QT Imaging Holdings (QTI) AI Stock Analysis

• Market Cap: $71.29M
• Dividend Yield: N/A
• Average Volume (3M): 31.43K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.01
• Revenue Growth: 185.12%
• EPS Growth: 21.22%
• Country: US
• Employees: 10
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): N/A
• Shares Outstanding: 11,902,198
• 10 Day Avg. Volume: 22,708
• 30 Day Avg. Volume: 31,432
• PEG Ratio: -0.02
• Price to Book (P/B): 9.67
• Price to Sales (P/S): 3.29
• P/FCF Ratio: -6.86
• Enterprise Value/Market Cap: 2.21
• Enterprise Value/Revenue: 8.33
• Enterprise Value/Gross Profit: 18.36
• Enterprise Value/Ebitda: -23.39
• 1Y Price Target: $10.00
• Price Target Upside: 68.07% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 49 Neutral
• Price Target: $6.00 ▲(0.84% Upside)
• Action: Reiterated Date: 02/20/26
• Date: Action: Reiterated 02/20/26

The score is held down primarily by very weak financial performance (persistent losses and cash burn with historically fragile equity), partially offset by a strong recent corporate update pointing to accelerating revenue, improved losses, and strengthened financing. Technicals are neutral and valuation remains unattractive due to negative earnings.

Positive Factors

Revenue acceleration and unit shipments

Sharp, company-reported revenue and shipment growth indicates improving commercial traction and product-market fit in breast imaging. Sustained unit shipments help absorb fixed costs, validate demand, and create a foundation for scaling manufacturing and recurring service revenues over a multimonth horizon.

Improved liquidity from financing

A recent meaningful private placement and a cash balance provide near-term runway to fund commercialization, inventory build and SaaS development. This reduces immediate refinancing pressure and supports execution on distribution deals and partnerships while the company converts growth into sustainable cash flow.

Strategic partnerships, distribution and commercial hires

Partnerships to build a cloud/SaaS platform, an exclusive distributor with minimum orders, a senior commercial hire, and uplisting enhance go-to-market reach and recurring revenue potential. These structural moves strengthen commercialization capabilities and international expansion prospects over the medium term.

Negative Factors

Persistent negative operating and free cash flow

Consistent operating and free cash flow deficits mean the business relies on external financing to operate. Even with recent raises, continued cash burn raises dilution and refinancing risk and requires the company to improve working-capital management and margin conversion to achieve durable financial self-sufficiency.

Fragile capital structure and historical negative equity

A history of negative equity and persistently negative ROE signals structural balance-sheet fragility and past value erosion. This pattern can limit access to non-dilutive capital and increase dependence on equity financings unless profitability and retained earnings reverse the trend sustainably.

Margin pressure from higher manufacturing costs

Reported manufacturing cost increases have already reduced gross margins, showing supply-chain or unit-cost risks. In a hardware-led model, such variability can impede operating leverage and delay conversion of revenue growth into positive operating income and free cash flow until scale or cost improvements are realized.

QT Imaging Holdings Business Overview & Revenue Model

Company Description

QT Imaging Holdings, Inc. engages in the manufacturing, research, and development of automated breast imaging system for producing high-resolution transmission ultrasound images. It offers QT Ultrasound Breast Scanner that provides reflection-mode and transmission-mode images of a patient's breast. QT Imaging Holdings, Inc. was founded in 2011 and is based in Novato, California.

How the Company Makes Money

QT Imaging Holdings makes money through the sale and leasing of its imaging equipment to healthcare providers, including hospitals, clinics, and diagnostic centers. Additionally, the company may generate revenue from service agreements for maintenance and support of their imaging systems. QTI could also engage in strategic partnerships or collaborations with other medical technology companies to expand their market reach and drive sales. Revenue may also be supplemented by research and development grants, as well as potential licensing of their proprietary imaging technologies to third parties.

QT Imaging Holdings Financial Statement Overview

Summary

Financials are very weak: large ongoing net losses, highly volatile revenue (sharp contraction in the latest annual period referenced), and consistently negative operating and free cash flow indicating continued cash burn. Balance sheet quality is mixed—recent positive equity is an improvement, but prior negative-equity periods and negative ROE signal fragility and ongoing value erosion.

Income Statement

Profitability remains very weak: the company is running large net losses with deeply negative net profit margins across the period. While gross margin is solid in the latest year (2025: ~45%), operating results are still negative (EBITDA and net income losses), indicating the cost structure is not yet supported by the current revenue base. Revenue is also highly volatile: 2025 revenue is far lower than 2024 (sharp contraction), which increases execution risk and reduces earnings visibility.

Balance Sheet

Leverage and equity quality are mixed and have been unstable. The latest year (2025) shows positive equity and moderate leverage (debt-to-equity ~0.81), which is an improvement versus years where equity was negative (e.g., 2024 and 2022), a key balance-sheet risk signal. However, returns on equity are consistently negative in years with positive equity (e.g., 2025 and 2023), reflecting ongoing value erosion from losses, and the historical swing from negative to positive equity suggests capital structure fragility.

Cash Flow

Cash generation is weak with consistently negative operating cash flow and negative free cash flow, indicating ongoing cash burn. The latest year (2025) still shows substantial outflows, and free cash flow growth is sharply negative, suggesting deterioration versus the prior year. Cash flow also broadly tracks net losses (free cash flow to net income ~1 in several years), which implies losses are translating into real cash usage rather than being largely non-cash—raising funding and dilution/financing risk.

Breakdown	Mar 2026	Mar 2025	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	18.93M	4.88B	0.00	708.24K	365.15K
Gross Profit	8.58M	2.64B	0.00	151.32K	104.58K
EBITDA	-4.44M	-12.18B	-3.22M	-1.61M	-4.27M
Net Income	-21.08M	-14.17B	-5.13M	-6.26M	-5.42M
Balance Sheet
Total Assets	23.02M	6.09B	23.40M	7.75M	8.46M
Cash, Cash Equivalents and Short-Term Investments	10.46M	1.19B	2.44K	455.08K	1.53M
Total Debt	5.24M	9.91B	3.07M	7.86M	4.23M
Total Liabilities	16.58M	15.62B	12.69M	9.26M	5.52M
Stockholders Equity	6.45M	-9.54B	10.71M	-1.51M	2.94M
Cash Flow
Free Cash Flow	-9.08M	-10.12B	-1.94M	-3.88M	-2.72M
Operating Cash Flow	-8.96M	-10.03B	-1.94M	-3.86M	-2.70M
Investing Cash Flow	-124.00K	-87.79M	19.92M	-22.60K	-18.37K
Financing Cash Flow	18.35M	11.13B	-18.05M	2.78M	3.67M

QT Imaging Holdings Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.95
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QTI, the sentiment is Positive. The current price of 5.95 is above the 20-day moving average (MA) of 5.58, above the 50-day MA of 5.72, and above the 200-day MA of 5.66, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 55.68 is Neutral, neither overbought nor oversold. The STOCH value of 94.99 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for QTI.

QT Imaging Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
JSPR	52 Neutral	$37.22M	-0.23	-191.12%	―	―	-24.38%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
MDAI	50 Neutral	$42.96M	-1.87	―	―	-15.02%	-11.06%
QTI	49 Neutral	$71.29M	-2.71	-1536.16%	―	185.12%	21.22%
ICCM	45 Neutral	$41.99M	-2.39	-157.91%	―	-18.96%	8.98%
LUNG	45 Neutral	$63.11M	-1.08	-73.73%	―	15.59%	4.13%
ALGS	42 Neutral	$42.15M	-0.35	-141.82%	―	-55.88%	6.14%

QT Imaging Holdings Corporate Events

QT Imaging posts new investor presentation on technology

On February 25, 2026, QT Imaging Holdings, Inc. reported that it had posted a new investor presentation on its website, offering supplemental product and operational information about the company and its breast imaging technology. The materials, furnished rather than filed under U.S. securities rules, emphasize that they are informational in nature and not an indication of materiality, while outlining non-GAAP financial metrics and extensive cautionary language around forward-looking statements and associated risks.

The company also highlighted prior U.S. Food and Drug Administration clearance from June 6, 2017, confirming its QT Breast Scanner as substantially equivalent to a predicate device. By consolidating regulatory context, financial metrics definitions, and risk disclosures, the presentation is designed to frame investor expectations around QT Imaging’s technology platform, commercial rollout, and financial reporting approach without altering its formal SEC filing obligations.

The most recent analyst rating on (QTI) stock is a Buy with a $10.00 price target. To see the full list of analyst forecasts on QT Imaging Holdings stock, see the QTI Stock Forecast page.

QT Imaging Reports Record Q4 Revenue and Growth

On February 18, 2026, QT Imaging reported preliminary unaudited results showing record fourth-quarter 2025 revenue of $8.3 million, up 97% sequentially and 877% year-on-year, driven by shipments of 17 Breast Acoustic CT scanners, and full-year 2025 revenue of $18.9 million, a 288% increase that exceeded guidance. Despite lower gross margins due to higher manufacturing costs on certain units, the company improved its quarterly net loss to $1.4 million, narrowed full-year adjusted EBITDA losses, and ended 2025 with $10.5 million in cash and equivalents.

Operationally, QT Imaging shipped 40 scanners in 2025, strengthened its balance sheet via an $18.2 million private placement, uplisted to the Nasdaq Capital Market less than a year after leaving the exchange, and entered key strategic collaborations with Intelerad Medical Systems and Olea Medical to build out its QTI Cloud SaaS Platform. It also secured an exclusive UAE distribution deal with Al Naghi Medical featuring minimum orders totaling 43 scanners through 2028, appointed a new chief commercial officer, and signaled a strategic shift toward recurring SaaS and biomarker-based imaging revenues that could underpin its growth trajectory and international expansion.

The most recent analyst rating on (QTI) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on QT Imaging Holdings stock, see the QTI Stock Forecast page.

QT Imaging Files Audited 2024-2023 Financial Statements

On November 3, 2025, QT Imaging Holdings, Inc. filed audited consolidated financial statements for the years ended December 31, 2024 and 2023, incorporating the effects of a reverse stock split completed on October 23, 2025. The audit, performed by BPM LLP under PCAOB standards, concluded that the company’s financial statements fairly present its financial position and operating results in accordance with U.S. GAAP, providing investors and other stakeholders with an updated view of its capital structure, growing liabilities and stockholders’ deficit, and its overall financial condition ahead of potential capital markets activity.

The most recent analyst rating on (QTI) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on QT Imaging Holdings stock, see the QTI Stock Forecast page.