QT Imaging Holdings, Inc.
QTI Healthcare Medical Devices
QT Imaging Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $18.9 million, up 287.9% from fiscal 2024. In the quarter to June 2026, revenue grew 103.2%, EPS fell 78.6%, free cash flow fell 236.3% and total debt rose 286.5%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
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QT Imaging Holdings, Inc. (QTI) Altman Z-score
QT Imaging Holdings, Inc.'s Altman Z-score for fiscal 2025 is 0.02, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.02 | 12.25 |
| FY2024 | −12.24 | (31.79) |
| FY2023 | 19.55 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.62 | — | 0.74 | |
| Retained earnings / total assets | (2.30) | — | −3.22 | |
| EBIT / total assets | (0.19) | — | −0.64 | |
| Market value of equity / total liabilities | 3.86 | — | 2.31 | |
| Sales / total assets | 0.82 | — | 0.82 | |
| Altman Z-score | Distress zone | 0.02 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.34 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ITOC iTonic Holdings Ltd. compare | 64.6× |
| NSYS Nortech Systems Incorporated compare | 2.8× |
| XTNT Xtant Medical Holdings, Inc. compare | 0.0× |
| QTI QT Imaging Holdings, Inc. | 0.0× |
| NNOX Nano-X Imaging Ltd. compare | −0.2× |
| SNWV Sanuwave Health Inc. compare | −3.0× |
| ELUT Elutia Inc. compare | −4.1× |
| CVRX CVRx, Inc. compare | −6.3× |
| RPID Rapid Micro Biosystems, Inc. compare | −8.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets