Spectral AI (MDAI)
NASDAQ:MDAI
Earnings Data
Report Date
May 12, 2026After Close (Confirmed)
Period Ending
2026 (Q1)Consensus EPS Forecast
-0.09Last Year’s EPS
0.12Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a broadly positive progression: key clinical and regulatory milestones (successful validation study, de novo submission and response) and a substantial BARDA funding acceleration materially de-risk near-term development. Financially, liquidity improved materially (cash tripled) and operating efficiencies reduced losses. However, there are meaningful near-term headwinds and uncertainties — reduced reimbursed R&D revenue as BARDA base-phase work winds down, continued full-year loss, dependence on BARDA and FDA timing, and revenue recognition/timing risks around BARDA-subsidized device placements. On balance the call emphasized tangible progress toward commercialization and improved financial footing while acknowledging execution and timing risks.Company Guidance
FDA De Novo Submission and Active Engagement
Submitted de novo application in June 2025; received an additional information request from FDA and the company responded timely earlier this month. Management is hopeful for a positive FDA determination before the end of Q2 2026.
Successful Burn Validation Study
Completed a 15-month burn validation study in March 2025 with data from 164 adult and pediatric patients across 15 U.S. burn centers and EDs. The DeepView system 'significantly outperformed' clinical judgment; study results were included in the FDA submission.
Substantial BARDA Funding Acceleration
BARDA reaffirmed support and awarded $31.7 million of advanced funding to accelerate development, with Spectral AI committed to an additional $9.7 million. The broader Project BioShield contract value is up to $150 million (with $55 million awarded in the base phase in 2023). Contract provisions allow BARDA to subsidize initial distribution of up to 30 systems and an additional 140 systems thereafter.
Significant Improvement in Cash Position and Quarterly Profitability
Cash improved to $15.4 million as of Dec 31, 2025 versus $5.2 million at Dec 31, 2024 (cash roughly tripled, a ~196% increase). Company reported Q4 2025 net income of $0.6 million ($0.02 per diluted share) versus a Q4 2024 net loss of $7.7 million.
Full-Year Operating Improvements
Full-year R&D revenue decreased to $19.7M from $29.6M (anticipated reduction tied to BARDA reimbursed costs), but gross margin was stable at 45.4% (up from 44.9% prior year). G&A declined to $17.5M from $19.9M, and full-year net loss improved to $7.6M from $15.3M (roughly a 50% improvement).
Commercial Preparation and Go-to-Market Readiness
Management is preparing for commercialization: searching for a Chief Commercial Officer, engaged Deloitte for commercialization strategy, plans to expand sales and biomedical engineering teams, and expects to begin placing devices in late 2026 with a meaningful commercial pivot in 2027.
International Authorization and Positive Field Feedback
Obtained UKCA authorization for the burn indication in 2024 and reported positive user feedback from UK placements. Company plans to update UKCA to reflect improvements following a positive FDA decision and target initial international sales (U.K., Australia, GCC) in late 2026 after expanded authorization.
Handheld Device Development Progress
Handheld DeepView device development under DoD/MTEC Phase II extended to June 30, 2026 (no-cost extension). Management expects a fully functioning prototype by end of Q2 2026 and plans to leverage cart-based DeepView approvals as predicate for a future 510(k) for the handheld.
MDAI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
MDAI Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Mar 24, 2026 | $1.65 | $1.54 | -6.67% |
Nov 11, 2025 | $1.72 | $1.60 | -6.98% |
Aug 12, 2025 | $2.23 | $2.12 | -4.93% |
May 13, 2025 | $1.42 | $1.30 | -8.45% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Spectral AI (MDAI) report earnings?
Spectral AI (MDAI) is schdueled to report earning on May 12, 2026, After Close (Confirmed).
What is Spectral AI (MDAI) earnings time?
Spectral AI (MDAI) earnings time is at May 12, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
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What is MDAI EPS forecast?
MDAI EPS forecast for the fiscal quarter 2026 (Q1) is -0.09.