Qt Imaging Holdings, Inc.QTI

QT Imaging Holdings, Inc. spent 2025 burning twenty-one million dollars of net income on eighteen-point-nine million dollars of revenue, producing a loss of two dollars and one cents per diluted share on ten-point-five million weighted average shares. The loss widened despite a five-million-dollar inventory build and a modest twelve-thousand-dollar capital spending bill, leaving the company with just ten-point-four million dollars of cash at year-end and negative nine million dollars of operating cash flow. The board’s plan to preserve capital is evident in the absence of any follow-on share sale to fund expansion. (source: QTI 10-K, period ending 2025-12-31, https://www.sec.gov/Archives/edgar/data/1844505/000162828026034381/qti-20260331.htm)

The company’s signature product is the Breast Acoustic CT scanner, an FDA-510(k)-cleared ultrasound-based device cleared for supplementary breast screening and, uniquely, for quantitatively assessing breast fibroglandular volume and density. The scanner is the only ultrasound-based device with the latter clearance, a credential QT Imaging highlights on its official site and in filings. Yet the balance sheet shows the device hasn’t yet translated into cash generation, with operating cash flow still negative and inventory rising. (source: QTI Breast Acoustic CT™ Scanner, https://www.qtimaging.com/breast-acoustic-ct-scanner/)

QT Imaging was founded in 2012 and describes itself as a medical device company researching, developing, and commercializing low-energy-sound body imaging systems. The latest FDA nod, an additional 510(k) clearance in March 2026 for an enhanced configuration aimed at improving posterior breast tissue coverage, is framed as a technical advance but arrives against a backdrop of negative operating cash flow and shrinking equity. The company does not break out segment revenues, nor does it provide segment-level cash flow, so the source requires readers to take the headline numbers as the sole reliable guide. (source: QTI 424B5, 2026-05-15, https://www.sec.gov/Archives/edgar/data/1844505/000162828026035715/qti-prospectussupplementap.htm)

If you want a chart route, the company trades on the OTCQB under the identifier QTII, where daily volume has averaged in the low thousands and the last reported bid sits below two dollars. Trading is thin, spreads are wide, and the float is small, meaning price discovery is driven more by order flow than by fundamentals. (source: OTC Markets QTII quote page, https://www.otcmarkets.com/stock/QTII/quote)

QT Imaging’s May 2026 press release announcing first-quarter 2026 results confirms the cash-burn trajectory and notes management’s focus on commercial execution. The release does not provide segment-level breakdowns or updated guidance, so the only concrete data remain the year-end 2025 figures and the early-2026 distribution agreements. (source: QTI 8-K, 2026-05-13, https://www.sec.gov/Archives/edgar/data/1844505/000162828026034379/formq12026earningsrelease.htm)

The company’s June 2026 proxy statements and July 2026 definitive proxy repeat the same expansion narrative-exclusive distribution in Saudi Arabia and the UAE-without disclosing the financial terms or minimum purchase commitments. The filings also do not state whether these deals are contingent on regulatory reimbursement or hospital capital budgets, both of which remain material unknowns. (source: QTI DEF 14A, 2026-07-02, https://www.sec.gov/Archives/edgar/data/1844505/000162828026046700/qti-20260630.htm)

What we do know is that the board added a director with intimate QT Imaging operational knowledge in June 2026. What we still do not know is how that intimacy will convert into positive operating cash flow, a positive net income, or any concrete reimbursement pathway for a device that is cleared but not yet reimbursed at scale. (source: QTI PRE 14A, 2026-06-22, https://www.sec.gov/Archives/edgar/data/1844505/000162828026044707/qti-20260622.htm)