QT Imaging Holdings (QTI)
NASDAQ:QTI
Want to see QTI full AI Analyst Report?
Top Page
QT Imaging Holdings
(NASDAQ:QTI)
Select Model
Select Model
Rating:47Neutral
Price Target:
$5.00
▼(-15.97% Downside)
Action:Reiterated
Date:05/22/26
The score is held down primarily by weak financial quality (deep losses, negative free cash flow, and leverage for a loss-making profile) and bearish technicals (below major moving averages with negative MACD). Offsetting these are a more constructive earnings call (affirmed 2026 revenue guidance supported by distributor commitments) and improved liquidity from the recent ~$9M equity raise, though cash runway and margin pressure remain key risks.
Positive Factors
Rapid revenue and unit shipment growth
Sustained double‑digit revenue growth and rising unit shipments indicate real market adoption of the imaging platform. Scaling unit sales improves fixed cost absorption and creates a basis for recurring service and software revenue, supporting a durable path to operating leverage if growth persists.
Negative Factors
Sustained negative cash flow and limited runway
Ongoing negative operating and free cash flow with modest cash on hand means the company remains reliant on external funding to execute its commercial plan. This structural cash shortfall creates execution risk for multi‑month initiatives and can force dilutive financing or constrained spending absent sustained margin improvement or sequencing.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue and unit shipment growth
Sustained double‑digit revenue growth and rising unit shipments indicate real market adoption of the imaging platform. Scaling unit sales improves fixed cost absorption and creates a basis for recurring service and software revenue, supporting a durable path to operating leverage if growth persists.
Read all positive factors
QT Imaging Holdings (QTI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$60.94M
Dividend YieldN/A
Average Volume (3M)31.43K
Price to Earnings (P/E)―
Beta (1Y)-0.03
Revenue Growth258.78%
EPS Growth52.00%
CountryUS
Employees10
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.96
Shares Outstanding12,042,500
10 Day Avg. Volume22,708
30 Day Avg. Volume31,432
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)9.92
Price to Sales (P/S)3.38
P/FCF Ratio-7.04
Enterprise Value/Market Cap2.22
Enterprise Value/Revenue5.97
Enterprise Value/Gross Profit14.33
Enterprise Value/Ebitda-24.04
Forecast
1Y Price Target
$10.00Price Target Upside68.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.11
Revenue Forecast (FY)$38.65M
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...
How the Company Makes Money
QT Imaging’s specific, itemized revenue model (e.g., proportions by system sales vs. service vs. consumables), named commercial products, pricing approach, and disclosed commercial partnerships are null based on the information available in this c...
QT Imaging Holdings Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed meaningful commercial, regulatory and clinical progress — including 133% year-over-year revenue growth, shipment increases, substantial multi-year distributor contracts, new CPT code approval, FDA enhancements clearance, UAE clearance, product/software advancements and improved GAAP loss and EBITDA trends. However, the company also faces margin compression (gross margin down from 65% to 41%), higher operating expenses and adjusted EBITDA weakness, modest cash on hand ($7.0M) versus ongoing quarterly cash burn (~$3.7M), and higher borrowing costs following a loan interest rate increase to 12%. Regulatory timing (e.g., SFDA) and geopolitical shipping disruptions also present execution risks. On balance, the positive commercial momentum, validated clinical data and significant distribution commitments outweigh near-term financial and operational headwinds, though execution on margin improvement, cash management and international approvals will be important to realize guidance.Positive Updates
Strong Revenue Growth
Revenue for Q1 2026 was $6.5 million, up 133% year-over-year versus Q1 2025, driven primarily by increased scanner shipments (13 units in Q1 2026 vs 6 units in Q1 2025).
Negative Updates
Gross Margin Decline
Gross margin fell to 41% in Q1 2026 from 65% in Q1 2025. Cost of revenue rose to $3.9 million from $986,000, with management attributing the prior-year higher margin to sale of scanners with a lower cost basis.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue Growth
Revenue for Q1 2026 was $6.5 million, up 133% year-over-year versus Q1 2025, driven primarily by increased scanner shipments (13 units in Q1 2026 vs 6 units in Q1 2025).
Read all positive updates
Company Guidance
QT Imaging affirmed 2026 revenue guidance of approximately $39 million (more than double 2025 revenue) driven by expected scanner shipments under distributor minimum order quantities and early monetization of cloud services; Q1 highlights supporting this guidance included $6.5M revenue (up 133% YoY) from shipping 13 scanners (vs. 6 in Q1 2025), cost of revenue $3.9M, gross margin 41%, operating expenses $5.0M, net loss $3.4M (vs. $11.1M), EBITDA -$2.5M, adjusted EBITDA -$1.5M, net cash used in operations $3.7M, and $7.0M cash on hand as of March 31, 2026. The company also noted binding distributor commitments underpinning future demand (NXC Imaging: 60 scanners in 2026; Gulf Medical: 20 in 2026, 32 in 2027, 40 in 2028—totaling over $51M; Al Naghi: 7 in 2026, 16 in 2027, 20 in 2028—~$24M), and emphasized balance sheet flexibility from amending its $10.1M senior secured term loan (maturity extended to March 31, 2029; interest rate increased from 10% to 12%); near-term regulatory and reimbursement milestones cited included a new Category III CPT code effective Jan 1, 2027 and recent UAE clearance and FDA 510(k) enhancements.QT Imaging Holdings Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
34
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 22.66M | 18.93M | 4.88M | 40.35K | 0.00 | 365.15K |
| Gross Profit | 9.44M | 8.58M | 2.64M | -94.63K | 0.00 | 104.58K |
| EBITDA | -5.63M | -4.31M | -4.27M | -5.07M | -2.26M | -4.27M |
| Net Income | -13.35M | -21.08M | -8.98M | -6.10M | -2.77M | -5.42M |
Balance Sheet | ||||||
| Total Assets | 22.03M | 23.02M | 6.09M | 23.40M | 7.75M | 8.46M |
| Cash, Cash Equivalents and Short-Term Investments | 6.95M | 10.46M | 1.17M | 2.44K | 455.08K | 1.53M |
| Total Debt | 5.80M | 5.24M | 9.91M | 3.07M | 7.86M | 4.23M |
| Total Liabilities | 18.23M | 16.58M | 15.62M | 12.69M | 9.26M | 5.52M |
| Stockholders Equity | 3.80M | 6.45M | -9.54M | 10.71M | -1.51M | 2.94M |
Cash Flow | ||||||
| Free Cash Flow | -9.22M | -9.08M | -10.12B | -1.94M | -3.88M | -2.72M |
| Operating Cash Flow | -9.08M | -8.96M | -10.03B | -1.94M | -3.86M | -2.70M |
| Investing Cash Flow | -141.00K | -124.00K | -87.79M | 19.92M | -22.60K | -18.37K |
| Financing Cash Flow | 13.16M | 18.35M | 11.13B | -18.05M | 2.78M | 3.67M |
QT Imaging Holdings Technical Analysis
Negative
5.95
Price Trends
6.55
Negative
6.14
Negative
6.38
Negative
Market Momentum
-0.35
Positive
32.66
Neutral
0.78
Positive
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 5.95 is below the 20-day moving average (MA) of 6.39, below the 50-day MA of 6.55, and below the 200-day MA of 6.38, indicating a bearish trend. The MACD of -0.35 indicates Positive momentum. The RSI at 32.66 is Neutral, neither overbought nor oversold. The STOCH value of 0.78 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.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
QT Imaging Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $77.33M | -3.42 | 129.21% | ― | -44.27% | -0.39% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $60.94M | -5.94 | -6330.64% | ― | 258.78% | 52.00% | |
47 Neutral | $16.18M | -1.30 | -211.73% | ― | 8.92% | 17.49% | |
45 Neutral | $24.42M | -3.58 | -191.12% | ― | ― | 38.53% | |
45 Neutral | $34.65M | -0.84 | -139.47% | ― | 43.88% | 14.79% | |
44 Neutral | $65.05M | -0.99 | -82.79% | ― | 1.23% | 10.65% |
* Healthcare Sector Average
QTI
QT Imaging Holdings
5.04
2.56
103.23%
JSPR
Jasper Therapeutics
0.87
-3.90
-81.72%
LUNG
Pulmonx
1.54
-1.57
-50.48%
ALGS
Aligos Therapeutics
5.71
0.21
3.82%
MDAI
Spectral AI
2.64
1.18
80.82%
ICCM
Icecure Medical
0.24
-0.81
-77.40%
QT Imaging Holdings Corporate Events
Business Operations and StrategyPrivate Placements and Financing
QT Imaging Holdings Completes Underwritten Equity Offering Financing
Positive
May 21, 2026
On May 15, 2026, QT Imaging Holdings entered an underwriting agreement with Ladenburg Thalmann for an underwritten public offering of 1.2 million common shares at $5.00 each and 800,000 pre-funded warrants at $4.9999, raising approximately $9 mill...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and FinancingProduct-Related AnnouncementsRegulatory Filings and Compliance
QT Imaging posts strong Q1 growth amid ongoing losses
Positive
May 13, 2026
On May 13, 2026, QT Imaging reported first-quarter 2026 revenue of $6.5 million, up 133% year over year, driven by the shipment of 13 Breast Acoustic CT scanners, though gross margin fell to 41% and the company posted a net loss of $3.4 million. O...
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and Financing
QT Imaging Posts Record Q4 Results and Revenue Growth
Positive
Mar 25, 2026
QT Imaging reported that for the fourth quarter and full year ended December 31, 2025, it shipped a record 40 Breast Acoustic CT scanners and generated $18.9 million in revenue, surpassing its outlook and marking 288% year-over-year growth, while ...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
QT Imaging posts new investor presentation on technology
Neutral
Feb 25, 2026
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, f...
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.