Spectral AI, Inc.
For the period ended Dec 31, 2025. Filed Mar 25, 2026.
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FY2025 · Filed Mar 25, 2026
MDAI$1.54+0.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Operations and Comprehensive Loss
(in thousands, except share and per share data)
| Year Ended December 31, | ||||
|---|---|---|---|---|
| 2025 | 2024(1) | |||
| Research and development revenue | $19,650 | $29,581 | ||
| Cost of revenue | (10,725) | (16,307) | ||
| Gross profit | 8,925 | 13,274 | ||
| Operating costs and expenses: | ||||
| General and administrative | 17,528 | 19,856 | ||
| Total operating costs and expenses | 17,528 | 19,856 | ||
| Operating loss | (8,603) | (6,582) | ||
| Other income (expense): | ||||
| Net interest (expense) income | (886) | 14 | ||
| Financing related costs | (1,051) | (2,965) | ||
| Amortization of debt discount | (455) | - | ||
| Change in fair value of warrant liabilities | 3,249 | (4,633) | ||
| Change in fair value of notes payable | 220 | (220) | ||
| Foreign exchange transaction loss, net | (34) | (43) | ||
| Other expenses, including transaction costs | - | (615) | ||
| Total other income (expense), net | 1,043 | (8,462) | ||
| Loss before income taxes | (7,560) | (15,044) | ||
| Income tax provision | (11) | (114) | ||
| Net loss | $(7,571) | $(15,158) | ||
| Net loss per share of common stock | ||||
| Basic and Diluted | $(0.29) | $(0.85) | ||
| Weighted-average common shares outstanding | ||||
| Basic and Diluted | 26,518,476 | 17,934,218 | ||
| Other comprehensive income: | ||||
| Foreign currency translation adjustments | $37 | $(9) | ||
| Total comprehensive loss | $(7,534) | $(15,167) | ||
| (1) | Reflects an adjustment of $157,000 to the income tax provision during the year ended December 31, 2024. See further discussion in Note 1. |
The accompanying notes are an integral part of these consolidated financial statements
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