Saturday 17 October 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. 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.
1.51
0.03
−1.95%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Trend | 2026e | 2027e | 2028e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | — | — | — | — | — | 9.62 | 9.71 | 2.20 | 0.82 | 1.04 |
Analyst estimates 2026–2028 Powerpack |
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| High | — | — | — | — | — | 9.99 | 10.80 | 19.50 | 3.72 | 3.21 | |||||
| People | |||||||||||||||
| People | Employees | — | — | — | — | 3 | 3 | 3 | 78 | 78 | 65 | ||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.00 | 8.46 | 0.23 | 0.38 | 0.30 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | — | — | — | — | — | — | 25 | 18 | 30 | 20 | ||||
| Gross margin, % | — | — | — | — | — | — | 42.72 | 43.64 | 44.87 | 45.42 | |||||
| EBT | — | — | — | — | 0 | (2) | (3) | (21) | (15) | (8) | |||||
| EBT margin, % | — | — | — | — | 0.00 | 0.00 | (11.06) | (115.44) | (50.86) | (38.47) | |||||
| Net income | — | 0 | — | — | 0 | (2) | (3) | (21) | (15) | (8) | |||||
| Depreciation | — | — | — | — | — | — | 1 | 1 | 1 | 1 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 0.00 | 0.00 | 1.93 | 1.28 | 1.65 | 0.74 | ||||
| Earnings | — | — | — | — | 0.00 | (0.35) | (0.22) | (1.48) | (0.85) | (0.29) | |||||
| Cash flow | — | — | — | — | 0.00 | (0.13) | (0.09) | (0.94) | (0.51) | (0.37) | |||||
| Capex | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| Free cash flow | — | — | — | — | 0.00 | (0.13) | (0.09) | (0.94) | (0.51) | (0.37) | |||||
| Book value | — | — | — | — | 0.00 | (3.35) | 0.91 | (0.12) | (0.40) | (0.22) | |||||
| Shares, m | — | — | — | — | 6 | 6 | 13 | 14 | 18 | 27 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | — | — | — | — | — | — | 0.00 | 0.00 | 0.00 | 0.00 | ||||
| P/S | — | — | — | — | — | — | 0.00 | 1.97 | 1.72 | 1.92 | |||||
| P/B | — | — | — | — | — | — | 11.01 | 0.00 | 0.00 | 0.00 | |||||
| EV/Sales | — | — | — | — | — | — | 0.00 | 1.72 | 1.58 | 1.41 | |||||
| EV/FCF | — | — | — | — | — | — | (101.42) | (2.35) | (5.07) | (2.80) | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | — | (1) | (1) | (13) | (9) | (10) | ||||
| Capex | — | — | — | — | — | — | — | — | — | — | |||||
| Free cash flow | — | — | — | — | — | (1) | (1) | (13) | (9) | (10) | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | — | — | — | — | 0 | (2) | 11 | (2) | (8) | (1) | ||||
| Total debt | — | — | — | — | 0 | 0 | 0 | — | — | 6 | |||||
| Net debt | — | — | — | — | 0 | (1) | (14) | (5) | (5) | (10) | |||||
| Shareholders’ equity | — | — | — | — | 0 | (21) | 12 | (2) | (7) | (6) | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | — | — | — | — | (0.85) | (0.37) | (2.13) | (141.83) | (133.04) | (45.20) | ||||
| ROIC | — | — | — | — | (1.80) | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||
| ROE | — | — | — | — | 0.00 | 4.56 | 65.97 | (405.44) | 338.35 | 116.67 | |||||
Negative figures in brackets.
Fiscal years to Dec 2025 · latest quarter Jun 2026
Charts ten years each
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 |
|---|---|---|---|---|---|---|---|---|---|
| MYO Myomo, Inc. | $51.5M | — (loss-making) | — (loss-making) | +21.26% (above 0%: growing) | n/m | +80.02% (above 0%: growing) | 72.13% | (19.26%) | Compare |
| COCH Envoy Medical, Inc. | $49.9M | — (loss-making) | — (loss-making) | −34.62% (below 0%: shrinking) | n/m | −22.44% (below 0%: shrinking) | (445.10%) | (10,919.61%) | Compare |
| MDAI Spectral AI, Inc. | $49.6M | — (loss-making) | — (loss-making) | −30.42% (below 0%: shrinking) | n/m | −21.86% (below 0%: shrinking) | 31.58% | (122.70%) | |
| TLIS Talis Biomedical Corporation | $46.3M | — (loss-making) | — (loss-making) | −94.01% (below 0%: shrinking) | n/m | +23.80% (above 0%: growing) | 91.78% | 0.00% | Compare |
| SRTS Sensus Healthcare, Inc. | $45.6M | — (loss-making) | — (loss-making) | −68.69% (below 0%: shrinking) | n/m | −201.65% (below 0%: shrinking) | 33.58% | (138.86%) | Compare |
| TELA TELA Bio, Inc. | $45.6M | — (loss-making) | — (loss-making) | −4.49% (below 0%: shrinking) | n/m | −17.72% (below 0%: shrinking) | 72.77% | (48.12%) | Compare |
| SNWV Sanuwave Health Inc. | $44.5M | 3.0× | — (loss-making) | −3.13% (below 0%: shrinking) | n/m | +86.75% (above 0%: growing) | 76.23% | (2.88%) | Compare |
| XTNT Xtant Medical Holdings, Inc. | $42.5M | — (loss-making) | — (loss-making) | −34.96% (below 0%: shrinking) | n/m | −881.96% (below 0%: shrinking) | 57.88% | (39.81%) | Compare |
| RPID Rapid Micro Biosystems, Inc. | $42.4M | — (loss-making) | — (loss-making) | +10.91% (above 0%: growing) | n/m | −23.97% (below 0%: shrinking) | 15.05% | (152.99%) | Compare |
| Median of peers | $45.6M | — | — | −19.55% | — | −20.08% | 65.01% | (43.96%) |
Spectral AI, Inc. (MDAI) key facts
- Concern: Spectral AI, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $19.7 million, down 33.6% from fiscal 2024.
- Spectral AI, Inc. (MDAI) is a Medical Devices company in the Healthcare sector, listed on Nasdaq.
- As of October 16, 2026, MDAI traded at $1.51, a market capitalization of $49.6 million.
- Return on equity was 116.7% and debt-to-equity -0.92.
- Its Piotroski F-score is 3 out of 9 and its Altman Z-score is −3.29 (distress zone) for fiscal 2025.