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QT Imaging Holdings
(NASDAQ:QTI)
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Rating:46Neutral
Price Target:
$2.50
▼(-57.98% Downside)
Action:Reiterated
Date:08/18/26
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.
Positive Factors
Accelerating Commercial Growth
Rapid revenue and shipment growth indicates increasing provider adoption of Breast Acoustic CT. If sustained, a larger installed base can create recurring service opportunities and improve operating leverage as commercial scale develops.
Negative Factors
Persistent Unprofitability
Large operating and net losses show that current revenue has not yet covered the company’s cost structure. Continued investment in sales, clinical work and infrastructure may delay breakeven and require additional capital before scale economics improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Accelerating Commercial Growth
Rapid revenue and shipment growth indicates increasing provider adoption of Breast Acoustic CT. If sustained, a larger installed base can create recurring service opportunities and improve operating leverage as commercial scale develops.
Read all positive factors
QT Imaging Holdings (QTI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$39.52M
Dividend YieldN/A
Average Volume (3M)31.43K
Price to Earnings (P/E)―
Beta (1Y)-0.04
Revenue Growth219.99%
EPS Growth25.98%
CountryUS
Employees32
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.42
Shares Outstanding14,636,524
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$10.00Price Target Upside68.07% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.53
Revenue Forecast (FY)$39.20M
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 t...
How the Company Makes Money
QTI makes money primarily by selling its breast imaging systems to healthcare providers (e.g., hospitals, imaging centers, and clinical practices). Revenue is generated from (1) capital equipment sales of its imaging platform(s) and related hardwa...
QT Imaging Holdings Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 17, 2026
Earnings Call Sentiment Positive
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.Positive Updates
Strong Revenue and Shipment Growth
Q2 2026 revenue of $7.4M, up 103% year-over-year from $3.7M; shipped 15 scanners in Q2. First half 2026: 28 scanners shipped and $14M revenue vs 14 scanners and $6.5M in first half 2025 (revenue +115%; shipments +100%). Company reaffirms 2026 revenue guidance of approximately $39M (≈+106% vs 2025).
Negative Updates
Gross Margin Compression
Gross margin declined to 41% in Q2 2026 from 50% in Q2 2025 (a -9 percentage-point change), reflecting higher weighted-average cost of inventory sold and margin pressure on U.S. sales mix.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue and Shipment Growth
Q2 2026 revenue of $7.4M, up 103% year-over-year from $3.7M; shipped 15 scanners in Q2. First half 2026: 28 scanners shipped and $14M revenue vs 14 scanners and $6.5M in first half 2025 (revenue +115%; shipments +100%). Company reaffirms 2026 revenue guidance of approximately $39M (≈+106% vs 2025).
Read all positive 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
Income Statement
24
Negative
Balance Sheet
39
Negative
Cash Flow
21
Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 28.18M | 18.93M | 4.88M | 40.35K | 0.00 | 365.15K |
| Gross Profit | 11.15M | 8.58M | 2.64M | -94.63K | 0.00 | 104.58K |
| EBITDA | -15.04M | -18.31M | -4.27M | -5.07M | -2.26M | -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 | 7.75M | 8.46M |
| Cash, Cash Equivalents and Short-Term Investments | 10.97M | 10.46M | 1.17M | 2.44K | 455.08K | 1.53M |
| Total Debt | 4.33M | 5.24M | 9.91M | 3.07M | 7.86M | 4.23M |
| Total Liabilities | 28.38M | 16.58M | 15.62M | 12.69M | 9.26M | 5.52M |
| Stockholders Equity | 2.25M | 6.45M | -9.54M | 10.71M | -1.51M | 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
Neutral
5.95
Price Trends
3.37
Negative
4.76
Negative
5.39
Negative
Market Momentum
-0.17
Negative
45.17
Neutral
22.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QTI, the sentiment is Neutral. The current price of 5.95 is above the 20-day moving average (MA) of 2.79, above the 50-day MA of 3.37, and above the 200-day MA of 5.39, indicating a neutral trend. The MACD of -0.17 indicates Negative momentum. The RSI at 45.17 is Neutral, neither overbought nor oversold. The STOCH value of 22.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
58 Neutral | $52.78M | -4.70 | 179.24% | ― | -44.99% | 48.57% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $95.77M | -1.94 | -96.66% | ― | -3.43% | 19.16% | |
48 Neutral | $28.02M | -0.45 | -523.04% | ― | ― | 73.74% | |
46 Neutral | $39.52M | -1.90 | -2156.12% | ― | 219.99% | 25.98% | |
46 Neutral | $7.91M | -0.42 | -211.73% | ― | 41.62% | 20.47% | |
44 Neutral | $41.06M | -0.90 | -160.72% | ― | 893.01% | 41.74% |
* Healthcare Sector Average
QTI
QT Imaging Holdings
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-3.69
-55.91%
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QT Imaging Holdings Corporate Events
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and Financing
QT Imaging details strong mid-year growth and commercialization
Positive
Aug 18, 2026
In 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...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
QT Imaging Reports Strong Revenue Growth Amid Ongoing Losses
Positive
Aug 12, 2026
QT 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, gr...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
QT Imaging shareholders approve directors and equity plan
Positive
Jul 28, 2026
At its July 28, 2026 annual stockholder meeting, QT Imaging Holdings’ shareholders elected Professor Zeev Weiner and Bryan Timm as Class II directors to serve until the 2029 annual meeting, reinforcing continuity in the company’s board...
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...
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.