QT IMAGING HOLDINGS, INC.
For the period ended May 13, 2026. Filed May 13, 2026.
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May 13, 2026 · Filed May 13, 2026
Contents
EX-99.1 · EBITDA and Adjusted EBITDA
EBITDA and Adjusted EBITDA
| Three Months Ended | ||
|---|---|---|
| $ thousands | 2026 | 2025 |
| Net loss | $(3,406) | $(11,136) |
| Interest expense, net | 930 | 691 |
| Depreciation and amortization | 20 | 38 |
| EBITDA | (2,456) | (10,407) |
| Other expense, net | 4 | (15) |
| Debt issuance expense (1) | — | 6,640 |
| Debt modification and extinguishment expenses (2) | — | 2,124 |
| Change in fair value of warrant liability (3) | 173 | 705 |
| Change in fair value of derivative liability( 4) | — | (101) |
| Change in fair value of earnout liability (5) | (50) | 50 |
| Stock-based compensation | 381 | 101 |
| Adjusted EBITDA | $(1,948) | $(903) |
(1)Upon the issuance of the Lynrock Lake Term Loan, which closed on February 26, 2025, the Company recorded a loss of $6.6 million, including debt issuance costs of $0.2 million, in other expense, net for the three months ended March 31, 2025.
(2)The Company recorded debt modification expense of $0.1 million primarily related to its modification of the Cable Car Note on January 9, 2025 and debt extinguishment expense of $2.0 million related to the extinguishment of the Yorkville Note and Cable Car Note on February 26, 2025 in other expense, net for the three months ended March 31, 2025.
(3)The increase in fair value of warrant liability during the three months ended March 31, 2026 relates to the increase in the market value of the public warrants outstanding as of March 31, 2026. The increase in fair value of warrant liability during the three months ended March 31, 2025 relates to the liability classified private placement warrants, the Lynrock Lake Warrant, and Yorkville Warrant, which were primarily driven by an increase in the Company's stock price from the date of issuance of the Lynrock Lake Warrant and Yorkville Warrant and as of March 31, 2025. The Lynrock Lake Warrant and Yorkville Warrant were modified and subsequently reclassified to equity on June 11, 2025.
(4)The decrease in fair value of derivative liability during the three months ended March 31, 2025 related to the Yorkville Pre-paid Advance, which contained features that were bifurcated as freestanding financial instruments and initially valued on March 4, 2024 upon consummation of the Merger. The derivative liability was subsequently revalued as of February 26, 2025, prior to the extinguishment of the Yorkville Note.
(5)The earnout liability relates to the contingent consideration for the Merger Earnout Consideration Shares pursuant to the Business Combination Agreement dated December 8, 2022, as amended in September 2023. The earnout liability was initially valued using the Monte Carlo Simulation method on March 4, 2024 and subsequently revalued using the same method as of March 31, 2026 and 2025.
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