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Spectral AI
(NASDAQ:MDAI)
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Rating:47Neutral
Price Target:
$1.50
▼(-6.83% Downside)
Action:Reiterated
Date:08/17/26
The score is held down primarily by weak financial performance—declining TTM revenue, large ongoing losses, negative equity with rising debt, and continued cash burn. Technicals are neutral-to-soft with the stock below key longer-term moving averages and only modest momentum. The earnings call adds some support due to FDA clearance and substantial non-dilutive funding access, but margin compression, declining contract revenue, and execution risk in commercialization limit the upside. Valuation is difficult to support given the negative P/E and no dividend yield.
Positive Factors
FDA clearance enables DeepView commercialization
FDA de novo clearance removes a major regulatory barrier and validates the burn-care application. It enables U.S. commercialization, supports hospital adoption discussions, and creates a foundation for future indications and international expansion.
Negative Factors
Revenue remains weak and dependent on development contracts
Declining revenue and lower R&D contract income show that the historical funding-driven model is weakening before commercial sales are established. The transition creates uncertainty over whether DeepView adoption can replace lost development revenue.
Read all positive and negative factors
Positive Factors
Negative Factors
FDA clearance enables DeepView commercialization
FDA de novo clearance removes a major regulatory barrier and validates the burn-care application. It enables U.S. commercialization, supports hospital adoption discussions, and creates a foundation for future indications and international expansion.
Read all positive factors
Spectral AI (MDAI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$51.82M
Dividend YieldN/A
Average Volume (3M)272.42K
Price to Earnings (P/E)―
Beta (1Y)1.07
Revenue Growth-44.99%
EPS Growth48.57%
CountryUS
Employees65
SectorHealthcare
Sector Strength45
IndustryMedical - Specialties
Share Statistics
EPS (TTM)-0.35
Shares Outstanding32,184,930
10 Day Avg. Volume290,415
30 Day Avg. Volume272,420
Financial Highlights & Ratios
PEG Ratio0.07
Price to Book (P/B)-6.58
Price to Sales (P/S)1.92
P/FCF Ratio-3.80
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$4.00Price Target Upside148.45% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.51
Revenue Forecast (FY)$18.55M
Spectral AI Business Overview & Revenue Model
Company Description
Spectral AI, Inc., an artificial intelligence (AI) company, focuses on predictive medical diagnostics in the United States. The company offers DeepView System, which uses proprietary AI algorithms to distinguish between fully damaged, partially da...
How the Company Makes Money
Spectral AI’s primary monetization is expected to come from commercializing its DeepView AI-based wound imaging and decision-support solution to healthcare providers (e.g., burn centers, hospitals, and wound care clinics). Revenue is generally ant...
Spectral AI Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
The call emphasized a major strategic and clinical milestone with FDA de novo clearance and substantial non-dilutive government support, creating a strong foundation for commercialization. Financial indicators show improvement in adjusted EBITDA and narrower net loss, plus access to committed capital and BARDA funding that support the near-term launch. However, short-term revenue mix and margins are compressed by BARDA cost-share, R&D revenue declined ~31%, operating expenses rose, and commercialization faces execution risks (limited current salesforce, procurement and regulatory timelines). On balance, the company appears positioned for a constructive commercial transition, but near-term financials and execution risks temper the outlook.Positive Updates
FDA de novo Clearance for DeepView System
Received FDA de novo clearance for the DeepView System for the burn indication — a rare regulatory achievement (one of ~193 de novo devices) that validates the technology and enables a commercial launch.
Negative Updates
Decline in R&D/Contract Revenue
R&D revenue decreased to $3.5M in Q2 2026 from $5.1M in Q2 2025, a decline of approximately 31.4%, driven by BARDA moving to cost-share phase and completion of MTEC contract work.
Read all updates
Q2-2026 Updates
Positive
Negative
FDA de novo Clearance for DeepView System
Received FDA de novo clearance for the DeepView System for the burn indication — a rare regulatory achievement (one of ~193 de novo devices) that validates the technology and enables a commercial launch.
Read all positive updates
Company Guidance
The company reiterated 2026 revenue guidance of approximately $18.5 million (which reflects the March BARDA funding) and said that this figure does not include meaningful sales of the FDA-cleared DeepView System; as of June 30, 2026 Spectral AI had $14.0 million of cash (down from $15.4M at 12/31/25), $14.9 million of total debt, 32.2 million shares outstanding, access to over $60 million of additional non‑dilutive BARDA funding, and a $15.0 million Avenue Capital facility (second tranche of $6.5M drawn in June) with no principal payments due until March 2027 and maturity in March 2028; Q2 2026 results included R&D revenue of $3.5M (vs. $5.1M in Q2 2025), gross margin of 31.6% (Q2 2025: 45.2%; six‑month: 41.8% vs. 46.4%), operating expenses of $5.4M (vs. $4.4M), R&D expense $1.7M, selling & marketing $0.7M, G&A $3.1M, adjusted EBITDA of $3.5M (vs. $1.7M), and a net loss of $4.2M, or $0.13 per share (vs. $8.0M, or $0.31); management expects up to 30 U.S. system placements under the BARDA Project BioShield contract through June 30, 2027, plans a 12‑center triage/treatment outcomes study to launch in Q4 2026, and anticipates an expanded UKCA clearance and initial international placements in Q4 2026, while pricing work suggests blended gross margins should rise as device placements and recurring minimum three‑year software/service contracts scale.Spectral AI Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
18
Very Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.16M | 19.65M | 29.58M | 18.06M | 25.37M | 15.24M |
| Gross Profit | 6.29M | 8.93M | 13.27M | 7.88M | 10.84M | 7.05M |
| EBITDA | -8.47M | -5.42M | -11.49M | -20.12M | -2.24M | -4.08M |
| Net Income | -10.50M | -7.57M | -15.31M | -20.85M | -2.91M | -3.99M |
Balance Sheet | ||||||
| Total Assets | 19.44M | 21.41M | 12.10M | 10.69M | 18.72M | 18.54M |
| Cash, Cash Equivalents and Short-Term Investments | 13.98M | 15.39M | 5.16M | 4.79M | 14.17M | 16.12M |
| Total Debt | 16.26M | 10.09M | 4.69M | 1.29M | 1.20M | 583.00K |
| Total Liabilities | 31.49M | 27.13M | 19.35M | 12.40M | 6.72M | 4.79M |
| Stockholders Equity | -12.05M | -5.73M | -7.25M | -1.71M | 12.00M | 13.75M |
Cash Flow | ||||||
| Free Cash Flow | -12.88M | -9.92M | -9.20M | -13.24M | -1.16M | -2.92M |
| Operating Cash Flow | -12.88M | -9.92M | -9.20M | -13.24M | -1.16M | -2.92M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -7.00K |
| Financing Cash Flow | 16.36M | 20.12M | 9.57M | 3.84M | -785.00K | 13.92M |
Spectral AI Technical Analysis
Negative
1.61
Price Trends
1.67
Negative
1.86
Negative
1.70
Negative
Market Momentum
-0.02
Negative
48.39
Neutral
34.58
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MDAI, the sentiment is Negative. The current price of 1.61 is below the 20-day moving average (MA) of 1.64, below the 50-day MA of 1.67, and below the 200-day MA of 1.70, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 48.39 is Neutral, neither overbought nor oversold. The STOCH value of 34.58 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MDAI.
Spectral AI Risk Analysis
Spectral AI disclosed 68 risk factors in its most recent earnings report. Spectral AI reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Spectral AI Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $107.37M | -2.10 | -96.66% | ― | -3.43% | 19.16% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $51.82M | -4.67 | 120.69% | ― | -44.99% | 48.57% | |
47 Neutral | $54.16M | -3.59 | -34.09% | ― | -53.40% | -1719.88% | |
47 Neutral | $18.21M | -2.17 | -98.33% | ― | -1.67% | 7.34% | |
46 Neutral | $22.62M | -1.18 | -165.13% | ― | 8.64% | -60.99% | |
46 Neutral | $7.85M | -0.34 | -211.73% | ― | 41.62% | 20.47% |
* Healthcare Sector Average
MDAI
Spectral AI
1.63
-0.30
-15.54%
CTSO
Cytosorbents
0.34
-0.60
-63.94%
SRTS
Sensus Healthcare
3.37
-0.02
-0.59%
NMTC
NeuroOne Medical Technologies
1.98
-2.61
-56.82%
LUNG
Pulmonx
2.42
0.71
41.52%
ICCM
Icecure Medical
2.29
-31.31
-93.18%
Spectral AI Corporate Events
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingProduct-Related AnnouncementsRegulatory Filings and Compliance
Spectral AI Advances Commercialization Following DeepView FDA Clearance
Positive
Aug 12, 2026
In the second quarter ended June 30, 2026, Spectral AI reported a strong operational transition toward commercialization, underpinned by De Novo FDA clearance in May 2026 for its DeepView System for burn indication and completion of key Department...
Business Operations and StrategyExecutive/Board Changes
Spectral AI Names Darcy Bajko Chief Commercial Officer
Positive
Jul 8, 2026
Spectral AI, Inc. has appointed Darcy Bajko as Chief Commercial Officer, with her employment scheduled to begin on July 31, 2026, following a July 8, 2026 announcement by the Board. Bajko brings more than a decade of commercial leadership experien...
Business Operations and StrategyPrivate Placements and FinancingShareholder Meetings
Spectral AI Shareholders Approve Measures Amid Commercial Transition
Positive
Jun 1, 2026
Spectral AI, an AI-driven medical diagnostics company specializing in wound care, particularly burns, is developing its DeepView System to give clinicians rapid, data-driven assessments of burn wound healing potential, supported by a large proprie...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Spectral AI Wins FDA De Novo for Burn System
Positive
May 26, 2026
On May 26, 2026, Spectral AI announced that the U.S. Food and Drug Administration had granted De Novo Classification for its DeepView System for burn indication, authorizing the company to begin commercial distribution in the United States. The no...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.