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. In the quarter to June 2026, revenue fell 30.4%, EPS grew 58.1%, free cash flow fell 21.9% and total debt rose 44.9%, each against the same quarter a year earlier.
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Spectral AI, Inc. (MDAI) Piotroski F-score
Spectral AI, Inc.'s Piotroski F-score for fiscal 2025 is 3 out of 9: 3 of nine tests of profitability, leverage and efficiency passed, down from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 3 | (2.00) |
| FY2024 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (45.20%) | (133.04%) | Fail | 0 |
| Positive operating cash flow | (9.92m) | (9.20m) | Fail | 0 |
| Rising return on assets | (45.20%) | (133.04%) | Pass | 1 |
| Cash flow above net income | (2.35m) | 5.96m | Fail | 0 |
| Falling long-term leverage | 0.33 | 0.00 | Fail | 0 |
| Rising current ratio | 0.94 | 0.57 | Pass | 1 |
| No new shares issued | 26,518,500 | 17,934,200 | Fail | 0 |
| Rising gross margin | 45.42% | 44.87% | Pass | 1 |
| Rising asset turnover | 1.17 | 2.60 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 3 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| XTNT Xtant Medical Holdings, Inc. compare | 8 |
| SNWV Sanuwave Health Inc. compare | 6 |
| SRTS Sensus Healthcare, Inc. compare | 4 |
| TLIS Talis Biomedical Corporation compare | 4 |
| COCH Envoy Medical, Inc. compare | 3 |
| RPID Rapid Micro Biosystems, Inc. compare | 3 |
| MDAI Spectral AI, Inc. | 3 |
| TELA TELA Bio, Inc. compare | 3 |
| MYO Myomo, Inc. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover