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Friday 6 November 2026
Export MDAI’s income statement to Excel — free account
Spectral AI, Inc.
MDAI Healthcare Medical Devices
Spectral AI, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $19.7 million, down 33.6% from fiscal 2024.
- Revenue
- −30.4%
- EPS
- +58.1%
- Free cash flow
- −21.9%
- Total debt
- +44.9%
Quarter to June 2026, against a year earlier
1.48
0.10
+7.25%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 25 | 18 | 30 | 20 | 15 | (8.2%) | 13 | 23 | 30 | +15.4% | |
| Gross margin, % | — | — | — | — | — | — | 42.72 | 43.64 | 44.87 | 45.42 | 42.92 | +2.7 pt | ||||||
| EBT | — | — | — | — | 0 | (2) | (3) | (21) | (15) | (8) | (10) | +540.7% | ||||||
| EBT margin, % | — | — | — | — | 0.00 | 0.00 | (11.06) | (115.44) | (50.86) | (38.47) | (64.76) | (38.5) pt | ||||||
| Net income | — | 0 | — | — | 0 | (2) | (3) | (21) | (15) | (8) | (10) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.00 | 0.00 | 1.93 | 1.28 | 1.65 | 0.74 | 0.48 | n/m | |||||
| Earnings | — | — | — | — | 0.00 | (0.35) | (0.22) | (1.48) | (0.85) | (0.29) | (0.33) | +392.6% | ||||||
| Cash flow | — | — | — | — | 0.00 | (0.13) | (0.09) | (0.94) | (0.51) | (0.37) | (0.40) | n/m | ||||||
| Capex | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | n/m | ||||||
| Free cash flow | — | — | — | — | 0.00 | (0.13) | (0.09) | (0.94) | (0.51) | (0.37) | (0.40) | n/m | ||||||
| Book value | — | — | — | — | 0.00 | (3.35) | 0.91 | (0.12) | (0.40) | (0.22) | (0.38) | n/m | ||||||
| Shares, m | — | — | — | — | 6 | 6 | 13 | 14 | 18 | 27 | 29 | +37.0% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 | |||||
| P/S | — | — | — | — | — | — | 0.00 | 1.97 | 1.72 | 1.92 | 2.90 | 1.4 | ||||||
| P/B | — | — | — | — | — | — | 11.01 | 0.00 | 0.00 | 0.00 | 0.00 | 2.8 | ||||||
| EV/Sales | — | — | — | — | — | — | 0.00 | 1.72 | 1.58 | 1.41 | 2.71 | 1.2 | ||||||
| EV/FCF | — | — | — | — | — | — | (101.42) | (2.35) | (5.07) | (2.80) | (3.24) | (27.9) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | (1) | (1) | (13) | (9) | (10) | (13) | +86.2% | |||||
| Capex | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Free cash flow | — | — | — | — | — | (1) | (1) | (13) | (9) | (10) | (13) | +86.2% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 0 | (2) | 11 | (2) | (8) | (1) | (2) | +52.8% | |||||
| Net debt | — | — | — | — | 0 | (1) | (14) | (5) | (5) | (10) | (3) | n/m | ||||||
| Shareholders’ equity | — | — | — | — | 0 | (21) | 12 | (2) | (7) | (6) | (12) | n/m | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | (0.85) | (0.37) | (2.13) | (141.83) | (133.04) | (45.20) | (56.92) | (44.3) pt | |||||
| ROIC | — | — | — | — | (1.80) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | +1.8 pt | ||||||
| ROE | — | — | — | — | 0.00 | 4.56 | 65.97 | (405.44) | 338.35 | 116.67 | 95.15 | +116.7 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 3 | 3 | 3 | 78 | 78 | 65 | — | +85.0% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 8.46 | 0.23 | 0.38 | 0.30 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
Spectral AI, Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| COCH Envoy Medical, Inc. | $55.0M | — (loss-making) | — (loss-making) | +57.14% (above 0%: growing) | n/m | −22.44% (below 0%: shrinking) | (269.70%) | (8,389.39%) | Compare |
| SRTS Sensus Healthcare, Inc. | $48.1M | — (loss-making) | — (loss-making) | −68.69% (below 0%: shrinking) | n/m | −201.65% (below 0%: shrinking) | 33.58% | (138.86%) | Compare |
| MYO Myomo, Inc. | $47.1M | — (loss-making) | — (loss-making) | +21.26% (above 0%: growing) | n/m | +80.02% (above 0%: growing) | 72.13% | (19.26%) | Compare |
| MDAI Spectral AI, Inc. | $44.4M | — (loss-making) | — (loss-making) | −30.42% (below 0%: shrinking) | n/m | −21.86% (below 0%: shrinking) | 31.58% | (122.70%) | |
| XTNT Xtant Medical Holdings, Inc. | $42.1M | — (loss-making) | — (loss-making) | −34.96% (below 0%: shrinking) | n/m | −881.96% (below 0%: shrinking) | 57.88% | (39.81%) | Compare |
| CVRX CVRx, Inc. | $39.2M | — (loss-making) | — (loss-making) | −5.84% (below 0%: shrinking) | n/m | −9.91% (below 0%: shrinking) | 86.74% | (94.31%) | Compare |
| TELA TELA Bio, Inc. | $35.2M | — (loss-making) | — (loss-making) | −4.49% (below 0%: shrinking) | n/m | −17.72% (below 0%: shrinking) | 72.77% | (48.12%) | Compare |
| NSPR InspireMD, Inc. | $29.7M | — (loss-making) | — (loss-making) | −0.39% (below 0%: shrinking) | n/m | −26.00% (below 0%: shrinking) | (43.70%) | (815.64%) | Compare |
| SNWV Sanuwave Health Inc. | $19.4M | 1.3× | — (loss-making) | −3.13% (below 0%: shrinking) | n/m | +86.75% (above 0%: growing) | 76.23% | (2.88%) | Compare |
| Median of peers | $40.6M | — | — | −3.81% | — | −20.08% | 65.01% | (71.22%) |
Pay and ownership Proxy statement filed 16 April 2026
Ownership
Directors and executive officers, together
13.70%
John Michael DiMaio, M.D.
8.20%
John Michael DiMaio
8.20%
Hudson Bay Capital Management LP
7.80%
Wensheng Fan
5.90%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement