed by segment?
MDAI reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does MDAI's revenue compare to industry peers?
Spectral AI, Inc. (MDAI) with TTM revenue of $17M and -40.5% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.