QT Imaging Holdings, Inc. (QTI) Income Statement
QTI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsQTI revenue and net income
Where QTI's revenue goes
2025Each bar shows an amount and its share of revenue. QTI kept −111.4% of revenue as net income.
QTI profit margins
QTI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +287.9% | +199.0% | — | — |
| Gross profit | +225.2% | +284.2% | — | — |
| 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.
QTI quarterly EPS vs estimates
QT Imaging beat the analyst EPS estimate in 2 of the last 4 quarters. Next report: November 9, 2026.
QTI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | $18.9M | $4.9M | $40,355 | $708,244 | $365,148 |
| Cost of revenue | $10.3M | $2.2M | $134,988 | $556,925 | $260,568 |
| Gross profit | $8.6M | $2.6M | −$94,633 | $151,319 | $104,580 |
| Research & development | $3.9M | $3.3M | $1.5M | $2.4M | $2.2M |
| Sales, general & admin | $9.1M | $11.6M | $4.9M | $4.3M | $5.0M |
| Total operating expenses | $13.0M | $14.8M | $4.9M | $4.3M | $7.1M |
| Operating income | −$4.4M | −$12.2M | −$5.0M | −$4.3M | −$7.0M |
| Interest income | — | — | $1.6M | $1.6M | $5,978 |
| Interest expense | $2.6M | $4.5M | $544,826 | $23,098 | $192,960 |
| Income before taxes | −$21.1M | −$9.0M | −$6.1M | −$2.3M | −$5.4M |
| Income taxes | −$1,000 | −$15,783 | $1,600 | $486,615 | −$1,592 |
| Net income | −$21.1M | −$9.0M | −$6.1M | −$2.8M | −$5.4M |
| EBITDA | −$18.3M | −$4.3M | −$5.1M | −$4.3M | −$4.3M |
| EPS (diluted) | −$2.20 | −$0.77 | −$1.59 | −$0.20 | −$0.03 |
| Gross margin | 45.4% | 54.1% | −234.5% | 21.4% | 28.6% |
| Operating margin | −23.4% | −249.6% | −12,409.8% | −604.2% | −1,929.0% |
| Net margin | −111.4% | −184.2% | −15,113.2% | −391.7% | −1,483.0% |
| 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 | $7.4M | $8.3M | $8.3M | $4.2M | $3.7M | $2.8M | $846,497 | $955,970 | $1.7M | $1.4M | $4,951 | $24,657 |
| Cost of revenue | $4.4M | $5.1M | $5.1M | $2.4M | $1.8M | $986,000 | $446,586 | $350,667 | $839,484 | $602,083 | $186,503 | $23,799 |
| Gross profit | $3.1M | $3.1M | $3.1M | $1.8M | $1.8M | $1.8M | $399,911 | $605,303 | $874,551 | $760,080 | −$181,552 | $858 |
| Research & development | $1.6M | $1.2M | $1.2M | $938,758 | $900,694 | $852,000 | $774,498 | $925,214 | $925,082 | $642,546 | $355,792 | $311,829 |
| Sales, general & admin | $3.3M | $3.3M | $2.6M | $2.5M | $2.0M | $2.0M | $1.7M | $2.0M | $2.2M | $5.7M | $1.9M | $779,208 |
| Total operating expenses | $4.9M | $3.8M | $3.8M | $3.5M | $2.9M | $2.9M | $2.5M | $2.9M | $3.1M | $6.3M | $632,221 | $1.2M |
| Operating income | −$1.9M | −$700,000 | −$700,211 | −$1.7M | −$1.0M | −$1.0M | −$2.1M | −$2.3M | −$2.2M | −$5.6M | −$813,773 | −$1.2M |
| Interest income | — | — | — | — | — | — | — | — | — | — | — | $421,980 |
| Interest expense | $745,000 | $1.0M | $1.0M | $564,725 | $378,902 | $691,000 | $1.3M | $1.5M | $1.1M | $598,959 | $150,112 | $60,571 |
| Income before taxes | −$11.1M | −$1.4M | −$1.4M | −$4.6M | −$4.0M | −$11.1M | $166,295 | −$3.6M | −$1.2M | −$4.3M | −$1.5M | −$1.4M |
| Income taxes | $2,000 | −$4,000 | −$3,782 | — | $2,782 | — | −$15,783 | — | −$2 | −$3 | $1,600 | $124,752 |
| Net income | −$11.1M | −$1.4M | −$1.4M | −$4.6M | −$4.0M | −$11.1M | $182,078 | −$3.6M | −$6.4M | −$4.3M | −$1.5M | −$1.4M |
| EBITDA | −$10.3M | −$367,000 | −$372,349 | −$4.0M | −$3.6M | −$10.4M | $1.5M | −$2.1M | −$67,922 | −$3.6M | −$688,761 | −$1.1M |
| EPS (diluted) | −$0.19 | −$0.25 | −$0.10 | −$0.47 | −$0.42 | −$1.21 | $0.02 | −$0.17 | −$0.30 | −$0.33 | −$0.27 | −$0.27 |
| Gross margin | 41.2% | 38.0% | 38.0% | 43.0% | 49.9% | 64.8% | 47.2% | 63.3% | 51.0% | 55.8% | −3,667.0% | 3.5% |
| Operating margin | −25.1% | −8.5% | −8.5% | −39.4% | −28.5% | −37.2% | −242.3% | −243.4% | −129.5% | −409.5% | −16,436.5% | −5,041.6% |
| Net margin | −148.9% | −16.8% | −16.8% | −108.7% | −109.3% | −398.0% | 21.5% | −378.6% | −375.4% | −315.6% | −30,499.9% | −5,580.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in QTI's financial statements (latest annual report filed March 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
QTI financial results
In fiscal year 2025 (ended December 31, 2025), QT Imaging reported revenue of $18.9 million, up 287.9% from the year before. It had a net loss of $21.1 million, a net profit margin of −111.4%. Diluted earnings per share came to −$2.20.
See the QTI stock overview for the latest quote and news, or the QTI chart for price history and technical indicators.
QTI income statement FAQ
What is QT Imaging's annual revenue?
QT Imaging reported total revenue of $18.9 million for fiscal year 2025, which ended on December 31, 2025. That was up 287.9% from $4.9 million the previous year.
Is QT Imaging profitable?
No. QT Imaging reported a net loss of $21.1 million in fiscal 2025, a net profit margin of −111.4%; its operating margin was −23.4%.
What is QT Imaging's gross margin?
QT Imaging's gross margin was 45.4% in fiscal 2025: for every $100 of revenue, QT Imaging kept $45 after the direct cost of its products and services.
How much does QT Imaging spend on research and development?
QT Imaging spent $3.9 million on research and development in fiscal 2025, 20.8% of revenue.
What are QT Imaging's earnings per share?
QT Imaging earned $-2.20 per diluted share in fiscal 2025, compared with $-0.77 a year earlier.
When will QT Imaging report its next earnings?
QT Imaging is expected to report results for the quarter ending September 30, 2026 on November 9, 2026.
When does QT Imaging's fiscal year end?
QT Imaging's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 25, 2026.