FY2025 · ended Dec 31, 2025 · Revenue $19.65M, -33.6% YoY · Filed Mar 25, 2026
Spectral Ai, Inc. (MDAI) files with the SEC under industry code 3841, Surgical & Medical Instruments & Apparatus. In fiscal 2025, which ended Dec 31, 2025, it reported revenue of $19.6 million and a net loss of $7.6 million. As of Jun 30, 2026 it held $14.0 million in cash and investments and $13.2 million in total debt.
Revenue (TTM)
$15.39M
-44.1% vs year-ago TTM
Net income (TTM)
$-10.09M
+28.8% vs year-ago TTM
Operating cash flow (TTM)
$-12.88M
-113.8% vs year-ago TTM
Free cash flow
—
EPS (TTM)
$-0.33
+49.2% vs year-ago TTM
Dividend per share
None
Shares outstanding
31.82M
+25.7% vs prior year
Net cash
$845,000
as of Jun 30, 2026
Operating margin
-77.2%
FY 2026
Company profile
- Industry
- Surgical & Medical Instruments & Apparatus (SIC 3841)
- Listed as
- MDAI (Nasdaq), MDAIW (Nasdaq)
- Fiscal year ends
- December 31
- Incorporated in
- DE
- Headquarters
- Dallas, TX
- SEC filer status
- , Emerging growth company
- SEC CIK
- 1833498
- Former names
- Rosecliff Acquisition Corp I (until Sep 13, 2023)
Other Surgical & Medical Instruments & Apparatus companies
- Stryker Corp SYK
- 3M Co MMM
- Boston Scientific Corp BSX
- Becton Dickinson & Co BDX
- Medline Inc. MDLN
- Resmed Inc RMD
- Dexcom Inc DXCM
- Fresenius SE & Co. KGaA FSNUY
All 151 Surgical & Medical Instruments & Apparatus companies
Key figures
Fiscal-year totals from the annual reports. Balance sheet lines are as of each year end.
| Line | FY 2025 Dec 31, 2025 |
FY 2024 Dec 31, 2024 |
FY 2023 Dec 31, 2023 |
FY 2022 Dec 31, 2022 |
FY 2021 Dec 31, 2021 |
|---|---|---|---|---|---|
| Revenue | $19.6M | $29.6M | $18.1M | — | — |
| Operating income | -$8.6M | -$6.6M | -$13.0M | -$2.6M | -$3.4M |
| Net income | -$7.6M | -$15.2M | -$20.9M | -$2.9M | -$2.1M |
| Diluted EPS | -$0.29 | -$0.85 | -$1.48 | — | — |
| Operating cash flow | -$9.9M | -$9.2M | -$13.2M | -$1.2M | -$825,593 |
| Total assets | $21.4M | $12.1M | $10.7M | $18.7M | $254.1M |
| Total liabilities | $27.1M | $19.3M | $12.4M | $6.7M | $21.9M |
| Stockholders' equity | -$5.7M | -$7.3M | -$2.1M | $12.0M | $13.8M |
| Cash and investments | $15.4M | $5.2M | $4.8M | $14.2M | $253.8M |
| Total debt | $11.0M | $1.9M | $853,000 | $346,000 | — |
Recent SEC filings
| Form | Description | Filed | Period |
|---|---|---|---|
| 8-K |
Current report
Regulation FD disclosure
|
Sep 15, 2026 | Sep 14, 2026 |
| 8-K |
Current report
Results of operations, Regulation FD disclosure
|
Aug 12, 2026 | Aug 11, 2026 |
| 10-Q | Quarterly report | Aug 11, 2026 | Jun 30, 2026 |
| 8-K |
Current report
Officer or director change, Regulation FD disclosure
|
Jul 8, 2026 | Jul 7, 2026 |
| 8-K |
Current report
Shareholder vote results, Regulation FD disclosure
|
Jun 1, 2026 | May 29, 2026 |
| 8-K |
Current report
Regulation FD disclosure
|
May 26, 2026 | May 26, 2026 |
All 299 Spectral Ai, Inc. SEC filings
Source: SEC EDGAR filings. This is company-reported data, not investment advice.