Second-quarter revenue reached $7.4 million; first-half revenue increased 116% to $14.0 million, with 28 scanners shipped
Strengthened capital position through a $10.0 million public offering and expanded direct U.S. commercial capabilities to accelerate adoption
Reaffirms full-year 2026 revenue guidance of approximately $39 million
Conference Call begins at 4:30 p.m. Eastern Time today
NOVATO, Calif.--(BUSINESS WIRE)--August 12, 2026--
QT Imaging Holding, Inc. (Nasdaq: QTI) ("QT Imaging" or the "Company"), a medical device company dedicated to transforming breast health management through innovative, radiation-free imaging technology, today reported financial results for the three and six months ended June 30, 2026, and provided a business update.
"Our second quarter results demonstrate continued execution and the growing commercial momentum of QT Imaging. Revenue more than doubled year-over-year to $7.4 million, and we shipped fifteen Breast Acoustic CT scanners during the quarter, compared with eight in the prior-year period," said Dr. Raluca Dinu, Chief Executive Officer of QT Imaging. "We also took important steps to support continued growth, completing a $10 million public offering, expanding our direct U.S. sales organization, and securing regulatory authorization in Israel and Saudi Arabia. At the same time, we generated new evidence demonstrating less than 1% variability in Speed of Sound measurements across our scanners, successfully completed our first routine FDA inspection with zero Form 483 observations, and expanded manufacturing capacity through our new 22,000-square-foot facility. These are tangible steps toward scaling Breast Acoustic CT commercially while building the clinical, regulatory and operational foundation for broader adoption."
"With more than 12,000 women already imaged using our technology, we are building more than an innovative medical imaging system; we are building a quantitative breast imaging platform that integrates advanced hardware, software, cloud infrastructure and, over time, AI-enabled clinical applications," added Dr. Dinu. "At the same time, we continue to evolve our commercial strategy by complementing our established distribution partnerships with expanded direct commercial, and business development capabilities to accelerate customer engagement and broaden adoption. While geopolitical developments have impacted commercial activities in parts of the Gulf region, we are beginning to see encouraging signs of renewed customer engagement."
Second Quarter and Recent Business Highlights
-- Continued commercial execution: QT Imaging shipped 15 Breast Acoustic
CT scanners during the second quarter of 2026 and 28 scanners during the
first six months of the year. The revenue for the second quarter of 2026
was $7.4 million. The Company continues to pursue commercial
opportunities through a combination of established distribution partners
and its expanding internal commercial and business development
capabilities.
-- Strengthened capital position: During the second quarter, QT Imaging
completed an underwritten public offering that generated approximately
$10.0 million in gross proceeds. The Company also extended the maturity
of its senior secured term loan by two years, from March 31, 2027, to
March 31, 2029.
-- Built a scalable U.S. commercial organization: Under the leadership of
our Chief Commercial Officer Satrajit Misra, a seasoned medical imaging
executive with three decades of industry experience, QT Imaging expanded
its direct commercial organization with the appointments of Jason Dyer as
Vice President, Regional Sales East, and Dave Reinhart as Vice President,
Regional Sales West. Together, this team strengthens the Company's
ability to directly engage breast imaging centers, clinicians and
enterprise health systems, deepen strategic customer relationships and
complement its established distribution partnerships, creating a scalable
commercial model designed to accelerate adoption, grow the installed base
and support long-term revenue growth and margin expansion.
-- Expanded global regulatory foundation for Breast Acoustic CT scanners:
During the quarter, the Company received AMAR authorization from Israel's
Ministry of Health and Food and Drug Administration ("FDA") regulatory
clearance in Saudi Arabia. QT Imaging continues to pursue additional
regulatory authorizations in the Gulf region and Europe.
-- Successfully completed the Company's first routine FDA inspection: The
inspection concluded with zero Form 483 observations, reflecting the
strength of the Company's Quality Management System and its focus on
quality, compliance and manufacturing readiness.
-- Generated additional scientific evidence: A multi-site repeatability
and reproducibility study demonstrated less than 1% variability in Speed
of Sound measurements across Breast Acoustic CT scanners. The results
support the potential use of objective and reproducible quantitative
imaging biomarkers in longitudinal breast health assessment and treatment
monitoring. These results reflect testing performed under the study
conditions and do not represent a new FDA-cleared indication.
-- Continued advancing the QTI technology platform: Development activities
included enhancements to image reconstruction, quantitative imaging
algorithms, clinical workflow, and the QTI Precision Pathway$(TM)$ cloud
platform. The Company also continued its collaboration with Olea Medical
to productize its multimodality image viewer, physician workflow and
quantitative image analysis.
-- Strengthened clinical and scientific leadership: Appointed Dr. Julia
Albright as Chief Science Officer, effective July 27, 2026, and welcomed
nationally recognized breast surgical oncologist Dr. Barry Roseman as
Senior Medical Advisor. Dr. Albright brings more than three decades of
leadership in medical imaging innovation, quantitative imaging and
artificial intelligence, with a proven track record of translating
advanced technologies into clinically impactful products. Dr. Roseman
brings more than 30 years of experience in breast cancer diagnosis,
treatment and multidisciplinary patient care, providing deep clinical
expertise to support physician engagement, clinical implementation, and
broader adoption of our technology.
-- Advanced clinical expansion in Israel: Following our recent AMAR
authorization from Israel's Ministry of Health, the first Breast Acoustic
CT scanner in Israel is planned for placement at Rambam Health Care
Campus, one of the country's leading academic medical centers. The
scanner will support a planned clinical study evaluating Breast Acoustic
CT imaging modality in women with hereditary risk for breast cancer,
expanding the Company's clinical evidence-generation efforts in an
important high-risk population.
-- Expanded manufacturing capacity while improving operating efficiency:
Continued investing in manufacturing excellence and supply chain
readiness while relocating to a new 22,000-square-foot headquarters and
manufacturing facility, located in Petaluma, CA. The expanded facility
provides more than 2.5x the operational space of the current location
while reducing lease cost per square foot by approximately 55%, enhancing
the Company's ability to scale production efficiently.
-- Increased visibility within the investment community: QT Imaging was
added to the Russell Microcap$(R)$ Index as part of the 2026 semi-annual
Russell index reconstitution and following its return to the Nasdaq
Capital Market in January.
-- Pursued grassroots initiatives focused on breast health: Dr. Dinu
participated in two prestigious events hosted by The Shift, including its
inaugural Shiftmakers Gala celebrating women driving change held at
Harvard University and featuring actress and breast cancer survivor
Olivia Munn, and presenting the Shiftmaker Award to tennis legend and
two-time cancer survivor Martina Navratilova at the Sports Shiftmaker
Awards ceremony during Wimbledon week in London.
Second Quarter 2026 Financial Results
Revenue for the second quarter of 2026 was $7.4 million, an increase of 103% compared with $3.7 million for the second quarter of 2025. The increase was primarily attributable to the shipment of fifteen Breast Acoustic CT scanners in the 2026 quarter, compared with eight in the prior-year quarter.
Gross margin was 41% for the second quarter of 2026, compared with 50% for the second quarter of 2025. The gross margin for the second quarter of 2026 was in line with our projections for sales in the USA. The higher prior-year gross margin reflected a lower weighted average cost of inventory sold.
Total operating expenses were $4.9 million for the second quarter of 2026, compared with $2.9 million for the second quarter of 2025. The increase was primarily attributable to employee compensation and benefits, professional service costs, and marketing expenses.
Operating loss for the second quarter of 2026 was $1.9 million, compared with an operating loss of $1.0 million, for the second quarter of 2025 and $2.3 million for the first quarter of 2026.
Total interest and other expense, net, was $9.2 million during the second quarter of 2026, compared with $3.0 million in the prior-year quarter. The increase was due primarily to an $8.3 million non-cash loss on debt extinguishment related to the Lynrock Lake term loan modification.
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