Spectral AI, Inc. (MDAI) Income Statement
MDAI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMDAI revenue and net income
Where MDAI's revenue goes
2025Each bar shows an amount and its share of revenue. MDAI kept −38.5% of revenue as net income.
MDAI profit margins
MDAI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −33.6% | −8.2% | — | — |
| Gross profit | −32.8% | −6.3% | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MDAI quarterly EPS vs estimates
Spectral AI beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 10, 2026 (estimate $-0.14).
MDAI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $19.6M | $29.6M | $18.1M | $25.4M | $15.2M |
| Cost of revenue | $10.7M | $16.3M | $10.2M | $14.5M | $8.2M |
| Gross profit | $8.9M | $13.3M | $7.9M | $10.8M | $7.1M |
| Research & development | $19.6M | $29.6M | — | — | — |
| Sales, general & admin | $17.5M | $19.9M | $20.9M | $13.5M | $11.2M |
| Total operating expenses | $17.5M | $19.9M | $20.9M | $13.5M | $11.2M |
| Operating income | −$8.6M | −$6.6M | −$13.0M | −$2.6M | −$4.2M |
| Interest income | — | $14,000 | $172,000 | $21,000 | — |
| Interest expense | $1.5M | $3.0M | $0 | — | — |
| Income before taxes | −$7.6M | −$15.0M | −$20.8M | −$2.8M | −$4.1M |
| Income taxes | $11,000 | $271,000 | $11,000 | $106,000 | −$98,000 |
| Net income | −$7.6M | −$15.3M | −$20.9M | −$2.9M | −$4.0M |
| EBITDA | −$5.4M | −$11.5M | −$20.1M | −$2.2M | −$4.1M |
| EPS (diluted) | −$0.31 | −$0.43 | −$1.33 | $0.35 | −$0.07 |
| Gross margin | 45.4% | 44.9% | 43.6% | 42.7% | 46.3% |
| Operating margin | −43.8% | −22.3% | −71.9% | −10.4% | −27.4% |
| Net margin | −38.5% | −51.8% | −115.5% | −11.5% | −26.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.5M | $4.0M | $3.8M | $3.8M | $5.1M | $6.7M | $7.6M | $8.2M | $7.5M | $6.3M | $5.3M | $3.4M |
| Cost of revenue | $2.4M | $2.0M | $2.3M | $2.2M | $2.8M | $3.5M | $4.3M | $4.5M | $4.2M | $3.4M | $2.9M | $2.0M |
| Gross profit | $1.1M | $2.0M | $1.5M | $1.6M | $2.3M | $3.2M | $3.3M | $3.7M | $3.3M | $2.9M | $2.4M | $1.5M |
| Research & development | $1.7M | — | $4.1M | — | $3.0M | $3.6M | $22.1M | $8.2M | $7.5M | — | — | — |
| Sales, general & admin | $3.7M | $4.0M | $4.3M | $5.0M | $4.4M | $3.9M | $4.5M | $4.6M | $5.8M | $5.1M | $5.4M | $5.6M |
| Total operating expenses | $5.4M | $4.0M | $4.0M | $5.0M | $4.4M | $4.1M | $4.5M | $4.6M | $5.8M | $5.1M | $5.4M | $5.6M |
| Operating income | −$4.3M | −$2.0M | −$2.5M | −$3.3M | −$2.1M | −$896,000 | −$1.1M | −$886,000 | −$2.4M | −$2.1M | −$2.9M | −$4.2M |
| Interest income | — | — | — | — | — | — | — | — | — | $14,000 | $44,000 | $42,000 |
| Interest expense | $378,000 | $186,000 | $637,000 | $300,000 | $124,000 | $581,000 | $931,000 | $1.1M | $699,000 | $276,000 | — | — |
| Income before taxes | −$4.0M | −$3.4M | $601,000 | −$3.5M | −$8.0M | $3.0M | −$7.6M | −$1.5M | −$2.8M | −$3.2M | −$3.6M | −$10.7M |
| Income taxes | $170,000 | $10,000 | −$41,000 | $2,000 | −$19,000 | $71,000 | $143,000 | $37,000 | $69,000 | $22,000 | −$21,000 | −$54,000 |
| Net income | −$4.2M | −$3.4M | $642,000 | −$3.6M | −$8.0M | $2.9M | −$7.7M | −$1.5M | −$2.9M | −$3.2M | −$3.5M | −$10.6M |
| EBITDA | −$3.4M | −$3.1M | $1.4M | −$3.1M | −$7.9M | $3.6M | −$6.5M | −$278,000 | −$2.1M | −$2.6M | −$3.4M | −$10.5M |
| EPS (diluted) | −$0.13 | −$0.11 | $0.02 | −$0.13 | −$0.31 | $0.11 | −$0.07 | −$0.04 | −$0.17 | −$0.15 | −$0.22 | −$0.77 |
| Gross margin | 31.6% | 50.8% | 39.8% | 42.7% | 45.2% | 47.2% | 44.0% | 44.9% | 44.3% | 46.6% | 46.1% | 42.8% |
| Operating margin | −122.7% | −49.4% | −64.5% | −88.1% | −41.9% | −13.4% | −14.6% | −10.8% | −32.7% | −33.9% | −55.4% | −121.1% |
| Net margin | −118.5% | −85.5% | 16.7% | −93.7% | −157.3% | 43.2% | −101.8% | −18.4% | −38.3% | −50.7% | −67.1% | −309.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MDAI's financial statements (latest annual report filed March 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MDAI financial results
In fiscal year 2025 (ended December 31, 2025), Spectral AI reported revenue of $19.6 million, down 33.6% from the year before. It had a net loss of $7.6 million, a net profit margin of −38.5%. Diluted earnings per share came to −$0.31.
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MDAI income statement FAQ
What is Spectral AI's annual revenue?
Spectral AI reported total revenue of $19.6 million for fiscal year 2025, which ended on December 31, 2025. That was down 33.6% from $29.6 million the previous year.
Is Spectral AI profitable?
No. Spectral AI reported a net loss of $7.6 million in fiscal 2025, a net profit margin of −38.5%; its operating margin was −43.8%.
What is Spectral AI's gross margin?
Spectral AI's gross margin was 45.4% in fiscal 2025: for every $100 of revenue, Spectral AI kept $45 after the direct cost of its products and services.
How much does Spectral AI spend on research and development?
Spectral AI spent $19.6 million on research and development in fiscal 2025, 100.0% of revenue.
What are Spectral AI's earnings per share?
Spectral AI earned $-0.31 per diluted share in fiscal 2025, compared with $-0.43 a year earlier.
When will Spectral AI report its next earnings?
Spectral AI is expected to report results for the quarter ending September 30, 2026 on November 10, 2026 after the market closes.
When does Spectral AI's fiscal year end?
Spectral AI's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 25, 2026.