Spectral AI, Inc. (MDAI) Balance Sheet
MDAI balance sheet, 2025
December 31, 2025 · U.S. dollars$21.4M assets = $27.1M liabilities + −$5.7M equity
Liabilities exceed assets: shareholders’ equity is negative (−$5.7M).
Both columns are drawn to the same scale: what MDAI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MDAI financial health
Descriptive bands, not a rating. Fiscal 2025.
MDAI balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $164,8992020 | $21.4M2025 | +164.6%/yr | |
| Total liabilities | $140,5742020 | $27.1M2025 | +186.5%/yr | |
| Shareholders’ equity | $24,3252020 | −$5.7M2025 | — | |
| Cash & short-term investments | $16.1M2021 | $15.4M2025 | −1.1%/yr | |
| Total debt | $40,0002020 | $10.1M2025 | +202.3%/yr | |
| Net cash (debt) | −$40,0002020 | $5.3M2025 | +$5.3M | |
| Working capital | $7.8M2020 | −$1.2M2025 | −$8.9M | |
| Book value per share | $0.772021 | −$0.222025 | — | |
| Current ratio | 56.262020 | 0.942025 | −55.31 | |
| Debt / equity | 1.642020 | 0.102022 | −1.54 | |
| Shares outstanding | 17.9M2021 | 26.5M2025 | +10.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MDAI assets
MDAI liabilities and equity
MDAI debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MDAI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $15.4M | $5.2M | $4.8M | $14.2M | $16.1M | — |
| Cash & equivalents | $15.4M | $5.2M | $4.8M | $14.2M | $16.1M | — |
| Receivables | $1.3M | $2.5M | $2.3M | $2.9M | $1.5M | $2.7M |
| Inventory | $838,000 | $425,000 | $230,000 | $0 | $0 | $0 |
| Other current assets | $2.0M | $2.0M | $2.5M | $601,000 | $840,000 | $5.2M |
| Total current assets | $19.5M | $10.1M | $9.9M | $17.7M | $18.5M | $7.9M |
| Property, plant & equipment (net) | $1.7M | $2.0M | $790,000 | $1.0M | $32,000 | $0 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $287,000 | $0 | $0 | $0 | $40,000 | $0 |
| Total assets | $21.4M | $12.1M | $10.7M | $18.7M | $18.5M | $164,899 |
| Liabilities | ||||||
| Accounts payable | $3.0M | $4.0M | $2.7M | $2.8M | $1.4M | $3.8M |
| Short-term debt | $3.6M | $3.0M | $1.3M | $855,000 | $583,000 | $40,000 |
| Deferred revenue | $154,000 | $960,000 | $2.3M | $2.6M | $23,000 | — |
| Total current liabilities | $20.6M | $17.6M | $12.4M | $6.4M | $4.8M | $140,574 |
| Long-term debt | $5.5M | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $1.7M | $1.9M | $853,000 | $1.0M | $0 | — |
| Other long-term liabilities | $968,000 | $1.7M | $0 | $346,000 | $19.0M | $0 |
| Total liabilities | $27.1M | $19.3M | $12.4M | $6.7M | $4.8M | $140,574 |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $3,000 | $2,000 | $2,000 | $1,000 | $135,000 | $575 |
| Retained earnings (deficit) | −$55.8M | −$48.1M | −$32.8M | −$11.9M | −$9.0M | −$675 |
| Accumulated other comprehensive income | $40,000 | $3,000 | $12,000 | — | — | — |
| Total shareholders' equity | −$5.7M | −$7.3M | −$1.7M | $12.0M | $13.8M | $24,325 |
| Key figures | ||||||
| Total debt | $10.1M | $4.7M | $1.3M | $1.2M | $583,000 | $40,000 |
| Net cash (debt) | $5.3M | $467,000 | $3.5M | $13.0M | $15.5M | −$40,000 |
| Working capital | −$1.2M | −$7.5M | −$2.5M | $11.3M | $13.7M | $7.8M |
| Tangible book value | −$5.7M | −$7.3M | −$1.7M | $12.0M | $13.8M | $24,325 |
| Book value per share | −$0.22 | −$0.40 | −$0.12 | $0.67 | $0.77 | — |
| Shares outstanding | 26.5M | 17.9M | 14.1M | 17.9M | 17.9M | — |
| Current ratio | 0.94 | 0.57 | 0.80 | 2.77 | 3.86 | 56.26 |
| Quick ratio | 0.81 | 0.43 | 0.58 | 2.68 | 3.68 | 19.14 |
| Debt / equity | — | — | — | 0.10 | 0.04 | 1.64 |
| Equity / assets | −26.8% | −60.0% | −16.0% | 64.1% | 74.2% | 14.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $14.0M | $11.7M | $15.4M | $10.5M | $10.5M | $14.1M | $5.2M | $3.7M | $6.9M | $10.2M | $4.8M | $7.3M |
| Cash & equivalents | $14.0M | $11.7M | $15.4M | $10.5M | $10.5M | $14.1M | $5.2M | $3.7M | $6.9M | $10.2M | $4.8M | $7.3M |
| Receivables | $1.2M | $1.2M | $1.3M | $990,000 | $1.5M | $2.1M | $2.5M | $2.8M | $2.3M | $1.8M | $2.3M | $1.4M |
| Inventory | $815,000 | $831,000 | $838,000 | $454,000 | $462,000 | $437,000 | $425,000 | $443,000 | $267,000 | $228,000 | $230,000 | $220,000 |
| Other current assets | $1.8M | $2.3M | $2.0M | $1.5M | $1.5M | $2.1M | $2.0M | $2.5M | $2.2M | $2.7M | $2.5M | $2.3M |
| Total current assets | $17.8M | $16.0M | $19.5M | $13.5M | $14.0M | $18.7M | $10.1M | $9.5M | $11.7M | $14.9M | $9.9M | $11.4M |
| Property, plant & equipment (net) | $1.3M | $1.5M | $1.7M | $1.8M | $2.0M | $2.0M | $2.0M | $2.1M | $2.2M | $599,000 | $790,000 | $975,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $337,000 | $260,000 | $287,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total assets | $19.4M | $17.7M | $21.4M | $15.3M | $16.0M | $20.7M | $12.1M | $11.6M | $13.9M | $15.5M | $10.7M | $12.3M |
| Liabilities | ||||||||||||
| Accounts payable | $1.7M | $1.4M | $3.0M | $2.5M | $2.0M | $3.1M | $4.0M | $2.8M | $2.4M | $3.3M | $2.7M | $3.3M |
| Short-term debt | $4.6M | $4.7M | $3.6M | $1.9M | $674,000 | $718,000 | $3.0M | $5.2M | $8.2M | $6.4M | $1.3M | $1.4M |
| Deferred revenue | $21,000 | — | $154,000 | $239,000 | $424,000 | $663,000 | $960,000 | $731,000 | $1.3M | $2.2M | $2.3M | $795,000 |
| Total current liabilities | $19.9M | $21.3M | $20.6M | $15.8M | $16.2M | $13.3M | $17.6M | $13.1M | $16.1M | $17.5M | $12.4M | $10.6M |
| Long-term debt | $11.1M | $4.5M | $5.5M | $6.6M | $7.6M | $7.5M | $0 | $1.0M | $0 | $0 | $0 | $0 |
| Lease obligations | $1.3M | $1.5M | $1.7M | $1.9M | $2.0M | $2.0M | $1.9M | $2.1M | $2.3M | $660,000 | $853,000 | $1.0M |
| Other long-term liabilities | $566,000 | $769,000 | $968,000 | $1.2M | $1.3M | $1.5M | $1.7M | $1.9M | $2.0M | $0 | $0 | $228,000 |
| Total liabilities | $31.5M | $26.5M | $27.1M | $23.5M | $25.2M | $22.3M | $19.3M | $15.9M | $18.2M | $17.5M | $12.4M | $10.9M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3,000 | $3,000 | $3,000 | $3,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 | $2,000 |
| Retained earnings (deficit) | −$63.4M | −$59.2M | −$55.8M | −$56.9M | −$53.3M | −$45.3M | −$48.1M | −$40.4M | −$38.9M | −$36.0M | −$32.8M | −$29.2M |
| Accumulated other comprehensive income | $29,000 | $30,000 | $40,000 | $39,000 | $52,000 | $20,000 | $3,000 | $25,000 | $10,000 | $10,000 | $12,000 | — |
| Total shareholders' equity | −$12.1M | −$8.8M | −$5.7M | −$8.2M | −$9.2M | −$1.6M | −$7.3M | −$4.3M | −$4.3M | −$2.0M | −$1.7M | $1.5M |
| Key figures | ||||||||||||
| Total debt | $16.3M | $9.9M | $10.1M | $9.7M | $9.6M | $9.8M | $4.7M | $8.1M | $10.3M | $6.4M | $1.3M | $1.7M |
| Net cash (debt) | −$2.3M | $1.7M | $5.3M | $830,000 | $876,000 | $4.3M | $467,000 | −$4.4M | −$3.4M | $3.7M | $3.5M | $5.7M |
| Working capital | −$2.1M | −$5.3M | −$1.2M | −$2.3M | −$2.2M | $5.4M | −$7.5M | −$3.6M | −$4.5M | −$2.6M | −$2.5M | $709,000 |
| Tangible book value | −$12.1M | −$8.8M | −$5.7M | −$8.2M | −$9.2M | −$1.6M | −$7.3M | −$4.3M | −$4.3M | −$2.0M | −$1.7M | $1.5M |
| Book value per share | −$0.38 | −$0.28 | −$0.19 | −$0.31 | −$0.36 | −$0.07 | −$0.39 | −$0.24 | −$0.24 | −$0.12 | −$0.11 | $0.11 |
| Shares outstanding | 32.1M | 31.8M | 30.4M | 26.3M | 25.4M | 24.0M | 18.8M | 17.9M | 17.6M | 16.6M | 16.1M | 13.8M |
| Current ratio | 0.90 | 0.75 | 0.94 | 0.85 | 0.87 | 1.41 | 0.57 | 0.73 | 0.72 | 0.85 | 0.80 | 1.07 |
| Quick ratio | 0.76 | 0.60 | 0.81 | 0.73 | 0.74 | 1.21 | 0.43 | 0.50 | 0.57 | 0.68 | 0.58 | 0.83 |
| Debt / equity | — | — | — | — | — | — | — | — | — | — | — | 1.15 |
| Equity / assets | −62.0% | −49.7% | −26.8% | −53.6% | −57.2% | −7.8% | −60.0% | −37.4% | −30.7% | −13.1% | −16.0% | 11.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 25, 2026); data from EODHD.
MDAI financial position
At the end of fiscal 2025 (December 31, 2025), Spectral AI had total assets of $21.4 million (up 77.0% from a year earlier), total liabilities of $27.1 million and shareholders' equity of -$5.7 million. It held $15.4 million in cash and short-term investments against $10.1 million of debt, a net cash position of $5.3 million. Its current ratio was 0.94. In the latest quarter (ended June 30, 2026) total assets were $19.4 million and equity -$12.1 million.
Related: MDAI income statement, MDAI cash flow statement, MDAI key metrics. See the MDAI stock overview for the latest quote and news.
MDAI balance sheet FAQ
What are Spectral AI's total assets?
Spectral AI reported total assets of $21.4 million at the end of fiscal 2025 (December 31, 2025), compared with $12.1 million a year earlier.
How much debt does Spectral AI have?
Spectral AI had $10.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.
How much cash does Spectral AI have?
Spectral AI held $15.4 million in cash and short-term investments at the end of fiscal 2025; with $10.1 million of debt that is net cash of $5.3 million.
What is Spectral AI's book value?
Spectral AI's shareholders' equity (book value) was -$5.7 million at the end of fiscal 2025, or −$0.22 per share.
What is Spectral AI's current ratio?
Spectral AI had current assets of $19.5 million and current liabilities of $20.6 million, a current ratio of 0.94 (current liabilities exceed current assets).