{"id":961834,"date":"2026-05-12T18:28:12","date_gmt":"2026-05-12T22:28:12","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/spectral-ai-announces-2026-first-quarter-financial-results\/"},"modified":"2026-05-12T18:28:12","modified_gmt":"2026-05-12T22:28:12","slug":"spectral-ai-announces-2026-first-quarter-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/spectral-ai-announces-2026-first-quarter-financial-results\/","title":{"rendered":"Spectral AI Announces 2026 First Quarter Financial Results"},"content":{"rendered":"
\n

\n
\n Development Work for DeepView<\/em>
\n <\/strong>
\n
\n \u00ae<\/sup>
\n <\/em>
\n
\n Systems Continues with Support of Recently Awarded <\/em>
\n <\/strong>
\n
\n
\n $31.7 Million of Funding from BARDA<\/em>
\n <\/strong>\n <\/p>\n

\n
\n Reiterates Annual Revenues Guidance <\/em>
\n <\/strong>\n <\/p>\n

DALLAS, May 12, 2026 (GLOBE NEWSWIRE) — Spectral AI, Inc. (Nasdaq: MDAI) (\u201cSpectral AI\u201d or the \u201cCompany\u201d)<\/strong>, an artificial intelligence company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, today announced financial results for the first quarter ended March 31, 2026.<\/p>\n

\u201cOur results for the 2026 first quarter reflected the progress we have made in developing our DeepView\u00ae<\/sup> System for burn indication under the base phase of our Project BioShield Contract with BARDA,\u201d said Vincent Capone, Chief Executive Officer of Spectral AI. \u201cThe work we have completed under this base phase \u2013 which was ongoing in last year\u2019s first quarter – allowed us to submit our De Novo 510(k) application to the U.S. Food and Drug Administration (\u201cFDA\u201d) for the DeepView System in June 2025. As we await determination on market authorization from the FDA, we are furthering the development of the DeepView System under an accelerated second phase of our contract with BARDA that includes $31.7 million of advanced, non-dilutive funding.\u201d<\/p>\n

Mr. Capone concluded, \u201cOur financial condition remains strong, and we continue to make investments that align with our strategic priorities and in advance of planned commercialization activities. One such priority was to strengthen our leadership team, and I am happy to once again welcome David McGuire as the Company\u2019s Chief Financial Officer. David brings a wealth of relevant public company experience to his role at Spectral AI and his appointment helps bolster our leadership team for the next exciting phase of our growth.\u201d \u00a0\u00a0<\/p>\n

\n
\n 2026\u00a0FIRST QUARTER (\u201cQ1 2026\u201d) FINANCIAL\u00a0RESULTS\u00a0OVERVIEW<\/u>
\n <\/strong>
\n
\n All\u00a0comparisons\u00a0to\u00a0Q1\u00a02026\u00a0are\u00a0to\u00a0the\u00a0comparable\u00a0period\u00a0ended\u00a0March 31, 2025 unless otherwise\u00a0stated.<\/em>\n <\/p>\n

\n
\n Research & Development Revenue
<\/u>
\n <\/strong>Research & Development revenue for Q1 2026 was $4.0 million compared to $6.7 million, reflecting the anticipated decline in completed work under the base phase of the Company\u2019s Project BioShield (PBS) contract with the Biomedical Advanced Research and Development Authority (BARDA). This was partially offset by an increase in revenue from awards and work performed under the Company\u2019s other U.S. government contracts, primarily related to work on the Company\u2019s handheld device.<\/p>\n

\n
\n Gross Margin<\/u>
\n <\/strong>
\n
Gross margin for Q1 2026 was 50.8% compared to 47.2%, due primarily to an increased concentration of direct labor as a component of overall revenue.<\/p>\n

\n
\n General & Administrative Expense
<\/u>
\n <\/strong>General and administrative expenses in Q1 2026 were $4.0 million, down from $4.1 million reflecting an overall decrease in administrative expense offset by an increase in non-revenue generating R&D activities, primarily related to salaries and related costs and consulting fees.<\/p>\n

\n
\n Toal Other (Expense<\/u>
\n <\/strong>
\n
\n ) \/ Income<\/u>
\n <\/strong>
\n
Total other expense in Q1 2026 was $(1.5) million compared to other income of $3.9 million. This was due largely to a change in fair value of warrant liability, which was an expense of $(1.0) million in Q1 2026 as compared to a benefit of $4.3 million.<\/p>\n

\n
\n Net (Loss) Income<\/u>
\n <\/strong>
\n
Net loss for Q1 2026 was $(3.4) million, or $(0.11) per diluted share, compared to net income of $2.9 million, or $0.11 per diluted share primarily related to a change in the fair value of the Company\u2019s warrant liability.<\/p>\n

\n
\n Financial<\/u>
\n <\/strong>
\n
\n Condition<\/u>
\n <\/strong>
\n
As of March 31, 2026, cash was $11.7 million compared to $15.4 million as of December 31, 2025.<\/p>\n

\n
\n 2026<\/u>
\n <\/strong>
\n
\n Guidance <\/u>
\n <\/strong>
\n
The Company is forecasting revenue of approximately $18.5 million for the year ending December 31, 2026, primarily reflecting the continued development of the Company\u2019s DeepView System through the BARDA PBS Contract.\u00a0\u00a0 This guidance does not include any material contributions from the sale of the DeepView System for the burn indication.<\/p>\n

\n
\n CONFERENCE<\/u>
\n <\/strong>
\n
\n CALL<\/u>
\n <\/strong>
\n
The Company will host a conference call today at 5:00 pm Eastern Time to discuss these results. Investors interested in participating in the live call can dial:<\/p>\n