QT Imaging Holdings (NASDAQ:QTI), a medical technology company specializing in radiation-free breast health management, announced its financial results for the fourth quarter and full year ended December 31, 2025.
The report highlights a massive acceleration in commercial scale, fueled by the delivery of its flagship imaging systems to its primary U.S. distribution partner.
Revenue for the fourth quarter of 2025 skyrocketed to $8.3 million, representing an 877% increase over the same period in 2024 and a 97% sequential increase from the third quarter.
This explosive growth was primarily driven by the shipment of 17 Breast Acoustic CT scanners to NXC Imaging.
The high volume of deliveries in the final quarter indicates a significant ramp-up in the company's commercial execution and market demand for its automated, non-invasive screening technology.
However, the rapid scaling of production faced some headwind in the form of elevated manufacturing costs.
Gross margin for the fourth quarter was 38%, down from 47% in the prior-year period.
Management attributed the decline to the cost of two specific units produced by a contract manufacturing partner, which incurred higher expenses due to international tariffs and associated fees.
On the bottom line, QT Imaging successfully narrowed its quarterly net loss to $1.4 million ($0.10 per share), compared with a loss of $3.5 million ($0.44 per share) in the fourth quarter of 2024.
Non-GAAP adjusted EBITDA also improved to a loss of $0.4 million, nearing breakeven.
Operating expenses for the period rose 57% to $3.8 million, largely due to higher employee compensation and professional services as the firm builds out its corporate and technical infrastructure.
The company ended 2025 with $10.5 million in cash, restricted cash, and cash equivalents.
While net cash used in operating activities increased to $3.1 million for the quarter, the change was primarily tied to a temporary spike in accounts receivable ($5.8 million) following the large batch of scanner shipments, which the company confirmed has been subsequently collected.