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) Piotroski F-score
QT Imaging Holdings, Inc.'s Piotroski F-score for fiscal 2025 is 5 out of 9: 5 of nine tests of profitability, leverage and efficiency passed.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 5 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (144.86%) | (221.53%) | Fail | 0 |
| Positive operating cash flow | (8.96m) | (10.03m) | Fail | 0 |
| Rising return on assets | (144.86%) | (221.53%) | Pass | 1 |
| Cash flow above net income | 12.12m | 4.14m | Pass | 1 |
| Falling long-term leverage | 0.31 | 0.60 | Pass | 1 |
| Rising current ratio | 2.81 | 0.50 | Pass | 1 |
| No new shares issued | 10,476,000 | 6,659,000 | Fail | 0 |
| Rising gross margin | 45.36% | 54.11% | Fail | 0 |
| Rising asset turnover | 1.30 | 0.76 | Pass | 1 |
| Piotroski F-score | Mixed | 5 | ||
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 |
| ELUT Elutia Inc. compare | 5 |
| NSYS Nortech Systems Incorporated compare | 5 |
| QTI QT Imaging Holdings, Inc. | 5 |
| CVRX CVRx, Inc. compare | 4 |
| RPID Rapid Micro Biosystems, Inc. compare | 3 |
| NNOX Nano-X Imaging Ltd. compare | 3 |
| ITOC iTonic Holdings Ltd. 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