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QT Imaging Holdings (QTI) AI Stock Analysis
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QT Imaging Holdings
(NASDAQ:QTI)
The score is held down primarily by weak financial performance—persistent heavy operating losses, negative cash flow, and rising leverage—despite improving revenue growth. Technicals further detract as the stock is in a clear downtrend with negative momentum signals. The earnings call provides the main offset via reaffirmed high growth guidance and commercialization/reimbursement progress, while valuation support is limited due to ongoing unprofitability and no dividend.
QT Imaging Holdings (QTI) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $31.32M
- Dividend Yield
- ―
- Average Volume (3M)
- 31.90K
- Price to Earnings (P/E)
- -1.4
- Beta (1Y)
- 0.02
- Revenue Growth
- 219.99%
- EPS Growth
- 25.98%
- Country
- US
- Employees
- 32
- Sector
- Healthcare
- Sector Strength
- 51
- Industry
- Medical - Devices
QT Imaging Holdings Business Overview & Revenue Model
Company Description
QT Imaging Holdings, Inc. is dedicated to the research, development, and manufacturing of advanced automated systems for breast imaging. These innovative devices are engineered to generate high-resolution ultrasound images utilizing transmission tech...
QT Imaging Holdings Earnings Call Summary
The call signals a positive commercial and clinical momentum: strong top-line growth with shipments and revenue more than doubling year-over-year, meaningful regulatory and reimbursement progress (Category III CPT code and international clearances), reproducibility and clinical study progress, product and manufacturing investments, and improved near-term liquidity. Offsetting these positives are margin compression, higher operating expenses, a materially larger net loss driven by an $8.3M non-cash debt modification charge, higher interest costs on amended debt, and some regional/geopolitical and deployment timing headwinds. Many of the negative items appear one-time or transitional (debt modification, upfront investment in commercial infrastructure, timing of deployments), while several strategic enablers (CPT code, clinical data, manufacturing expansion) support a constructive growth outlook.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
QT Imaging affirmed 2026 revenue guidance of approximately $39.0 million (more than double 2025’s $18.9M), a target driven by expected shipments under distributor minimum order quantities and direct sales; the company shipped 15 scanners in Q2 (28 in H1) and expects to ship an additional 15 in Q3 and 17 in Q4 in the U.S. (which would imply ~60 scanners in 2026 if achieved). Key financials from the quarter: Q2 revenue $7.4M (up 103% YoY from $3.7M), H1 revenue $14.0M (vs $6.5M prior year), Q2 gross margin 41%, operating expenses $4.9M, operating loss $1.9M, and net loss $11.1M (including an $8.3M non‑cash debt extinguishment charge). Balance sheet and liquidity metrics: accounts receivable $7.4M (collected in early August), cash and restricted cash ~$14.2M as of August 7 (versus ~$11.0M on June 30) after a $10.0M underwritten offering and an amended $10.1M senior secured term loan extended to March 31, 2029 with interest increased to 12%. Operational and clinical milestones cited as growth enablers include >12,000 women imaged to date, a <1% inter‑scanner variability finding for speed‑of‑sound measurements, a Category III CPT code effective 1/1/2027, and a new 22,000 sq ft facility ( >2.5x current space, ~55% lower lease cost per sq ft).
QT Imaging Holdings Financial Statement Overview
Summary
Revenue growth is strong (TTM up ~15.5%), but the company remains deeply unprofitable with very large losses (TTM EBIT margin ~-53.6%, net margin ~-65.3%) and significant cash burn (TTM operating cash flow about -$12.5M; free cash flow about -$12.7M). Balance sheet risk is rising as equity has declined and leverage increased (debt-to-equity ~1.93), reducing financial flexibility despite modest absolute debt.
Income Statement
24NegativeBalance Sheet
39NegativeCash Flow
21Negative| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 28.18M | 18.93M | 4.88M | 40.35K | 0 | 365.15K |
| Gross Profit | 11.15M | 8.58M | 2.64M | -94.63K | 0 | 104.58K |
| EBITDA | -14.99M | -18.31M | -4.27M | -5.07M | -4.28M | -4.27M |
| Net Income | -18.40M | -21.08M | -8.98M | -6.10M | -2.77M | -5.42M |
Balance Sheet | ||||||
| Total Assets | 30.63M | 23.02M | 6.09M | 23.40M | 41.95M | 8.46M |
| Cash, Cash Equivalents and Short-Term Investments | 10.97M | 10.46M | 1.17M | 2,438 | 78.20K | 1.53M |
| Total Debt | 4.33M | 5.24M | 9.91M | 3.07M | 1.64M | 4.23M |
| Total Liabilities | 28.38M | 16.58M | 15.63M | 12.69M | 13.42M | 5.52M |
| Stockholders Equity | 2.25M | 6.45M | -9.54M | 10.71M | 28.53M | 2.94M |
Cash Flow | ||||||
| Free Cash Flow | -12.74M | -9.08M | -10.12M | -2.66M | -1.97M | -2.72M |
| Operating Cash Flow | -12.47M | -8.96M | -10.03M | -2.65M | -1.97M | -2.70M |
| Investing Cash Flow | -268.18K | -124.00K | -88.00K | -13.04K | 192.24M | -18.37K |
| Financing Cash Flow | 21.67M | 18.35M | 11.13M | 2.37M | -190.61M | 3.67M |
QT Imaging Holdings Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QTI, the sentiment is Negative. The current price of 2.14 is below the 20-day moving average (MA) of 2.41, below the 50-day MA of 2.60, and below the 200-day MA of 4.48, indicating a bearish trend. The MACD of -0.11 indicates Positive momentum. The RSI at 30.55 is Neutral, neither overbought nor oversold. The STOCH value of 4.55 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for QTI.
QT Imaging Holdings Risk Analysis
QT Imaging Holdings disclosed 99 risk factors in its most recent earnings report. QT Imaging Holdings reported the most risks in the "Finance & Corporate" category.
Latest Risks Added
0 New RisksQT Imaging Holdings Peers Comparison
Overall Rating
LUNG53Neutral
JSPR48Neutral
ICCM46Neutral
MDAI46Neutral- QTI46Neutral
ALGS39Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| LUNG | 53Neutral | $129.06M | -3.00 | -98.23% | ― | -3.15% | 28.45% |
| Sector * | 51Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
| JSPR | 48Neutral | $17.31M | -0.33 | -618.87% | ― | ― | 73.74% |
| ICCM | 46Neutral | $2.98M | -0.13 | -174.26% | ― | 41.62% | 20.47% |
| MDAI | 46Neutral | $49.24M | -4.39 | 120.69% | ― | -44.99% | 48.57% |
| QTI | 46Neutral | $31.32M | -1.36 | -2156.12% | ― | 219.99% | 25.98% |
| ALGS | 39Underperform | $29.97M | -0.66 | -160.72% | ― | 893.01% | 41.74% |
* Healthcare Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| QTI | Qt Imaging Holdings, Inc. | 2.14 | -4.74 | -68.90% | |
| JSPR | Jasper Therapeutics, Inc. | 0.52 | -1.58 | -75.24% | |
| LUNG | Pulmonx Corporation | 3.00 | 1.17 | 64.21% | |
| ALGS | Aligos Therapeutics, Inc. | 4.80 | -2.73 | -36.25% | |
| MDAI | Spectral Ai, Inc. Class A | 1.53 | -0.45 | -22.73% | |
| ICCM | Icecure Medical Ltd. | 0.87 | -20.96 | -96.01% |
QT Imaging Holdings Corporate Events
QT Imaging details strong mid-year growth and commercialization
PositiveIn a mid-year letter to shareholders dated August 18, 2026, QT Imaging reported significant operational and commercial progress in the first half of 2026. The company highlighted growing real-world use of its Breast Acoustic CT modality, with more th...
QT Imaging Reports Strong Revenue Growth Amid Ongoing Losses
PositiveQT Imaging reported on August 12, 2026, that second-quarter 2026 revenue doubled year-over-year to $7.4 million and first-half revenue rose 116% to $14.0 million, driven by the shipment of 28 Breast Acoustic CT scanners. Despite stronger sales, gross...
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.
Date of analysis: Aug 18, 2026