QT Imaging Q1 Earnings Call Highlights
QT Imaging (NASDAQ:QTI) reported sharply higher first-quarter 2026 revenue as scanner shipments more than doubled from the prior-year period, while management highlighted progress on reimbursement, regulatory approvals, software upgrades and international expansion during the company’s earnings call.
Chief Executive Officer Raluca Dinu said the quarter was “a highly productive period” as the company continued work across commercialization, clinical validation, reimbursement, regulatory expansion and software innovation. QT Imaging shipped 13 QT Breast Acoustic CT systems during the quarter, which Dinu said was in line with the company’s commercial distribution commitments.
“These shipments reflect continued operational execution and growing commercial activity as we expand our installed base both domestically and internationally,” Dinu said.
Revenue More Than Doubles as Scanner Shipments Rise
Chief Financial Officer Jay Jennings said revenue for the first quarter of 2026 was $6.5 million, up 133% from the prior-year quarter. The increase was primarily tied to the shipment of 13 Breast Acoustic CT scanners, compared with six scanners in the first quarter of 2025.
Cost of revenue rose to $3.9 million from $986,000 a year earlier, producing a gross margin of 41%, compared with 65% in the prior-year quarter. Jennings said the higher margin in the 2025 period was primarily due to the sale of two scanners with a lower cost basis.
Total operating expenses were $5 million, up from $2.9 million a year earlier. Jennings attributed the increase mainly to higher employee compensation and professional and outside service costs.
The company reported a net loss of $3.4 million, improved from a net loss of $11.1 million in the first quarter of 2025. EBITDA was negative $2.5 million, compared with negative $10.4 million a year earlier. Adjusted EBITDA, excluding stock-based compensation and other non-cash expenses such as changes in the fair value of warrant and earn-out liabilities, was negative $1.5 million, compared with negative $903,000 in the first quarter of 2025.
Net cash used in operating activities was $3.7 million, compared with $3.5 million in the prior-year quarter. QT Imaging ended the quarter with $7 million in cash, restricted cash and cash equivalents.
Company Affirms 2026 Revenue Outlook
QT Imaging affirmed its expectation for approximately $39 million in 2026 revenue, which Jennings said would be more than double 2025 revenue. The guidance is based on expected scanner shipments under distributor minimum order quantities and the early monetization of cloud-based services as the company brings its platform online across clinical and research customers.
Jennings said QT Imaging’s distribution agreements include 60 scanners contracted by NXC Imaging for 2026. Gulf Medical is contracted for 20 scanners in 2026, 32 scanners in 2027 and 40 scanners in 2028, for a total exceeding $51 million. Al Naghi Medical is contracted for seven scanners in 2026, 16 in 2027 and 20 in 2028, totaling approximately $24 million.
Subsequent to the quarter, QT Imaging amended its credit agreement with Lynrock Lake, extending the maturity date of its $10.1 million senior secured term loan to March 31, 2029, from March 31, 2027. Jennings said the amendment also increased the interest rate to 12% per year from 10%.
Reimbursement and Regulatory Milestones Advance
Dinu said QT Imaging reached an important reimbursement milestone with the American Medical Association’s approval of a new Category III CPT code for the company’s technology, effective Jan. 1, 2027. She said the code is a meaningful step toward broader clinical adoption, standardized reporting, utilization tracking and potential future reimbursement pathways.
The company also received FDA 510(k) clearance for enhancements to its QT Breast Acoustic CT scanner and platform. Dinu said the changes are designed to improve visualization and imaging coverage of posterior breast tissue, an area she said has historically been difficult to evaluate with traditional breast imaging technologies.
Internationally, QT Imaging secured official classification and clearance in the United Arab Emirates for both its QT Breast Acoustic CT scanner and QTI SaaS Cloud platform under its distribution agreement with Al Naghi Medical Company.
During the question-and-answer session, Ladenburg Thalmann analyst Jeffrey Cohen asked about regulatory status in Saudi Arabia. Dinu said the company has received UAE approval but is still awaiting Saudi FDA approval. She said QT Imaging has gone “back and forth” several times with the Saudi regulator and has “one or two questions left,” adding that the company hopes to receive approval “within the next month or so.”
Software Updates and Clinical Evidence Highlighted
Dinu said QT Imaging continued to expand its software ecosystem during the quarter with the launch of the QT Imaging-Olea Viewer, a multimodality imaging platform designed to support review and correlation of imaging findings across modalities, longitudinal patient evaluation and quantitative analysis.
The company also released software version 4.5.0, described by Dinu as a next-generation image reconstruction update that improves spatial resolution in reflection imaging and enhances image quality while maintaining efficient processing time.
In response to a question from Lake Street Capital Markets analyst Ben Haynor, Dinu said the updated software improved reflection image resolution in the X, Y and Z directions by roughly 40% to 50%. She said that improvement is important for evaluating morphological shapes of findings in the breast and is particularly relevant to calcification detection, which she said is discovered through reflection imaging rather than transmission imaging.
Dinu also cited clinical evidence from a Mayo Clinic prospective feasibility study evaluating QTscan as a supplemental screening tool compared with MRI in high-risk women. She said the study demonstrated “absolute agreement” between QT Imaging and MRI, suggesting comparable effectiveness in identifying positive findings.
The company also added to its advisory team, naming Dr. Mary Yamashita as Senior Clinical Advisor during the quarter and more recently adding Dr. Barry Roseman as a senior medical advisor. Dinu said Roseman, a breast surgical oncologist with more than 25 years of experience, will implement QTscan within his clinical practice to support physician training, workflow integration, patient access and real-world clinical and operational experience.
International Expansion Remains a Focus
Asked about additional distribution opportunities, Dinu said QT Imaging would like to cover the Gulf region more fully and is working on regulatory coverage in four additional Gulf countries. She said that process could take “a quarter or two.”
Dinu also said the company has applied for AMAR regulatory approval in Israel, which she expects could come by August or September. She added that QT Imaging plans to continue preparing paperwork for CE mark approval through the year, with the process expected to be “up and running” in the second quarter of next year.
In closing, Dinu said the company remains focused on building a breast imaging and quantitative imaging-based precision diagnostics platform, with a roadmap that includes hardware, recurring software and artificial intelligence revenue as QT Imaging expands its installed base and data assets.
About QT Imaging (NASDAQ:QTI)
QT Imaging Ltd. (NASDAQ: QTI) is a medical technology company specializing in the development and commercialization of advanced ultrasound imaging solutions. The company focuses on real-time volumetric imaging systems designed to enhance diagnostic capabilities in obstetrics, gynecology and other clinical applications. QT Imaging's flagship Q.VIEW® system and associated software suite enable practitioners to capture, analyze and visualize high-resolution 3D/4D ultrasound images, offering improved workflow efficiency and enhanced patient care.
QT Imaging's product portfolio includes proprietary transducers, imaging consoles and software platforms that can be integrated with existing ultrasound scanners from leading original equipment manufacturers.
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